New book on household financial fragility in Central and Eastern Europe

In August 2026, Routledge published Household Financial Fragility and External Shocks: A Central and Eastern European Perspective, edited by Prof. Ryszard Kowalski and Prof. Grzegorz Wałęga.

The book is a joint outcome of research conducted by members of the Department of Applied Economics – Dr Paweł Drobny, Prof. Wojciech Giza, Prof. Ryszard Kowalski, Prof. Czesława Pilarska, Dr Tomasz Tylec and Prof. Grzegorz Wałęga – together with researchers from collaborating departments: Prof. Agnieszka Wałęga from the Department of Statistics and Dr Michał Michorowski from the Department of Applied Economics.

Over the past three decades, Central and Eastern Europe has experienced rapid economic transformation, accelerated by accession to the European Union and deeper integration into global financial markets. Improved access to credit has supported rising living standards, but it has also increased households’ exposure to financial fragility when economic shocks occur.

The book investigates household financial fragility in the region, offering new insights into how households cope with economic shocks and structural change. Despite their shared experience of post-socialist transformation, Central and Eastern European countries display significant economic, social and institutional diversity. This raises important questions: Do households across the region differ in their levels of financial fragility? Which socio-demographic groups are most vulnerable? What factors shape household resilience to economic shocks?

Combining conceptual discussion with comparative empirical analysis, the book examines the determinants and dynamics of household financial fragility across the region. It explores changes in household financial conditions, including consumption patterns, debt dynamics, savings behaviour and subjective financial well-being, and identifies cross-country differences in vulnerability using comparative and cluster-based approaches.

An important part of the analysis concerns the impact of external shocks, including the global financial crisis of 2008 and the COVID-19 pandemic, on household financial stability. By linking structural transformation, institutional context and household-level outcomes, the book contributes to a better understanding of the challenges involved in strengthening household resilience in the face of economic shocks.

The publication is addressed to researchers, policymakers and students interested in economics, finance, consumer economics and European studies, particularly those seeking a deeper understanding of household financial fragility in Central and Eastern Europe.