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The 2008 Fall Wave of the OeNB Euro Survey – A First Glimpse of Households’ Reactions to the Global Financial Crisis

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Abstract

This article presents selected results of the third wave of the OeNB Euro Survey, which was conducted in Central, Eastern and Southeastern Europe (CESEE) in October/November 2008, i.e. at a time when the global financial crisis had arrived in Europe. Therefore, this article focuses on first evidence of households’ reactions to the crisis by comparing the most recent results with those of the preceding survey wave of May/June 2008. Although people’s general assessment of the economic situation and their trust in banks have both deteriorated substantially, according to our results, this has not (yet) changed people’s behavioral patterns in terms of their foreign currency holdings. In particular, the dissemination of euro cash holdings and euro-denominated savings deposits remained stable relative to earlier waves of the OeNB Euro Survey.

Suggested Citation

  • Sandra Dvorsky & Thomas Scheiber & Helmut Stix, 2009. "The 2008 Fall Wave of the OeNB Euro Survey – A First Glimpse of Households’ Reactions to the Global Financial Crisis," Focus on European Economic Integration, Oesterreichische Nationalbank (Austrian Central Bank), issue 2, pages 1-11.
    • Handle: RePEc:onb:oenbfi:y:2009:i:2:b:2
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    File URL: https://www.oenb.at/dam/jcr:2f8bcf2e-c843-48ec-a7af-9b7a703c1bcb/oenb_euro_survey_feei_2009_2_final_tcm16-111733.pdf
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    Cited by:

    1. Stix, Helmut, 2013. "Why do people save in cash? Distrust, memories of banking crises, weak institutions and dollarization," Journal of Banking & Finance, Elsevier, vol. 37(11), pages 4087-4106.
    2. repec:onb:oenbfi:y:2011:i:4:b:4 is not listed on IDEAS

    More about this item

    Keywords

    Euroization; global financial crisis; economic sentiment; survey data; CEE; SEE;
    All these keywords.

    JEL classification:

    • 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
    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance

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