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Euro Survey of Spring 2010: Sovereign Debt Crisis Left Traces in CESEE Households' Sentiment, Foreign Currency Portfolios Broadly Unchanged

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Abstract

The OeNB Euro Survey’s spring wave was conducted in May and June 2010 at a time of highly exceptional circumstances in the EU and in the euro area, which appear to have had a significant effect on CESEE households’ trust in the euro. However, it can be assumed that the reported low trust levels were extraordinary and of only temporary nature. Nevertheless, confidence in the euro was still “ahead” of that in the respective local currencies. By contrast, trust in the EU as an institution remained rather high in almost all countries surveyed and continued to be substantially higher than trust in domestic governments. Despite worsened results from some sentiment-related questions, people did not adjust their foreign currency portfolios. The deposit substitution index (DSI) as well as the projected amount of euro cash holdings per capita remained broadly unchanged throughout the region.

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

Volume (Year): (2010)
Issue (Month): 4 ()
Pages: 78-89

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Handle: RePEc:onb:oenbfi:y:2010:i:4:b:2

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

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Cited by:
  1. Stephan Barisitz, 2011. "Nonperforming Loans in CESEE – What Do They Comprise?," Focus on European Economic Integration, Oesterreichische Nationalbank (Austrian Central Bank), issue 4, pages 46-68.
  2. Jesús Crespo Cuaresma & Jarko Fidrmuc & Mariya Hake, 2011. "Determinants of Foreign Currency Loans in CESEE Countries: A Meta-Analysis," Focus on European Economic Integration, Oesterreichische Nationalbank (Austrian Central Bank), issue 4, pages 69-87.
  3. Elisabeth Beckmann & Sandra Dvorsky & Thomas Scheiber, 2013. "Trust in the EU in CESEE," Focus on European Economic Integration, Oesterreichische Nationalbank (Austrian Central Bank), issue 2, pages 77-90.

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