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Review of Law & Economics

Editor-in-Chief: Parisi, Francesco / Engel, Christoph

Ed. by Cooter, Robert D. / Gómez Pomar, Fernando / Kornhauser, Lewis A. / Parchomovsky, Gideon / Franzoni, Luigi

3 Issues per year

CiteScore 2017: 0.30

SCImago Journal Rank (SJR) 2017: 0.195
Source Normalized Impact per Paper (SNIP) 2017: 0.410

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Volume 7, Issue 1


The $700 Billion Bailout: A Public-Choice Interpretation

Carlos D. Ramirez
Published Online: 2011-11-03 | DOI: https://doi.org/10.2202/1555-5879.1443

On September 29, 2008, the U.S. House of Representatives voted to reject HR 3997 (known as the original $700 Billion Bailout Bill). On October 3, the House reversed course and voted to approve the Emergency Economic Stabilization Act of 2008 (EESA). This paper applies a political voting model to these two House votes – the rejection of the bill on September 29 and its passage on October 3. Both economic conditions and PAC contributions matter in explaining the two votes, but their effect is attenuated by the individual legislator’s power. PAC contributions from the American Bankers Association appear to matter for explaining those legislators who switched. The role of ideology in explaining either the September 29 or October 3 vote is limited.

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Published Online: 2011-11-03

Citation Information: Review of Law & Economics, Volume 7, Issue 1, Pages 291–318, ISSN (Online) 1555-5879, DOI: https://doi.org/10.2202/1555-5879.1443.

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©2012 Walter de Gruyter GmbH & Co. KG, Berlin/Boston.Get Permission

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