Once Bitten, Twice Shy: The Effect of a Banking Crisis on Expectations of Future Crises PDF Print E-mail

Neven Valev, Georgia State University

Abstract

Survey data from Bulgaria show that people who had experienced a loss during a banking crisis are significantly more likely to expect a new crisis. This result holds despite 12 years between the earlier crisis and the survey, and the dramatically improved performance of the financial sector and the economy in the meantime. However, we find that earlier experiences affect expectations only for less informed individuals. People with greater ability/motivation to evaluate the economy are unaffected by their prior experiences. 
 

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National Council for Eurasian and East European Research (NCEEER) is a non-profit organization created in 1978 to develop and sustain long-term, high-quality programs for post-doctoral research on the social, political, economic, environmental, and historical development of Eurasia and Central and Eastern Europe.   More

Latest NCEEER Working Papers

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Aesthetic Politics in St. Petersburg: Skyline at the Heart of Political Opposition

Alexei Yurchak, University of California, Berkeley

This working paper focuses on the plans to construct a skyscraper in St Petersburg, Russia, known originally as Gazprom-City and recently renamed into Okhta Center, and on the controversy that developed around these plans. The paper uses the skyscraper debates as a lens to discuss a particular "aesthetic politics" of St Petersburg, the meaning of "world cities" and "global architecture" in Russian and international contexts, post-Soviet forms of political and corporate governance, the mobilization of civic opposition to such projects and the ability of such urban protests to translate into a more unified and politically oriented opposition than has been possible in other contexts in Russia.