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The Effect of the 2008 Financial Crisis on Bosnian Households

Skoric, Tin
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http://creativecommons.org/licenses/by-nc-nd/3.0/
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The 2008 Global Financial Crisis was particularly difficult for Bosnia and Herzegovina, an upper-middle-income country. This paper investigates the effects of changes in risk aversion on consumption saving behavior in the context of the Global Financial Crisis. I use the Ramsey-Cass-Koopmans (RCK) growth model (Cass 1965; Koopmans 1963) and apply it to Bosnian economic data. I estimate the effects of a change in risk aversion via numerical simulations to derive quantitative results concerning both the short- and long-term. I find that output, consumption, and investment decreased by as much as 2.53%, 2.41%, 7.40% respectively in the long term.
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2024-01-01
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Undergraduate Theses: Patrick Leahy Honors College
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https://hdl.handle.net/20.500.14849/5617
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