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Picture of Joaquin Pietro. He has short, black hair.

Joaquín Prieto | A step-by-step approach to measuring economic insecurity

Event Type
Temple Hoyne Buell Hall, 611 Lorado Taft Dr. Room 27, 2nd Floor.
Apr 10, 2024   2:00 pm   Time TBA
Originating Calendar
Center for Latin American and Caribbean Studies (CLACS)
Workshop | A step-by-step approach to measuring economic insecurity.

I propose a strategy to measure economic insecurity in countries in the Global South. It builds a ’Multidimensional Economic Insecurity Index’ (MEII) that combines four indicators of economic vulnerability that cause stress and anxiety: unexpected economic shocks, unprotected employment or non-workers in the household, over-indebtedness and asset poverty. The index offers a measure that directly relates economic uncertainty to stress and anxiety due to the lack of protection and buffers to face an unexpected economic shock. The MEII is applied to Chile using Survey of Household Finances (SHF) cross-sectional data (2007, 2011, 2014 and 2017). The results show that (i) about half of the Chilean households experienced, on average, two or more economic vulnerabilities during the last decade with an intensity of 2.3 vulnerabilities, and (ii) economic insecurity affects households on the entire income distribution, even in the highest income deciles groups. By identifying the groups of households most affected by economic insecurity and its trend in recent years, applying the MEII in countries such as Chile provides relevant information to monitor, evaluate and improve social safety nets besides labor market regulations.

Joaquín Pietro (International Inequalities Institute, LSE) holds a BA in Industrial Engineering, an MSc in Economy and Environmental Management and post-graduate studies in Sociology from Universidad Católica de Chile.

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