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1
Klein, Sean Patrick. "Household savings and portfolio choice." Thesis, Massachusetts Institute of Technology, 2010. http://hdl.handle.net/1721.1/58182.
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Thesis (Ph. D.)--Massachusetts Institute of Technology, Dept. of Economics, 2010.<br>Cataloged from PDF version of thesis.<br>Includes bibliographical references.<br>This thesis consists of three essays that examine household savings and portfolio choice behavior. Chapter One analyses the effects of employer matching contributions and tax incentives on participation and contribution behavior in employer-sponsored 401(k) savings plans. Employer sponsored retirement savings plans consist of several different incentives designed to increase employee savings, including matching contributions, tax deductibility, and tax free compounding. There is a substantial literature on the effects of match rates on retirement savings, but little on the effects of preferential tax treatment. This chapter provides estimates of the impact of employer matching and tax deductibility on retirement savings using a uniquely suited dataset from a large United States Corporation. I estimate that the effect of a one percentage point change in the match rate corresponds to a 0.06 percentage point increase in savings plan participation rates, while a similar one percentage point increase in marginal tax rates increases participation by 1.35 percentage points. Changes in the match rate have an insignificant effect on contribution rates (conditional on participation), though a one percentage point change in marginal tax rates tends to increase contribution rates by 0.16 percentage points. The effects of the match rate and marginal tax rate are transformed into changes in the annualized rate of return of the savings plan and this disparity remains.<br>(cont.) Finally, these estimates are used to calculate the changes in wealth at retirement due to changes in match rates and marginal tax rates under a variety of parameterizations. Chapter Two examines the trading and contribution behavior of employees participating in the 401(k) plan at a large United States corporation. This corporation offers employer matching contributions in company stock, and employees are prohibited from trading the matching contributions for an extended period. The empirical work details evidence of rebalancing behavior that is impacted by vesting restrictions and within-firm variation in match rates. Employees are between 3 and 7 percentage points more likely to rebalance their retirement portfolio once matching contributions have fully vested, and an additional 6 to 11 percentage points more likely if they face a 100% match rate relative to a 50% match rate. Variation in match rates also leads to changes in composition of employee contributions: increases in the match rate lead to decreases in the amount of company stock that the employee purchases with their own funds. Employees are between 13 and 19 percentage points less likely to contribute their own income to the matched asset and, if they still contribute to company stock, the employee's own-money contributions in company stock fall by between 13 and 18 percentage points. Together, these estimates provide evidence that employee contribution and rebalancing behavior is altered by asset-specific matching contributions and by restrictions on the trade of particular assets.<br>(cont.) Chapter Three uses data from multiple panels of the Survey of Income and Program Participation to identify the effect of unemployment insurance benefits on household savings behavior. This chapter extends existing literature on precautionary savings and insurance to allow for the fact that insurance benefits are multi-dimensional, including replacement rates and benefit durations; incorporates additional econometric methods to accommodate the skewness and variation in household savings; allows for heterogeneous savings responses based on the likelihood of the insured risk through a two-step estimation procedure; and by allowing insurance benefits to affect the level and composition of assets by analyzing changes in the composition of the household's portfolio across assets that are likely (or unlikely) to represent precautionary savings. I find suggestive evidence of quantitatively large reductions in precautionary savings behavior in response to variation in both replacement rates and benefit durations, though these results are not statistically distinguishable from zero. The negative effect of benefit increases on savings is magnified for households at greater risk of unemployment, and for the households with below median levels of financial wealth, though again these results are statistically insignificant once standard errors are properly adjusted. These extensions do not provide enough power to detect savings responses to variation in insurance benefits at standard levels of confidence, despite point estimates that represent economically large responses.<br>by Sean Patrick Klein.<br>Ph.D.
2
Fredriksson, Cajsa. "Determinants of household savings : An international cross-country analysis to detect the determinants of household savings." Thesis, Karlstads universitet, Handelshögskolan (from 2013), 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:kau:diva-79936.
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The purpose of this paper is to look into the determinants of household savings in an international cross-section. The focus is on the effects from social security, old-age dependency, participation rate and change in unemployment, among other variables as an addition to the disequilibrium saving hypotheses, which is the base theory for the savings function. The fixed-effect least square dummy variable method is used on panel data of 14 OECD countries over the time-span 2000 to 2018. The determinants that has a significant effect on household saving in the empirical result is unanticipated income; a positive sign supports the permanent-income hypothesis and the disequilibrium saving hypothesis. This means that individuals tend to save the transitory income. The next significant variable is the lagged savings rate, which indicates inactivity in the savings behavior. The change in the unemployment rate is also significant and the positive sign supports the uncertainty hypothesis, indicating that individuals tend to save for precautionary reasons. The last significant variable was social security and it had a negative effect on household savings; which is supported by the life-cycle hypothesis, and can indicate a wealth substitution effect or general confidence in the social security system.
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Persson, Sanna, and Jerry Pettersson. "The connection between household savings ratio and human development index : Which factors affect the household savings ratio?" Thesis, Linnéuniversitetet, Institutionen för ekonomistyrning och logistik (ELO), 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:lnu:diva-87939.
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This thesis investigates which factors affecting savings behavior by using a fixed effect regression model. To see what affects the household savings rate the following independent variables is considered: Natural logarithm of trend per capita income, natural logarithm of deviation from trend per capita income, growth of disposable income, real interest rate, inflation, wealth in relation to household disposable income, foreign savings in relation to disposable income, dependency ratio and human development index. To see whether changes of human development within a county impacts the household´s savings ratio this variables was included in a separate regression. To avoid possible biasedness from ordinary least square, a panel data technique called fixed effect regression model is used. The investigated time period is between year 1999 and 2016 and to make a restriction, variables from 25 developed countries were studied. The involved economic theories in this work are Keynesianism, permanent income hypothesis and the savings theory behind Maslow´s behavioral pyramid. The result made by using this study is that growth in income and foreign savings in relation to disposable income is insignificant and can´t be used in explaining the differences between household´s savings. Human development index within a country has a negative effect on the savings ratio but a conclusion regarding whether changes in HDI´s does affect savings can´t be made and more research within that field is needed.
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Dal, Borgo Mariela. "Essays in household savings and portfolio choice." Thesis, University of Warwick, 2015. http://wrap.warwick.ac.uk/72943/.
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The first part of this thesis presents a decomposition of household savings. One of the explanations for the wealth gap is that households with the same income level and demographic characteristics present differences in saving rates. This issue has been studied for African American versus Whites, but has not been directly addressed for Hispanics. Using pre-retirement data from the Health and Retirement Study, I compute saving rates as the ratio of wealth change to income over the years 1992-1998 and 1998-2004. In a regression framework I find that Mexican Americans, but not other Hispanics, have lower saving rates than Whites, even after controlling for income and socio-demographic factors. The inclusion of Social Security (S.S.) and pension wealth widens the gap further, which reflects the lack of pensions’ coverage among Mexican Americans. In contrast, the difference between African Americans and Whites is only significant when retirement assets are not added to total wealth, consistent with the equalizing effect of S.S. Then I conduct a regression decomposition for the mean gap in saving rates and find that: i) the component of the Mexican American-White differential not explained by observable characteristics becomes significant when S.S. and pensions are included; ii) with or without retirement assets the unexplained racial gap disappears; and iii) income and education are the main predictors of the savings gaps. The second and third parts investigate the effect of bankruptcy protection on households’ portfolio choice. The debtor protection provided by the U.S. personal bankruptcy law reduces exposure to uninsurable risks: it allows defaulters to discharge unsecured debt and to protect a certain amount of home equity. A reduction in background risk - for example, resulting from labor or entrepreneurial income - can affect the demand for risky financial assets. Thus, the bankruptcy protection can affect ex ante households’ willingness to tilt the financial portfolio towards those assets. On the one hand the implicit consumption insurance may lead to higher risk-taking by increasing the consumption floor if there is a negative wealth shock ("risk-taking channel"). On the other hand, more generous bankruptcy provisions will lead to a reduction in the demand for stock via: i) a higher probability of bankruptcy, since stocks are lost in bankruptcy because they are not protected ("protection channel"); or ii) worse credit market conditions -less access to credit at a higher price-, since higher bankruptcy protection implies a reduction of the collateral ("credit market channel"). In the context of a portfolio choice model, in the second chapter I illustrate how the bankruptcy protection can affect risk-taking through the "risk-taking channel" and the "protection channel". In the third part, I examine empirically the relationship between bankruptcy protection and stock market participation by exploiting the variation in that protection across states and over time. I find that doubling the amount of home equity that can be protected reduces stock ownership by 2 p.p. at intermediate protection levels ($22,000 to $90,000). This decline is restricted to high-asset and high-income households, which are more likely to participate in the stock market. Since poor rather than rich households are affected by worse credit market conditions when bankruptcy becomes more generous, the "credit market channel" is not a plausible mechanism. I do not find any effect of higher protection on the share of stocks in liquid assets, which suggests that the bankruptcy protection does not affect households’ risk appetite. My findings are consistent with unprotected rather than risky assets becoming less attractive as the level of protection increases, as predicted by the "protection channel".
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Dellien, Hans. "Household Savings and Deposits in Rural Honduras." Connect to resource, 1997. http://rave.ohiolink.edu/etdc/view?acc%5Fnum=osu1215015711.
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Brito, González Fernando José. "Fertility and household savings: the case of Chile." Tesis, Universidad de Chile, 2016. http://repositorio.uchile.cl/handle/2250/138145.
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Magíster en Economía Aplicada<br>Ingeniero Civil Industrial<br>There is consensus among economists and policy makers that higher saving rates foster domestic investment and economic growth. Therefore, understanding the determinants of savings is a fundamental concern for economic development. Consistent with the life-cycle hypothesis, one of the key determinants of savings is demographics. The decline in fertility and the forthcoming population aging, particularly in emerging economies, have the potential to reshape age structure and affect domestic savings. Thus, exploring the dynamics of demographics plays a central role in the study of the main determinants of household savings.
