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JWE-Articles
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Journal of Wine Economics Volume 14 | 2019 | No. 4 | Selected Proceedings
»
Income Inequality and Status Symbols: The Case of Fine Wine Imports

Income Inequality and Status Symbols: The Case of Fine Wine Imports

Britta Niklas & Elkhan Richard Sadik-Zada
JEL Clasification: C19, D01, D12, D31, L66
Pages: 365-373
Abstract

This survey investigates the inequality-fine wine imports nexus. To this end, the study employs cointegration techniques to analyze two panel datasets, one of which will analyze data from 12 countries between 1871 and 2018, and another that analyzes data from 66 countries between 1995 and 2017. Estimations indicate that income inequality leads to more fine wine imports in the long run. Changes in income have only a short-term effect on fine wine imports. Nonlinear autoregressive distributed lag (NARDL) estimators reveal an asymmetric long-run relationship between income inequality and fine wine imports in the cases of Argentina and the United States.

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