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Economic Shocks, Wealth and Welfare

Elizabeth Frankenberg, James Smith () and Duncan Thomas ()
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Elizabeth Frankenberg: University of California, Los Angeles

Labor and Demography from University Library of Munich, Germany

Abstract: The immediate effects of the Asian crisis on the well-being of Indonesians are examined using the Indonesia Family Life Survey, an ongoing longitudinal household survey. There is tremendous diversity in the effect of the shock: for some households, it was devastating; for others it brought new opportunities. A wide array of mechanisms was adopted in response to the crisis. Households combined to more fully exploit benefits of scale economies in consumption. Labor supply increased even as real wages collapsed. Households reduced spending on semidurables while maintaining expenditures on foods. Rural households used wealth, particularly gold, to smooth consumption.

JEL-codes: J (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-dev and nep-ifn
Date: 2004-03-17
Note: Type of Document - pdf; pages: 66
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Persistent link: https://EconPapers.repec.org/RePEc:wpa:wuwpla:0403030

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