Abstract
This study estimates the effect of U.S. legislative term limits on state revenue, general expenditure and its main components (welfare, highways, health, education, and state aid to local governments). Two alternative measures of term limits are tested: 1) an original term limit index and 2) average legislative turnover rate. Controlling for economic, institutional, political, and demographic factors, we find that neither of term limits measure has a significant effect on the per capita size of state government. However, the two measures of term limits appear to have a significant effect on the distribution of public funds within the state budget.
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