European Journal of Political Economy最新文献

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The economic consequences of businesspeople in politics: A survey

IF 2.3 3区经济学 Q2 ECONOMICS

European Journal of Political Economy

Pub Date : 2025-01-01 DOI: 10.1016/j.ejpoleco.2024.102620

Niklas Potrafke

To which extent does business experience of politicians influence economic policies and economic outcomes? I review the new empirical literature which examines this question. The survey encompasses the literature on business politicians at the national, sub-national and local level. The results show that business politicians were active in promoting globalization and market-oriented economic reforms and influenced budget composition. Business politicians prioritized public investment expenditure and increased spending on infrastructure, roads and transport. They decreased spending on public consumption and transfers. The market-oriented policies translated into effects on economic outcomes. In the US states, for example, market-oriented policies of business politicians increased economic growth. Future research should examine how businesspeople in parliament influence economic policies and outcomes and employ survey experiments to investigate voters’ perceptions of business politicians.

引用次数: 0

The impact of economic sanctions on bilateral mergers and acquisitions

IF 2.3 3区经济学 Q2 ECONOMICS

European Journal of Political Economy

Pub Date : 2025-01-01 DOI: 10.1016/j.ejpoleco.2025.102650

Federico Carril-Caccia

This paper quantifies the effects of economic sanctions on bilateral cross-border Mergers and Acquisitions (M&As) using a gravity model. It examines (1) the direct impact of sanctions on M&As from the sanctioning to the sanctioned country; (2) whether a significant share of M&As employs transit countries to circumvent sanctions; and (3) the heterogeneous effects of sanctions on M&As, considering whether they are imposed by a coalition of countries, the income levels of the sanctioning and sanctioned countries, as well as by sector and by type of restrictions imposed by sanctions. The results indicate that sanctions lead to a 13.5% reduction in bilateral M&As, and that the role of transit countries in circumventing them is limited. The negative effect is more pronounced when sanctions are imposed by a coalition of countries or target low-to-middle-income countries. The effects vary significantly across sectors and types of sanctions. At the sectoral level, the mining and quarrying, and manufacturing sectors are less affected compared to others. Sanctions that combine restrictions on trade, financial flows, and travel have the most severe impact, reducing the number of M&A projects by between 55% and 76%.

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引用次数: 0

How do recruiters assess applicants who express a political engagement?

IF 2.3 3区经济学 Q2 ECONOMICS

European Journal of Political Economy

Pub Date : 2025-01-01 DOI: 10.1016/j.ejpoleco.2024.102637

Eline Moens , Dyllis De Pessemier , Stijn Baert

Although unequal treatment of workers based on political affiliation is prohibited in many countries, it is conspicuously understudied in the discrimination literature. In this study, we set up a vignette experiment with genuine recruiters to provide more insight into the effect of political engagement in job applicants on the assessment of their resumes by these professionals. We find that, overall, recruiters view an applicant as less creative, open-minded, empathetic and emotionally sensitive when a political engagement is expressed. These stigma are greater for candidates with a right-wing nationalist commitment. Relatedly, these candidates are assessed worse in terms of overall hireability and perceived inclination or taste among employers, colleagues and customers to collaborate with them. They are, however, seen as somewhat more assertive. In contrast to research conducted in one- or two-party systems, we do not find interactions with the political preference of the recruiter herself/himself. Overall, the effect of mentioning a political engagement in a resume is more negative when the required education level of the vacancy is high.

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引用次数: 0

How does women's political empowerment relate to subjective well-being? The moderating role of institutional quality

IF 2.3 3区经济学 Q2 ECONOMICS

European Journal of Political Economy

Pub Date : 2025-01-01 DOI: 10.1016/j.ejpoleco.2024.102639

Miriam Hortas-Rico , Ernesto Rodríguez-Crespo

This paper adds new evidence to the existing literature on institutions and well-being. In particular, we examine how women's political empowerment relates to subjective well-being and how this relationship is mediated by institutional quality. Drawing on data from 84 world countries for the period 2006–2019, several interesting findings arise from our results. First, there exists a positive relationship between women's political empowerment and subjective well-being, with the dimension of political representation exhibiting a predominant role. Second, the relationship between women's political inclusion and subjective well-being is mediated by the average quality of government, suggesting the existence of a positive interplay between both explanatory variables. Finally, the role played by institutional quality is contingent on the dimensions of governance considered, since only corruption control and government effectiveness are positive and significantly associated to subjective well-being.

引用次数: 0

State-owned enterprises, fiscal transparency, and the circumvention of fiscal rules: The case of Germany

IF 2.3 3区经济学 Q2 ECONOMICS

European Journal of Political Economy

Pub Date : 2025-01-01 DOI: 10.1016/j.ejpoleco.2024.102633

Friedrich Heinemann , Justus Nover , Paul Steger

State-owned enterprises (SOEs) provide opportunities for a more flexible and market-based provision of public services. At the same time, they may impair fiscal transparency and offer politicians discretion in the presence of strict fiscal rules if these only constrain the core budget. Using a comprehensive micro-data set of German SOEs, this paper studies a possible impact of the German debt brake on SOEs by tracking changes in financial indicators at the firm level that would hint to a circumvention of the rule. The identification exploits that the mounting compliance pressures over the lagged implementation of the debt brake from 2010 to 2020 differs across the 16 states. The results show that SOEs in fiscally more constrained states exhibit a stronger decrease in equity and reserves and a higher increase in debt compared to SOEs in less constrained states and the shorter the distance to the 2020 deadline. This result is based on a combined sample of state and municipal SOEs, a finding pointing towards the vertical spillover of a fiscal rule.

