THE CONSUMPTION EFFECT OF 2007–2008 FINANCIAL CRISIS: EVIDENCE FROM COMMONWEALTH OF INDEPENDENT STATES
2007–2008 ЖЖ. ҚАРЖЫЛЫҚ ДАҒДАРЫСТЫҢ ТҰТЫНУҒА ӘСЕРІ: ТӘУЕЛСІЗ МЕМЛЕКЕТТЕР ДОСТАСТЫҒЫ БОЙЫНША МӘЛІМЕТТЕР
ЭФФЕКТ ПОТРЕБЛЕНИЯ ОТ ФИНАНСОВОГО КРИЗИСА 2007-2008 гг.: ДАННЫЕ ПО СОДРУЖЕСТВУ НЕЗАВИСИМЫХ ГОСУДАРСТВ
Saparov T.M. Madeniet R.A. Kaskabassova Y.S.
2024Kazakh-British Technical University
Herald of the Kazakh British Technical UNiversity
2024#21Issue 3396 - 420 pp.
To analyze the demand shock effect, we concentrated on the 2008 Financial Crisis, relying on the data from the European Bank for Reconstruction and Development’s “Life in Transition Survey” conducted in 2010. This survey offers detailed information on how households reacted two years after the crisis. Regression models were developed to analyze the measures that households took during the economic decline and their implications for consumption. Such measures entailed alterations in spending patterns, saving practices, and other mechanisms of survival. The empirical investigation of the paper gives an understanding of the effects of demand shock such as the 2008 Financial Crisis on households’ consumption behavior and their ability to cope with the shocks. The results show that Financial Crisis affect negatively the labor market, which had a negative impact on consumption. Moreover, we explored how government tried to help households, what they used, etc.
a shock in the economy , consumption , decline in the economy , demand shock , the financial crisis
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Kazakh-British Technical University, Almaty, 050000, Kazakhstan
Kazakh-British Technical University
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