Persona: Romaguera de la Cruz, Marina
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0000-0001-9531-0391
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Romaguera de la Cruz
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Marina
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Publicación Measuring economic insecurity by combining income and wealth: an extended well-being approach(Springer Nature, 2024-03-12) Petrov, Dmitry; Romaguera de la Cruz, MarinaIn this paper, we propose the use of an extended well-being approach to assess economic insecurity. Our main purpose is to study its dimension and identify its main drivers in the United States by overcoming the dichotomy between income and wealth. To this end, we approximate an extended well-being measure that includes monetary resources from income and the potential stream from wealth, which can be understood as an emergency reserve to cope with future economic difficulties but could also be a source of financial distress due to fluctuations in asset holdings and prices. We find that economic insecurity levels are larger when considering our extended well-being variable than income alone. Household income and non-liquid assets appear to be the main drivers of economic insecurity, although part of the US population was able to obtain higher returns on non-liquid assets and maintain their income levels.Publicación Welfare resilience at the onset of the COVID-19 pandemic in a selection of European countries: Impact on public finance and household incomes(Wiley, 2021-07-01) Cantó, Olga; Figari, Francesco; Fiorio, Carlo V.; Kuypers, Sarah; Marchal, Sarah; Romaguera de la Cruz, Marina; Tasseva, Iva V.; Verbist, GerlindeThis paper assesses the impact on household incomes of the COVID-19 pandemic and governments’ policy responses in April 2020 in four large and severely hit EU countries: Belgium, Italy, Spain and the UK. We provide comparative evidence on the level of relative and absolute welfare resilience at the onset of the pandemic, by creating counterfactual scenarios using the European tax-benefit model EUROMOD combined with COVID-19-related household surveys and timely labor market data. We find that income poverty increased in all countries due to the pandemic while inequality remained broadly the same. Differences in the impact of policies across countries arose from four main sources: the asymmetric dimension of the shock by country, the different protection offered by each tax-benefit system, the diverse design of discretionary measures and differences in the household level circumstances and living arrangements of individuals at risk of income loss in each country.Publicación Economic insecurity and poverty(Edward Elgar Publishing, 2023) Cantó, Olga; Romaguera de la Cruz, Marina; Silber, Jacques; Elgar, EdwardEconomic insecurity is a relevant dimension of well-being. So far, there are a variety of approaches and methodologies to measure it and empirical results are only available for a limited number of countries. In this chapter we provide an up-to-date review of the literature on the topic discussing the concept and interpreting the main empirical findings, giving some hints about the relationship between economic insecurity and poverty.Publicación The dimension, nature and distribution of economic insecurity in European countries: A multidimensional approach(Elsevier, 2020-09) Cantó, Olga; García Pérez, Carmelo; Romaguera de la Cruz, MarinaEconomic insecurity is a key well-being outcome because the anticipation of future economic distress reveals itself as a true threat to current well-being. Insecurity has been shown to affect quality of life and to change an individual’s consumption, fertility, labor supply and even political support decisions to mitigate risk. This paper provides evidence on the dimension, nature and distribution of economic insecurity for 27 European countries during a whole decade by using a multidimensional individual approach that considers both objective and subjective indicators. The young, the less educated and the unemployed living in households with dependent children have significantly higher levels of economic insecurity everywhere. However, insecurity affects the population in the middle class only in some countries but not in others, and the level of insecurity in liberal regimes is more linked to large income losses than elsewhere. The role of objective versus subjective dimensions is larger in post-transition Eastern European regimes than in long-standing capitalist countries.Publicación Measuring economic insecurity using a counting approach. An application to three EU countries(Wiley, 2019-06-10) Romaguera de la Cruz, MarinaIn this paper, we propose the use of a multidimensional approach to the measurement of economic insecurity in three European countries. We combine six different unidimensional indicators proxying the subjective and objective determinants of economic insecurity into a single index based on a counting approach method, which allows us to measure the incidence and the intensity of the phenomenon. Using longitudinal data from the European Union Statistics on Income and Living Conditions (EU-SILC) from 2008 to 2016, we find that the incidence of insecurity falls as income grows, being significantly present in middle-income households both in Spain and France but not in Sweden. Interestingly, in all three countries, the contribution of different dimensions to insecurity changes as household income grows, while for all income levels a higher education and being employed in a non-fixed term contract are strongly related to a lower probability of being economically insecure.Publicación The role of tax-benefit systems in shaping economic insecurity in the European Union(Ministerio de Hacienda, 2023-04) Cantó, Olga; García Pérez, Carmelo; Romaguera de la Cruz, MarinaThis paper aims to understand if differences in European countries’ tax-benefit systems impact on individual levels of economic insecurity beyond their socioeconomic and demographic characteristics, with an additional focus on households with children. We consider 29 European countries and use multilevel modelling techniques to study the simultaneous role of micro and macro determinants on a multidimensional index of economic insecurity. Our results show that larger welfare systems and generous general social risk policies for unemployment, bad health and social exclusion are correlated with lower insecurity levels, also for households with children who may receive other transfers specifically targeted to them.Publicación Multidimensional measures of economic insecurity in Spain: the role of aggregation and weighting methods(Instituto de Estudios Fiscales, 2021-08) Cantó, Olga; García Pérez, Carmelo; Romaguera de la Cruz, MarinaEconomic insecurity is a relevant dimension of well-being. The limited availability of subjective expectations’ surveys makes multidimensional insecurity indices based on living conditions surveys a valuable alternative. We study differences in synthetic indicators of insecurity for Spain using different methods to aggregate and weigh dimensions. We show that its evolution and distribution is robust to the aggregation procedure, even though levels do differ. All procedures present strengths and weaknesses but the counting approach has a direct economic interpretation and can better capture insecurity in the middle classes. Other aggregation methods are less transparent and give more relevance to extreme situations.