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Economic perceptions affect incumbent support, but debate persists over whether voters focus on past or future performance and whether they view the economy in primarily sociotropic or egotropic terms. We theorize the nature of economic voting depends on the context. Evidence from 18 Latin American countries (1995–2009) suggest prospective voting predominates early in the election cycle, but retrospective voting gains traction as the incumbent’s record develops. Voters emphasize the national economy over personal finances except in the least developed countries. Thus the contexts in which voters are embedded not only affect the degree of economic voting but also its very nature. [ABSTRACT FROM PUBLISHER]