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Trends and fluctuations in financial satisfaction and macroeconomic indicators in times of economic changes: the case of Latin America

Author

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  • Lucía Macchia
  • Anke C. Plagnol
  • Richard A. Easterlin

Abstract

The association between subjective well-being and macroeconomic conditions has been extensively studied across the social sciences, with most evidence stemming from US and Europe due to data constraints. Using time-series analysis, this paper explores trends (long-term tendencies) and fluctuations (short-term movements) of financial satisfaction and macroeconomic indicators in Latin America during a period of great economic changes. We show that between 1996 and 2015, the trend in financial satisfaction was significantly negatively associated with the trend in the unemployment rate but it was not associated with the trends in the log of gross domestic product per capita (GDP) or the inflation rate. In the short-term, financial satisfaction, the unemployment rate, the inflation rate, and the log of GDP per capita move together. This study demonstrates that unemployment is the key macroeconomic indicator to tackle long-term financial satisfaction and thus likely improve citizens' overall well-being.

Suggested Citation

  • Lucía Macchia & Anke C. Plagnol & Richard A. Easterlin, 2024. "Trends and fluctuations in financial satisfaction and macroeconomic indicators in times of economic changes: the case of Latin America," International Journal of Happiness and Development, Inderscience Enterprises Ltd, vol. 8(3), pages 295-312.
    • Handle: RePEc:ids:ijhdev:v:8:y:2024:i:3:p:295-312
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