IDEAS home Printed from https://ideas.repec.org/a/kap/ecopln/v53y2020i1d10.1007_s10644-019-09249-5.html
   My bibliography  Save this article

Depression and grief as a result of economic and financial crises: the example of Greece and some generalizations

Author

Listed:
  • Ansgar Belke

    (University of Duisburg-Essen, CEPS Brussels & King’s College London and IZA Bonn)

Abstract

Macroeconomic changes such as economic depression and stock market crashes can have an impact on private life, mood and attitudes toward individuals and, by this, on the macroeconomy. This paper deals with the mental health indicators depression and grief as a result of economic and financial crises. For this purpose, it refers to the seminal five phases of crisis response well known from psychology and applies them to the setting of Greece since the start of the most recent crisis. In this context, we differentiate between investors and the “normal” population and deal with important feedback effects from lower mental health to the macroeconomy. Finally, as these feedback effects tend to lead even deeper into macroeconomic trouble, a vicious cycle cannot be excluded given these findings. The paper also generalizes its considerations to the case of mental health effects of economic crises beyond the Greek case.

Suggested Citation

  • Ansgar Belke, 2020. "Depression and grief as a result of economic and financial crises: the example of Greece and some generalizations," Economic Change and Restructuring, Springer, vol. 53(1), pages 139-149, February.
    • Handle: RePEc:kap:ecopln:v:53:y:2020:i:1:d:10.1007_s10644-019-09249-5
    DOI: 10.1007/s10644-019-09249-5
    as

