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Inequality and the Crisis: A Causal Inference Analysis

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  • Mario Holzner

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    (The Vienna Institute for International Economic Studies, wiiw)

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    Abstract

    A new database for the calculation of quarterly income inequality measures was established for 11 economies from Central, East and Southeast Europe for the period of 1st quarter 2000 to 4th quarter 2011. Based on the large panel of the acquired quarterly Gini coefficients an ‘Acemoglu-style’ causal inference analysis on the impact of the global financial crisis on economic growth and income inequality in transition economies was performed. The results suggest that at least in the short and medium run the growth model of transition economies switched to an industrial, export-led growth model as foreign capital flows dried up. While in the private sector wage dispersion further continued to increase during the boom just as during the economic break-down, the public sector acted inequality reducing both in the period of plenty as well as in the age of austerity.

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    Bibliographic Info

    Paper provided by The Vienna Institute for International Economic Studies, wiiw in its series wiiw Balkan Observatory Working Papers with number 110.

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    Date of creation: May 2013
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    Publication status: Published as wiiw Balkan Observatory Working Paper
    Handle: RePEc:wii:bpaper:110

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    Related research

    Keywords: Income inequality; economic growth; transition economies; economic crisis;

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    1. Barro, Robert J, 2000. " Inequality and Growth in a Panel of Countries," Journal of Economic Growth, Springer, vol. 5(1), pages 5-32, March.
    2. Sebastian Leitner & Mario Holzner, 2008. "Economic Inequality in Central, East and Southeast Europe," European Journal of Economics and Economic Policies: Intervention, Edward Elgar, vol. 5(1), pages 155-188.
    3. repec:wii:bpaper:bowp:074 is not listed on IDEAS
    4. Paul DE BEER, 2012. "Earnings and income inequality in the EU during the crisis," International Labour Review, International Labour Organization, vol. 151(4), pages 313-331, December.
    5. Daron Acemoglu & Simon Johnson, 2006. "Disease and Development: The Effect of Life Expectancy on Economic Growth," NBER Working Papers 12269, National Bureau of Economic Research, Inc.
    6. Qin, Duo & Cagas, Marie Anne & Ducanes, Geoffrey & He, Xinhua & Liu, Rui & Liu, Shiguo, 2009. "Effects of income inequality on China's economic growth," Journal of Policy Modeling, Elsevier, vol. 31(1), pages 69-86.
    7. Daron Acemoglu, 2010. "Theory, General Equilibrium, and Political Economy in Development Economics," Journal of Economic Perspectives, American Economic Association, vol. 24(3), pages 17-32, Summer.
    8. Anthony B. Atkinson & Salvatore Morelli, 2011. "Economic crises and Inequality," Human Development Research Papers (2009 to present) HDRP-2011-06, Human Development Report Office (HDRO), United Nations Development Programme (UNDP).
    9. Georgopoulos, Demosthenes & Papadogonas, Theodore & Sfakianakis, George, 2012. "Factors related to the depth of the latest crisis for EU-27 countries: The key role of relative inequality/poverty," Economics Letters, Elsevier, vol. 116(3), pages 308-311.
    10. Engelbert Stockhammer, 2012. "Rising Inequality as a Root Cause of the Present Crisis," Working Papers wp282, Political Economy Research Institute, University of Massachusetts at Amherst.
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