Can household debt influence income inequality? Evidence from Britain
1966–2016
Bibliographic Data
| ID | 12607331 |
|---|---|
| Authors | J D Wood (0000-0003-1462-6437, University of Cambridge, corresponding author) |
| Year | 2019 |
| Volume | 22 |
| Issue | 1 |
| Pages | 24-46 |
| Publication date | 2019-11-14 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | The British Journal of Politics and International Relations (JOURNAL) |
| Journal identifiers | ISSN: 1369-1481 • E-ISSN: 1467-856X |
| Publisher | SAGE Publishing (PUBLISHER • US) |
| DOI | 10.1177/1369148119888830 |
| OpenAlex | W2987454830 |
| Language | EN |
| Citations received | 6 |
| References cited | 82 |
The various processes of financialisation widen inequalities by increasing incomes for financial sector employees and shareholders, as well as affluent households who hold the concentrated ownership of financial assets. Although interest payments provide a flow of revenue from indebted households to financial institutions, the distributional consequences of such debt-based systems of financialisation remain an under-explored research area. As the financialisation of the British economy has been driven by the widespread adoption of private debt, this econometric analysis examined the effects of changes in household debt on income inequality in Britain between 1966 and 2016. These results demonstrate household debt increases the share of income captured at the top of the income distribution, while increasing inequality between the top and the middle of the income scale. Therefore, the mundane decision to take on household debt has significant distributional consequences, specifically entrenching pre-existing disparate social relations between affluent and less-affluent households in Britain
Comprehensive income · Debt · Demographic economics · Distribution (mathematics · Economic inequality · Economics · Financialization · Gross income · Household debt · Income distribution · Income inequality metrics · Inequality · Labour economics · Public economics · Revenue · Economic Theory and Policy · Housing, Finance, and Neoliberalism · Political and Economic history of UK and US · Finance
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| Unique citing works | 6 |
|---|---|
| Citations per year | 1 |
| Citation span | 2020 - 2025 (6) |
| Citation velocity | recent |
| Highly cited | No |
| Citation types | Neutral: 6 |