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Table S1. Excluding Potential Outliers.

Table S2. Excluding Polity Switching Countries.

Table S3. Sample Split Based on Time-Varying Polity Scores.

Table S4. Alternative Democracy Indicators.

Table S5. Test of Difference Post-1990 Period.

Table S6. Robustness to Cross-Country Differences in GDP Per Capita.

Table S7. Robustness to Cross-Country Differences in Corruption and the Rule of Law.

Table S8. Effects of Corruption in Autocracies and Democracies.

Table S9. Control for Time-Varying Political Variables.

Table S10. Control for Changes in an Import Price Index.

Table S11. GFS Government Expenditures Response.

Table S12. GFS Fiscal Surplus Response.

Table S13. Control for Second Lag of External Debt.

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