Fundamentos da economia, mercado financeiro e intenção de voto: As eleições presidenciais Brasileiras de 1994, 1998 e 2002

Translated title of the contribution: Economic fundamentals, financial markets, and voting preferences: The 1994, 1998, and 2002 Brazilian presidential elections

Lucio Rennó, Anthony P. Spanakos

Research output: Contribution to journalReview article

5 Scopus citations


This article explores the relationship between macroeconomic indicators, financial markets, and voting intentions in the 1994, 1998, and 2002 Brazilian Presidential elections. Several hypotheses concerning the relationship between economic performance and politics were tested using a data set containing aggregate measures of self-reported preferences for the Presidential candidates and economic indicators (inflation, unemployment, exchange rate, C-Bond spread, and the São Paulo Stock Exchange Index). The first hypothesis refers to the potential simultaneity between economic indicators and voting intentions. Other hypotheses relate to the varied impact of different economic indicators on the intention to vote for a specific Presidential candidate as opposed to others. The results indicate that retrospective voting, based on the performance of economic fundamentals and not the financial market, predominates in Brazil.

Original languagePortuguese
Pages (from-to)11-40
Number of pages30
Issue number1
Publication statusPublished - 1 Jan 2006



  • Economic indicators
  • Election preferences
  • Presidential elections

Cite this