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CESEE Households amid the Financial Crisis: Euro Survey Shows Darkened Economic Sentiment and Changes in Savings Behavior

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Abstract

This paper utilizes information from the OeNB Euro Survey, which was launched in 2007 and is conducted twice a year in ten CESEE countries. The most recent survey wave of May to June 2009 focused on the impact of the financial crisis on CESEE households. Results show, first, that the financial crisis is in fact severely felt throughout the region: Respondents’ assessment of the current economic situation has deteriorated, trust in the future stability of local currencies has diminished, and trust in banks has declined in almost all countries surveyed. Second, the analysis of aggregate monetary statistics reveals that households reacted by adjusting their portfolios immediately, but developments differ substantially across countries. Third, in countries with more persistent withdrawals, euro cash in circulation, surprisingly, has declined because households resorted to dissaving to compensate for decreasing income. The authors conclude that although a massive shock has hit the region, no dramatic changes in the overall degree of euroization have occurred. This subdued impact is likely to signal that past stabilization efforts have paid off and that the economic and monetary policy measures taken in the course of t the crisis were successful.

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File URL: http://www.oenb.at/dms/oenb/Publikationen/Volkswirtschaft/Focus-on-European-Economic-Integration/2009/Focus-on-European-Economic-Integration-Q4-09/chapters/feei_2009_q4_studies_dvorsky-scheiber-stix_tcm16-144284.pdf
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Bibliographic Info

Article provided by Oesterreichische Nationalbank (Austrian Central Bank) in its journal Focus on European Economic Integration.

Volume (Year): (2009)
Issue (Month): 4 ()
Pages:

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Handle: RePEc:onb:oenbfi:y:2009:i:4:b:2

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Related research

Keywords: Euroization; global financial crisis; portfolio decision; trust; survey data; Central; Eastern and Southeastern Europe;

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Cited by:
  1. Johannes Pann & Reinhardt Seliger & Julia Übeleis, 2010. "Foreign Currency Lending in Central, Eastern and Southeastern Europe: The Case of Austrian Banks," Financial Stability Report, Oesterreichische Nationalbank (Austrian Central Bank), issue 20.
  2. Sándor Gardó, 2010. "Macrofinancial Stability in Croatia in the Wake of the Global Crisis: Risks and Policy Responses," Focus on European Economic Integration, Oesterreichische Nationalbank (Austrian Central Bank), issue 3.
  3. Elisabeth Beckmann & Thomas Scheiber, 2012. "Not So Trustworthy Anymore? The Euro as a Safe Haven Asset in Central, Eastern and Southeastern Europe," Focus on European Economic Integration, Oesterreichische Nationalbank (Austrian Central Bank), issue 2.
  4. Elisabeth Beckmann & Sandra Dvorsky & Thomas Scheiber, 2011. "OeNB Euro Survey: Growing Uncertainty, but Overall Euroization Not Affected," Focus on European Economic Integration, Oesterreichische Nationalbank (Austrian Central Bank), issue 4.
  5. Julia Wörz, 2012. "Outlook for Selected CESEE Countries: Mixed External Environment Compounds Weak Domestic Demand," Focus on European Economic Integration, Oesterreichische Nationalbank (Austrian Central Bank), issue 2.

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