We identify exogenous variation in incumbent policymakers' re-election probabilities and explore empirically how this … variation affects the incumbents' investment in physical capital. Our results indicate that a higher re-election probability … capital. Key for the consistency between data and theory is to account for complementarity between physical capital and flow …

We identify exogenous variation in incumbent policymakers' re-election probabilities and explore empirically how this … variation affects the incumbents' investment in physical capital. Our results indicate that a higher re-election probability … capital. Key for the consistency between data and theory is to account for complementarity between physical capital and flow …

. Our results indicate that the fall in revenue in election periods is attributed to a fall in direct taxation. The …

We identify exogenous variation in incumbent policymakers' re-election probabilities and explore empirically how this … variation affects the incumbents' investment in physical capital. Our results indicate that a higher re-election probability … capital. Key for the consistency between data and theory is to account for complementarity between physical capital and flow …

We identify exogenous variation in incumbent policymakers' re-election probabilities and explore empirically how this … variation affects the incumbents' investment in physical capital. Our results indicate that a higher re-election probability … capital. Key for the consistency between data and theory is to account for complementarity between physical capital and flow …

investigated by scholars, empirical findings are mixed at best. This is partly because of the non-random nature of election timing …