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Nicolás Albacete

28 January 2016
Although monetary union created the conditions for improving economic and financial integration in the euro area, in the context of the financial and sovereign crises, it has also been accompanied by the emergence of severe imbalances in savings and investment, credit and housing booms in some countries and the allocation of resources towards less productive sectors. The global financial crisis and the euro area sovereign debt crisis then led to major and abrupt adjustments as the risks posed by the large imbalances materialised. Although the institutional shortcomings in the EU that permitted the emergence of imbalances have been largely addressed since 2008, the adjustment process is not yet complete. From a macroeconomic perspective, the imbalances in the external accounts have led to the accumulation of high levels of external liabilities that need to be reduced, which, in turn, is weakening investment and therefore weighing on growth prospects and growth potential. From a macroprudential perspective, the lingering imbalances have added to systemic risk and rendered the euro area more vulnerable to risks. This Occasional Paper analyses the dynamic patterns in macroeconomic imbalances primarily from the former perspective, addressing in particular the connections between macroeconomic and sectoral adjustments of imbalances and the challenges for economic growth and performance over a longer horizon.
JEL Code
E21 : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy→Consumption, Saving, Wealth
E22 : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy→Capital, Investment, Capacity
F32 : International Economics→International Finance→Current Account Adjustment, Short-Term Capital Movements
F41 : International Economics→Macroeconomic Aspects of International Trade and Finance→Open Economy Macroeconomics
5 January 2021
This study examines interviewer effects on household non-response in the three waves of the Household Finance and Consumption Survey (HFCS) in Austria. We exploit the rare opportunity to combine this wealth survey data, accompanied by a large set of paradata on all households including non-respondents, with two other sets of data, namely (i) an administrative dataset on income and (ii) a survey on interviewer characteristics. These characteristics include measures of the social background, income and wealth, and personality traits of the interviewers. Our multilevel benchmark model shows that the proportion of the variation in response behaviour that can be explained at the interviewer level has decreased from about one-third in the first wave of the HFCS to about 7% in the third wave. Using further specifications of our multilevel model we find that the following interviewer characteristics are positively related to household response: having a university degree, being married, being a homeowner and having a less open personality. At the same time, we find a highly significant negative relationship between survey participation and mean wage in the household’s municipality
JEL Code
X01 :
X02 :
X03 :