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Does the Credit Cycle Have an Impact on Happiness?
The 2008 international financial crisis triggered a heated discussion of the relationship between public health and the economic environment. We test the relationship between the credit cycle and happiness using the fixed effects model and explore the transmission channels between them by adding the...
Autores principales: | , , |
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Formato: | Online Artículo Texto |
Lenguaje: | English |
Publicado: |
MDPI
2019
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Materias: | |
Acceso en línea: | https://www.ncbi.nlm.nih.gov/pmc/articles/PMC6982114/ https://www.ncbi.nlm.nih.gov/pubmed/31888025 http://dx.doi.org/10.3390/ijerph17010183 |
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author | Li, Tinghui Zhong, Junhao Xu, Mark |
author_facet | Li, Tinghui Zhong, Junhao Xu, Mark |
author_sort | Li, Tinghui |
collection | PubMed |
description | The 2008 international financial crisis triggered a heated discussion of the relationship between public health and the economic environment. We test the relationship between the credit cycle and happiness using the fixed effects model and explore the transmission channels between them by adding the moderating effect. The results show the following empirical regularities. First, the credit cycle has a negative correlation with happiness. This means that credit growth will reduce the overall happiness score in a country/region. Second, the transmission channels between the credit cycle and happiness are different during credit expansion and recession. Life expectancy and generosity can moderate the relationship between the credit cycle and happiness only during credit expansion. GDP per capita can moderate this relationship only during credit recession. Social support, freedom, and positive affect can moderate this relationship throughout the credit cycle. Third, the total impact of the credit cycle on happiness will become positive by the changes in the moderating effects. In general, we can improve subjective well-being if one of the following five conditions holds: (1) with the adequate support from the family and society, (2) with enough freedom, (3) with social generosity, (4) with a positive and optimistic outlook, and (5) with a high level of GDP per capita. |
format | Online Article Text |
id | pubmed-6982114 |
institution | National Center for Biotechnology Information |
language | English |
publishDate | 2019 |
publisher | MDPI |
record_format | MEDLINE/PubMed |
spelling | pubmed-69821142020-02-07 Does the Credit Cycle Have an Impact on Happiness? Li, Tinghui Zhong, Junhao Xu, Mark Int J Environ Res Public Health Article The 2008 international financial crisis triggered a heated discussion of the relationship between public health and the economic environment. We test the relationship between the credit cycle and happiness using the fixed effects model and explore the transmission channels between them by adding the moderating effect. The results show the following empirical regularities. First, the credit cycle has a negative correlation with happiness. This means that credit growth will reduce the overall happiness score in a country/region. Second, the transmission channels between the credit cycle and happiness are different during credit expansion and recession. Life expectancy and generosity can moderate the relationship between the credit cycle and happiness only during credit expansion. GDP per capita can moderate this relationship only during credit recession. Social support, freedom, and positive affect can moderate this relationship throughout the credit cycle. Third, the total impact of the credit cycle on happiness will become positive by the changes in the moderating effects. In general, we can improve subjective well-being if one of the following five conditions holds: (1) with the adequate support from the family and society, (2) with enough freedom, (3) with social generosity, (4) with a positive and optimistic outlook, and (5) with a high level of GDP per capita. MDPI 2019-12-26 2020-01 /pmc/articles/PMC6982114/ /pubmed/31888025 http://dx.doi.org/10.3390/ijerph17010183 Text en © 2019 by the authors. Licensee MDPI, Basel, Switzerland. This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license (http://creativecommons.org/licenses/by/4.0/). |
spellingShingle | Article Li, Tinghui Zhong, Junhao Xu, Mark Does the Credit Cycle Have an Impact on Happiness? |
title | Does the Credit Cycle Have an Impact on Happiness? |
title_full | Does the Credit Cycle Have an Impact on Happiness? |
title_fullStr | Does the Credit Cycle Have an Impact on Happiness? |
title_full_unstemmed | Does the Credit Cycle Have an Impact on Happiness? |
title_short | Does the Credit Cycle Have an Impact on Happiness? |
title_sort | does the credit cycle have an impact on happiness? |
topic | Article |
url | https://www.ncbi.nlm.nih.gov/pmc/articles/PMC6982114/ https://www.ncbi.nlm.nih.gov/pubmed/31888025 http://dx.doi.org/10.3390/ijerph17010183 |
work_keys_str_mv | AT litinghui doesthecreditcyclehaveanimpactonhappiness AT zhongjunhao doesthecreditcyclehaveanimpactonhappiness AT xumark doesthecreditcyclehaveanimpactonhappiness |