This study estimates the impact of the quantity of children on household savings. To explore this issue, this paper employs Chilean cross-sectional micro-data from the Household Expenditure Survey (waves 1987, 1997, 2007 and 2012). A main problem in the study of the relationship between the number of children and household savings is endogeneity. The number of children is likely to affect household savings, but the reverse causal effect may also be true. The household data set used in this study not only allows us to control for attributes at households level, but also to deal with potential endogeneity. Specifically, this paper contributes to the literature on the demographic-savings nexus using an Instrumental Variable approach to avoid potential endogeneity biases.
Specifically, this study exploits the fact that sex sibling composition generates an exogenous variation of the household's quantity of children. Consistent with the idea that Chilean parents prefer balanced sex ratios in their family composition, this study cannot reject the null hypothesis that the sex sibling composition of the first two children significantly affects the probability of having a third child. Another advantage of this instrument is that the sex of a child is randomly determined. Thus, an instrumental variable constructed from the sex sibling composition proves to satisfy both the relevance and exclusion conditions.
Studies that do not take into account potential endogeneity problems found little effect (see, e.g., [Harris et al., 2012] or [Gallego and Butelmann, 2001]). However, once we deal with potential endogeneity, this paper finds that the effect of the number of children on household savings is statistically significant and economically meaningful. This study finds an average effect of -13.98%. This effect is progressive in the sense that it is small for the poor (-8.05%) and large for the rich (-18.29%).
The main conclusion of this paper is that the demographic transition increased average savings rates in Chile. Specifically, while parents (of all socioeconomic segments of population) begun to have less children and postponing parenting they automatically decreased household's consumption and via labor offer they also increased household's income. Additionally, they had an important precautionary motive for increasing savings rate. Increased savings rates due to fertility trends, however, was mostly observed among the rich. This show us how much can be gained from well run public policies targeted to the poor. Governmental aid that not only provides basic goods and services to reduce marginal propensity to consume, but also that promotes basic financial education to make young people conscious on the consequences of their consumption lifestyles, can have a dramatic positive effect and can help to match up opportunities.
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Chen, Hao <1982>. "Three essays in Chinese reforms and household savings." Doctoral thesis, Università Ca' Foscari Venezia, 2012. http://hdl.handle.net/10579/1176.
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In this dissertation, we study three issues in Chinese reforms and household saving decisions. In Chapter 1, we review the existing studies on the relation between various of the Chinese reforms and the household saving decisions. Chapter 2 focus on the housing finance reform effect on the saving rate. Using the two-step estimation procedure, we find that as a pillar of the housing finance reform, the Housing Accumulation Fund positively affect the household saving rate and the home
ownership. In Chapter 3, we discuss the effect of the health care reform occurred in
1998. We find that the 1998 reform makes the urban households be less protected and induced them to save more in order to deal with potential future health care expenditure due to health shocks.<br>In questa tesi, noi analizziamo tre aspetti riguardanti le scelte di risparmio delle famiglie, in Cina. Nel primo capitolo, sono stati vagliati gli studi esistenti sulla
relazione tra le scelte di risparmio delle famiglie e la varie riforme di politica economica cinese. Il secondo capitolo si concentra sugli effetti della riforma del credito immobiliare sui tassi di risparmio. Attraverso l’utilizzo di una procedura di stima in due tempi, constatiamo che l’introduzione del Fondo di Accumulo per la Casa (Housing Accumulation Fund), pilastro della riforma del credito immobiliare, influenza positivamente il tasso di risparmio delle famiglie e di proprietà immobiliare. Nel terzo capitolo, discutiamo gli effetti della riforma della sanità del 1998. I nostri risultati mostrano che la riforma ha reso le famiglie che vivono nelle zone urbane meno tutelate. Questo le incentiva ad aumentare i propri risparmi, in modo da assicurarsi contro eventuali spese mediche, dovute a peggioramenti significativi delle proprie condizioni di salute.
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Huang, Peng. "Determinants of household saving in China." Master's thesis, Lincoln University. Commerce Division, 2006. http://theses.lincoln.ac.nz/public/adt-NZLIU20061202.004631/.
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It is a conventional wisdom that since the start of the Chinese economic reform in 1978, the domestic saving structure in China has changed significantly. Previous studies of household saving in China (for example: Qian, 1988, Feltenstein et al, 1990, and Wakabayashi and Mackellar, 1999) have usually relied upon the Keynesian absolute-income hypothesis, Duesenberrys relative-income hypothesis, and Friedmans permanent-income hypothesis. This thesis uses the Modigliani-Brumberg life-cycle hypothesis to examine the determinants of household saving behavior in the Peoples Republic of China during the period 1978 to 2003. The research uses modern cointegration techniques to examine the impact on saving rates of economic growth, age dependency, wealth, the real interest rate, social security payments and unemployment (as a proxy for income uncertainty). Autoregressive distributed lag models are constructed and tested. The results find that economic growth, the real interest rate and social security payments have the expected effect with significant parameters; age dependency has the expected sign but in one model is not statistically significant; and that unemployment is not significant. The most surprising result is that increases in household wealth are associated with increased saving rates, which may help explain very high economic growth rates in China post 1978.
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Moyo, Dambisa Felicia. "Essays on the determinants of components of savings in developing countries." Thesis, University of Oxford, 2002. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.270137.
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Lan, Lan. "Essays on Household Savings, Intergenerational Transfers, and Production Network." Thesis, Toulouse 1, 2018. http://www.theses.fr/2018TOU10058/document.
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Cette thèse étudie plusieurs sujets dans Macroeconomics, qui contient trois articles indépendants, chacun correspondant à un chapitre. Un fil conducteur des trois articles est d'aborder les questions macroéconomiques du point de vue de la théorie et des données au niveau micro. Le premier et le deuxième chapitre explorent les taux d'épargne de la Chine en utilisant la théorie et les enquêtes au niveau des ménages. Il explique le profil « en forme de Dromadaire » des ménages chinois, en mettant l'accent sur les transferts intergénérationnels. Le troisième chapitre explore la propagation des volatilités au niveau de l'entreprise dans le réseau de production. La thèse comprend trois chapitres, chacun étant autonome et pouvant être lu séparément. Le premier chapitre étudie comment les transferts intergénérationnels peuvent expliquer le profil d'épargne en forme de chameau des ménages chinois. À partir de 2005, un profil « démodé »» en forme de chameau des ménages chinois a commencé à émerger, ce qui a été documenté par diverses études. Cette fonctionnalité en « forme de chameau » est déroutante étant donné qu'elle est en contradiction avec l'hypothèse du cycle de vie. Dans un modèle à générations imbriquées quantitatives (OLG), les taux d'épargne sont liés à l'altruisme des parents et aux contraintes de crédit de leurs enfants, au moyen de transferts intergénérationnels. Les taux d'épargne des parents d'âge moyen diminuent avec l'altruisme («altruisme») et l'étroitesse des contraintes de crédit de leurs enfants sur l'achat d'un logement (« contrainte de crédit »). Les estimations des taux d'épargne sur le cycle de vie basées sur ce modèle s'alignent bien avec les données.Le deuxième chapitre valide l'hypothèse sur l'altruisme, les contraintes de crédit et les taux d'épargne. En utilisant un échantillon de couples parent-enfant appariés tirés des études de panel sur la famille en Chine, ce chapitre teste le canal « altruisme » en exploitant la mort exogène des enfants comme une expérience naturelle. Ensuite, je teste le canal « contrainte de crédit » à partir de deux mécanismes : l'allocation aléatoire des diplômés militaires à différentes villes, et la variation inter-villes de l'accessibilité hypothécaire. Les parents dont les enfants sont envoyés par l'armée dans des villes où les prix des logements sont plus élevés ont des taux d'épargne inférieurs, ceteris paribus. L'accès à des escomptes d'acompte pour les acheteurs de maison entraîne une augmentation des taux d'épargne de leurs parents. Le troisième chapitre examine si les chocs idiosyncratiques au niveau de l'entreprise se propagent dans les réseaux de production. Ce document identifie les chocs idiosyncratiques avec des fusions et acquisitions (M & A). Il constate que les événements de fusions et acquisitions imposent des gains de productivité et de revenus substantiels sur les entreprises cibles. Ces gains se traduisent par une augmentation significative de la production et se répercutent sur leurs clients grâce à des liens intrants-extrants. Étonnamment, les effets indirects des fusions et acquisitions sur les entreprises clientes sont beaucoup plus importants que les effets directs sur les entreprises cibles. Cela vient du fait que les fusions et acquisitions entraînent une augmentation de l'asymétrie dans la structure du réseau, ce qui amplifie encore les chocs au niveau de l'entreprise<br>This thesis investigates several topics in Macroeconomics, which contains three self-contained papers, each corresponds to one chapter. A common thread of the three papers is to address macroeconomic questions from the perspective of micro-level theory and data. The first and second chapter explore China’s saving rates using household-level theory and surveys. It explains the “camel-shaped” age-saving profile of Chinese households, with a focus on intergenerational transfers. The third chapter explores the propagation of firm-level volatilities in production network. The thesis consists of three chapters, each of which is self-contained and can be read separately. The first chapter investigates how can intergenerational transfers explain the camel-shaped agesaving profile of Chinese households. Commencing in 2005, a “camel-shaped” age-saving profile of Chinese households began to emerge, which has been documented by various studies. This “camel-shape” feature is puzzling considering that it is at odds with the Life-Cycle Hypothesis. In this paper, we show that the camel-shaped age-saving profile of Chinese households is largely due to the middle-aged households generating a vast amount of intergenerational transfers. These households transfer a significant fraction of their wealth to their children and parents, primarily to their children. In a quantitative overlapping generations(OLG) model, saving rates are linked with altruism of parents and credit constraints of their children, through intergenerational transfers. Saving rates of middle-aged parents decline with altruism (“altruism” channel”) and the tightness of their children’s credit constraints on housing purchase (“credit constraint” channel). The estimations of life-cycle saving rates based on this model line up well with the data. The second chapter validates the hypothesis on altruism, credit constraints and saving rates. Using a sample of matched parent-child pairs from the China Family Panel Studies, this chapter tests the “altruism” channel by exploiting the exogenous deaths of children as a natural experiment. Next, I test the “credit constraint” channel from two mechanisms: random allocation of military graduates to different cities, and cross-city variation of mortgage accessibility. Parents whose children are sent by the military to cities with higher housing prices have lower saving rates, ceteris paribus. Access to discounts of down payments for homebuyers leads to an increase in their parents’ saving rates. The third chapter examines whether firm-level idiosyncratic shocks propagate in production networks. This paper identifies idiosyncratic shocks with mergers and acquisitions (M&A). It find that M&A events impose substantial productivities and revenues gains on the target firms. These gains translate into significant output increase and spill over to their customers through input-output linkages. Surprisingly, the indirect effects of M&A on customer firms are much larger than the direct effects on target firms. This comes from the fact that M&As leads to increase of asymmetry in network structure, therefore further amplifies the firm-level shocks
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Frache, Derregibus Serafin. "Essays on households' consumption and saving decisions." Thesis, Queen Mary, University of London, 2014. http://qmro.qmul.ac.uk/xmlui/handle/123456789/8909.
