publication . Preprint . Book . 2015

Great expectations, veto players, and the changing politics of banking crises

Chwieroth, Jeffrey; Walter, Andrew;
Open Access
  • Published: 08 Jan 2015
  • Country: United Kingdom
Abstract
How have the politics of banking crises changed over the long run? Unlike existing static accounts, we offer a dynamic theory emphasizing how the emergence of voters’ “great expectations” after the 1930s concerning crisis prevention and mitigation reshaped the politics of banking crises in many democratic countries. We argue that both variations over time, centred on the emergence of these expectations, and variations within democratic countries, based on how veto players constrain policy change, exerted an important influence on the propensity of voters to punish incumbent political parties in the aftermath of banking crises. We find strong support for our argu...
Subjects
free text keywords: Sovereign Default; Debt Crises; Political Survival; Networks; Voter Behavior., jel:R21, HG Finance
Funded by
RCUK| Systemic Risk Centre
Project
  • Funder: Research Council UK (RCUK)
  • Project Code: ES/K002309/1
  • Funding stream: ESRC

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