“…The impact of changing economic circumstances on electoral outcomes has been widely studied but primarily within developed economies and primarily with respect to whether the incumbent party or party coalition loses the upcoming election or a portion of its vote share (Brender and Drazen, 2008; Gupta and Panagariya, 2014; Pacek and Radcliff, 1995; Uppal, 2009). While the majority of studies find evidence consistent with the hypothesis that economic conditions matter (for India, see Khemani, 2004), there are a sufficient number of ambiguous findings to suggest that winning versus losing and/or the size of the change in an incumbent’s vote share may be too narrow a measure to capture the full impact of economic conditions on election outcomes (Arcelus and Meltzer, 1975; Bengtsson, 2004; Evans and Anderson, 2006; Ravishankar, 2009; Vaishnav and Swanson, 2015; Verma, 2012). Moreover, economic conditions can generate more effects on voting behavior and electoral stability than just those experienced by the incumbent party.…”