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Are You Panicked? Economic And Health Consequences Of The Economic Crisis: A Psychological Approach In Romanian Context


  • Amalia PANDELICA

    () (Faculty of Economics, University of Piteºti, Romania)

  • Ionel DIDEA

    () (Faculty of Law and Administrative Sciences, University of Pitesti, Romania)

  • Mihaela DIACONU

    () (Faculty of Economics, University of Piteºti, Romania)


During the last few years the entire world experienced one of the most turmoil period in its history. Economic crisis is the most traumatic event leading to a substantial deterioration in the quality of life of the household. Unemployment, inflation rate increasing, freezing or decreasing of the wages, the purchasing power decreasing, the decreasing of the investments value represent only of some economic shocks that hit most of the individuals, in the last few years. The individual well-being is determinate by many things like the level and secure income, labor market status, job stability and characteristics, health status, social relationships, family etc. In some ways and to a different extent all these were affected by the economic crisis, for many people, around the world. Empirical evidence presented in different international studies emphasized a causal relation between all these aspects. The propose of the present study was to identify the economic and health consequences of the economic crisis adopting a psychological perspective. The results of the study emphasize that there is a causal relationship between psychological factors and almost all the dimensions of economic behavior and health status measured. Also, the empirical findings uphold that those who are more risk averse and have the highest perception over the risk exposure are taping the highest values regarding the main stressors measured and present more intense symptoms of stress exposure. The limits of the study come from the fact that health consequences were measured in certain period of time (the last six months), thus, this study do not offer a long term evaluation.

Suggested Citation

  • Amalia PANDELICA & Ionel DIDEA & Mihaela DIACONU, 2013. "Are You Panicked? Economic And Health Consequences Of The Economic Crisis: A Psychological Approach In Romanian Context," Scientific Bulletin - Economic Sciences, University of Pitesti, vol. 12(1), pages 39-49.
  • Handle: RePEc:pts:journl:y:2013:i:1:p:39-49

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    References listed on IDEAS

    1. Jayson L. Lusk & Keith H. Coble, 2005. "Risk Perceptions, Risk Preference, and Acceptance of Risky Food," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 87(2), pages 393-405.
    2. Brenner, M. Harvey & Mooney, Anne, 1983. "Unemployment and health in the context of economic change," Social Science & Medicine, Elsevier, vol. 17(16), pages 1125-1138, January.
    3. Fiszbein, Ariel & Adúriz, Isidro & Giovagnoli, Paula Inés, 2003. "The Argentine crisis and its impact on household welfare," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), April.
    4. Linn, M.W. & Sandifer, R. & Stein, S., 1985. "Effects of unemployment on mental and physical health," American Journal of Public Health, American Public Health Association, vol. 75(5), pages 502-506.
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    More about this item


    economic crisis; psychological approach; economic consequences; heath consequences.;

    JEL classification:

    • I10 - Health, Education, and Welfare - - Health - - - General
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis


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