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Jürges, Hendrik

The B.E. Journal of Economic Analysis & Policy

Editor-in-Chief: Ludwig, Sandra / Schmitz, Hendrik

Ed. by Barigozzi, Francesca / Brunner, Johann / Fleck, Robert / Mastrobuoni, Giovanni / Mendola, Mariapia / Requate, Till / de Vries, Frans / Wenzel, Tobias

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Volume 19, Issue 2


Volume 6 (2006)

Volume 4 (2004)

Volume 2 (2002)

Volume 1 (2001)

Elevated Uncertainty during the Financial Crisis: Do Effects on Subjective Well-Being Differ across European Countries?

Lena Tonzer
  • Corresponding author
  • Halle Institute for Economic Research, University of Halle-Wittenberg, Kleine Maerkerstraße 8, (Saale) 06108, Halle, Germany
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Published Online: 2019-02-08 | DOI: https://doi.org/10.1515/bejeap-2018-0099


This paper focuses on the effect of uncertainty as reflected by financial market variables on subjective well-being. The analysis is based on Eurobarometer surveys, covering 18 countries over the period 2000–2013. Individuals report lower levels of life satisfaction in times of higher uncertainty approximated by stock market volatility. This effect is heterogeneous across respondents: the probability of being unsatisfied is higher for respondents who are older, unemployed, less educated, and live in one of the GIIPS countries of the Euro area. Furthermore, higher uncertainty in combination with a financial crisis increases the probability of reporting low values of life satisfaction.

This article offers supplementary material which is provided at the end of the article.

Keywords: subjective well-being; Eurobarometer; uncertainty; financial crises; Europe

JEL Classification: D60; G01; I31


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About the article

Published Online: 2019-02-08

Citation Information: The B.E. Journal of Economic Analysis & Policy, Volume 19, Issue 2, 20180099, ISSN (Online) 1935-1682, DOI: https://doi.org/10.1515/bejeap-2018-0099.

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