ABSTRACT
During the last two decades, the most divisive issue in Mexican politics has been macroeconomic policy. Inflation, currency depreciation, trade liberalization, and capital flows across the border have crucially defined the pace of politics throughout three presidential terms. The Mexican economy has experienced more than fifteen years of long-term economic stagnation, shortly interrupted by a mild recovery during Carlos Salinas’s term. Why then have Mexican voters been willing to reelect the ruling party, Partido Revolucionario Institucional (PRI), despite its mediocre economic record?
