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The Market Value of Political Partisanship. Quasi-experimental Evidence from Municipal Elections

Roberto Basile () and Valerio Filoso

No 201604, Gecomplexity Discussion Paper Series from Action IS1104 "The EU in the new complex geography of economic systems: models, tools and policy evaluation"

Abstract: Do different political parties implement divergent policies which impact the citizens’ welfare? The overheated debate notwithstanding, it is far from clear if this is really the case. Whereas current literature focuses on specific policy outcomes, we use real estate prices to evaluate the economic impact of municipal policies. Using a new dataset on Italian municipal elections and real estate prices, we employ a regression discontinuity approach to detect the causal effect of a change in municipal majorities. We find no difference between the effects of the policies enacted by left and right-wing parties. Further evidence confirms that the observed differences in fiscal behavior are hardly relevant for real estate capitalized values.

Keywords: Political partisanship; Municipal politics; Real estate prices; Capitalization; Regression discontinuity. (search for similar items in EconPapers)
JEL-codes: H11 H7 (search for similar items in EconPapers)
Pages: 44 pages
Date: 2016-03, Revised 2016-03
New Economics Papers: this item is included in nep-pol and nep-ure
References: View references in EconPapers View complete reference list from CitEc
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http://www.gecomplexity-cost.eu/repec/cst/wpaper/geco_dp_4_2016.pdf First version, 2016 (application/pdf)

Related works:
Journal Article: The market value of political partisanship: Quasi‐experimental evidence from municipal elections (2018) Downloads
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