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



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.

Suggested Citation

  • Sandra Dvorsky & Thomas Scheiber & Helmut Stix, 2009. "CESEE Households amid the Financial Crisis: Euro Survey Shows Darkened Economic Sentiment and Changes in Savings Behavior," Focus on European Economic Integration, Oesterreichische Nationalbank (Austrian Central Bank), issue 4, pages 71-83.
  • Handle: RePEc:onb:oenbfi:y:2009:i:4:b:2

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    References listed on IDEAS

    1. Wladimir Andreff, 2007. "Economie de la transition : La transformation des économies centralement planifiées en économies de marché," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00270037, HAL.
    2. Thomas Reininger & Franz Schardax & Martin Summer, 2002. "Financial System Transition in Central Europe: The First Decades," SUERF Studies, SUERF - The European Money and Finance Forum, number 16 edited by Morten Balling, August.
    3. Fink, Gerhard & Haiss, Peter R. & Orlowski, Lucjan & Salvatore, Dominick, 1998. "Central European banks and stock exchanges:: Capacity-building and institutional development," European Management Journal, Elsevier, vol. 16(4), pages 431-446, August.
    4. Anderson, Ronald W. & Kegels, Chantal, 1998. "Transition Banking: Financial Development of Central and Eastern Europe," OUP Catalogue, Oxford University Press, number 9780198290131, June.
    5. repec:hal:journl:halshs-00270037 is not listed on IDEAS
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    Cited by:

    1. 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, pages 65-71.
    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, pages 6-37.
    3. repec:onb:oenbfi:y:2012:i:2:b:4 is not listed on IDEAS
    4. repec:onb:oenbfi:y:2011:i:4:b:4 is not listed on IDEAS
    5. 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, pages 56-76.

    More about this item


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

    JEL classification:

    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money
    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions


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