Household Debt and Income Inequality, 1963-2003
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Author | : Mr.Michael Kumhof |
Publisher | : International Monetary Fund |
Total Pages | : 39 |
Release | : 2010-11-01 |
Genre | : Business & Economics |
ISBN | : 1455210757 |
The paper studies how high leverage and crises can arise as a result of changes in the income distribution. Empirically, the periods 1920-1929 and 1983-2008 both exhibited a large increase in the income share of the rich, a large increase in leverage for the remainder, and an eventual financial and real crisis. The paper presents a theoretical model where these features arise endogenously as a result of a shift in bargaining powers over incomes. A financial crisis can reduce leverage if it is very large and not accompanied by a real contraction. But restoration of the lower income group's bargaining power is more effective.
Author | : Agnieszka Wałęga |
Publisher | : Taylor & Francis |
Total Pages | : 209 |
Release | : 2022-08-12 |
Genre | : Business & Economics |
ISBN | : 100063213X |
The growing indebtedness of households reported over the last 30 years and in most developed countries has serious economic and social implications. This book provides insight into the concepts, measures, and determinants of household indebtedness, over-indebtedness, and well-being by integrating theoretical perspectives, adopting recent analytical methods, and using a sample of Polish households. The authors identified the socio-demographic and economic characteristics of indebted and over-indebted households, as well as the basic characteristics of indebtedness and the differences in its subjective perception among over-indebted households and those that are not over-indebted. They determined the spatial differentiation of over-indebtedness, examining the relationship between economic, social and behavioural factors and over-indebtedness and the role of over-indebtedness in shaping the economic well-being of households. The results of a questionnaire conducted on a sample of Polish households and econometric modelling served as the basis for assessing the economic well-being of indebted households. This assessment was conducted with the use of a composite well-being indicator developed by the authors. Given the multidimensional nature of the issues being analysed, the authors offer an approach that accounts for two separate but overlapping dimensions of economic well-being, namely material and financial, and two ways of assessing each of them: objective and subjective. The book holds appeal for researchers, scholars, and students of economics, finance, consumer economics, and economic psychology and offers practical guidance for policymakers and advisors who deal with consumer affairs.
Author | : Mr.Michael Kumhof |
Publisher | : International Monetary Fund |
Total Pages | : 44 |
Release | : 2012-01-01 |
Genre | : Business & Economics |
ISBN | : 1463930577 |
This paper studies the empirical and theoretical link between increases in income inequality and increases in current account deficits. Cross-sectional econometric evidence shows that higher top income shares, and also financial liberalization, which is a common policy response to increases in income inequality, are associated with substantially larger external deficits. To study this mechanism we develop a DSGE model that features workers whose income share declines at the expense of investors. Loans to workers from domestic and foreign investors support aggregate demand and result in current account deficits. Financial liberalization helps workers smooth consumption, but at the cost of higher household debt and larger current account deficits. In emerging markets, workers cannot borrow from investors, who instead deploy their surplus funds abroad, leading to current account surpluses instead of deficits.
Author | : Nabil Khattab |
Publisher | : Springer |
Total Pages | : 283 |
Release | : 2016-04-29 |
Genre | : Social Science |
ISBN | : 1137544813 |
This volume addresses different aspects and areas of inequality in Israel, a country characterized by high levels of economic inequality, poverty, and social diversity. The book expands on the mechanisms that produce and maintain inequality, and the role of state policies in influencing those mechanisms.
Author | : Alexander D. Beyleveld |
Publisher | : BRILL |
Total Pages | : 267 |
Release | : 2022-03-16 |
Genre | : Law |
ISBN | : 900451175X |
The open access publication of this book has been published with the support of the Swiss National Science Foundation. Are countries capable of reducing economic inequality under conditions of contemporary globalisation without cooperating and coordinating with other countries? While states are far from powerless to effect distributional change within their own sovereign space, Taking a Common Concern Approach to Economic Inequality makes the case that cooperation and coordination is indeed necessary, especially in relation to corporate taxation. It accordingly contemplates the utility of a transnational taxation system that is embedded in cooperative sovereignty through the recognition of rising economic inequality and its deleterious effects – including how increasingly unequal distributions within countries make transnational cooperation and coordination efforts less likely – as a common concern of humankind.
Author | : Eva M. Gomez-Jimenez |
Publisher | : Bloomsbury Publishing |
Total Pages | : 248 |
Release | : 2020-06-25 |
Genre | : Language Arts & Disciplines |
ISBN | : 1350111295 |
This book analyses diverse public discourses to investigate how wealth inequality has been portrayed in the British media from the time of the Second World War to the present day. Using a variety of corpus-assisted methods of discourse analysis, chapters present an historicized perspective on how the mass media have helped to make sharply increased wealth inequality seem perfectly normal. Print, radio and online media sources are interrogated using methodologies grounded in critical discourse analysis, critical stylistics and corpus linguistics in order to examine the influence of the media on the British electorate, who have passively consented to the emergence of an even less egalitarian Britain. Covering topics such as Second World War propaganda, the 'Change4Life' anti-obesity campaign and newspaper, parliamentary and TV news programme attitudes to poverty and austerity, this book will be of value to all those interested in the mass media's contribution to the entrenched inequality in modern Britain.
Author | : Mr.Michael Kumhof |
Publisher | : International Monetary Fund |
Total Pages | : 48 |
Release | : 2013-12-17 |
Genre | : Business & Economics |
ISBN | : 1484310764 |
The paper studies how high household leverage and crises can arise as a result of changes in the income distribution. Empirically, the periods 1920-1929 and 1983-2008 both exhibited a large increase in the income share of high-income households, a large increase in debt leverage of the remainder, and an eventual financial and real crisis. The paper presents a theoretical model where higher leverage and crises arise endogenously in response to a growing income share of high-income households. The model matches the profiles of the income distribution, the debt-to-income ratio and crisis risk for the three decades prior to the Great Recession.
Author | : Sebastiano Fadda |
Publisher | : Taylor & Francis |
Total Pages | : 260 |
Release | : 2017-07-14 |
Genre | : Business & Economics |
ISBN | : 1315388812 |
In the years following the financial crash, two issues have become central to the debate in economics: inequality and the uneven nature of sustainable development. These two issues are at the core of this book which aims to explain three key questions: why inequality has increased so much in the last three decades; why most advanced economies are stagnating or are experiencing moderate economic growth; and why, even where economic growth is occurring, the quality of that growth is questioned. Inequality and Uneven Development in the Post-Crisis World is divided into three parts. The first part concerns the theoretical aspects of inequality, and ethical issues regarding economics and equality. The second part explores empirical evidence and policy suggestions drawing on the uneven levels of development and unprecedented levels of inequality experienced among advanced economies in the context of global financial capitalism. The third part focuses on sustainable development issues such as full employment, social costs of global trade liberalization, environmental sustainability and ecological issues. Along with inequality these issues are central for capitalism and for economic development. This volume is of interest to those who study political economy, sustainable development and social inequality.
Author | : Louis-Philippe Rochon |
Publisher | : Edward Elgar Publishing |
Total Pages | : 328 |
Release | : 2019 |
Genre | : |
ISBN | : 1788973690 |
This book brings together some leading and emerging scholars who bring an alternative view on some of the most pressing issues of today. In addition to key concepts in post-Keynesian and heterodox economics, the authors also explore financialization, debt, income distribution, and policies, and the emerging threat of dualism. Policy makers and scholars alike will find the book a much need addition to the field.