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The Crisis Hits Home: Stress-Testing Households in Europe and Central Asia

  • Sugawara, Naotaka

    ()

    (World Bank)

  • Sulla, Victor

    ()

    (World Bank)

  • Taylor, Ashley

    ()

    (World Bank)

  • Tiongson, Erwin R.

    ()

    (World Bank)

The financial crisis and economic downturn threatens the welfare of more than 160 million people who are poor or are just above the poverty line in the economies of Eastern and Central Europe, the former Soviet Union, and Turkey. This note concerns the findings of recent World Bank analysis (Tiongson et al. 2010)1 that uses precrisis household data and aggregate macroeconomic outcomes in these countries to simulate the impact of the crisis on households—transmitted via credit market shocks, price shocks, and income shocks. The adverse effects are widespread, with both poor and nonpoor households being vulnerable. By 2010, for the region as a whole, it is estimated that some 11 million more people will be in poverty and more than 23 million additional people will find themselves just above the poverty line because of the crisis.

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Article provided by The World Bank in its journal Economic Premise.

Volume (Year): (2010)
Issue (Month): 12 (May)
Pages: 1-4

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Handle: RePEc:wbk:prmecp:ep12
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  1. Alderman, Harold & Paxson, Christina H & DEC, 1992. "Do the poor insure? A synthesis of the literature on risk and consumption in developing countries," Policy Research Working Paper Series 1008, The World Bank.
  2. Meral Karasulu, 2008. "Stresstesting Household Debt in Korea," IMF Working Papers 08/255, International Monetary Fund.
  3. Erwin R. Tiongson & Naotaka Sugawara & Victor Sulla & Ashley Taylor & Anna I. Gueorguieva & Victoria Levin & Kalanidhi Subbarao, 2010. "The Crisis Hits Home : Stress-Testing Households in Europe and Central Asia," World Bank Publications, The World Bank, number 2396.
  4. World Bank, 2009. "Armenia : Implications of the Global Economic Crisis for Poverty," World Bank Other Operational Studies 3119, The World Bank.
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