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Economic insecurity: “a positive feedback loop” for income inequality
(2021) Kampourogiannis, Emmanouil; Καμπουρογιάννης, Εμμανουήλ; Athens University of Economics and Business, Department of Economics; Antoniou, Fabio; Dendramis, Yiannis; Dioikitopoulos, Evangelos
The main finding of this study is that economic insecurity is an additional behavioral factor that drives income inequality upwards. I use an unbalanced cross-country panel for 14 OECD countries with observations from 1960-2019and show that, after controlling for all known determinants of income inequality, economic security level negatively affects income inequality. This impact is causal and it is verified by a number of robustness tests. Moreover, I investigate how this equalizing effect differs, depending on the cultural and on the economic preferences dimensions of each country. Finally, I argue the existance of two mechanisms, through which economic security impacts income inequality by affecting individual behavior. First, I show that economic security makes households decrease their savings and increase their spending, as percentage of their disposable income. Secondly, economic security also affects their financial market behavior, by increasing the level of “exposure” that households are willing to accept. Based on my findings, this mainly happens due to additional dept holding share in household’s disposable income.