Inequality, Relative Deprivation, and Financial Distress: Evidence from Swedish Register Data
利用瑞典个人破产的行政登记数据，研究发现收入不平等增加个人破产概率，且该效应主要由男性驱动，支持“跟上琼斯”假说。
Abstract Several studies have linked rising insolvency rates to increasing inequality and argued that this might be explained by individuals’ desire to “keep up with the Joneses.” Using unique administrative register data on individual insolvencies in Sweden, I test whether the probability to become insolvent is related to one’s income distance relative to peers. Identification relies on area fixed effects, an extensive set of background characteristics, and varying the definition of the relevant reference group. I find that higher inequality increases the individual’s probability to become insolvent and that this effect is primarily driven by men.