Table 5. Open in new tab Hypothesis...

	(1)	(2)	(3)	(4)
Panel A. Economic developmental status
	Others	Advanced countries

Presidential election	−0.059*		0.041
	(0.027)		(0.089)
Legislative election		−0.042		−0.035
		(0.028)		(0.027)
R²	0.422	0.414	0.209	0.499
N	1202	1202	796	795

Panel B. Democracy developmental status (measured by electoral democracy index)
	Below median	Above median

Presidential election	−0.090**		−0.007
	(0.028)		(0.056)
Legislative election		−0.087*		−0.019
		(0.035)		(0.021)
R²	0.356	0.359	0.325	0.322
N	788	788	1177	1176

Panel C. Association with socioeconomic developmental status
	Others	OECD

Presidential election	−0.065*		0.014
	(0.027)		(0.072)
Legislative election		−0.045		−0.046
		(0.030)		(0.024)
R²	0.381	0.355	0.312	0.333
N	1106	1106	892	891

Panel D. Association with regional status
	Others	European Union

Presidential election	−0.060*		0.061
	(0.025)		(0.128)
Legislative election		−0.047^†		0.007
		(0.025)		(0.018)
R²	0.314	0.314	0.675	0.674
N	1351	1351	647	646
Covariates	√	√	√	√
Country FE	√	√	√	√
Year FE	√	√	√	√

	(1)	(2)	(3)	(4)
Panel A. Economic developmental status
	Others	Advanced countries

Presidential election	−0.059*		0.041
	(0.027)		(0.089)
Legislative election		−0.042		−0.035
		(0.028)		(0.027)
R²	0.422	0.414	0.209	0.499
N	1202	1202	796	795

Panel B. Democracy developmental status (measured by electoral democracy index)
	Below median	Above median

Presidential election	−0.090**		−0.007
	(0.028)		(0.056)
Legislative election		−0.087*		−0.019
		(0.035)		(0.021)
R²	0.356	0.359	0.325	0.322
N	788	788	1177	1176

Panel C. Association with socioeconomic developmental status
	Others	OECD

Presidential election	−0.065*		0.014
	(0.027)		(0.072)
Legislative election		−0.045		−0.046
		(0.030)		(0.024)
R²	0.381	0.355	0.312	0.333
N	1106	1106	892	891

Panel D. Association with regional status
	Others	European Union

Presidential election	−0.060*		0.061
	(0.025)		(0.128)
Legislative election		−0.047^†		0.007
		(0.025)		(0.018)
R²	0.314	0.314	0.675	0.674
N	1351	1351	647	646
Covariates	√	√	√	√
Country FE	√	√	√	√
Year FE	√	√	√	√

Table 5.

Hypothesis 2-(2): heterogeneous results by economic and social circumstances

Dependent variable:	Fiscal rule		Fiscal rule
	(1)	(2)	(3)	(4)
Panel A. Economic developmental status
	Others		Advanced countries

Presidential election	−0.059*		0.041
	(0.027)		(0.089)
Legislative election		−0.042		−0.035
		(0.028)		(0.027)
R²	0.422	0.414	0.209	0.499
N	1202	1202	796	795

Panel B. Democracy developmental status (measured by electoral democracy index)
	Below median		Above median

Presidential election	−0.090**		−0.007
	(0.028)		(0.056)
Legislative election		−0.087*		−0.019
		(0.035)		(0.021)
R²	0.356	0.359	0.325	0.322
N	788	788	1177	1176

Panel C. Association with socioeconomic developmental status
	Others		OECD

Presidential election	−0.065*		0.014
	(0.027)		(0.072)
Legislative election		−0.045		−0.046
		(0.030)		(0.024)
R²	0.381	0.355	0.312	0.333
N	1106	1106	892	891

Panel D. Association with regional status
	Others		European Union

Presidential election	−0.060*		0.061
	(0.025)		(0.128)
Legislative election		−0.047^†		0.007
		(0.025)		(0.018)
R²	0.314	0.314	0.675	0.674
N	1351	1351	647	646
Covariates	√	√	√	√
Country FE	√	√	√	√
Year FE	√	√	√	√

Dependent variable:	Fiscal rule		Fiscal rule
	(1)	(2)	(3)	(4)
Panel A. Economic developmental status
	Others		Advanced countries

Presidential election	−0.059*		0.041
	(0.027)		(0.089)
Legislative election		−0.042		−0.035
		(0.028)		(0.027)
R²	0.422	0.414	0.209	0.499
N	1202	1202	796	795

Panel B. Democracy developmental status (measured by electoral democracy index)
	Below median		Above median

Presidential election	−0.090**		−0.007
	(0.028)		(0.056)
Legislative election		−0.087*		−0.019
		(0.035)		(0.021)
R²	0.356	0.359	0.325	0.322
N	788	788	1177	1176

Panel C. Association with socioeconomic developmental status
	Others		OECD

Presidential election	−0.065*		0.014
	(0.027)		(0.072)
Legislative election		−0.045		−0.046
		(0.030)		(0.024)
R²	0.381	0.355	0.312	0.333
N	1106	1106	892	891

Panel D. Association with regional status
	Others		European Union

Presidential election	−0.060*		0.061
	(0.025)		(0.128)
Legislative election		−0.047^†		0.007
		(0.025)		(0.018)
R²	0.314	0.314	0.675	0.674
N	1351	1351	647	646
Covariates	√	√	√	√
Country FE	√	√	√	√
Year FE	√	√	√	√

Note: Clustered standard errors at the country level are in parentheses.

p < 0.05,

p < 0.01,

p < 0.10.