Prof. Michael Haliassos warns of greater wealth inequality as a result of the Corona crisis (Video)

In a keynote lecture, Prof. Michael Haliassos explained how the Corona crisis affects the financial behavior of consumers in different countries and which impact it has on wealth distribution. Speaking at the joint SUERF and UniCredit Foundation event, he sees a potential for further social polarization as a result of higher wealth inequality.

Based on data of various countries, Haliassos showed how different lockdown rules, aid packages and the use of short-time work affected consumers' financial behavior. According to the findings, the savings rate has risen on average. At the same time, the wealthy and financially educated were able to achieve higher returns during the crisis. According to Haliassos, increasing wealth inequality generates a potential for further social polarization.

Keynote Lecture by Prof. Michael Haliassos "The Pandemic reset and its implications for household finances" at the 8th SUERF & UniCredit Foundation Research Prize and Workshop: "Savings behaviour in crisis and post-crisis times" on April 22, 2021 as video (starting 11:00 min.)

Presentation by Prof. Michael Haliassos as PDF