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This severely complicates the analysis of all populism-related phenomena with a relevant time dimension.Īt first sight, an attractive solution might be to look at the outcomes produced by populist governments (as in Funke et al. One big challenge for assessing the impact of populism on financial markets is that many measures of party populism are only available for rather short periods of time (see Norris 2020 or Meijers and Zaslove 2021 for good examples). While the election of Donald Trump was greeted with a stock market rally in November 2016, markets reacted in a decisively negative way to the Greek Syriza-led government of January 2015 or to the creation of a left-wing coalition in Spain that included the populist party Podemos in November 2019.ĭo these radically different reactions follow some discernible logic, or are they simply pure coincidences? And if there is something systematic behind them, what might explain these radically different outcomes? We attempted to tackle some of these important questions in a recent publication (Stöckl and Rode 2021). Financial markets have shown contradictory reactions to the formation of populist administrations. Colantone and Stanig 2019, Margalit 2019), but much less is generally known about its economic and political consequences. (2021) highlight, the rise of populism has triggered much work on the determinants of populist voting (e.g.
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The last two decades have seen vastly increasing levels of political polarisation in most Western democracies and the rise of populist politicians into positions of executive power. This column is a lead commentary in the Vo圎U debate on " Populism"