IDEAS home Printed from https://ideas.repec.org/a/onb/oenbmp/y2021iq4-20-q1-21b5.html
   My bibliography  Save this article

How has COVID-19 affected the financial situation of households in Austria?

Author

Listed:
  • Nicolas Albacete

    (Oesterreichische Nationalbank, Economic Analysis Division)

  • Pirmin Fessler

    (Oesterreichische Nationalbank, Economic Analysis Division)

  • Fabian Kalleitner

    (University of Vienna)

  • Peter Lindner

    (Economic Analysis Division)

Abstract

This study discusses the potential effects of the COVID-19 crisis on the finances of households in Austria. Different individuals and households have been exposed to the crisis in very different ways and to varying degrees. In the first part of this study, we discuss different types of households and different channels through which the COVID-19 crisis may affect households’ financial situation. The second part of the study uses data from the Austrian Corona Panel Project (ACPP) carried out by the University of Vienna as well as data from the Eurosystem Household Finance and Consumption Survey (HFCS) for Austria to analyze (potential) impacts of the crisis. We find that those households who had already found themselves in a difficult social, economic and financial situation before the COVID-19 crisis were the ones suffering the largest income losses (e.g. low-income households or households with an unemployed reference person).

Suggested Citation

  • Nicolas Albacete & Pirmin Fessler & Fabian Kalleitner & Peter Lindner, 2021. "How has COVID-19 affected the financial situation of households in Austria?," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue Q4/20-Q1/, pages 111-130.
    • Handle: RePEc:onb:oenbmp:y:2021:i:q4/20-q1/21:b:5
    as

    Download full text from publisher

    File URL: https://www.oenb.at/dam/jcr:d05a7f28-e7aa-43b8-b54d-9ffbe5ff3861/07_mop_Q4_20-Q1_21_How-has-COVID-19-affected-the-financial-situation.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Nicolas Albacete & Pirmin Fessler, 2010. "Stress Testing Austrian Households," Financial Stability Report, Oesterreichische Nationalbank (Austrian Central Bank), issue 19, pages 72-91.
    2. Ampudia, Miguel & van Vlokhoven, Has & Żochowski, Dawid, 2016. "Financial fragility of euro area households," Journal of Financial Stability, Elsevier, vol. 27(C), pages 250-262.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Susanne Maidorn & Lukas Reiss, 2021. "How effective were measures introduced in the COVID-19 crisis in supporting household incomes?," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue Q3/21, pages 23-37.
    2. Helmut Elsinger & Pirmin Fessler & Stefan Kerbl & Anita Schneider & Martin Schürz & Stefan Wiesinger, 2021. "The calm before the storm? Insolvencies during the COVID-19 pandemic," Financial Stability Report, Oesterreichische Nationalbank (Austrian Central Bank), issue 41, pages 57-76.
    3. Nadia Steiber & Christina Siegert & Stefan Vogtenhuber, 2021. "Die Erwerbssituation und subjektive finanzielle Lage privater Haushalte im Verlauf der Pandemie," Working Paper Reihe der AK Wien - Materialien zu Wirtschaft und Gesellschaft 222, Kammer für Arbeiter und Angestellte für Wien, Abteilung Wirtschaftswissenschaft und Statistik.
    4. Anna Doś & Monika Wieczorek-Kosmala & Joanna Błach, 2022. "The Effect of Business Legal Form on the Perception of COVID-19-Related Disruptions by Households Running a Business," Risks, MDPI, vol. 10(4), pages 1-17, April.

