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Longer-term Consequences of the Great Recession on the Lives of Europeans$
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Agar Brugiavini and Guglielmo Weber

Print publication date: 2014

Print ISBN-13: 9780198708711

Published to Oxford Scholarship Online: June 2014

DOI: 10.1093/acprof:oso/9780198708711.001.0001

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Anatomy of Financial Hardship

Anatomy of Financial Hardship

(p.4) 1 Anatomy of Financial Hardship
Longer-term Consequences of the Great Recession on the Lives of Europeans

Agar Brugiavini

Guglielmo Weber

Oxford University Press

This chapter uses life-history data covering a number of European countries (SHARELIFE) to analyse what makes people likely to fall into financial hardship. The analysis highlights the all-important role of such shocks as divorce, birth of children and their nest-leaving, or the inception of poor health and bereavement, but also suggests the importance of loss of job and retirement (particularly if brought about by poor health). Inflation and recession episodes also play a direct role, but this is much smaller for those who are not otherwise affected. Also, for those who are in financial hardship, we investigate the factors that make people more likely to recover earlier, and find important differences across countries characterized by different welfare systems.

Keywords:   financial hardship, survival analysis, SHARELIFE, shocks, welfare systems

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