Countries that experience democratic backsliding are more likely to face downgrades in their bond ratings. The erosion of democratic institutions (e.g. electoral accountability, institutional checks and balances) increasing the likelihood of reckless economic policies and default.

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3. Countries that experience democratic backsliding are more likely to face downgrades in their bond ratings. The erosion of democratic institutions (e.g. electoral accountability, institutional checks and balances) increasing the likelihood of reckless economic policies and default.