The Government of the Russian Federation
the Federal State Autonomous Educational Institution of Higher
Education
«National Research University «Higher School of Economics»
Sociological department
Course syllabus
Economic sociology of consumer finance
The auther of the course:
[Olga Kuzina, PhD in Economics and in Sociology, kuzina@hse.ru]
Moscow, 2013
This program can not be used by other departments of the University and other universities
or colleges without a permission from Economic Sociology department.
1
Course objectives
The «Economic sociology of consumer finance» Bachelor Program is developed according
to the standard educational requirements of the Federal State Autonomous Educational
Institution of Higher Education «National Research University «Higher School of
Economics» (HSE)
The main goal of this unit is to develop a critical, reflexive, and interdisciplinary approach
to key problems in contemporary research on financial behaviour of households.
2
Learning outcomes
At the end of this unit and having completed the essential reading and activities students
will develop the following competences:
•
Knowledge of theoretical models of households savings behaviour which are
developed in economic theory, economic psychology and economic sociology;
•
Analytical skills to understand and interpret macro and micro statistics on
household incomes and savings, developing evidence based arguments;
•
Overview of the results of empirical research on household incomes and savings;
•
Research-related skills - to evaluate different research designs and methods, to
formulate researchable questions, to construct questionnaire/interview guide, to write
analytical reports using the data from national surveys as well focus groups discussions;
•
Practicing English for academic purposes.
3
Prerequisites
Students are supposed to be familiar with Principles of Sociology and English for
academic writing.
4
№
1
2
3
4
5
6
7
Course outline
Topics
Lectures 1-2. The main concepts and definitions
of financial behaviour of households. Conceptual
and operational defenitions
Lecture 3. Economic models of personal savings
Lecture 4. Economic models of portfolio choice
Lecture 5. Psychological approach to studying
saving behaviour of household
Lecture 6. Behavioral economics of consumer
finnce
Lectures 7. Social embeddednes of financial
behaviour of individuals and households
Lecture 8. Family budget management
Total
numb
er of
hours
Credit hours
Selfstud
y
hour
s
16
Lectur
es
4
Semina
rs
4
8
8
8
8
2
2
2
2
2
2
4
4
4
8
2
2
4
8
2
2
4
8
2
2
4
2
8
9
Lectures 9. Trust to financial institutions
Lecture 10. Access to financial services, financial
inclusion, saving motives
Lecture 11. Financial literacy and financial
capability of individuals
Lecture 12. Household retirement strategies
Lecture 13. The Sociology of money and
electronic commerce
Lecture 14. The sociology of consumer credit
Lecture 15. Investment behaviour of households
and financial frauds
Lecture 16. Marketing research for banks,
investment funds and insurance companies
Total
10
11
12
13
14
15
5
2
2
2
2
4
4
8
2
2
4
8
8
2
2
2
2
4
4
8
8
2
2
2
2
4
4
6
2
2
2
126
32
32
62
Assessment
Type of Form of
assessme assessment
nt
Intermedi Test
ate
(week)
Presentations
Final
5.1
8
8
Exam
First
Parameters
semeste
r
5
Written test 20
minutes
7
Written test 20
minutes
During Presentation for 10-15
each
minutes and response
seminar to questions during or
at the end of each
presentation
Written test 90
minutes, marking – 7
days
Marking criteria
Written test 1 – Theory quest. Students are supposed to demonstrate their knowledge of
theoretical models of households’ financial behaviour which are developed in economic
theory, economic psychology and economic sociology.
Written test 2 – 1.Improve the questionnaire. Students are given the list of 5 survey
questions which have different mistakes in their wording. Students are supposed to indicate
problems and improve questions to get higher construct validity of the measurement. 2.
Interpret the data. Students are given a number of diagrams and tables based on research on
consumer finance which they are supposed to interpret.
Written test 3 - Final exam. It tests all knowledge and skills mastered during the course.
All marks are given using 10 point system.
3
6
Outline topics and lists of obligatory and supplementary readings
Lectures 1-2. The main concepts and definitions of financial behaviour of households.
Conceptual and operational defenitions
Lectures - 4 hours, seminars – 4 hours, self-study – 8 hours.
Financial behaviour of households as a research subject in different social disciplines
(economic theory, economic psychology, economic sociology).
Who takes financial decisions: household, family, or individual?
Household resources and household incomes. A theoretical definition of income. Hicks’
definition of income. How to operationalize this concept into empirical research.
Household income and expenditures statistics. The concept of household savings: flows of
savings and stock of savings. Saving rate. Time period of measurements. Positive and
negative savings.
Macro and micro statistics of savings. Savings statistics in Russia. International
comparison of savings rates across countries and their dynamics.
Forms of savings. Durables and savings. Savings and investments. Savings and debts.
Problems of overestimation of savings in official statistics on incomes and savings in
Russia.
