Populist Leaders and the Economy
基于1900至2020年51位民粹主义领导人的数据，研究发现民粹主义统治15年后人均GDP比非民粹主义情景低10%，且伴随经济解体、宏观不稳定和制度侵蚀。
Populism at the country level is at an all-time high, with more than 25 percent of nations currently governed by populists. How do economies perform under populist leaders? We build a new long-run cross-country database to study the macroeconomic history of populism. We identify 51 populist presidents and prime ministers from 1900 to 2020 and show that the economic cost of populism is high. After 15 years, GDP per capita is 10 percent lower compared to a plausible nonpopulist counterfactual. Economic disintegration, decreasing macroeconomic stability, and the erosion of institutions typically go hand in hand with populist rule.