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Longer-term Consequences of the Great Recession on the Lives of Europeans$
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Agar Brugiavini and Guglielmo Weber

Print publication date: 2014

Print ISBN-13: 9780198708711

Published to Oxford Scholarship Online: June 2014

DOI: 10.1093/acprof:oso/9780198708711.001.0001

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The Consequences of Financial Hardship (and Recessions) on Income and Welfare

The Consequences of Financial Hardship (and Recessions) on Income and Welfare

Chapter:
(p.38) 2 The Consequences of Financial Hardship (and Recessions) on Income and Welfare
Source:
Longer-term Consequences of the Great Recession on the Lives of Europeans
Author(s):

Agar Brugiavini

Guglielmo Weber

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780198708711.003.0002

This chapter uses life-history data covering a number of European countries (SHARELIFE) to analyse the long-term effects of a financial hardship episode on different indicators of well-being. We study individual earnings (at the time of the survey for the employed, at the time of the main job for the retired), as a measure of labour market success; household food consumption (as a living standard indicator), and a permanent income measure. We look at two distinct health measures: one that is based on objective conditions; the other that is a self-reported health status variable that captures both objective health and the individual perception of it. In all cases we are able to show not only the effects of a financial hardship episode, of its length and timing in life, but also the differential impact such an episode has if experienced at school-leaving age or during an economic downturn.

Keywords:   financial hardship, scarring effects, permanent income, Engel curve, welfare, well-being, health, subjective health, perceptions

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