    Download full text from publisher

    File URL: http://link.springer.com/10.1007/s10644-019-09249-5
    File Function: Abstract
    Download Restriction: Access to the full text of the articles in this series is restricted.
    File URL: https://libkey.io/10.1007/s10644-019-09249-5?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Ifanti, Amalia A. & Argyriou, Andreas A. & Kalofonou, Foteini H. & Kalofonos, Haralabos P., 2013. "Financial crisis and austerity measures in Greece: Their impact on health promotion policies and public health care," Health Policy, Elsevier, vol. 113(1), pages 8-12.
    2. Ansgar Belke & Daniel Gros, 2017. "Greece and the Troika – Lessons from International Best Practice Cases of Successful Price (and Wage) Adjustment," European Journal of Comparative Economics, Cattaneo University (LIUC), vol. 14(2), pages 177-195, December.
    3. Brenner, M.H., 1971. "Economic changes and heart disease mortality," American Journal of Public Health, American Public Health Association, vol. 61(3), pages 606-611.
    4. Ansgar Belke & Christian Dreger, 2011. "Das zweite Rettungspaket für Griechenland," Wirtschaftsdienst, Springer;ZBW - Leibniz Information Centre for Economics, vol. 91(9), pages 601-607, September.
    5. Goulas, Eleftherios & Zervoyianni, Athina, 2016. "IMF-lending programs and suicide mortality," Social Science & Medicine, Elsevier, vol. 153(C), pages 44-53.
    6. Harvey Brenner, M., 1987. "Economic change, alcohol consumption and heart disease mortality in nine industrialized countries," Social Science & Medicine, Elsevier, vol. 25(2), pages 119-132, January.
    7. repec:wly:hlthec:v:25:y:2016:i::p:6-24 is not listed on IDEAS
    8. Ansgar Belke & Daniel Gros, 2016. "On the Shock-Absorbing Properties of a Banking Union: Europe Compared with the United States," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 58(3), pages 359-386, September.
    9. Cinzia Alcidi & Ansgar Belke & Alessandro Giovannini & Daniel Gros, 2016. "Macroeconomic adjustment programmes in the euro area: an overall assessment," International Economics and Economic Policy, Springer, vol. 13(3), pages 345-358, July.
    10. Xu, Xin, 2013. "The business cycle and health behaviors," Social Science & Medicine, Elsevier, vol. 77(C), pages 126-136.
    11. Christopher J. Ruhm, 2016. "Health Effects of Economic Crises," Health Economics, John Wiley & Sons, Ltd., vol. 25(S2), pages 6-24, November.
    12. Legido-Quigley, Helena & Karanikolos, Marina & Hernandez-Plaza, Sonia & de Freitas, Cláudia & Bernardo, Luís & Padilla, Beatriz & Sá Machado, Rita & Diaz-Ordaz, Karla & Stuckler, David & McKee, Martin, 2016. "Effects of the financial crisis and Troika austerity measures on health and health care access in Portugal," Health Policy, Elsevier, vol. 120(7), pages 833-839.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Christopher J. Ruhm, 2016. "Health Effects of Economic Crises," Health Economics, John Wiley & Sons, Ltd., vol. 25(S2), pages 6-24, November.
    2. Tavares, Lara Patrício & Zantomio, Francesca, 2017. "Inequity in healthcare use among older people after 2008: The case of southern European countries," Health Policy, Elsevier, vol. 121(10), pages 1063-1071.
    3. Inácio, Pedro & Gomes, João José & Airaksinen, Marja & Cavaco, Afonso, 2018. "Exploring sociodemographic and economic factors that promote adverse drug reactions reporting by patients," Health Policy, Elsevier, vol. 122(3), pages 263-268.
    4. Kronenberg, Christoph & Boehnke, Jan R., 2019. "How did the 2008-11 financial crisis affect work-related common mental distress? Evidence from 393 workplaces in Great Britain," Economics & Human Biology, Elsevier, vol. 33(C), pages 193-200.
    5. Lizhong Peng & Jie Chen & Xiaohui Guo, 2022. "Macroeconomic conditions and health‐related outcomes in the United States: A metropolitan and micropolitan statistical area‐level analysis between 2004 and 2017," Health Economics, John Wiley & Sons, Ltd., vol. 31(1), pages 3-20, January.
    6. Propper, Carol & Janke, Katharina & Lee, Kevin & Shields, Kalvinder & Shields, Michael A, 2020. "Macroeconomic Conditions and Health in Britain: Aggregation, Dynamics and Local Area Heterogeneity," CEPR Discussion Papers 14507, C.E.P.R. Discussion Papers.
    7. Ruhm, Christopher J., 2015. "Recessions, healthy no more?," Journal of Health Economics, Elsevier, vol. 42(C), pages 17-28.
    8. Paraskevi K. Salamaliki, 2017. "Births, Marriages, and the Economic Environment in Greece: Empirical Evidence Over Time," Journal of Family and Economic Issues, Springer, vol. 38(2), pages 218-237, June.
    9. Towne, Samuel D. & Probst, Janice C. & Hardin, James W. & Bell, Bethany A. & Glover, Saundra, 2017. "Health & access to care among working-age lower income adults in the Great Recession: Disparities across race and ethnicity and geospatial factors," Social Science & Medicine, Elsevier, vol. 182(C), pages 30-44.
    10. Janke, Katharina & Lee, Kevin & Propper, Carol & Shields, Kalvinder & Shields, Michael A., 2023. "Economic conditions and health: Local effects, national effect and local area heterogeneity," Journal of Economic Behavior & Organization, Elsevier, vol. 214(C), pages 801-828.
    11. Adriana Lleras‐Muney, 2022. "Education and income gradients in longevity: The role of policy," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 55(1), pages 5-37, February.
    12. Koetter, Michael & Krause, Thomas & Tonzer, Lena, 2019. "Delay determinants of European Banking Union implementation," European Journal of Political Economy, Elsevier, vol. 58(C), pages 1-20.
    13. Markowitz, Sara & Nesson, Erik & Robinson, Joshua J., 2019. "The effects of employment on influenza rates," Economics & Human Biology, Elsevier, vol. 34(C), pages 286-295.
    14. Colombo, Emilio & Rotondi, Valentina & Stanca, Luca, 2018. "Macroeconomic conditions and health: Inspecting the transmission mechanism," Economics & Human Biology, Elsevier, vol. 28(C), pages 29-37.
    15. Birgisdóttir, Kristín Helga & Hauksdóttir, Arna & Ruhm, Christopher & Valdimarsdóttir, Unnur Anna & Ásgeirsdóttir, Tinna Laufey, 2020. "The effect of the economic collapse in Iceland on the probability of cardiovascular events," Economics & Human Biology, Elsevier, vol. 37(C).
    16. Federico Belotti & Joanna Kopinska & Alessandro Palma & Andrea Piano Mortari, 2022. "Health status and the Great Recession. Evidence from electronic health records," Health Economics, John Wiley & Sons, Ltd., vol. 31(8), pages 1770-1799, August.
    17. Reichmuth, Wolfgang H. & Sarferaz, Samad, 2008. "The influence of the business cycle on mortality," SFB 649 Discussion Papers 2008-059, Humboldt University Berlin, Collaborative Research Center 649: Economic Risk.
    18. Lazopoulos, Ioannis & Gabriel, Vasco, 2019. "Policy mandates and institutional architecture," Journal of Banking & Finance, Elsevier, vol. 100(C), pages 122-134.
    19. Tomasz Rokicki & Aleksandra Perkowska & Marcin Ratajczak, 2020. "Differentiation in Healthcare Financing in EU Countries," Sustainability, MDPI, vol. 13(1), pages 1-17, December.
    20. Cristina Bellés‐Obrero & Sergi Jiménez‐Martín & Judit Vall‐Castello, 2016. "Bad Times, Slimmer Children?," Health Economics, John Wiley & Sons, Ltd., vol. 25(S2), pages 93-112, November.

    More about this item

    Keywords

    Depression; Grief; Economic and financial crisis; Greece; Health effects; Effects of psychological and emotional factors on the macro economy;
    All these keywords.

    JEL classification:

    • E71 - Macroeconomics and Monetary Economics - - Macro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on the Macro Economy
    • H12 - Public Economics - - Structure and Scope of Government - - - Crisis Management

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:kap:ecopln:v:53:y:2020:i:1:d:10.1007_s10644-019-09249-5. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.