Political Consequences of Consumer Debt Relief
利用格鲁吉亚2018年总统选举期间的大规模债务减免项目，研究发现该项目帮助现任候选人赢得选举，且效果持续，揭示了经济权力如何转化为政治权力。
Abstract Many democracies operate consumer debt relief programs. These are often implemented or adjusted during the election cycle, but their political effects are not well-understood. We investigate if debt relief can influence high-stakes elections. We utilize quasi-experimental variation generated by a very large privately-funded debt relief program enacted in the Republic of Georgia during the presidential election in 2018 that affected every sixth voter. We estimate that the program helped the incumbent candidate win that election, and that its effects persisted. Overall, we show how economic power can translate into political power in a democracy.