Not So Trustworthy Anymore? The Euro as a Safe Haven Asset in Central, Eastern and Southeastern Europe

Elisabeth Beckmann and Thomas Scheiber ()
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Thomas Scheiber: Oesterreichische Nationalbank, Foreign Research Division, http://www.oenb.at

Focus on European Economic Integration, 2012, issue 2, 65-71

Abstract: The euro has been the predominant safe haven currency for households in Southeastern Europe (SEE). Recent results of the OeNB Euro Survey show that the sovereign debt crisis had a substantial impact on households’ trust in the euro but nevertheless suggest that the euro has not been displaced as a safe haven currency. The euro remains more trusted than the local currencies, and households’ preferences and decisions with regard to the currency denomination of their savings indicate that larger portfolio shifts are at present unlikely.

Keywords: Trust; portfolio choice; sovereign debt crisis; survey data; Central; Eastern and Southeastern Europe (search for similar items in EconPapers)
JEL-codes: D14 G01 G11 (search for similar items in EconPapers)
Date: 2012
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Citations: View citations in EconPapers (8)

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