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In his Fiscal Effects of the Voter Initiative: Evidence from the Last 30 Years, John G. Matsusaka, University of Southern California, found:
"The main finding is that spending is significantly lower, on the order of 4 percent, in states with voter initiatives than in pure representative states. It is also found that local spending is higher and state spending is lower in initiative states. On the revenue side, initiative states rely less on broad-based taxes and more on charges tied to services. Taken together, the evidence indicates that the initiative leads to a reduction in the overall size of the government sector and suggests that it causes a decline in the level of redistributional activity."
Fiscal Effects of the Voter Initiative: Evidence from the Last 30 Years, John G. Matsusaka, University of Southern California, Journal of Political Economy, 1995, vol. 103, no. 3