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The 2008/09 Economic Crisis: The Impact on Psychological Well-Being in the USA

Chiara Piovani and Nursel Aydiner-Avsar

Forum for Social Economics, 2015, vol. 44, issue 1, 18-45

Abstract: The 2008/09 economic crisis has been the worst crisis of capitalism since the Great Depression. The causes and implications of the so-called "Great Recession" have been widely documented, but the effects of the crisis on psychological well-being have only received limited attention. Using state-level data, this paper aims to assess empirically the impact of the 2008/09 crisis on several indicators of mental health in the USA. The results indicate that unemployment and income levels have a significant and detrimental impact on mental health. This implies that social protection systems-and in particular labor market programs-play a paramount role in reducing the adverse impact of the crisis on mental health.

Date: 2015
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DOI: 10.1080/07360932.2014.964743

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