Study of global banking crisis of 2008 and happiness index in G7 countries

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Serdar Ozturk
Bilge Cipe


The financial crises of the 1929 Great Depression influenced all the countries of the world on a more frequent and wider scale with the influence of globalisation toward the end of the 20th century. Banking crises are in fact the result of a domino effect of other crises. In this study, the effects of the global banking crisis of 2008 and its effect on happiness index were investigated. With the effects of crises, the individual can experience fragility both sociologically and psychologically. Does this fragility that an individual is experiencing can only be attributed to one effect? Also, the happiness indices between the years 2006 and 2016 of the G7 countries most affected by the 2008 global financial crisis and the GNP per capita figures were tested by the panel ARDL method. Analysed results show that the GNP figures, which declined between 2008 and 2010, have not been produced much effect on happiness levels.
Keywords: Banking crisis, happiness index, G7, panel ARDL.
Jel Classification: C23, G01, I31.


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Ozturk, S., & Cipe, B. (2018). Study of global banking crisis of 2008 and happiness index in G7 countries. New Trends and Issues Proceedings on Humanities and Social Sciences, 5(2), 151–159. (Original work published September 12, 2018)