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Abstract: The impact of institutions on the economic vote stands as a well‐established proposition for the advanced democracies of Europe. We know less, however, regarding the institutional effects on the economic vote in the developing democracies of Latin America. Carrying out an analysis of presidential elections in 18 Latin American countries, we offer evidence that the usual Eurocentric conceptualization of the clarity of responsibility is not ideal for understanding the economic vote in this region. There does exist a powerful effect of institutions on the economic vote within Latin American democracies, but one uniquely associated with its presidential regimes and dynamic party systems. Rules for these elections—such as concurrence, term limits, and second‐round voting—suggest that we should reconceptualize the notion of the clarity of responsibility in Latin America, focusing more on individuals in power and their constraints, and less on the political parties from which they hail. [ABSTRACT FROM AUTHOR]