Does the Credit Cycle Have an Impact on Happiness?

Abstract

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.

Predictive Value of Credit Score on Surgery Resident and Fellow Academic and Professional Performance

“…Moreover, this study surveyed residents and fellows who have already attained a position in residency and fellowship, and those with negative credit scores may have already been eliminated or succumbed to attrition [ 16 ]. Nevertheless, those who attain graduate medical education in surgical specialties share many personality traits including extroversion, conscientiousness, and emotional intelligence; all of which have been associated with positive credit scores [ 7 , 17 , 18 ]. Those who are extroverted tend to be increasingly energetic, can effectively network, and engage in interpersonal activities such as collaborative research, while those who are conscientious may be more reliable and self-controlled with a focus on planning, organizing, and satisfying responsibilities [ 7 , 8 ].…”

Hubungan Sosial Mahasiswa Papua dengan Mahasiswa Non Papua di Universitas Sriwijaya Kampus Indralaya

“…Sebagai makhluk sosial, tentunya manusia tidak dapat menjalani kehidupan sendiri. Dalam rangka menyempurnakan kebutuhan sehari-harinya, manusia membutuhkan manusia lain untuk menjalin hubungan antar individu, antar individu dan kelompok, atau antar kelompok dalam kehidupan sosial (Hadar-Shoval, Alon-Tirosh, & Morag, 2019;Li, Zhong, & Xu, 2020;Minami & Ohura, 2020). Akan tetapi, tidak jarang ditemukan perbedaan dalam kehidupan sosial yang menimbulkan perbedaan dalam perilaku hubungan sosia (Bakadorova, Hoferichter, & Raufelder, 2020)l.…”

Credit Expansion and the Social Trust

“…Some using the U.S. macroeconomic date study the effect of credit expansion on aggregate markup and markup dispersion, and finds that credit expansion raises the aggregate markup and markup dispersion (Chien, Lee & Lee). Some focusing on the nationally representative samples in 42 mainly economies between 2006 and 2018 analyze the effect of credit cycle on happiness, and find that the credit cycle has a negative correlation with happiness which means credit expansion will reduce the overall happiness (Li, Zhong & Xu, 2019). Some others focusing on eight developing and advanced economics from Central and South-Eastern Europe study the effect of credit expansion on social welfare, and find that credit expansion has a moderate impact on social welfare via the financial dimension (Stanislav, 2014).…”