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This paper focuses on the effects of reforms and happiness in transition economies. Previous literature suggests that religiousness insures happiness against individual stressful life events, such as unemployment, disability, or marital separation. The author estimates an econometric model to study if religion also insures against aggregate shocks to happiness, such as reforms and various changes in political, economic, and social life. The model accounts for the endogeneity of religion and analyzes the effects of religion on life satisfaction, and perceptions of the current economic and political situation in transition countries.
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