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Journal of Happiness Studies

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01.07.2020 | Research Paper

The Role of Income and Social Capital for Europeans’ Well-Being During the 2008 Economic Crisis

verfasst von: Francesco Sarracino, Marcin Piekałkiewicz

Erschienen in: Journal of Happiness Studies | Ausgabe 4/2021

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Abstract

We investigate whether the correlation of income and social capital with well-being changes in times of economic crisis. Both subjective well-being and social capital may decline during a crisis, and their correlation can change: if social capital becomes a scarce good, it may correlate more with well-being. Alternatively, people may find that in times of crisis other things matter more for well-being and its association with social capital should decrease. To account for these possibilities, we apply a Blinder–Oaxaca decomposition and regression analysis with interaction effects to European Social Survey data from 2006 to 2012. Our findings indicate that, after accounting for the decline of social capital, its correlation with well-being does not change over time. On the contrary, income becomes only temporarily more important for well-being. We conclude that in times of crisis, when material concerns are urgent, policy makers targeting recovery should account for the policy impacts on social capital.

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Before creating the index, we performed a factor analysis to check that the factor loadings are comparable. More details are available in table A.1 in the Online Appendix.

For more details see table A.2 in the Online Appendix.

For more details see table A.3 in the Online Appendix.

The last four columns of table 7 report the coefficients from equation 1 estimated using OLS (columns 6 and 7) and ordered probit (columns 8 and 9) models. The signs and significance of coefficients does not change across models.

Marginal effects are computed after the results reported in table B.1 in the Online Appendix, where the full model of table 7 is applied to the Western and Eastern European samples respectively.

For detailed results, refer to table D.1 and D.3 in the Online Appendix.

Detailed results are available in table E.1 and E.3 in the Online Appendix.

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Titel: The Role of Income and Social Capital for Europeans’ Well-Being During the 2008 Economic Crisis
verfasst von: Francesco Sarracino
Marcin Piekałkiewicz
Publikationsdatum: 01.07.2020
Verlag: Springer Netherlands
Erschienen in: Journal of Happiness Studies / Ausgabe 4/2021
Print ISSN: 1389-4978
Elektronische ISSN: 1573-7780
DOI: https://doi.org/10.1007/s10902-020-00285-x

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