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Investigating explanatory theories on laypeople's risk perception of personal economic collapse in a bank crisis - the Cyprus case
KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
KTH, School of Architecture and the Built Environment (ABE), Centres, Centre for Banking and Finance, Cefin.
2018 (English)In: Journal of Risk Research, ISSN 1366-9877, E-ISSN 1466-4461, Vol. 21, no 6, p. 763-779Article in journal (Refereed) Published
Abstract [en]

We investigate the explanatory power of decision, psychometric, and trust theory to describe laypeople's risk perception of personal economic collapse in a bank crisis. The aim of this investigation is to improve the understanding of the effects of national initiatives for crisis fighting taken to prevent systemic risk. Using a stratified sample of 738 Cypriote citizens, we conducted an investigation in Cyprus in the spring of 2013 when the country was facing a bank crisis. At that point in time, the Cypriote Government had imposed capital controls to prevent a bank run. We find that decision theory variables alone have low explanatory value on laypeople's risk perception, and that laypeople's risk perception in this situation is affected primarily by psychometric variables. Further, confidence in one's own bank also explains risk perception. Our findings contribute novel knowledge about risk perceptions in a financial crisis, with practical crisis management implications for regulators.

Place, publisher, year, edition, pages
ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD , 2018. Vol. 21, no 6, p. 763-779
Keywords [en]
risk perception, bank crisis, laypeople
National Category
Economics and Business
Identifiers
URN: urn:nbn:se:kth:diva-230858DOI: 10.1080/13669877.2016.1247375ISI: 000433987300006Scopus ID: 2-s2.0-84994071538OAI: oai:DiVA.org:kth-230858DiVA, id: diva2:1220097
Note

QC 20180618

Available from: 2018-06-18 Created: 2018-06-18 Last updated: 2018-06-18Bibliographically approved

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Jonsson, SaraSoderberg, Inga-Lill
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CiteExportLink to record
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Citation style
  • apa
  • harvard1
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  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
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  • nn-NO
  • nn-NB
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  • Other locale
More languages
Output format
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  • asciidoc
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