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This article challenges the widespread notion that national elections are unequivocally good for people's satisfaction with democracy. Instead, it argues that elections have enduring and disparate effects on democratic satisfaction, depending on the economic situation in which they take place; that is the election economy. When held during economic upturns, national elections increase subsequent satisfaction with democracy during most of the following electoral term—regardless of election results and economic growth after the election. When held during economic downturns, elections reduce democratic satisfaction until the next election—again, regardless of such post-election developments. An analysis of 29 European democracies in the period 1973–2019 supports these propositions and suggests that the disparate effects of national elections endure during most of the electoral term. These findings are robust to an array of model specifications, including when accounting for several pre-election and post-election developments. [ABSTRACT FROM AUTHOR]

Why do autocratic leaders escape revolution, coups, and assassination during times of economic crisis? I argue that the spike in natural resource revenues since the 1960s has increased autocratic crisis resilience. The availability of this alternative revenue stream provides autocratic leaders with a constant inflow of money, increases their ability to repress dissent, and improves their access to international credit. Extending the analysis back to 1875, I show that the relationship between economic crisis and irregular leader removal in autocracies is strong and robust before the 1960s, but disappears in more recent periods. Interaction analyses confirm that the effects of economic crisis are moderated by natural resource income. These findings are robust to an array of alternative specifications, including analyses that address endogeneity concerns via instrumental variable (IV) estimation. A more particular examination of the theoretical mechanisms also supports the argument. These findings challenge widely held beliefs in the literature of a strong, direct effect of economic crisis on autocratic leader survival; they explain why economic crisis seems to destabilize some autocrats, but not others. [ABSTRACT FROM AUTHOR]