Political Finance in Comparative Perspective

This article reviews efforts to study the impact of money in politics in democracies outside of the United States. In recent years, democracies around the world have begun to publish increasing amounts of data on candidate and party finance. Although much of this information is partial, and some of it is even deliberately misleading, it has nevertheless opened up many new opportunities for researchers to systematically examine the role of money in politics. The development of theories about the origins and impact of political finance regimes and regulations has not kept pace with the newly emerging data. As a result, the field offers increasing scope for researchers to make policy-relevant contributions. Much of the recent research in this area asks how much, and in what ways, the amounts and sources of funding matter. Do either or both of these influence elections or other political outcomes? This article begins by reviewing attempts to answer these questions, then considers some of the promising new areas of investigation in this field.