We compare spending in concurrent senate and gubernatorial elections to determine if campaign finance laws influence candidate campaign spending. We find that candidate-based public financing combined with spending limits influence candidate spending, but the effect is largely dependent on the level of the limits. We find that contribution limits do not influence candidate spending. If the goal of reform is to reduce candidate spending—or to affect electoral competition or voter turnout by reducing candidate spending—our results suggest that state public financing is more likely to be successful than contributions limits.
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