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- W2181672768 abstract "This paper shows that the global increase of income inequality and wealth concentration was an important driver for the financial and Eurozone crisis. The high levels of income inequality resulted in balance of payment imbalances and rising debt levels. Rising wealth concentration contributed to the crisis because the increasing asset demand from the rich enabled poor and middle-income households to accumulate increasing amounts of debt. An important policy implication arising out of this finding is that it is necessary to reverse existing inequality levels to tame the inherent instability of the current mode of capitalism." @default.
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- W2181672768 date "2014-01-01" @default.
- W2181672768 modified "2023-09-27" @default.
- W2181672768 title "The role of income inequality and wealth concentration in the recent crisis" @default.
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