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In this thesis I contribute to the applied study of households' consumption and saving behaviour. In the first chapter I introduce and explain why it is relevant to understand how households react to income shocks in terms of their consumption and saving decisions. The second chapter is inspired by a recent paper by Krueger and Perri (2011), who argue that the observed response of household wealth to income shocks, which is smaller over long periods, provides evidence in favour of the classic permanent-income model with perfect financial markets. Whether a model with financial market imperfections, however, such as the standard incomplete-markets model with liquidity constraints, can also generate such a wealth response crucially depends on the importance of precautionary wealth accumulation. I structurally estimate a model with a precautionary- savings motive and show that it can generate the observed wealth responses in the data. I further show that the wealth responses to income shocks do not allow us to rule out financial market imperfections. In the third chapter I extend the analysis, studying empirically what can be learned from international evidence on the way in which households react to income. I use detailed panel data from newly available surveys of Chile, Spain and the United States. Although it compares three different countries with dissimilar levels of development in their financial markets, the evidence suggests that the amount of precautionary savings in these economies is low and that household behaviour is not strongly influenced by the presence of borrowing constraints. The structural estimation for all countries suggests a low target level of wealth resulting from high levels of impatience or low levels of risk aversion. In the fourth chapter I extend the analysis to the real estate properties owned by the households. I revisit the Italian data, building on Kaplan and Violante (2014) who have argued that a substantial fraction of wealthy households with illiquid wealth, such as real estate, behave as hand-to-mouth consumers. In exploring the data, I find that, in the Italian sample, households which adjust their illiquid wealth show responses to income shocks like permanent-income consumers. Instead households which do not adjust their illiquid wealth, and whose behaviour in general can thus not be characterised by the first order conditions, show responses to income shocks which suggest a stronger precautionary-saving motive, such as wealthy hand-to-mouth consumers might be expected to show. The fifth chapter provides the conclusions of the thesis.
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Boffa, Zhang-Ming. "Cultural influence on China's household saving." Thesis, Federation University Australia, 2015. http://researchonline.federation.edu.au/vital/access/HandleResolver/1959.17/102944.
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The recession following the 2008 Global Financial Crisis highlighted the problem of deficient household saving and imprudent consumer credit. Studies of selected economies reveal that household saving tends to decline as economies move to higher stages of development. Following rapid economic growth, China’s household saving, possibly due to the influence of traditional culture, has remained high by international standards while consumer credit levels are low. This significant phenomenon has prompted the question of what this development trajectory may become as China proceeds to higher income levels. Whereas the economic, social and financial development factors related to household saving and development have been well researched, from the perspective of this investigation, there are missing ‘cultural values’ in the analysis. Consequently, the Institutional Economics concept of ‘culture as a value’ provides the basis for this thesis into the influence of culture on China’s household saving and its effects. By extending Keynes’s General Theory in relation to saving, and incorporating studies from both the Chinese and Western scholarly traditions, five themes are identified as influencing the cultural preferences of China’s household saving. These are: (i) precautionary motives; (ii) habit formation; (iii) children’s education; (iv) consumer credit; and (v) teaching thrift. The holistic approach of this study has allowed a deeper understanding of the role of cultural values on agency and structure in economic events and their subsequent impact on household saving. Results of this investigation indicate that the Confucian value of family ties and ‘Zhong Yong’ – the Golden Mean, which translates essentially as balance, enable Chinese households to save. This development has highlighted a growing tension, in China’s modernity process, between the traditional Confucian value of thrift and the Western cultural influence of stimulating economic growth by consumption. After consideration of current saving practices and the anticipation of economic changes, this research advocates the striking of a balance between household saving and increasing consumption in China in order to avert a future financial crisis and to facilitate economic growth. The implication of this research is that finding a balance between household saving and consumption is crucial to sustainable future development in China as it shifts its development focus from investment and export-led to domestic consumption-driven growth and social development.<br>Doctor of Philosophy
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Chipote, Precious. "Determinants of household savings in South Africa: an econometric approach." Thesis, University of Fort Hare, 2013. http://hdl.handle.net/10353/d1015281.
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Savings play a crucial role in promoting economic growth through their effect on investments. In addition, savings cushion the economy against fluctuating international capital flows. In periods of low or fluctuating capital, domestic savings are essential to finance high levels of capital formation thereby leading to increased productivity and sustainable economic growth. In South Africa saving levels have been declining, particularly household savings. This has been a major cause of concern as low savings hinder economic growth. In light of this, the study explored the determinants of household savings in South Africa over the period 1990 to 2011 using quarterly data. Based on the review of the theoretical and empirical literature, particular attention was paid to the effects of age dependency ratio, the level of household income, inflation and real interest rate on household savings. Apart from informal graphical test, the study employed the Augmented Dickey-Fuller and Phillips Perron unit root tests to test for stationarity in the time series. To identify the long-run and short-run dynamics among the variables, the study used the Johansen co-integration and the Error Correction Mechanism. Results of the study indicated that age dependency ratio, inflation and real interest rate have a positive impact on household savings whilst income has a negative long run relationship with household savings. In addition, the findings revealed that income, inflation and real interest rate play a major role in determining household savings whereas age dependency ratio is insignificant. The study recommends that the government should employ a countercyclical fiscal policy to avoid the development of excessive current account deficits during periods of more rapid economic growth, rising investment and falling saving.
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Kasongo, Atoko. "Essays on savings in South Africa." University of the Western Cape, 2019. http://hdl.handle.net/11394/7616.
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Philosophiae Doctor - PhD<br>Savings is essential for boosting economic growth. Low savings in a country will have negative
consequences for both investment and economic growth. South Africa has continued to expe
rience declining saving rates and in recent years, accompanied by declining economic growth.
The study evaluated savings in South Africa by decomposing it into household saving, cor
porate saving and public saving. The focus was to investigate the determinants of household
savings, corporate and public savings. In addition to examining the determinants of savings,
the research has also analysed the saving-investment relationship for South Africa. The study
used a Bayesian vector auto regressive model to investigate the determinants of household sav
ing from 1980Q1 to 2017Q4. The results of the investigation on household saving showed that
GDP, inflation rate, and financial deepening determine household saving in South Africa.
The Bayesian VAR was also used to identify the determinant of budget deficit between 1980Q1
to 2017Q and found Real GDP, inflation rate, total government debt, investment by general
government and the inflation rate to be determinants. The Blundel-Bond Generalized Method
of Moment (GMM) was used to investigate the determinants of corporate saving in form of cash
holding for 80 non-financial firms listed on the JSE between 2007 and 2017. The results showed
leverage, cash flow, debt maturity and previous amounts of cash holding to have significant
effect on cash holding in SA. Lastly, the study examined the saving-investment nexus for South
Africa using yearly data from 1980 to 2016. Using the Autoregressive Distributed lag (ARDL)
and the Error Correction Model, (ECM), the study found a cointegrating relationship between
domestic saving and domestic investment. It further found a positive relationship between
domestic saving and domestic investment in both the short and long run. Causality analysis
showed a unidirectional causality from domestic saving to domestic investment.
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Lilja, Kristina. "Utav omsorg och eftertanke : en undersökning av Falu stads sparbanks sparare 1830-1914." Licentiate thesis, Uppsala University, Department of Economic History, 2000. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-2474.
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Gardner-Brown, Matthew T. "Household goods shipments : Tender of service for unpacking a cost savings proposal." Thesis, Monterey, California. Naval Postgraduate School, 1991. http://hdl.handle.net/10945/28264.
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Naidoo, Jeremy. "The impact of credit types on household savings levels in South Africa." Master's thesis, Faculty of Commerce, 2019. http://hdl.handle.net/11427/30482.
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Despite robust economic growth in post-apartheid South Africa, we have consistently seen high unemployment and severe income inequality amongst its people. Arguably this has resulted in a culture of dependence on consumer credit; consumers are spending future income by using credit. This could result in a decrease in household savings levels amongst ordinary South Africans. Many studies have referred to an increase in consumer credit to supplement people’s income support or to offset low wages. This has a major impact on consumers who then find themselves over-indebted due to economic shocks and this could result in a negative impact on disposable income. The study investigates how the various types of credit play a major role on household savings levels in South Africa, and the analysis done in this study, on the various credit types, highlights the differences between secured type credit and unsecured type credit. The analysis of the relationship between the various credit types on household saving levels in South Africa was done using empirical data from 2008 up to 2106. The data used in the study was extracted from National Credit Regulator, as well as household savings data extracted from South African Reserve Bank. The methodology involves the use of the bounds test approach to co-integration using Autoregressive Distribution Lag models and Granger Causality testing to establish causality. The results indicated that overall there was a positive relationship between total credit and household savings levels in South Africa. However, we also find a significant negative relationship between unsecured credit and household savings levels in South Africa. Further analysis also found that three out of the four credit types tested resulted in a decrease in household savings levels. Given the importance of savings levels to the economy, and also the high risk of economic shocks in South Africa, this study concludes with proposals for tighter regulation in the consumer credit market. It further argues for robust mechanisms to be put in place by stake holders to ensure that consumers are cushioned against economic shocks that could result in over-indebtedness.
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Salame, David, and Harley Klerck. "The Impact of House Price Changes on Household Savings : A panel data study of the impact of the changes in house prices and interest rates on household savings in Europe." Thesis, Södertörns högskola, Nationalekonomi, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:sh:diva-32775.
