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dc.contributor.author
Carrera, Jorge
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dc.contributor.author
de la Vega, Pablo César
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dc.date.available
2022-08-10T03:05:19Z
dc.date.issued
2021-11
dc.identifier.citation
Carrera, Jorge; de la Vega, Pablo César; The impact of income inequality on public debt; Elsevier; Journal of Economic Asymmetries; 24; e00216; 11-2021; 1-14
dc.identifier.uri
http://hdl.handle.net/11336/164840
dc.description.abstract
In view of the fact that the traditional model of tax smoothing (Barro, 1979) cannot account for the recent generalized increasing trend in public debt (PD), this paper improves the traditional determinants of PD by estimating the impact of income inequality on PD based on a heterogeneous panel of 158 countries over 20 years from 2000 to 2019. First, we find that inequality Granger-causes PD. Then, by using different dynamic panel data methodologies, we find that an increase in inequality is associated with a rise in the PD-to-GDP ratio. This result is robust to different econometric methods and specifications. We find similar results with an alternative measurement of social unrest such as the unemployment rate. Based on these results, we suggest that the dynamics of PD are not only associated to the traditional determinants associated with the tax smoothing across a business cycle, but also to the political and fiscal pressures stemming from changes in inequality and unemployment.
dc.format
application/pdf
dc.language.iso
eng
dc.publisher
Elsevier
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dc.rights
info:eu-repo/semantics/restrictedAccess
dc.rights.uri
https://creativecommons.org/licenses/by-nc-sa/2.5/ar/
dc.subject
FINANCIAL OPENNESS
dc.subject
FISCAL POLICY
dc.subject
INEQUALITY
dc.subject
INTERNATIONAL COMPARISON
dc.subject
PANEL DATA
dc.subject
PUBLIC DEBT
dc.subject.classification
Economía, Econometría
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dc.subject.classification
Economía y Negocios
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dc.subject.classification
CIENCIAS SOCIALES
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dc.title
The impact of income inequality on public debt
dc.type
info:eu-repo/semantics/article
dc.type
info:ar-repo/semantics/artículo
dc.type
info:eu-repo/semantics/publishedVersion
dc.date.updated
2022-08-03T18:10:53Z
dc.identifier.eissn
1703-4949
dc.journal.volume
24
dc.journal.number
e00216
dc.journal.pagination
1-14
dc.journal.pais
Países Bajos
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dc.journal.ciudad
Amnsterdan
dc.description.fil
Fil: Carrera, Jorge. Universidad Nacional de La Plata; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - La Plata; Argentina
dc.description.fil
Fil: de la Vega, Pablo César. Universidad Nacional de La Plata; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - La Plata; Argentina
dc.journal.title
Journal of Economic Asymmetries
dc.relation.alternativeid
info:eu-repo/semantics/altIdentifier/url/https://www.sciencedirect.com/science/article/pii/S1703494921000219
dc.relation.alternativeid
info:eu-repo/semantics/altIdentifier/doi/https://doi.org/10.1016/j.jeca.2021.e00216
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