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Debt in Political Campaigns

Abstract : Debt is a significant source of funding of political campaigns, with almost half of all campaigns relying on some form of debt. We analyze the incentives created by this type of debt financing. We show that indebted politicians raise more funds in subsequent elections, especially from special interest groups. Consistent with votes-for-money arrangements, indebted politicians vote for the benefit of those interest groups that help funding their reelection campaigns. The findings support the hypothesis that debt creates distortions, as it forces indebted politicians to take policy positions that are not aligned with the local constituents’ interests.
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Preprints, Working Papers, ...
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https://hal-hec.archives-ouvertes.fr/hal-01985379
Contributor : Antoine Haldemann <>
Submitted on : Thursday, January 17, 2019 - 9:14:27 PM
Last modification on : Saturday, January 19, 2019 - 1:11:58 AM

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  • HAL Id : hal-01985379, version 1

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Alexei Ovtchinnikov, Philip Valta. Debt in Political Campaigns. 2016. ⟨hal-01985379⟩

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