eighteen emerging economies from 2000Q1 to 2017Q4. Utilizing quarterly panel data, the study employs the generalized method of …

increase in the growth rate of M1 during election months of about one tenth of a standard deviation. A similar effect can … neither be detected in established OECD democracies nor in the months leading up to the election. The effect is larger in … election month monetary expansion is demand driven and can be best explained by systemic vote buying. Systemic vote buying …

(1975 - 2009). We find an increase in the growth rate of M1 during election months of about one tenth of a standard … is related to systemic vote buying which requires significant amounts of cash at election times. The finely timed …