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Money under the mattress: economic crisis and crime

Author

Listed:
  • Eleni Kyrkopoulou

    (University of Piraeus)

  • Alexandros Louka

    (Foundation for Economic and Industrial Research)

  • Kristin Fabbe

    (Harvard Business School)

Abstract

The paper investigates the effect of a (semi-) deposit run during a debt crisis on crime rates. The study focuses on Greece’s protracted debt crisis (2009-2018) and analyzes the response of crime to deposit outflows. It shows that deposit outflows corresponded to a significant increase in property crimes (thefts and burglaries), but not other types of offenses. Our findings suggest that policy makers should also consider the potential criminogenic effects of financial destabilization.

Suggested Citation

  • Eleni Kyrkopoulou & Alexandros Louka & Kristin Fabbe, 2022. "Money under the mattress: economic crisis and crime," Working Papers 310, Bank of Greece.
    • Handle: RePEc:bog:wpaper:310
    DOI: 10.52903/wp2022310
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    References listed on IDEAS

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    More about this item

    Keywords

    Crime rate; Greece; crisis; bank deposits; property crime;
    All these keywords.

    JEL classification:

    • K42 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior - - - Illegal Behavior and the Enforcement of Law

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