Income inequality and its factors in the Europen Union

Angelovski, Filip

Angelovski F., Income Inequality and its Factors in the European Union. Diploma thesis, Mendel University in Brno, Brno 2020 The income inequality around the world has been gradually increasing and surly starts to become more noticeable and actual topic. Although some EU countries are leading in income equality, there is substantial number of European countries in which income inequality is at a relatively high level and where the situation requires improvement. The thesis explores some factors that can possibly influence income inequality in Europe such as: GDP, GDP per capita, government spending on research and development, government spending in education as a percentage of GDP, income tax rates, HDI, Risk of poverty after social transfers, and the percentage of the working population that works in small and medium enterprises (0-249 workers) or large enterprises(250 workers or more). Both cross-sectional and panel data are used to provide wider perspective of the issue. OLS model is used for cross-sectional data analysis and ARDL model is used for panel data analysis. Based on the obtained results and knowledge from the literature, constructive recommendations are provided that can be implemented in reducing income inequality and creating more egalitarian society.

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