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Real estate remains to be a major component of wealth for households as the market value of houses continues to rise noticeably again, as before the global recession 2007. Understanding households’ responses to changes of house prices and interest rates is important as fluctuations of these kind affect their preferences of saving. This thesis examines the impact of house price- and interest rate changes on household savings with the usage of secondary panel data from seven European countries. Providing a definite estimation of the interest elasticity of saving for households is not conceivable with any confidence considering the difficulties in estimating differential behavior. In accordance to previous studies the result of house prices is significant negative regarding household savings. However, the repo rate contradicts earlier results with a significant negative correlation toward household savings indicating an increased confidence due to a behavioral shift. In conclusion, this study shows that internal effects are of great importance as several factors suffer from high internal impact.
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Chimeri, Rememberance Hopeful. "A comparative analysis of rural and urban household savings behaviour in South Africa." Thesis, University of Limpopo, 2015. http://hdl.handle.net/10386/1514.
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Thesis (M.Sc. (Agricultural Economics)) -- University of Limpopo, 2015<br>Saving is important in the economy as it has linkages with growth, development and sustainability. The poor average saving rate in the rural economy has restricted the capacity of rural development in South Africa. The study focuses on comparing rural and urban household savings behaviour in South Africa, using household data from the Income and Expenditure Survey (IES) for the period 2010/2011. The dynamic linear saving functions originating from the Absolute Income and Permanent Income Hypotheses were estimated separately for the different household types using the Ordinary Least Squares (OLS) method. Panel data analysis was carried out by pooling together the cross-sectional household types over the twelve-month period. The study established that urban households earn higher incomes and have more average savings than rural households in South Africa. A positive significant relationship was found to exist between current saving decisions and income across all household types in South Africa. Another interesting finding was that rural households have more marginal saving rates than urban households in the short-term and in the long-run. The Fixed Effects Model was deemed to be the best estimator in estimating saving functions across all household types in South Africa, as validated by the Hausman and Redundant Fixed Effects tests. Given that rural households have a potential to save, the study recommends increased awareness and education of rural households on the benefits of accessing basic financial services. Policy-wise, the study recommends the government to increase support in agriculture and extend the provision of food and health subsidies to rural households in South Africa.
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Vassileva, Iana. "Characterization of household energy consumption in Sweden : energy savings potential and feedback approaches." Doctoral thesis, Mälardalens högskola, Akademin för hållbar samhälls- och teknikutveckling, 2012. http://urn.kb.se/resolve?urn=urn:nbn:se:mdh:diva-14865.
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Energy consumption is on a constant rise with domestic use contributing substantially to the overall consumption. The population growth along with ever increasing comfort levels and daily appliance usage are driving the domestic electricity demand to higher levels. Targeting domestic consumption is thus of great importance if global consumption is to be lowered. This involves understanding and changing consumers’ behaviour, awareness and increasing their knowledge on the subject of energy use. In this thesis various factors determining household energy consumption such as dwelling size, income and number of occupants have been found alongside consumer behaviour to influence consumption the most. Energy awareness, related interest and knowledge have also been considered when trying to explain differences in household consumption patterns. Despite all possible characteristics and factors, the largest differences in energy consumption are found between individual households. Providing feedback and information to households has been proven effective when addressing the issue of reducing domestic energy use. In this thesis, the effectiveness of three of the most popular ways of currently delivering feedback and information on energy consumption (displays, websites and bills) have been investigated by analyzing consumption patterns before and after their implementation. Consumers living in apartments that followed their consumption through the web based feedback were the ones that achieved the greatest electricity reductions (17,5%) when compared to the years before the website. In order to provide effective feedback, with long lasting results that would keep consumers interested, several parameters have been proposed to be included when developing feedback and information. The type of dwelling (house or apartment), the age of the occupants, their level of education, income and their energy awareness and interest are the main determinants of feedback preferences. The findings presented in this thesis contribute to a better understanding of households’ energy consumption patterns closely related to their characteristics, behaviour, interest and awareness, and also provide ways of improving the development of consumption feedback and information.
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Fan, Weiwei. "Household savings, relationship banking, and urbanization : three essays in economic development and finance /." View Abstract or Full-Text, 2003. http://library.ust.hk/cgi/db/thesis.pl?ECON%202003%20FAN.
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Thirumurthy, Harsha. "Household saving behavior and the real interest rate: an empirical study." Oberlin College Honors Theses / OhioLINK, 1998. http://rave.ohiolink.edu/etdc/view?acc_num=oberlin1354811060.
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Topoleski, John. "Behavioral Aspects of Retirement Savings: How do 401(K) Plans Affect Household Asset Accumulation?" ScholarWorks@UNO, 2005. http://scholarworks.uno.edu/td/313.
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The nature of employee retirement plans has changed dramatically over the past fifteen years as employers have been replacing traditional defined benefit retirement plans with defined contribution plans like the 401(k) plan. This dissertation is focused on the impact that 401(k) plan have on household asset accumulation. The first essay looks at how much asset accumulation can be attributed to 401(k) plans as opposed to other factors such as demographics and saver type characteristics. Overall, the conclusions are consistent with recent research that says these plans induce a reshuffling of assets rather than being funded through a reduction in consumption. Controlling for cohort effects reduces the amount of wealth attributable to 401(k) eligibility to a negligible (and statistically insignificant) amount. The second essay considers the impact that borrowing against the assets in 401(k) plan might have on household asset accumulation. Most personal finance advice warns against borrowing against a retirement plan because of the potential negative impact on retirement wealth. This is especially true for borrowers who are also undisciplined savers and do not or cannot maintain their retirement plan contributions during loan period or who separate from their employers before the loan is repaid. For good savers a retirement plan loan only has a modest impact on retirement wealth. Only modest make-up contributions would need to be made to mitigate the impact of a retirement plan loan. It seems that many borrowers may be using retirement loans because they are in financial difficulty. It also appears that borrowers are trying to maintain their retirement savings, but their asset accumulation within broader measures of wealth is below that of households that do not have outstanding 401(k) loans.
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Zainir, F. "Private savings, financial developments and institutions in emerging economies." Thesis, Coventry University, 2012. http://curve.coventry.ac.uk/open/items/49c61e95-2367-4ace-8f9f-92f5ac8cf5c7/1.
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In the 1950s and 1960s, after gaining independence from their colonial powers, most developing countries adopted “market substitution” as their policy for economic development and growth. In essence, this was an industrialisation strategy followed by these developing economies to concentrate on home-grown products and nurture their expertise in order to reach the status of industrialised nations. However, by the end of 1970s, many developing countries began to realize the failures of their inward-looking approach to industrialization when their economies were mired with high unemployment, inflation and chronic external debt. By the middle of 1980s, many of these countries began to change their policies and reorient themselves into market economies. However, with financial crises and economic recessions that resulted from pursuing market driven liberalization policies, these economies began to realize the flaws of the market driven approach to industrialization. Nevertheless, they continued with the liberalised policies incorporating market as well as non-market (institutional) reforms, aimed at strengthening regulation, improving corporate governance and curbing corruption to avoid the destabilising consequences of financial liberalization. The evolving economic policies that influenced financial development and growth in developing economies came about with the objective of enhancing household and private sector‘s savings. These policies have been designed to influence financial development and economic growth (which can impact upon private savings) in two different ways: (i) by increasing saving due to households taking precautionary motives, or (ii) negatively by spending more due to increase in overall expenditures. Theoretically, the combined effect on private saving is therefore ambiguous. The purpose of this thesis is to assess empirically the importance of various economic factors influencing private sector savings in emerging market economies. In addition, the influence of non-market institutional factors on savings is explored from the incorporation of newly institutional measures into these countries economic policies. Several econometric methodologies are employed with empirical analysis conducted on data for twenty emerging economies across three primary regions in the world, i.e. Asia Pacific, Middle East and North African (MENA), and South America. The twenty countries also include other emerging economies that are proximate to MENA regions such as South Africa, Turkey and Israel. In general, the findings based on SUR (Seemingly Unrelated Regression) methodology show that per capita growth, financial development, government savings, and trade openness have a positive impact on private savings; while youth and old dependency-age groups, real interest rate, and urban growth have a negative effect on private savings. In general, most of these results are consistent with previous studies for other countries. Additionally, causality tests are conducted using Vector Autoregressive (VAR) methodology as well as Pedroni and Johansen cointegration methods within the Vector Error Correction (VEC) model to determine both short-term and long-term causality effects between financial development and economic growth. The results indicate that in the long run financial development has a causal effect on growth; however, in the short run the results are quite mixed. For example, the short run result using the VAR method shows that income growth has Granger causality effect on financial development, but the F-test result for the VEC method shows evidence of bivariate causality. The long-term causality results also confirm the finding of previous research about the importance of developing financial sector in order to spur the country‘s economic growth. The final empirical investigation is to conduct panel data regression to test the impact of non-market institutions on private savings. The main result here is that sound institutional factors based on respect for property rights (e.g. bureaucracy, accountability and regulation quality) have a positive effect on aggregate private savings. Furthermore, political stability is found to have a negative impact on savings while efficient bureaucracy has a positive impact on savings. It can be construed that with an uncertain political environment, i.e. diminishing political stability, the public in general would save more than spend. On the other hand, efficient bureaucracy would boost public confidence about the country‘s governance, which can lead to increased overall savings by the public.
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Wimmerová, Johana. "Vliv finanční krize na finanční situaci českých domácností v komparaci s vybranými státy EU." Master's thesis, Vysoká škola ekonomická v Praze, 2009. http://www.nusl.cz/ntk/nusl-17095.
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Horáková, Marie. "Úspory českých domácností a jejich srovnání s vybranými zeměmi EU." Master's thesis, Vysoká škola ekonomická v Praze, 2012. http://www.nusl.cz/ntk/nusl-162582.
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This Master's thesis focuses on Czech household savings. It describes the most important traditional and alternative financial products used by Czech households. Next it reveals the reasons why Czech households are so conservative in their attitude to their financial means in comparison with other European countries. In the last part of this thesis the most important determinants of household savings are identified and with the help of correlation coefficient the intensity of correlation between gross household savings and their determinants is explored.
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Vostřelová, Radana. "Finanční chování domácností v České republice." Master's thesis, Vysoká škola ekonomická v Praze, 2011. http://www.nusl.cz/ntk/nusl-85338.
