期刊名称：Development Studies Research: An Open Access Journal
电子版ISSN：2166-5095
出版年度：2022
卷号：9
期号：1
页码：12-20
DOI：10.1080/21665095.2022.2025878
语种：English
出版社：Taylor and Francis Ltd
摘要：In this article, I analyze why inequality can discourage investment. I derive my hypothesis from the theory of aspirations as a reference point. A more significant aspiration gap – the distance between the current state and the aspired state – leads to frustration and fewer incentives to invest. In study I, I use data from a longitudinal panel, exploiting environmental shocks to identify a plausibly exogenous source of variation for inequality. I combine it with an indirect measurement of aspirations using data on wealth, computed for the plausible reference group, defined as cells within the population, sharing similar observable characteristics. Finally, I use the variation in the total debt as the outcome variable. In study II, I use data from a specialized survey where shocks and aspirations are directly measured. I look at total debt as the outcome. Although the two tests are only partially conclusive, the evidence aligns with the central hypothesis.