引用次数: 0

Jumping on the bandwagon and off the Titanic: An experimental study of turnout in two-tier voting

IF 2.3 3区经济学 Q2 ECONOMICS

European Journal of Political Economy

Pub Date : 2025-01-01 DOI: 10.1016/j.ejpoleco.2025.102646

Yoichi Hizen , Kazuya Kikuchi , Yukio Koriyama , Takehito Masuda

We experimentally study voter turnout in two-tier elections when the electorate consists of multiple groups, such as states. Votes are aggregated within the groups by the winner-take-all rule or the proportional rule, and the group-level decisions are combined to determine the winner. We observe that, compared with the theoretical prediction, turnout is significantly lower in the minority camp (the Titanic effect) and significantly higher in the majority camp (the behavioral bandwagon effect), and these effects are stronger under the proportional rule than under the winner-take-all rule. As a result, the distribution of voter welfare becomes more unequal than theoretically predicted, and this welfare effect is stronger under the proportional rule than under the winner-take-all rule.

引用次数: 0

Unpleasant surprises? Elections and tax news shocks

IF 2.3 3区经济学 Q2 ECONOMICS

European Journal of Political Economy

Pub Date : 2025-01-01 DOI: 10.1016/j.ejpoleco.2024.102622

Antonio C. David, Can Sever

Unanticipated changes in tax policy are likely to have different macroeconomic effects compared to anticipated changes due to several mechanisms. It is therefore important to understand what drives such policy surprises. We explore the nature of unanticipated tax policy changes by focusing on a political economy determinant of those events, namely the timing of elections. Using monthly data for 22 advanced economies and emerging markets over the period 1990-2018, we show that implementation lags tend to be longer for tax policy change announcements that are made during pre-election periods, thereby leading to a lower likelihood of ”tax news shocks”. We also find that implementation lags become much shorter for tax policy changes that are announced in the aftermath of elections. This pattern remains similar for different tax measures and types of taxes. The findings are robust to a number of checks, including controlling for various economic, institutional and political factors.

引用次数: 0

Inequality, local wealth, and electoral politics

IF 2.3 3区经济学 Q2 ECONOMICS

European Journal of Political Economy

Pub Date : 2025-01-01 DOI: 10.1016/j.ejpoleco.2024.102617

B.K. Song , Woo Chang Kang

We investigate whether the effect of rising inequality on electoral outcomes is conditional on local wealth within a country. In general, rising inequality increases support for left-wing parties among both poor and relatively well-off voters, but it also discourages turnout among those who are economically disadvantaged. As a result, left-wing parties’ electoral advantages become more salient in affluent localities, while they diminish in less affluent ones with larger shares of poor voters. To test these claims, we develop a unique measure of local inequality using actual transaction prices for residential housing in South Korea. Our analysis of aggregate data across four national legislative elections between 2008 and 2020 suggests that the effect of rising economic inequality varies depending on local wealth, generating political inequality where the policy preferences of voters in more affluent localities are better represented in the policy-making process.

引用次数: 0

The institutional impact of left-leaning populism in Latin America

IF 2.3 3区经济学 Q2 ECONOMICS

European Journal of Political Economy

Pub Date : 2025-01-01 DOI: 10.1016/j.ejpoleco.2024.102629

Nicolas Cachanosky , João Pedro Bastos , Alexandre Padilla , Karla C. Hernández

We study the institutional impact 21st-century left-leaning populist regimes have in Latin America. Looking at the iconic left-leaning populist regimes in Argentina, Bolivia, Ecuador, Nicaragua, and Venezuela, we find that these types of populist regimes impose a significant deterioration on the liberal-democracy institutional quality of their countries. The institutional cost is significant and long-lasting, and our synthetic counterfactual suggests that liberal democratic institutions would have improved if not for these populist regimes.

引用次数: 0

An unconsidered leave? Inequality aversion and the brexit referendum

IF 2.3 3区经济学 Q2 ECONOMICS

European Journal of Political Economy

Pub Date : 2025-01-01 DOI: 10.1016/j.ejpoleco.2025.102648

Joan Costa-Font , Frank Cowell

This paper examines a behavioural explanation for the Brexit referendum result, namely the role of an individual’s inequality aversion (IA). We study whether the referendum result was an “unconsidered Leave” out of people’s low aversion to inequality. We use a representative sample of the UK population fielded in 2017, and analyse the extent to which lottery-based individual IA estimates predict their Brexit vote. We consider alternative potential drivers of IA in both income and health domains; these include risk aversion, alongside socio-economic and demographic characteristics. A greater aversion to income inequality predicts a lower probability of voting for Leave, even when controlling for risk aversion and other drivers of the Brexit vote. However, this effect is only true among men, for whom an increase in income IA by one standard deviation decreases their likelihood of voting for leaving the EU by 5 percentage points which would have reduced the probability of a leave vote, resulting in an overall remain majority in our sample. However, the effect of health inequality aversion is not significantly different from zero.

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引用次数: 0

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