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This thesis deals with the fiscal behavior of households within the Czech Republic. The main areas of interest are the appropriate management of personal or family finance and the importance of household budgeting. It shows that the awareness of ones income and expenses are the basis of a financial literacy, which is still at an insufficient level. Such households are thus regarded as a weaker market article, which have to be protected either by means of education, awareness raising or modifying legislation in their favor. Specific elements in the protection of clients are intertwined throughout the work. The thesis also deals with the relationship of Czech households to consumption, savings and debt. It records the specific period of changing attitudes to the way we deal with money and establishes that households that are no longer thrifty, consume more and loans become a common part of life for them. The thesis also concentrates on the most used financial products, specifying the reason for their popularity. Also, the consequences of poor household management are described and international comparisons are included as well.
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Saggi, Karan. "Who is the Customer? Identifying the Initial Adopters of Formal Savings. Field Evidence from Malawi." Scholarship @ Claremont, 2014. http://scholarship.claremont.edu/cmc_theses/957.
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This thesis examines household characteristics as determinants of formal savings accounts in rural Malawi. The main questions answered in this paper include the effects of household characteristics on the probability of having formal savings, the amounts saved in these accounts, and the probability of adopting formal savings. The central discussion aims to identify the initial adopters of formal savings accounts, using a marketing approach previously unapplied to this area of research. This paper also contributes to the dialogue of the household composition by considering three untried variables: number of adults, number of children, and literacy of all household members. Results show that households are most likely to adopt formal savings, when provided access, if they have a head who can read Chichewa, a functional cellphone, more adults who can read Chichewa, and are close to the bank service. The field evidence comes from research conducted over a two year period 2008-2010 in sampled regions of Central Malawi.
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Waheed, Shahina [Verfasser], Frithjof [Akademischer Betreuer] Kuhnen, and Winfried [Akademischer Betreuer] Manig. "Household savings in rural Pakistan : Empirical and conceptual issues / Shahina Waheed. Gutachter: Winfried Manig. Betreuer: Frithjof Kuhnen." Göttingen : Niedersächsische Staats- und Universitätsbibliothek Göttingen, 2002. http://d-nb.info/104372091X/34.
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Song, Tebek. "Differentiation strategies of Korean Deposit Money Banks to sustain a competitive advantage in the household savings market." Thesis, University of Stirling, 1992. http://hdl.handle.net/1893/3531.
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Competition among financial institutions in Korean household savings market (HSM) has become severe. Deposit money banks (DMBs) which have occupied the main prop of the Korean financial system have entered turbulent times mainly due to the relaxation of financial regulations which artificially provide a stabilized market environment, as well as the out-performance of non-banking financial institutions (NBFIs). Also, Korean households are becoming better educated, more sophisticated and richer in line with the increase in wealth of the nation. The market share of DMBs in HSM has gradually declined, but that of NBFIs has continuously increased. Consequently, DMBs are required to do something in the market in order, at least, to survive. As the first step, they should have a clear picture of the external environments which can dictate or affect their operations, along with the full understanding of their internal capabilities. Based on the conditions of external environments and internal capabilities, DMBs have to choose one of the 5Ds (ie. disinvestment, de-escalation, do-nothing, development or diversification) as their strategic direction in the market they serve. However, no matter which strategic direction DMBs choose, they are required to differentiate themselves from their competitors in order to support successfully the implementation of a strategic direction chosen and to achieve competitive advantages in the market they serve. In differentiating themselves from others, DMBs will encounter somewhat different aspects from those firms which produce and sell physical goods mainly due to the characteristics (ie. intangible, inseparable, heterogeneous, perishable and non-owned) of their products. Therefore, DMBs have to use the extended 7Ps in order to overcome the problems caused by the unique characteristics of their products and to differentiate themselves from their competitors effectively in the market. However, the discretion of Korean DMBs to implement the extended 7Ps in the market has been so strictly restricted by the regulation that they can not exercise their full capabilities in the market, and they have a passive attitude towards the implementation of strategies in order to differentiate themselves from others. However, the results of this research - mainly based on the study of the financial systems and regulations of Korea and of households as customers of FIs-HSM, and the surveys for FIs-HSM and Korean households - show the possibility that DMBs can achieve competitive advantages effectively in HSM by differentiating themselves from their competitors, be they other DMBs or NBFIs in HSM. DMBs can freely use some components (ie. promotion, physical environment, personnel as a participant, process) of the 7Ps in the market even though other components (ie. product, price, place) of the 7Ps have strictly restricted use in the market at present. Besides, all components of the 7Ps will be sooner or later free to use for differentiating themselves in the market in accordance with the relaxation of financial regulations. As a conclusion, DMBs have to utilize their capabilities fully in order to achieve competitive advantages in the market and to prepare for future changes in the market by conducting the continuous R&D and market research.
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Evans, Ceri. "Greywater reuse: An assessment of the scheme water savings that can be achieved at a household scale." Thesis, Evans, Ceri (2009) Greywater reuse: An assessment of the scheme water savings that can be achieved at a household scale. Honours thesis, Murdoch University, 2009. https://researchrepository.murdoch.edu.au/id/eprint/40800/.
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In Perth, domestic irrigation constitutes over 50% of the total urban scheme water demand and at a time when urban water resources are diminishing, greywater reuse has the potential to enable significant reductions in scheme water consumption to be achieved. Greywater technology has been slow on the uptake in Western Australia as there has been greater focus from State government and Water Corporation on large scale water supply augmentation, such as seawater desalination. Some debate exists as to how useful greywater reuse can be in contributing to scheme water savings as limited studies have been carried out which collect real data.
Monitoring was carried out at 9 case studies in the Perth Metropolitan area between 1st October 2008 and 31st March 2009. Water meters and data loggers were installed to monitor scheme water input, rainwater input (if applicable), greywater output, and exterior tap consumption. The objective of the study was to determine the scheme water savings that could be achieved through greywater reuse and to investigate factors that influence the level of savings. The factors investigated were: the volume of greywater generated, greywater technology and system, and irrigation as the end use application.
Scheme water savings ranged from 9% - 37% across the case studies. Each of the factors investigated influenced the level of savings achieved, however those of most significant impact were: 1) an irrigation and landscape design that was in balance with the volume of greywater generated; 2) correct system maintenance; and 3) connection of both bathroom and laundry fixtures to the greywater system.
Greywater reuse provides an opportunity for domestic scheme water consumption to be reduced, however for this opportunity to be fully realized, further guidance is required to enable homeowners to design an effective system. For greywater reuse to become an effective water conservation tool, modifications to the Code of Practice for Reuse of Greywater in WA, are required, to extend beyond safe disposal of greywater. Recommendations include incorporation of a site specific analysis to enable irrigation demand through calculation of plant water requirements to be balanced with estimated greywater volumes. This would increase the beneficial use of greywater and enable maximum scheme water savings to be achieved.
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Röttger, Joost [Verfasser], Andreas [Akademischer Betreuer] Schabert, and Ludger [Gutachter] Linnemann. "Essays in dynamic macroeconomics: public policy, household savings, and lack of commitment / Joost Röttger. Betreuer: Andreas Schabert. Gutachter: Ludger Linnemann." Dortmund : Universitätsbibliothek Dortmund, 2015. http://d-nb.info/1110894287/34.
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Antoci, Aurélia. "A classe média chinesa : uma quimera ou os futuros líderes do comércio internacional?" Master's thesis, Instituto Superior de Economia e Gestão, 2021. http://hdl.handle.net/10400.5/23408.
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Mestrado Bolonha em Economia Internacional e Estudos Europeus<br>Esta dissertação explora a classe média chinesa e o seu papel nos padrões de comércio internacional. Começa por clarificar-se o conceito de classe média, as características e a dimensão da classe média chinesa e o que a distingue das classes médias de outros países. O capítulo seguinte é dedicado às teorias do consumo e da poupança e à forma como se aplicam à China. Para finalizar, esclarece-se como pode o consumo da classe média chinesa aumentar e os impactos futuros da classe média chinesa a nível nacional e internacional. Este trabalho mostra que nas últimas duas décadas a classe média chinesa emergiu a uma velocidade nunca antes vista e tem o potencial para continuar a crescer. Em número já é a maior classe média do mundo, apesar de ainda corresponder a apenas 25% da população da China. A China tem a mais alta taxa de poupança do mundo e o consumo privado corresponde a uma parte pequena do PIB da China. Para que o impacto da classe média chinesa seja maximizado, é importante que estes desequilíbrios sejam corrigidos. A forma mais rápida de aumentar as despesas de consumo seria através do aumento do rendimento das famílias.<br>This dissertation explores the Chinese middle class and its role in international trade patterns. It starts by clarifying the concept of “middle class”, the characteristics and size of the Chinese middle class, and what makes it different from the middle classes in other countries. The following chapter is devoted to consumption and saving theories and how they apply to China. Lastly, the aim is to clarify how the consumption of the Chinese middle class can increase and the future impacts of the Chinese middle class at national and international levels. This study shows that over the past two decades, the Chinese middle class has emerged faster than ever and has the potential to grow even more. The Chinese middle class is already the largest one, although it still accounts for only 25% of China’s population. China has the highest savings rate in the world and household consumption accounts for a small part of China’s GDP. To increase the Chinese middle class’ impact, this must be changed. The fastest way to increase household spending would be through increasing household income.<br>info:eu-repo/semantics/publishedVersion
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Соколик, М. П. "Оцінка використання на споживання і заощадження наявного доходу домашніх господарств". Thesis, Українська академія банківської справи Національного банку України, 2011. http://essuir.sumdu.edu.ua/handle/123456789/63306.
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Наявний дохід домашніх господарств (ДГ) становив у 2005–2010 рр. 78,2–76,4 % всіх доходів. У витратах ДГ на споживання і заощадження
спостерігалася суттєва нерівність як у їх структурі, так і в розподілі приросту
заощаджень між ДГ. Його частка у ДГ роботодавців і самостійно зайнятих
зросла у 2005–2008 рр. відповідно з 3,8 до 10,6 % і з 6,8 до 38,9 %. Такі домогосподарства нагромаджували у формі нефінансових активів: частка ДГ
роботодавців зросла з 1,4 % у 2005 р. до 16,1 % у 2009 р., ДГ самостійно
зайнятих – з 44 до 57 %. Частка чистих заощаджень ДГ найманих працівників
знизилася з 53 до 14 % у 2009 р., а нефінансових активів – з 26 до 16,5 %.
