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Economic Shocks, Wealth and Welfare

Author

Listed:
  • Elizabeth Frankenberg

    (University of California, Los Angeles)

  • James P. Smith

    (RAND)

  • Duncan Thomas

    (University of California, Los Angeles)

Abstract

The immediate effects of the Asian crisis on the well-being of Indonesians are examined using the Indonesia Family Life Survey, an ongoing longitudinal household survey. There is tremendous diversity in the effect of the shock: for some households, it was devastating; for others it brought new opportunities. A wide array of mechanisms was adopted in response to the crisis. Households combined to more fully exploit benefits of scale economies in consumption. Labor supply increased even as real wages collapsed. Households reduced spending on semidurables while maintaining expenditures on foods. Rural households used wealth, particularly gold, to smooth consumption.

Suggested Citation

  • Elizabeth Frankenberg & James P. Smith & Duncan Thomas, 2004. "Economic Shocks, Wealth and Welfare," Labor and Demography 0403030, University Library of Munich, Germany.
    • Handle: RePEc:wpa:wuwpla:0403030
    Note: Type of Document - pdf; pages: 66
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    File URL: https://econwpa.ub.uni-muenchen.de/econ-wp/lab/papers/0403/0403030.pdf
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    JEL classification:

    • J - Labor and Demographic Economics

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