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What effect does the financial cost of running for office have on candidate entry decisions, and does it differ depending on a candidate's motivations for running? We use a regression discontinuity design and panel data analysis to estimate the causal effect of campaign costs on candidate entry in Japan, where the amount of money required as a deposit for ballot access increased periodically to become one of the highest in the world, and a considerable part of campaign costs. We find that candidates from the major office-seeking parties were likely to be replaced after losing the deposit, and that these parties nominated fewer candidates following increases in the deposit amount. However, we find no such deterrent effect for fringe candidates. This finding calls into question the effectiveness of the deposit at fulfilling its supposed purpose, and sheds light on the differences between the financial and strategic coordination incentives that influence the nomination decisions of parties.
