Financial Crises and Voter Attitudes: Exploring Shifts in Demand for Right-Wing Extremist Parties

Abstract: Recent research suggests that the parliamentary support for right-wing extremist parties increases following financial crises. This paper investigates whether the electoral gains of right-wing extremist parties following financial crises stems from changes in attitudes and beliefs on the GAL-TAN scale. Using data from the Integrated Vale Survey, we study 20 developed economies over a 30-year period and examine if financial shocks have had any effect on right-wing extremist attitudes. In addition, we study the Great Recession and examine if countries that were more severely hit by the crisis exhibit larger shifts in right-wing extremist attitudes. While the results demonstrate some shifts along the GAL-TAN scale, they do not show that the salience of right-wing extremist parties, following financial crises, is driven by altered beliefs. Instead, the article proposes that financial crises may serve as leverage for right-wing extremist parties, as these events cause uncertainty among voters as well as established parties.