This article strengthens and extends economic theories of presidential approval, assesses accountability in Peru's “delegative democracy,” and explores the political feasibility of economic policies. The analysis finds that prospective evaluations shape presidential approval in Peru, demonstrating the utility of economic theories in the developing world. Peruvians hold politicians accountable not only for the economic past, but also for future implications of past actions, which suggests that vertical accountability exists and that this type of accountability encourages forward-looking policy choices. Finally, the analysis indicates that important political events, including the capture of the Sendero Luminoso guerrillas and Fujimori's autogolpe, influence Peruvians’ approval of the president.