This is a pretty timely paper given the state of Indian politics and economics. It is by this trio of econs – Helios Herrera, Guillermo Ordoñez and Christoph Trebesch.
The kind of hype and expectations our financial markets have generated from the new govt is immense. Govt too is responsible making giving signals that things are going to be change as they are sworn in power. They are getting some reality check but our markets don’t care. One ought to be worried given how precarious the world economy is in. The earlier 9% times were when global economy was doing really well itself. But currently it is at a precarious situation.Anyways, who cares.
So the paper look at this thing called political boom and how it eventually leads to financial crisis. It is even a better predictor than several sophisticated early warning indicators:
Mostly Economics 
