THE IMPACT OF MACROECONOMIC INDICATORS ON THE FINANCIAL STABILITY OF HOUSEHOLDS IN THE VISEGRAD FOUR COUNTRIES

NIKOLA KAZIENKOVÁ

https://doi.org/10.53465/ER.2644-7185.2026.2.122-150

Abstract: This paper examines the impact of selected macroeconomic indicators on household financial stability in the Visegrad Four (V4) countries over the period 2005–2024. Financial stability is operationalized through the indicator of households' inability to cope with unexpected expenditure. The empirical analysis employs a random effects panel model that accounts for both temporal and cross-sectional dimensions of the data while controlling for unobserved heterogeneity across countries. The results indicate a significant influence of labor market conditions, socio-economic circumstances, and households' capacity to accumulate savings. The key determinants of financial vulnerability are identified as the unemployment rate, the at-risk-of poverty rate, and the household savings rate. The findings provide an empirical basis for formulating economic and social policy in the V4 countries.

Keywords: financial stability of households, macroeconomic indicators, V4, panel regression analysis, random effects model

JEL Classification: C23, D14, E21

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Online publication date: 29 June 2026

To cite this article (APA style):

Kazienková, N. (2026). The impact of macroeconomic indicators on the financial stability of households in the Visegrad Four countries. Economic Review, 55(2), 122 - 150. https://doi.org/10.53465/ER.2644-7185.2026.2.122-150

Publisher: Bratislava University of Economics and Business

ISSN 2644-7185 (online)

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This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.