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Euroskepticism, Income Inequality and Financial Expectations

Author

Listed:
  • Ritzen Jo
  • Wehner Caroline

    (Institute for the Study of Labor (IZA), Bonn, Germany and Maastricht University, Maastricht, The Netherlands)

  • Zimmermann Klaus F.

    (Institute for the Study of Labor (IZA), Bonn, Germany and University of Bonn, Bonn, Germany)

Abstract

Before the Great Recession, the rising income inequality within the “old” European Union has been suggested as an important driver of the increase in Euroskepticism. We revisit this finding for the 27 EU member states from 2006 to 2011, introducing individual negative financial expectations as a further driving factor. We also distinguish between Western and Eastern European countries. In the period of Eastern EU enlargement after 2005, Euroskepticism increased by one third while income inequality on average remained stable. Negative financial expectations are positively related to Euroskepticism in the West and non-significantly negatively related in the East. This suggests that Westerners interpret European integration as a threat, while Easterners view it as a chance. In addition, income inequality lost its role in “old” Europe. An increase of one Gini point decreases the probability of Euroskepticism by half a percentage point in the West, while it has no impact in the East.

Suggested Citation

  • Ritzen Jo & Wehner Caroline & Zimmermann Klaus F., 2016. "Euroskepticism, Income Inequality and Financial Expectations," The B.E. Journal of Economic Analysis & Policy, De Gruyter, vol. 16(2), pages 539-576, April.
    • Handle: RePEc:bpj:bejeap:v:16:y:2016:i:2:p:539-576:n:6
    DOI: 10.1515/bejeap-2015-0052
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    References listed on IDEAS

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    1. Klaus Armingeon & Besir Ceka, 2014. "The loss of trust in the European Union during the great recession since 2007: The role of heuristics from the national political system," European Union Politics, , vol. 15(1), pages 82-107, March.
    2. Anthony Atkinson, 2013. "Reducing income inequality in Europe," IZA Journal of European Labor Studies, Springer;Forschungsinstitut zur Zukunft der Arbeit GmbH (IZA), vol. 2(1), pages 1-11, December.
    3. Anderson, Christopher J. & Reichert, M. Shawn, 1995. "Economic Benefits and Support for Membership in the E.U.: A Cross-National Analysis," Journal of Public Policy, Cambridge University Press, vol. 15(3), pages 231-249, September.
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    Cited by:

    1. Jo Ritzen & Klaus F. Zimmermann, 2018. "Fading hope and the rise in inequality in the United States," Eurasian Business Review, Springer;Eurasia Business and Economics Society, vol. 8(1), pages 1-12, March.

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