Elevated Uncertainty during the Financial Crisis: Do Effects on Subjective Well-Being Differ across European Countries?

Lena Tonzer

The B.E. Journal of Economic Analysis & Policy, 2019, vol. 19, issue 2, 15

Abstract: This paper focuses on the effect of uncertainty as reflected by financial market variables on subjective well-being. The analysis is based on Eurobarometer surveys, covering 18 countries over the period 2000–2013. Individuals report lower levels of life satisfaction in times of higher uncertainty approximated by stock market volatility. This effect is heterogeneous across respondents: the probability of being unsatisfied is higher for respondents who are older, unemployed, less educated, and live in one of the GIIPS countries of the Euro area. Furthermore, higher uncertainty in combination with a financial crisis increases the probability of reporting low values of life satisfaction.

Keywords: subjective well-being; Eurobarometer; uncertainty; financial crises; Europe (search for similar items in EconPapers)
JEL-codes: D60 G01 I31 (search for similar items in EconPapers)
Date: 2019
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Citations: View citations in EconPapers (5)

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DOI: 10.1515/bejeap-2018-0099

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