Частка заощаджень одержувачів соціальних трансфертів майже не змінилася
(становила 36 %) при значному зниженні їх частки у нагромадженні
нефінансових активів: 28 проти 10 % у 2009 р. Отже, нерівність за
економічними статками між домогосподарствами загострилася, а на приріст заощаджень значною мірою впливали й зміни у курсовій політиці.
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Changwony, Frederick Kibon. "Three essays in household finance." Thesis, University of Stirling, 2013. http://hdl.handle.net/1893/20407.
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This thesis explores the impact of two behavioural finance concepts, social psychology and psychology, on household financial decisions. Under social psychology, I investigate whether the variety and intensity of social engagement enhances stock market participation. With regard to psychology, I examine two behavioural biases. First, I investigate whether mental accounting influences portfolio choice in three asset classes and whether financial advice and housing tenure increase (decrease) the effects of mental accounts on portfolio choice. Second, I examine whether households’ self-reported housing wealth are anchored on published house price indices and whether anchoring bias is mediated by market information, mortgage refinancing decisions and social factors. The main contributions and findings in the three studies are as follows. First, although there is an elaborate body of research concerning the relationship between social engagement mechanisms and portfolio choice, most studies investigate specific mechanisms in isolation. Using three waves in the British Household Panel Survey (BHPS), I bring together five social engagement measures in one model and show that socially engaged individuals are more likely to participate in the stock market. Consistent with Granovetter’s (1973) theory of social networks I find that a weak tie (measured by social group involvement) has a positive effect on stock market participation whereas a strong tie (measured by talking to neighbours) has no effect. More trusting individuals are more likely to participate in the stock market, as are those who identify with a political party. In contrast, the degree to which religion is important appears to have little impact. These results are robust using different specifications. Overall, the results of this study demonstrate that the likelihood of stock market participation increases with the variety and intensity of social engagement. Second, despite the established theoretical underpinnings of mental accounting in behavioural portfolio theory (BPT) and recent extensions, not much is known about their implications in real life situations. I use a recent UK household survey, the Wealth and Assets Survey (WAS), which has comprehensive information about financial assets to investigate whether there are differences in the ownership and portfolio share of three asset classes among individuals who exhibit no mental account, a single mental account and multiple mental accounts, and the conditional influences of financial advice, housing, cognitive ability, time preference and risk tolerance. Overall I find that mental accounting together with financial advice and housing tenure explain variations in both the probability of ownership and portfolio share in the three asset classes. Households that exhibit a single mental account have low share of investments in, and are less likely to own, a risky asset when compared to those that exhibit no mental account or exhibit multiple mental accounts. I also find that, when compared to having no mental account, exhibiting a single mental account or multiple mental accounts increases both the probability and investment share in a fairly safe asset but decreases portfolio share in safe assets. In addition, among those that exhibit a single mental or multiple mental accounts, financial advice decreases portfolio share in risky assets and fairly safe assets and increases portfolio share in safe assets. Housing tenure increases both the probability and portfolio share in risky assets, decreases portfolio share in fairly safe assets and increases portfolio share in safe assets. These results are consistent using multi-equation regressions, sub-samples, reparametrised variables and poisson regressions. Finally, as little is known about how households derive the self-reported house prices estimates that are commonly used to determine housing wealth, the third study examines whether households are anchored on published house price indices. The key conjecture is that, while assessing the values of their homes, homeowners place more weight on house price news at the expense of property characteristics and other market information. I find support for this hypothesis using sixteen waves of the BHPS, multiple methods, and both regional and national house price indices. I conclude that changes in self-reported housing wealth are anchored on changes in published house price indices. Specifically, ownership through a mortgage and greater financial expectations increase anchoring effects while mortgage refinancing decreases the effects. Moreover, use of money raised from refinancing for home investment, as opposed to other consumption purposes, has a positive association with change in self-reported house value and both uses reduce anchoring bias. In addition, I find that computer use increases anchoring bias and, among social engagement mechanisms, religiosity reduces anchoring while other measures have no effect. These results are robust to internal instrumental variables, national aggregate house prices, alternative indices and sub-samples.
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Naihma, Dintani Yudhitya Noorzakiah. "Sustainability Assessment for Small Scale Biogas in Yogyakarta Province, Indonesia." Thesis, KTH, Energi och klimatstudier, ECS, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-226148.
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The study evaluates sustainability aspects of small scale biogas production in Yogyakarta Province of Indonesia. Growing number of livestock (i.e. cows, sheep, chicken, pigs, and other domestic animals) in the region brings opportunity to produce biogas from livestock manure, leading to improve energy security especially in household, while contributing to renewable energy target which is 31% from Total Primary Energy Demand (TPES) in all sectors by 2050. Biogas potential from cattle, horse, buffalo, pig, sheep, goat, chicken and duck which own by household in all regencies within the province of Yogyakarta (i.e. Bantul, Gunung Kidul, Kulon Progo, Sleman, and City of Yogyakarta) are calculated. Biogas digesters types and options for biogas utilization are evaluated by set of indicators in terms of technical, economic and environmental dimensions. Performance of the four types of digesters (i.e. fixed dome, floating drum, polyethylene tubular and concrete tubular digester) are examined based on the dimensions. For digester assessment, the dimensions are divided into several indicators, such as the lifetime, process efficiency, capital cost, operation and maintenance cost, feed-to-water ratio. The assessment would ensure that installation of biogas have optimum technical performance, attractive investment for the owner, and does not exploit too much natural resources. Equal weighted sum method is used to compare the digesters performance. The second assessment is to evaluate options for off-grid electricity use and cooking based on several indicators which are levelized cost of energy (LCOE), Net Present Value (NPV), Internal Rate of Return (IRR), Benefit-to-Cost Ratio (BCR), Payback period and emissions saving. The production of biofertilizer, which is not part of the current system, is taken into account for additional income for biodigester’s user. The study estimates 1,211.35 TJ/year of biogas energy can be produced from livestock manure or equals to 44.72% of the total energy consumption in the household sector in Yogyakarta province in 2013. Gunung Kidul Regency has the most potential biogas from livestock, followed by Kulon Progo, Sleman, Bantul, then City of Yogyakarta. Utilization of biogas for household cooking could reduce greenhouse gas emissions in the province up to 1,260.66 MtCO2e per year while biogas for electricity reduce 1,562.144 3 MtCO2e annually. The fixed dome digester obtains the highest score in the most of indicators assessed. For biogas utilization, biogas for cooking shows better performance in economic and environmental aspects. Biogas for cooking requires lower capital cost (US$ 850 less) and get higher NPV (US$ 2,000 more) than biogas for electricity. Yet, biogas for electricity save 301.48 MtCO2e more GHG emission than biogas for cooking. From digester and biogas utilization assessments, household biogas in Yogyakarta has been used the sustainable option for digester, which is fixed dome digester, and biogas utilization, which is biogas for cooking. Furthermore, sensitivity analysis is done to know parameters that affect NPV for biogas for cooking and biogas for electricity. Biogas yields, fertilizer price, and LPG price are shown as the top three parameters that affect NPV for biogas for cooking utilization. While for biogas for electricity, the affecting parameter are electricity price, biogas yields, fertilizer price, and generator efficiency. From the sensitivity analysis, several recommendations were developed to maximize the current project. The recommendations are improvement of biogas stove efficiency, recommendation for biogas installation system, creating market demand for biogas by diminishing LPG subsidy, suggestion for progress monitoring and institutional recommendation for the program. Ministry of Energy and Mineral Resource done several monitoring to check whether the digester is still operating. However, there is no follow-up action for digester that is not operating anymore. On the other hand, Yayasan Rumah Energi (YRE), the main provider of biogas installation and service in Yogyakarta Province, conduct annual user survey. This survey focuses on satisfaction level of digester’s user after installation. Investigation regarding the impact of biogas project, such as energy shift from LPG to biogas and digestate utilization, is missing. Besides biogas for cooking, there are opportunity to develop biogas for electricity since several regencies in Yogyakarta does not have 100% electrification ratio, such as Gunung Kidul (82%) and City of Yogyakarta (69%). Due to available biogas potential, development of biogas for electricity in Gunung Kidul is more promising than in City of Yogyakarta. Additionally, research of biogas in Indonesia should be integrated with industries and private sector. For instance, by mass production of low cost generator which had been developed by Indonesian Institute for Sciences (LIPI) and by developing mini grid installation for biogas.
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Hillefors, Hanna, and Nathalie Isaksson. "De svenska hushållens sparande : Vilka faktorer påverkar sparkvoten? En reflektion under den rådande Corona-pandemin." Thesis, Högskolan Väst, Avd för juridik, ekonomi, statistik och politik, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:hv:diva-17329.
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The savings ratio for Swedish households is record-breaking and Sweden, together with the rest of the world, is currently in the middle of a pandemic. What drives individuals to save is based on a number of different factors that previous research has concluded. The purpose of this study is to, with previous research as a basis, investigate which factors affect the savings ratio for Swedish households. Quarterly data for the years 1982–2020 is analyzed in a time series by first processing for unit roots and then cointegration. The data is then estimated in a multiple linear regression in the form of an “Error Correction Model”, with the intention of investigating both the short-term and long-term relationship. The results of the study indicate that the variables that have a significant impact on the change in the household savings ratio are GDP per capita, inflation, unemployment and consumption, while public savings and the development of the stock market have a significant but less considerable effekt. The economic theories that the study findssupport for are the theory of precautionary savings as well as the standard buffer-stock model.<br>Sparkvoten hos svenska hushåll är rekordhög och Sverige, tillsammans med resten av världen, befinner sig för närvarande mitt i en pandemi. Vad som driver individer till att spara grundar sig i en rad olika faktorer som tidigare forskning kommit fram till. Syftet med denna studie är att, med tidigare forskning som grund, undersöka vilka faktorer som påverkar sparkvoten för svenska hushåll. Kvartalsdata för åren 1982–2020 analyseras i en tidsserie genom att först behandlas för enhetsrötter och sedan kointegration. Därefter skattas de i en multipel linjär regressionsanalys i form av en ”Error Correction Model”, med avsikt att utreda både det kortsiktiga- och långsiktiga sambandet. Resultatet av studien indikerar att de variabler som har en signifikant betydande påverkan på förändringen i hushållens sparkvot är BNP per capita, inflation, arbetslöshet samt konsumtion, medan offentligt sparande och utveckling av aktiemarknaden har en signifikant men mindre betydande effekt. De ekonomiska teorier som studien finner stöd i är teorin om försiktighetssparandet samt standard buffertlager-modellen.
