Počet záznamů: 1  

Psychological costs of currency transition: evidence from the euro adoption

  1. 1.
    0467593 - NHÚ 2017 RIV NL eng J - Článek v odborném periodiku
    Otrachshenko, V. - Popova, Olga - Tavares, J.
    Psychological costs of currency transition: evidence from the euro adoption.
    European Journal of Political Economy. Roč. 45, December (2016), s. 89-100. ISSN 0176-2680. E-ISSN 1873-5703
    Institucionální podpora: RVO:67985998
    Klíčová slova: Euro introduction * currency changeover * subjective well-being
    Kód oboru RIV: AH - Ekonomie
    Impakt faktor: 1.098, rok: 2016

    This paper assesses the perceived individual psychological costs of adhering to the Euro. We use the difference-in-differences approach (DD), comparing individual levels of satisfaction with the economy in Slovakia immediately before and after the introduction of the Euro, with similar individuals in neighboring Czech Republic, which did not adopt the Euro. Both countries were economically and politically integrated for decades, and display similar macroeconomic behavior before and after the currency change in Slovakia. What we assess is not the actual, economic, costs stemming from the Euro adoption, but the change in utility as perceived by the individuals. There is evidence of substantial psychological costs associated with currency transition, especially for the old, the unemployed, the poorly educated and households with children. Our results are robust to the use of alternative control groups and to estimation procedures using the DD matching approach. The significant perceived costs uncovered in this paper suggest policy-makers should not ignore them when considering a sweeping economic change such as the adoption of a new currency.
    Trvalý link: http://hdl.handle.net/11104/0265669

     
     
Počet záznamů: 1  

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