The 2008 Fall Wave Of The OeNB Euro Survey "A First Glimpse Of Households" Reactions To The Global Financial Crisis

This paper presents selected results of the third wave of the OeNB Euro Survey, which was conducted in Central, Eastern and SouthEastern Europe (CESEE) in October/November 2008, i.e. at a time when the global financial crisis had arrived in Europe. Therefore, this paper focuses on first evidence of households' reactions to the crisis by comparing the most recent results with those of the preceding survey wave of May/June 2008. Although people's general assessment of the economic situation and their trust in banks have both deteriorated substantially, according to the results, this has not (yet) changed people's behavioral patterns in terms of their foreign currency holdings.