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Cited by 616

The DOI matches its Crossref record; 60 of the 60 references it cites were found in a registry or an index.

Going to extremes: Politics after financial crises, 1870–2014

Open access
Funke, Manuel, Schularick, Moritz, Trebesch, Christoph·2016·European Economic Review
DOI 10.1016/j.euroecorev.2016.03.006
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Abstract

Partisan conflict and policy uncertainty are frequently invoked as factors contributing to slow post-crisis recoveries. Recent events in Europe provide ample evidence that the political aftershocks of financial crises can be severe. In this paper we study the political fall-out from systemic financial crises over the past 140 years. We construct a new long-run dataset covering 20 advanced economies and more than 800 general elections. Our key finding is that policy uncertainty rises strongly after financial crises as government majorities shrink and polarization rises. After a crisis, voters seem to be particularly attracted to the political rhetoric of the extreme right, which often attributes blame to minorities or foreigners. On average, far-right parties increase their vote share by 30% after a financial crisis. Importantly, we do not observe similar political dynamics in normal recessions or after severe macroeconomic shocks that are not financial in nature.

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Metadata

Authors
Funke, M., Schularick, M., & Trebesch, C.
Venue
European Economic Review
Publisher
Elsevier BV
Published
2016-09
Volume
88
Pages
227-260
ISSN
0014-2921 (ISSN-L)
DOI
10.1016/j.euroecorev.2016.03.006
OpenAlex
W2129564079
Cited by
616
References
60
FWCI
165.75
Type
journal article
Language
en
Open access
hybrid

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CoChat. (2026). Citation check: Going to extremes: Politics after financial crises, 1870–2014. https://app.cochat.ai/papers/10.1016/j.euroecorev.2016.03.006
The paper
Funke, M., Schularick, M., & Trebesch, C. (2016). Going to extremes: Politics after financial crises, 1870–2014. European Economic Review. https://doi.org/10.1016/j.euroecorev.2016.03.006

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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.

Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).

Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.