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Пасажко, Т. С. "Фінансовий механізм трансформації заощаджень населення в інвестиції України". Thesis, Чернігів, 2019. http://ir.stu.cn.ua/123456789/18492.
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Пасажко, Т. С. Фінансовий механізм трансформації заощаджень населення в інвестиції України : дис. ... канд. екон. наук : 08.00.08 / Т. С. Пасажко. - Чернігів, 2019. - 235 с.<br>У дисертації узагальнено теоретичні підходи до визначення сутності, мотивів та механізму формування заощаджень населення. Досліджено об’єктивну необхідність та економічне призначення заощаджень населення у розширеному відтворенні економіки країни. У роботі розглянуто структуру та основні складові фінансового механізму трансформації заощаджень населення в інвестиційні ресурси в Україні. Доповнено класифікацію заощаджень населення за формою їх участі в економічних та інвестиційних процесах: пасивні, умовно-активні та активні заощадження.
Ідентифіковано фактори впливу на ощадну та інвестиційну поведінку населення в Україні, виявлено основні тенденції трансформації заощаджень населення в інвестиції та узагальнено міжнародний досвід залучення таких заощаджень у фінансування розвитку економіки країни.
Сформульовано рекомендації щодо вдосконалення теоретичної конструкції фінансового механізму трансформації заощаджень населення з урахуванням світового досвіду. Обґрунтовано пріоритетні напрями залучення заощаджень населення до розбудови національного господарства та розроблено практичні рекомендації щодо інвестиційного використання заощаджень населення України. Запропоновано пропозиції підвищення економічної ефективності інвестиційного використання заощаджень.<br>В диссертации изучено эволюцию теоретических подходов к определению сущности, мотивов и механизма формирования сбережений населения. Исследована объективная необходимость и экономическое назначение сбережений населения в расширенном воспроизводстве экономики страны. В работе рассмотрена структура и основные элементы финансового механизма трансформации сбережений населения в инвестиционные ресурсы в Украине. Дополнена классификация сбережений населения по форме их участия в экономических и инвестиционных процессах: пассивные, условно-активные и активные сбережения.
Идентифицировано факторы влияния на сберегательную и инвестиционную поведение населения в Украине, выявлены основные тенденции трансформации сбережений населения в инвестиции и обобщен международный опыт привлечения таких сбережений для финансирования развития экономики страны.
Сформулированы рекомендации по совершенствованию теоретической конструкции финансового механизма трансформации сбережений населения с учетом мирового опыта. Обоснованы приоритетные направления использования сбережений населения для обеспечения развития национального хозяйства и разработаны практические рекомендации инвестиционного использования сбережений населения Украины. Разработаны предложения по повышению экономической эффективности инвестиционного использования сбережений.<br>The thesis is devoted to the study of the households’ savings, saving behavior of the population and major forms in which households accumulate savings. The key elements of the financial mechanism of households’ savings transformation into investment resources are analyzed. The respective recommendations for the mobilization and investment use of public savings are developed. The author focuses the research on the issue on the concept of household saving investment potential as one of the key sources of internal financial resources of the economy.
The author defines the household savings as a system of relations arising with respect to the income of the households and accumulation of a certain part of it in order to save it in various forms of accumulation of funds, property and wealth. The objective necessity and economic purpose of the households savings and its transformation into investment resources of the economy were investigated. The classification of the savings types according to their penetration into economic system and investment processes is defined, distinguishing passive savings, i.e. those that virtually do not take part in economic processes and are stored in cash or in the form of precious metals and other assets; semi-active ones, which mainly include deposit and savings deposits, etc., i.e. they are essentially involved in economic processes, but can only be converted into investments through a network of financial intermediaries; and active savings, which are investments in capital (housing) construction, share capital of enterprises and organizations, and essentially are investments.
Long-term term trends of the international experience of the investment use of savings of the households are studied. It was concluded that savings to income ratio in Ukraine corresponds to the level of developed countries, which have a high level of incomes, while the Ukrainian households’ incomes are much lower and are not sufficient for the national economy to be the source to adequate level of financial resources for investments.
The core elements of the financial mechanism of the transformation of the households savings into investments are determined. Methodological approaches to assessing the state of the functioning of the financial mechanism of transformation of public savings into investment resources of the economy and their investment and resource potential, which is reflected by the propensity to accumulation of passive and semi-active savings, are proposed within the thesis. Given the high share of passive savings held by households of Ukraine, it was concluded that the most important task of the government, the NBU, the Ministry of finance and other state institutions would be adjusting functioning of the financial mechanism and develop financial instruments and tools to convert such passive savings into active investments. That would allow mobilization of massive financial resources essential for sustainable long-term economic growth of Ukraine.
It was determined that bank deposits are the prevailing form of public savings in Ukraine, accounting for UAH 530 billion, or about 56% of the total value of accumulated households savings in Ukraine. An analysis of the dynamics of household investment in alternative financial instruments showed that their volumes are relatively insignificant, so that deposits dominate the household savings in Ukraine. As a result, it was concluded that passive savings prevail in the national economy, indicates the dominance of the insurance motive to savings as compared to the investment motive.
The author substantiates the priority measures to intensify accumulation of public savings and their use for development of the national economy, as well as develops practical recommendations on improvement of the financial mechanism of transformation of the savings of the population into the investments of Ukraine. Proposals are developed to increase the economic efficiency of investment use of public savings and increase the propensity of the population to save. Implementation of the offered proposals will increase the efficiency of interactions of the population with the financial intermediaries and will ensure the necessary prerequisites for the increase of the share of semi-active and active savings in the economy, as well as growth of investments of Ukraine.
The proposals to increase the economic efficiency of investment use of household savings in Ukraine were developed, including: development of financial intermediation institutions and instruments of stock market infrastructure aimed to effectively consolidate household savings and transform by maturity and currencies for the purpose of effective investments into national economy; completing the reform of Ukrainian financial market regulation in order to ensure effective supervision of the activities of financial market entities and ensure the rights of citizens (lenders) and their full protection in the formation and use of savings.
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Komicha, Hussien Hamda. "Farm household economic behaviour in imperfect financial markets : empirical evidence and policy implications on saving, credit and production efficiency in Southeastern Ethiopia /." Uppsala : Dept. of Economics, Swedish University of Agricultural Sciences, 2007. http://epsilon.slu.se/200778.pdf.
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Зваричук, Н. М. "Заощадження домогосподарств та їх місце у формуванні ресурсної бази банків". Thesis, Одеський національний економічний університет, 2021. http://local.lib/diploma/zvarychuk.pdf.
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Доступ до роботи тільки на території бібліотеки ОНЕУ, для переходу натисніть на посилання нижче<br>Кваліфікаційна робота магістра складається з трьох розділів.
Об’єктом дослідження є процеси формування ресурсного потенціалу банків за рахунок заощаджень домогосподарств.
Предметом дослідження є теоретичні та практичні засади перетворення заощаджень домогосподарств в основне джерело формування ресурсного потенціалу банків.
Мета дослідження полягає в обґрунтуванні теоретичних підходів та розробленні практичних рекомендацій щодо формування ресурсного потенціалу банків на основі заощаджень домогосподарств.
У роботі досліджено економічну сутність поняття «заощадження домогосподарств»; виявлено фактори формування ощадної поведінки домогосподарств; визначено місце і роль заощаджень домогосподарств у формуванні ресурсної бази банків.
Проаналізовано структуру та динаміку доходів домогосподарств України; досліджено вплив депозитних вкладів домогосподарств у формуванні ресурсної бази банків України; здійснено оцінку рівня концентрації депозитів домогосподарств на ринку банківських депозитних послуг на прикладі банків Одеського регіону.
Обґрунтовано науково-методичний підхід до визначення впливу макроекономічних факторів на формування банківських депозитів домогосподарств; запропоновано комплексний підхід до підвищення рівня фінансової грамотності у контексті реалізації ощадної поведінки домогосподарств; виділено основні рекомендації щодо активізації ощадної поведінки домогосподарств у сучасних умовах.<br>The object of research is the processes of forming the resource potential of banks at the expense of household savings.
The subject of research is the theoretical and practical foundations of converting household savings into the main source of forming the resource potential of banks.
The purpose of the study is to substantiate theoretical approaches and develop practical recommendations for the formation of the resource potential of banks based on household savings.
The paper examines the economic essence of the concept of "household savings"; identifies factors in the formation of household savings behavior; determines the place and role of household savings in the formation of the resource base of banks.
The structure and dynamics of household incomes in Ukraine are analyzed; the influence of household deposits in the formation of the resource base of Ukrainian banks is studied; the level of concentration of household deposits in the market of bank deposit services is estimated on the example of banks in the Odessa region.
A scientific and methodological approach to determining the influence of macroeconomic factors on the formation of bank deposits of household savings is substantiated; a comprehensive approach to improving the level of financial literacy in the context of implementing household savings behavior is proposed; the main recommendations for activating household savings behavior in modern conditions are highlighted.
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Tewoldeberhan, Ruth W. "The impact of saving in reducing risks: A case study of Mathabatha Village Bank, Limpopo province, South Africa." University of the Western Cape, 2003. http://hdl.handle.net/11394/6481.
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Magister Commercii - MCom<br>The minithesis argues that microfinance institutions help their clients by offering saving services, through which the clients will be able to get 'chunks of money' on a regular basis . These 'chunks of money' enable them to protect against emergency risks for it acts as a crisis-coping mechanism by building up the asset base in its physical, financial, human, and social sense. The accumulation of an asset base is not only critical in fighting risks ahead of time, but also enables poor clients to protect against losses afterwards . Thus the saving services provided by these institutions are essential in improving their clients' capacity to build up and manage their assets.
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Rodrigues, Bruno Gorgulho. "Income inequality and human capital development." reponame:Repositório Institucional do FGV, 2014. http://hdl.handle.net/10438/11494.