    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. Ampudia, Miguel & Pavlickova, Akmaral & Slacalek, Jiri & Vogel, Edgar, 2016. "Household heterogeneity in the euro area since the onset of the Great Recession," Journal of Policy Modeling, Elsevier, vol. 38(1), pages 181-197.
    2. Giordana, Gastón & Ziegelmeyer, Michael, 2020. "Stress testing household balance sheets in Luxembourg," The Quarterly Review of Economics and Finance, Elsevier, vol. 76(C), pages 115-138.
    3. Jaanika Meriküll & Tairi Rõõm, 2020. "Stress Tests of the Household Sector Using Microdata from Survey and Administrative Sources," International Journal of Central Banking, International Journal of Central Banking, vol. 16(2), pages 203-248, March.
    4. Liaqat Ali & Muhammad Kamran Naqi Khan & Habib Ahmad, 2020. "Financial Fragility of Pakistani Household," Journal of Family and Economic Issues, Springer, vol. 41(3), pages 572-590, September.
    5. Nicolas Albacete & Pirmin Fessler & Maximilian Propst, 2020. "Mapping financial vulnerability in CESEE: understanding risk-bearing capacities of households is key in times of crisis," Financial Stability Report, Oesterreichische Nationalbank (Austrian Central Bank), issue 39, pages 71-87.
    6. Gaston Giordana & Michael Ziegelmeyer, 2024. "Using household-level data to guide borrower-based macro-prudential policy," Empirical Economics, Springer, vol. 66(2), pages 785-827, February.
    7. Kirsten Abela & Ilias Georgakopoulus, 2022. "A stress testing framework for the Maltese household sector," CBM Working Papers WP/04/2022, Central Bank of Malta.
    8. Alessandra Bettocchi & Elena Giarda & Cristiana Moriconi & Federica Orsini & Rita Romeo, 2018. "Assessing and predicting financial vulnerability of Italian households: a micro-macro approach," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 45(3), pages 587-605, August.
    9. François Koulischer & Pauline Perray & Thi Thu Huyen Tran, 2022. "COVID-19 and the Mortgage Market in Luxembourg," JRFM, MDPI, vol. 15(3), pages 1-24, March.
    10. Nicolas Albacete & Isabel Gerstner & Niklas Geyer & Peter Lindner & Nicolas Prinz & Verena Woharcik, 2022. "Effects of interest rate and inflation shocks on household vulnerability in Austria: a microsimulation using HFCS data," Financial Stability Report, Oesterreichische Nationalbank (Austrian Central Bank), issue 44, pages 69-77.
    11. Liaqat Ali & Muhammad Kamran Naqi Khan & Habib Ahmad, 2020. "Education of the Head and Financial Vulnerability of Households: Evidence from a Household’s Survey Data in Pakistan," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 147(2), pages 439-463, January.
    12. Gan-Ochir Doojav & Ariun-Erdene Bayarjargal, 2017. "Stress testing the household sector in Mongolia," Asia-Pacific Development Journal, United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), vol. 24(2), pages 23-52, December.
    13. Hosung Jung & Hyun Hak Kim, 2020. "Default Probability by Employment Status in South Korea," Asian Economic Papers, MIT Press, vol. 19(3), pages 62-84, Fall.
    14. Simona Malovaná & Michal Hlaváček & Kamil Galuščák, 2018. "Citlivost českých domácností na úrokový a příjmový šok. Aplikace na mikroúdajích [Sensitivity of Czech Households to Interest Rate and Income Shock. Applications on Microdata]," Politická ekonomie, Prague University of Economics and Business, vol. 2018(5), pages 531-549.
    15. Aleksandra Riedl, 2021. "Are CESEE borrowers at risk? COVID-19 implications in a stress test analysis," Focus on European Economic Integration, Oesterreichische Nationalbank (Austrian Central Bank), issue Q1/21, pages 37-53.
    16. Matthias Enzinger & Melanie Koch & Aleksandra Riedl, 2022. "Financial vulnerabilities and debt at risk of CESEE borrowers: a cross-country analysis," Financial Stability Report, Oesterreichische Nationalbank (Austrian Central Bank), issue 44, pages 25-44.
    17. Beata Bierut, & Tomasz Chmielewski & Adam Głogowski, & Sławomir Zajączkowski & Andrzej Stopczyński, 2015. "Implementing Loan-To-Value and Debt-To-Income ratios: Learning from country experiences. The case of Poland," NBP Working Papers 212, Narodowy Bank Polski.
    18. Kim, Young Il & Kim, Hyoung Chan & Yoo, Joo Hee, 2016. "Household Over-indebtedness and Financial Vulnerability in Korea: Evidence from Credit Bureau Data," KDI Journal of Economic Policy, Korea Development Institute (KDI), vol. 38(3), pages 53-77.
    19. Brunetti, M. & Ciciretti, R. & Djordjevic, Lj., 2016. "The determinants of household’s bank switching," Journal of Financial Stability, Elsevier, vol. 26(C), pages 175-189.
    20. Carlos Madeira, 2022. "The double impact of deep social unrest and a pandemic: Evidence from Chile," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 55(S1), pages 135-171, February.

    More about this item

    Keywords

    COVID-19 crisis; coronavirus; Austrian Corona Panel Project (ACPP); Household Finance and Consumption Survey (HFCS);
    All these keywords.

    JEL classification:

    • I18 - Health, Education, and Welfare - - Health - - - Government Policy; Regulation; Public Health
    • H12 - Public Economics - - Structure and Scope of Government - - - Crisis Management
    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • G5 - Financial Economics - - Household Finance

    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:onb:oenbmp:y:2021:i:q4/20-q1/21:b: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: Rita Glaser-Schwarz (email available below). General contact details of provider: https://edirc.repec.org/data/oenbbat.html .

    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.