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Vulnerability to welfare change during economic shocks: Evidence from the 1998 Russian crisis

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  • Gerry, Christopher J
  • Li, Carmen A

Abstract

Using changes in consumption as a proxy for 'vulnerability' we identify the characteristics associated with vulnerability around the time of the 1998 Russian financial crisis. In addition, we examine the role of formal and informal safety nets in preserving individual well being. We apply quantile regression techniques in order to identify the characteristics associated with vulnerability across the two periods. Amongst those most vulnerable during the crisis were, less educated individuals living in urban areas, in households containing greater numbers of pensioners. Furthermore, we found that increases in home production and help from relatives acted to decrease vulnerability, especially amongst those suffering the largest changes in consumption. Following the crisis, amongst the least vulnerable were, better educated individuals, resident in urban areas, able to increase home production, and in receipt of improved pension payments and child benefits.

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  • Gerry, Christopher J & Li, Carmen A, 2002. "Vulnerability to welfare change during economic shocks: Evidence from the 1998 Russian crisis," Economics Discussion Papers 3619, University of Essex, Department of Economics.
    • Handle: RePEc:esx:essedp:3619
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    1. Michael Lokshin & Martin Ravallion, 2000. "Welfare Impacts of the 1998 Financial Crisis in Russia and the Response of the Public Safety Net," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 8(2), pages 269-295, July.
    2. Glewwe, Paul & Hall, Gillette, 1998. "Are some groups more vulnerable to macroeconomic shocks than others? Hypothesis tests based on panel data from Peru," Journal of Development Economics, Elsevier, vol. 56(1), pages 181-206, June.
    3. Alwang, Jeffrey & Siegel, Paul B. & Jorgensen, Steen L., 2001. "Vulnerability : a view from different disciplines," Social Protection Discussion Papers and Notes 23304, The World Bank.
    4. Ferrer-i-Carbonell, Ada & van Praag, Bernard M. S., 2001. "Poverty in the Russian Federation," IZA Discussion Papers 259, Institute of Labor Economics (IZA).
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    Cited by:

    1. Patrick Hamm & David Stuckler & Lawrence King, 2006. "Mass Privatization and the Postcommunist Mortality Crisis," Working Papers wp118, Political Economy Research Institute, University of Massachusetts at Amherst.

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