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Inequality, poverty and social welfare in Greece: distributional effects of austerity

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  • Theodore Mitrakos

    (Bank of Greece)

Abstract

This paper presents the recent trends and the characteristics of inequality, poverty and living conditions in Greece, emphasising the distributional effects of the austerity measures adopted during the current economic crisis. Moreover, the decomposition analysis of the study examines the structure of inequality and the contribution of various income sources in overall inequality, while the main characteristics of the Greek social solidarity system and the poor distributional impact of social benefits are also discussed. To this end, household income from the Greek Household Budget and the EU Statistics of Income and Living Conditions surveys are used. The available data indicate that income inequality and relative poverty has increased, yet not dramatically, during the current crisis, although the composition of the poor population changed considerably. However, the sharp decline in disposable income and the dramatic increase in unemployment has led to a significant deterioration in economic prosperity and absolute poverty, i.e. when the poverty line in real terms remains stable in the pro-crisis levels.

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Bibliographic Info

Paper provided by Bank of Greece in its series Working Papers with number 174.

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Length: 36
Date of creation: Feb 2014
Date of revision:
Handle: RePEc:bog:wpaper:174

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Web page: http://www.bankofgreece.gr
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Keywords: inequality; poverty; living conditions; redistribution impact;

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  1. Pyatt, Graham & Chen, Chau-nan & Fei, John, 1980. "The Distribution of Income by Factor Components," The Quarterly Journal of Economics, MIT Press, vol. 95(3), pages 451-73, November.
  2. Theodore M. Mitrakos, 2004. "Education and economic inequalities," Economic Bulletin, Bank of Greece, Economic Research Department, issue 23, pages 27-46, July.
  3. Mitrakos Theodore, 2008. "Child Poverty: Recent Developments and Determinants," Economic Bulletin, Bank of Greece, Economic Research Department, issue 30, pages 57-85, May.
  4. Shorrocks, A F, 1982. "Inequality Decomposition by Factor Components," Econometrica, Econometric Society, vol. 50(1), pages 193-211, January.
  5. Paul, Satya, 2004. "Income sources effects on inequality," Journal of Development Economics, Elsevier, vol. 73(1), pages 435-451, February.
  6. Tsakloglou, Panos, 1990. "Aspects of Poverty in Greece," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 36(4), pages 381-402, December.
  7. Tsakloglou, Panos, 1993. "Aspects of inequality in Greece : Measurement, decomposition and intertemporal change: 1974, 1982," Journal of Development Economics, Elsevier, vol. 40(1), pages 53-74, February.
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