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

Author

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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.

Suggested Citation

  • Theodore Mitrakos, 2014. "Inequality, poverty and social welfare in Greece: distributional effects of austerity," Working Papers 174, Bank of Greece.
  • Handle: RePEc:bog:wpaper:174
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    File URL: http://www.bankofgreece.gr/BogEkdoseis/Paper2014174.pdf
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    References listed on IDEAS

    as
    1. Paul, Satya, 2004. "Income sources effects on inequality," Journal of Development Economics, Elsevier, vol. 73(1), pages 435-451, February.
    2. Manos Matsaganis & Chrysa Leventi, 2011. "The distributional impact of the crisis in Greece," DEOS Working Papers 1124, Athens University of Economics and Business.
    3. Mitrakos Theodore, 2008. "Child Poverty: Recent Developments and Determinants," Economic Bulletin, Bank of Greece, issue 30, pages 57-85, May.
    4. 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.
    5. Tsakloglou, P. & Panopoulou, G., 1997. "Analysing Poverty Under Alternative Concepts of Resources and Equivalence Scales," Athens University of Economics and Business 97-08, Athens University of Economics and Business, Department of International and European Economic Studies.
    6. Theodore M. Mitrakos, 2004. "Education and economic inequalities," Economic Bulletin, Bank of Greece, issue 23, pages 27-46, July.
    7. Antigone Lyberaki & Platon Tinios & Thomas Georgiadis, 2010. "Multidimensional Poverty in Greece: A Deep, Persistent Grey?," South-Eastern Europe Journal of Economics, Association of Economic Universities of South and Eastern Europe and the Black Sea Region, vol. 8(1), pages 87-110.
    8. Graham Pyatt & Chau-nan Chen & John Fei, 1980. "The Distribution of Income by Factor Components," The Quarterly Journal of Economics, Oxford University Press, vol. 95(3), pages 451-473.
    9. 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.
    10. Shorrocks, A F, 1982. "Inequality Decomposition by Factor Components," Econometrica, Econometric Society, vol. 50(1), pages 193-211, January.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Eirini Andriopoulou & Alexandros Karakitsios & Panos Tsakloglou, 2017. "Inequality and Poverty in Greece:Changes in Times of Crisis," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 116, Hellenic Observatory, LSE.
    2. Panagiotis ARTELARIS & George KANDYLIS, 2014. "Mapping Poverty At Regional Level In Greece," Region et Developpement, Region et Developpement, LEAD, Universite du Sud - Toulon Var, vol. 39, pages 131-147.
    3. Angelos Liontakis & Irene Tzouramani, 2016. "Economic Sustainability of Organic Aloe Vera Farming in Greece under Risk and Uncertainty," Sustainability, MDPI, Open Access Journal, vol. 8(4), pages 1-13, April.
    4. repec:gam:jsusta:v:8:y:2016:i:4:p:338:d:67690 is not listed on IDEAS

    More about this item

    Keywords

    inequality; poverty; living conditions; redistribution impact;

    JEL classification:

    • D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
    • I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being

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