This paper locates Japan's financial policies in the context of electoral incentives. The collapse of Japan's economic bubble in 1990 exposed the rot in the banking system, hidden for decades by a Liberal Democratic Party (LDP) government intent on maintaining favor with local support groups,...

The strategic elites model of turnout argues that elites mobilize more when the probability of their effort deciding the electoral outcome is greater. Although the literature assumes that this probability depends solely on how close the election is, logically it depends jointly on how many votes...