Populist parties are likely to gain consensus when mainstream parties and status quo institutions fail to manage the shocks faced by their economies. Institutional constraints, which limit the possible actions in the face of shocks, result in poorer performance and frustration among voters who turn to populist movements. We rely on this logic to explain the different support of populist parties among European countries in response to the globalization shock and to the 2008-2011 - financial and sovereign debt crisis. We predict a greater success of populist parties in response to these shocks in Euro zone countries, and our empirical analysis confirms this prediction. This is consistent with voters' frustration for the greater inability of the Euro zone governments to react to di cult-to-manage globalization shocks and financial crises. Our evidence has implications for the speed of construction of political unions. A slow, staged process of political unification can expose the EU to a risk of political backlash if hard to manage shocks hit the economies during the integration process.

中文翻译：

---

全球危机和民粹主义：欧元区机构的作用*

当主流政党和现状机构无法应对其经济面临的冲击时，民粹主义政党很可能会达成共识。制度上的限制限制了面对震惊时可能采取的行动，导致转向民粹主义运动的选民的表现更差，沮丧。我们依靠这种逻辑来解释欧洲国家在民粹主义政党对全球化冲击和2008-2011年金融和主权债务危机的反应中提供的不同支持。我们预测民粹主义政党应对欧元区国家的这些冲击将取得更大的成功，而我们的经验分析证实了这一预测。这与选民对欧元区各国政府更无力应对困难的全球化冲击和金融危机的沮丧情绪一致。我们的证据对政治联盟的建设速度有影响。如果在整合过程中难以管理的冲击打击了经济，那么缓慢而分阶段的政治统一进程可能会使欧盟面临政治反弹的风险。