文摘
Economic conditions and, especially negative income shocks affect the stability of incumbents’ support in Latin America. At the aggregate level, a negative shock, involving inflation or growth, decreases the incumbent vote share in the next election by 7 or 6 percent respectively. A negative income shock (at the individual level) increases voters' chances of defecting from the incumbent candidate (conditional on having voted for the incumbent in the previous elections) by almost 6 percent.