The Impact of Unconventional Monetary Policy on Gendered Wealth Inequality
| Autor: | Brigitte Young |
|---|---|
| Rok vydání: | 2019 |
| Předmět: |
Encuesta del Eurosistema sobre la Situación Financiera y el Consumo de los Hogares Elaborada por el BCE
Feminismo Inequality media_common.quotation_subject Gendered Asset Bias and Gendered Wealth Inequality Monetary economics Bancos y cajas lcsh:HD72-88 lcsh:Economic growth development planning Política Monetaria no Convencional Quantitative easing Gender bias Economics lcsh:Social sciences (General) Stock (geology) media_common Central European Bank Unconventional Monetary Policy Monetary policy Macroeconomía Feminist economics Sesgo de los Activos de Género y la Desigualdad de la Riqueza de Género Feminismo Económico Financial crisis Banco Central Europeo lcsh:H1-99 Household finance Eurosystem Household Finance and Consumption Survey Feminist Economics |
| Zdroj: | Papeles de Europa; Vol. 31 Núm. 2 (2018); 175-186 Papeles de Europa; Vol. 31 No. 2 (2018); 175-186 Revistas Científicas Complutenses Universidad Complutense de Madrid (UCM) Papeles de Europa; Vol 31 No 2 (2018); 175-186 E-Prints Complutense: Archivo Institucional de la UCM Universidad Complutense de Madrid E-Prints Complutense. Archivo Institucional de la UCM instname Papeles de Europa, Vol 31, Iss 2, Pp 175-186 (2019) |
| ISSN: | 1989-5917 |
| Popis: | Unconventional monetary policy was implemented as a result of the financial crisis and resulted in rising asset prices in the stock markets. While the increase in asset prices is not exclusively triggered by unconventional monetary policy, central bankers accept that unconventional monetary policy has resulted in distributional effects on wealth, and that these are not negligible. What is missing are studies analyzing whether these non-standard monetary policies have different distributional effects on women and men. The intent of the paper is to interrogate whether unconventional monetary policy of central banks has a gender bias that operates in favor of men as gender and against women as gender. Relying on insights from feminist economics, the paper uses the results of the ECB Household Finance and Consumption Survey (HFCS) of 62,000 household across 15 euro-area countries. While the results are tentative, they show an asymmetric distributional gendered impact. Since the rich own more assets than the poor, and since monetary easing works in part by raising asset prices, these unconventional policies may unintentionally benefit the wealthier quintile (on average more male) at the expense of the poorer strata of society (on average more female). |
| Databáze: | OpenAIRE |
| Externí odkaz: |
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