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Does the Credit Cycle Have an Impact on Happiness?
Tinghui Li1, Junhao Zhong1, Mark Xu2
1School of Economics and Statistics, Guangzhou University, Guangzhou 510006, China.
Summary
Economic credit cycles negatively impact national happiness. However, factors like social support, freedom, and GDP per capita can improve well-being during economic expansions and recessions.
Area of Science:
- Economics
- Public Health
- Psychology
Background:
- The 2008 financial crisis highlighted the interplay between economic conditions and public health.
- Understanding the link between economic cycles and societal well-being is crucial.
Purpose of the Study:
- To investigate the relationship between the credit cycle and national happiness.
- To explore the moderating factors influencing this relationship during economic expansion and recession.
Main Methods:
- Utilized a fixed effects model to analyze the correlation between the credit cycle and happiness.
- Incorporated moderating effects to identify transmission channels.
Main Results:
- A negative correlation exists between the credit cycle and happiness; credit growth reduces happiness scores.
- Moderating effects differ: life expectancy and generosity during expansion, GDP per capita during recession.
- Social support, freedom, and positive affect consistently moderate the relationship.
Conclusions:
- The overall impact of the credit cycle on happiness can become positive through specific moderating factors.
- Improving subjective well-being is achievable through enhanced social support, freedom, generosity, optimism, and economic prosperity.
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