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Erscheinungsjahr: 
2012
Schriftenreihe/Nr.: 
wiiw Balkan Observatory Working Papers No. 100
Verlag: 
The Vienna Institute for International Economic Studies (wiiw), Vienna
Zusammenfassung: 
This paper proposes a new approach to household financial vulnerability analysis by employing cluster analysis techniques in the identification of potentially vulnerable households. The cluster-based vulnerability indicator is combined with a binary dependant variable model and used in stress testing. The proposed methodology is applied to householdlevel data for a post-socialist economy – that of Croatia – with the specific aim of testing the extent to which the prolonged economic downturn following the Great Recession of 2008-2009 might hurt indebted households. The paper compares the results based on the new approach with those based on traditional stress testing methods. Interest rate shocks had a stronger impact on household vulnerability in the traditional approach, whereas decreases in employment are found to be more disruptive in the cluster-based approach.
Schlagwörter: 
household financial vulnerability
cluster analysis
stress testing
Croatia
Dokumentart: 
Working Paper

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