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Previous issue date: 2014-02-06<br>Human Capital investments are essential for the economic development of a country. In Brazil, several sources point to the lack of qualified workforce as a cause of slower economic growth. This dissertation explores the theoretical linkages made from income inequality to economic performance. The empirical section focuses on one of the theories presented, the one on creditmarket imperfections. According to this theory, imperfect credit markets are poor resource allocators and do not allow for low income individuals to invest in their own human capital. In Brazil, there is a lack of empirical studies aimed at testing the channels through which inequality affects growth, therefore this research gains significance. The results presented here were drawn from family household survey – POF – undertaken by the IBGE. Data has evidenced that education investments grow as a percentage of the total budget with raises of income. Raises in income for very high income classes do not increase education spending. The data suggests the existence of a budget constraint for low and middle class Brazilians from all regions. It has been found strong evidence that low and middle income classes in Brazil have limited access to credit-markets. Therefore, there is evidence that redistribution would increase aggregate spending on education.<br>Investimentos em capital humano são essenciais para o desenvolvimento econômico de um pais. No Brasil, diversas fontes apontam para a falta de mão de obra qualificada como sendo uma das causas de um fraco crescimento econômico. Esta dissertação explora as teorias que ligam desigualdade de renda com performance econômica. A parte empírica se foca em uma das teorias apresentadas, a de imperfeições no mercado de credito. De acordo com esta teoria, mercados de credito imperfeitos são fracos alocadores de recursos e não possibilitam que indivíduos de baixa renda invistam no próprio capital humano. No Brasil, há uma escassez de estudos empíricos focados em testar os canais através dos quais a desigualdade de renda afeta o crescimento, trazendo significância para esta dissertação. Os resultados apresentados aqui foram obtidos através da pesquisa familiar – POF – realizada pelo IBGE. Os dados mostram que investimentos em educação crescem como percentual do orçamento com o aumento da renda familiar. Aumentos de renda para classes de renda já elevadas não provocam igual aumento nas despesas educacionais. Os dados sugerem a existência de uma restrição orçamentária para Brasileiros de baixa e média renda independente da região. Foram encontradas fortes evidencias de que classes de baixa e média renda no Brasil tem acesso limitado ao mercado de credito. Portanto, existe evidencia de que redistribuição aumentaria o gasto agregado em educação.
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Pierce, Nancy L. "Precautionary savings behavior of maritally-stressed households /." free to MU campus, to others for purchase, 2004. http://wwwlib.umi.com/cr/mo/fullcit?p3137736.
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Македон, Г. М. "Вплив споживання та заощаджень домогосподарств на модернізацію регіональних господарських систем". Thesis, Ніжин, 2017. http://ir.stu.cn.ua/123456789/15392.
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Македон, Г. М. Вплив споживання та заощаджень домогосподарств на модернізацію регіональних господарських систем : дис. ... канд. екон. наук : 08.00.05 / Г. М. Македон. - Ніжин, 2017. - 256 с.<br>Дисертація є рукописом, у якому обґрунтовано теоретико-методологічні основи формування споживання та заощаджень домогосподарств і розроблено практичні рекомендації їх участі у модернізації регіональних господарських систем.
Узагальнено теоретичні підходи до розуміння сутності споживання та заощадження в контексті економічних теорій та сформульовано їх авторське трактування. Зокрема споживання пропонується класифікувати як кінцеву фазу суспільного відтворення за рахунок доходу, одержаного у грошовій та натуральній формах, а також ресурсів, вироблених в особистих підсобних господарствах і спрямованих на ефективне функціонування головної продуктивної сили – людини. А заощадження домогосподарств – частину доходу домогосподарства, що залишається після споживчих витрат і спрямовується у нагромадження людського потенціалу та його капіталізації у перспективному періоді.<br>The dissertation is a manuscript, which substantiates theoretical and methodological foundations of the formation of consumption and household savings and develops practical recommendations for their participation in the modernization of regional economic systems.
Theoretical approaches to understanding the essence of consumption and savings in the context of economic theories are generalized and their author's interpretation is formulated. In particular, consumption is proposed to be classified as a final phase of social reproduction at the expense of income received in cash and in kind, as well as resources produced in personal subsidiary farms and aimed at the effective functioning of the main productive force - a person. And household savings are a part of household income that remains after consumer spending and is directed to accumulation of human potential and its capitalization in a prospective period.
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Yayi, Adémola Eric. "Les choix de portefeuille des ménages au cours du cycle de vie." Thesis, Orléans, 2015. http://www.theses.fr/2015ORLE0507/document.
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La complexité grandissante des produits financiers proposés aux ménages et les innovations financières récentes ont révélé la vulnérabilité et la difficulté des ménages `à prendre des décisions appropriées. Afin de mieux comprendre leur comportement, cette thèse se concentre sur les choix de portefeuille des ménages au cours de leur cycle de vie. Quatre chapitres ont ´été d´développés dans ce but. Les conseillers en patrimoine suggèrent aux ménages de de s’investir en actifs risqués à l’approche de la retraite. Le chapitre 1 apporte un éclairage sur cette recommandation. Nous montrons que le profil d’investissement fondé sur cette recommandation n’est pas préférable à un profil d’investissement constant en raison de la sensibilité de leur performance aux marchés et période d’investissement. Cela nous a amené à analyser la relation entre les choix financiers et l’inertie de portefeuille dans le chapitre 2. Il ressort que la part d’actifs risqués est sensible à la conjoncture boursière mais essentiellement à la date d’ouverture du contrat. Les ménages maintiennent le plus souvent leur décision d’investissement tout au long de la durée du contrat. En revanche, en cas de fortes variations boursières, ils réajustent leurs portefeuilles. Ils sont plus sensibles aux baisses qu’aux hausses boursières. L’inertie de portefeuille est influencée par l’ˆâge de l’´épargnant et la date d’ouverture du contrat. Nous approfondissons le résultat de l’effet de l’âge sur l’inertie. Le chapitre 3 étudie donc comment varie la part d’actifs risqués avec l’âge. Nous montrons que cette part décline de façon régulière. Enfin le chapitre 4 analyse la participation des ménages au marché financier ainsi que les incidences de l’environnement économique sur les choix de portefeuille. Nous montrons que les facteurs institutionnels encouragent l’investissement dans l’immobilier au détriment des actifs risqués. Les choix de portefeuille des ménages sont aussi influencés par des facteurs d´démographiques et sociaux<br>The increasing complexity of financial products offered to households and the recent financial inno-vations have revealed households’ vulnerability and their difficulty in making appropriate decisions. Tounderstand their behaviour, this thesis deals with household portfolio choice over their life cycle. It consistsof four chapters. Professional financial planners often advise savers that the fraction of wealth held in riskyassets should decline with age or the distance to retirement. Chapter 1 sheds light on this recommendation.We show that the investment profile based on this recommendation is not preferable to an investment profilewhose share invested in risky assets remains constant over time, due to the sensitivity of their performance tomarket and investment length. This led us to analyse the relationship between financial decisions and portfolioinertia in Chapter 2. It appears that the risky share is sensitive to market conditions, but mainly at the dateof subscription. Once the initial share has been selected, inertia of portfolio choice is observed as investorsrarely revise their position subsequently. However, in case of large swings in financial markets, portfolio inertiafalls, and even more so when market go down. The propensity to inertia is influenced by savers’ age, the time,and the subscription date of the contract. Chapter 3 examines how household risky share vary with age. Weshow that the share of capital invested in unit-linked funds chosen by the investor declines steadily. Chapter 4analyses household participation in financial markets and the impact of the economic environment on portfoliochoice. We show that institutional factors encourage investment in real estate at the expense of risky assets.In addition to their economic environment, household portfolio choices are influenced by demographic andsocial factors
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Repetto, Andrea. "Household saving and factor prices." Thesis, Massachusetts Institute of Technology, 1998. http://hdl.handle.net/1721.1/10117.
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Chen, Peng. "Household saving and portfolio allocation /." The Ohio State University, 1997. http://rave.ohiolink.edu/etdc/view?acc_num=osu14879457445752.
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Fong, Yeng Fatt. "Transsectorial influences, ultrarationality and household saving /." Title page, contents and introduction only, 1985. http://web4.library.adelaide.edu.au/theses/09EC/09ecf674.pdf.
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Essig, Lothar. "Savings Behavior of Private Households in Germany." [S.l. : s.n.], 2005. http://swbplus.bsz-bw.de/bsz117934933inh.htm.
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Chou, Wan-Jung. "Saving behaviour of British households." Thesis, University of Bath, 2007. https://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.487554.
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Using the data from the British Household Panel Survey (BHPS), this thesis studies British households' saving behaviour taking into account the concept of inconsistent time preference. The concept of inconsistent time preference suggests that households' time preferences are hyperbolic, and such households appear averse to saving for the short term and favour saving for the long term. This thesis is set out based on two theoretical models: one is the buffer-stock model and the other is the quasi-hyperbolic life-cycle consumption model. The buffer-stock model under a life-cycle/permanent income hypothesis posits that households make precautionary savings to buffer income uncertainty in the next period, and this is known as precautionary saving behaviour. Based on the same theoretical specifications, the quasi-hyperbolic life-cycle consumption model distinguishes itself from the previous model by assuming that households' time preferences are qualitatively hyperbolic. As a consequence, one theoretical anomaly emerges: precautionary saving effect may be found missing for a household with a hyperbolic discount function. Econometric estimation methods are employed to carry out three empirical studies to examine the determinants of households' short-term saving behaviour and long-term saving behaviour respectively. In the empirical framework, the anomaly mentioned previously is investigated. Moreover, the theoretical implications of the quasi-hyperbolic consumption model are examined. In general, the empirical findings of this study suggest that British households' saving behaviour can be explained by the quasi-hyperbolic consumption model. First of all, the precautionary saving effect is found to be missing. Secondly, those households who possess illiquid wealth tend to save less for unexpected events in the short term and prefer to save for the long term, and this is consistent with the pattern that hyperbolic households would exhibit. Thirdly, households' long-term savings-age profiles over the life cycle exhibit life-cycle effects, whereas their short-term savings profiles remain constant throughout the young and middle age groups.