Are voters more fiscally conservative or fiscally liberal? Do they reward politicians who engage in deficit spending or those who show more fiscal restraint? To what extent does this depend on the country-specific context? The public choice literature finds that voters in developed democracies with strong institutional checks and balances, such as the US, UK, Canada, or Sweden, reward more accountable governments which spend the public’s money responsibly (e.g. Peltzman, 1992; Lowry, Alt and Ferree, 1998; Brender and Drazen, 2008). On the other hand a number of studies done in countries such as Argentina, Brazil, Spain or Russia suggest an opposite conclusion – voters reward incumbents who spend more and more freely (e.g. Jones, Meloni and Tommasi, 2012; Sakurai and …