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This paper analyzes the subjective impact of the global economic crisis on households in Europe and Central Asia and relates subjective impacts to consumption, actual shocks, and coping strategies, using the 2010 Life in Transition Survey. Two-thirds of respondents in Europe and Central Asia report their household was subjectively affected, primarily through the labor market. The findings underscore the limitations of cross-country comparisons of subjective perceptions, due to reporting biases. Within countries, richer households felt a decline in their relative income position, consistent with evidence from household budget surveys that the crisis reduced the consumption of the middle and upper classes. But the analysis also finds that poorer households report being (subjectively) affected by the crisis more. Differences in the feasibility of coping strategies may help explain variations in subjective perceptions: the poorest were forced to reduce their staple food consumption and health spending, and tended to depend on public safety nets. Richer households had more options to cope, pursuing so-called "active strategies" (such as increasing their labor supply), borrowing, and cutting spending on non-essentials. Transition countries differed significantly from western European comparator countries in that public safety nets had lower coverage, private safety nets and informal insurance mechanisms could not meet the shortfall in income, and a large proportion of their populations reduced the consumption of basic necessities. The paper finds subjective perceptions of the impact of the crisis to be relevant to socio-political outcomes: the harder the impact, the lower the life satisfaction level and the more negative the assessment of government performance.

Consumption --- Coping --- Crisis --- Housing & Human Habitats --- Labor Policies --- Life satisfaction --- Macroeconomics and Economic Growth --- Poverty --- Poverty Reduction --- Rural Poverty Reduction --- Safety Nets and Transfers --- Subjective welfare

Choose an application

• Reference Manager
• EndNote
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This paper analyzes the subjective impact of the global economic crisis on households in Europe and Central Asia and relates subjective impacts to consumption, actual shocks, and coping strategies, using the 2010 Life in Transition Survey. Two-thirds of respondents in Europe and Central Asia report their household was subjectively affected, primarily through the labor market. The findings underscore the limitations of cross-country comparisons of subjective perceptions, due to reporting biases. Within countries, richer households felt a decline in their relative income position, consistent with evidence from household budget surveys that the crisis reduced the consumption of the middle and upper classes. But the analysis also finds that poorer households report being (subjectively) affected by the crisis more. Differences in the feasibility of coping strategies may help explain variations in subjective perceptions: the poorest were forced to reduce their staple food consumption and health spending, and tended to depend on public safety nets. Richer households had more options to cope, pursuing so-called "active strategies" (such as increasing their labor supply), borrowing, and cutting spending on non-essentials. Transition countries differed significantly from western European comparator countries in that public safety nets had lower coverage, private safety nets and informal insurance mechanisms could not meet the shortfall in income, and a large proportion of their populations reduced the consumption of basic necessities. The paper finds subjective perceptions of the impact of the crisis to be relevant to socio-political outcomes: the harder the impact, the lower the life satisfaction level and the more negative the assessment of government performance.

Consumption --- Coping --- Crisis --- Housing & Human Habitats --- Labor Policies --- Life satisfaction --- Macroeconomics and Economic Growth --- Poverty --- Poverty Reduction --- Rural Poverty Reduction --- Safety Nets and Transfers --- Subjective welfare

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

The West African Economic and Monetary Union (WAEMU) regional securities market saw increasing activity in the last decade, but still fell short of supplying sufficient long-term financing for growth-enhancing public and private investment projects. In addition to providing an institutional background, this paper studies recent developments and the determinants of interest rates on the market—using yield curve and principal component analyses. It also identifies challenges and prospective reforms that could help the region reap the full benefits of a more dynamic securities market and assesses the potential systemic risk the market may pose for the region’s banking system.

Law - Non-U.S. --- Law, Politics & Government --- Law - Africa, Asia, Pacific & Antarctica --- Securities --- Investments --- Investing --- Investment management --- Portfolio --- Blue sky laws --- Capitalization (Finance) --- Investment securities --- Scrip --- Securities law --- Underwriting --- Law and legislation --- Finance --- Disinvestment --- Loans --- Saving and investment --- Speculation --- Investment banking --- Finance: General --- Investments: General --- Investments: Bonds --- Interest Rates: Determination, Term Structure, and Effects --- Financial Markets and the Macroeconomy --- Economic Integration --- General Financial Markets: General (includes Measurement and Data) --- Investment & securities --- Treasury bills and bonds --- Securities markets --- Bonds --- Government securities --- Financial institutions --- Financial markets --- Financial instruments --- Capital market --- Burkina Faso