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This paper examines the impact of the economic crisis and the policy reaction on inequality and relative poverty in four European countries, namely France, Germany, the UK and Ireland. The period examined, 2008 to 2013, was one of great economic turmoil, yet it is unclear whether changes in inequality and poverty rates over this time period were mainly driven by changes in market income distributions or by tax-bene…t policy reforms. We disentangle these e¤ects by producing counterfactual ("no reform") scenarios using tax-bene…t microsimulation and representative household surveys for each country. For the …rst stage of the Great Recession, we …nd that the policy reaction contributed to stabilizing or even decreasing inequality and relative poverty in the UK, France and especially in Ireland. Market income changes nonetheless pushed up inequality and relative poverty in France. Relative poverty increased in Germany due to policy responses combined with market income changes. Subsequent policy reforms, in the later stage of the crisis, had markedly di¤erent cross-country e¤ects, decreasing overall poverty in France, increasing it in Ireland and giving mixed e¤ects for di¤erent sub-groups in Germany and the UK.
Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. www.econstor.eu Using harmonized wealth data and a novel decomposition approach, we show that cohort effects exist in the income profiles of asset and debt portfolios for a sample of European countries, the U.S. and Canada. We find that younger households' participation decisions in assets are more responsive to income than older households. Family structure plays a significant role in explaining cross-country differences for both cohorts. Examining institutional differences, we find that in more financially developed and economically open countries, households are less likely to own housing but more likely to be in debt. Typical mortgage characteristics and mathematical literacy are also correlated with debt participation across countries. These findings have important implications for policy setting during times of financial unease for the young, as well as for the future in helping secure adequate income for the elderly. Our results show that there is scope for policies which promote asset participation for young households and debt participation, where there is a need for consumpation smoothing, for older households. Terms of use: Documents in D I S C U S S I O N P A P E R S E R I E SJEL Classification: G11, G21, J10
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