Survey questions on incomes, wealth, consumption, savings in consumer research.
Problems of wording. How to avoid sensitive questions. National surveys of incomes and
expenditures.
Russian Longitudinal Monitoring Survey – questionnaire and data set. Research questions
which may be answered by using this data set.
Seminars 1-2. Students make presentations on any of the following papers
Utz-Peter Reich Concept And Definition Of Income In The National Accounts,
Review of Income and Wealth, Volume 37 Issue 3, 1991, Pages 235 – 247.
http://www.roiw.org/1991/235.pdf
Иванов Ю.Н., Хоменко Т.А. Проблемы и методы статистики сбережения
населения в соответствии с концепциями СНС, Экономический журнал
ВШЭ. 1998, Т.2, №4.С.508-515. http://library.hse.ru/eresources/HSE_economic_journal/articles/02_04_05.pdf
Stroutchenevski, A., Statistics on Savings and Investment in Russia. Russian Economic
Trends, Vol. 11, Issue 1, pp. 42-47, 2002.
http://82.179.249.32:2069/login.aspx?direct=true&db=bth&AN=5894322&site=ehost
-live
Crossley, Thomas. Measuring Consumption and Saving: Introduction, Fiscal
Studies Volume: 30 Issue: 3-4 , 2009, p. 303-307.
http://82.179.249.32:2368/journal/123210104/issue
Smeeding, T. M., Weinberg В.Р. Toward a Uniform Definition of Household Income.
Review of Income and Wealth series 2001, 47 no. 1 (March), pp. 1-24.
http://82.179.249.32:2069/login.aspx?direct=true&db=bth&AN=6373834&site=e
host-live
Attanasio O.P., Banks J. The Assessment: Household Saving – Issues in Theory and
Policy. Oxford Review of Economic Policy, 2001, Vol. 17, No.1, pp. 1-3.
http://82.179.249.32:2060/pqdlink?did=74682545&sid=1&Fmt=3&clientId=4597
5&RQT=309&VName=PQD
4
Bucks, B.K., Kennickell, A.B., Moore, K.B. Recent Changes in U.S. Family
Finances. Evidence from the 2001 and 2004 Survey of Consumer Finances, Federal
Reserve Bulletin, 2006, 92, pp. A1-A38.
http://82.179.249.32:2060/pqdlink?did=1258050811&sid=1&Fmt=2&clientId=45
975&RQT=309&VName=PQD
Brugiavini, A., Weber, G., 2003. Chapter 2 - Household Saving: Concepts and
Measurement, in: Life-Cycle Savings and Public Policy. Academic Press, Boston,
pp. 33–55.
http://www.sciencedirect.com/science/article/pii/B9780121098919500336
Banks, J A & Johnson, P (1998) How Reliable is the Family Expenditure Survey?
Trends in Incomes and Expenditures over time, Institute for Fiscal Studies, London
http://www.ifs.org.uk/publications/1890
Roger Thomas - Income - Commentary
http://surveynet.ac.uk/sqb/qb/topics/income/incomeintro.htm
Николаенко С.А. Личные сбережения населения // Экономический журнал
ВШЭ, том 2, №4, с. 500-507. http://library.hse.ru/eresources/HSE_economic_journal/articles/02_04_04.pdf
David Comerford, Liam Delaney, Colm Harmon, Experimental Tests of Survey
Responses to Expenditure Questions, Volume 30 Issue 3-4 Special Issue: Special
Issue on Measuring Consumption and Saving, 2009, p 419-433
http://www3.interscience.wiley.com/cgi-bin/fulltext/123210105/PDFSTART
Essig L., Winter J.K. Item Non-Response to Financial Questions in Household
Surveys: An Experimental Study of Interviewer and Mode Effects, Fiscal Studies
Volume 30 Issue 3-4 Special Issue: Special Issue on Measuring Consumption and
Saving, 2009, pp. 367-390 http://onlinelibrary.wiley.com/doi/10.1111/j.14755890.2009.00100.x/pdf
Banks, J, Blundell, R & Smith, J P (2003) Understanding Differences in Household
Financial Wealth Between the United States and Great Britain. Journal of Human
Resources, 38(2), pp.241-279.
http://82.179.249.32:2069/login.aspx?direct=true&db=bth&AN=9519972&lang=r
u&site=ehost-live
Schrapler, J (2006) Explaining Income Nonresponse: A Case Study by Means of the
British Household Panel Study (BHPS). Quality and Quantity, 40 (6) pp.10131036.
http://82.179.249.32:2119/docview/783977852/fulltextPDF/13E8B45EA7445E5B4
54/7?accountid=45451
Alessie R., Kapteyn A. New Data for Understanding Saving. Oxford Review of
Economic Policy, 2001, Vol. 17, No.1, pp. 55-69.
http://82.179.249.32:2460/cgi/reprint/17/1/55?maxtoshow=&hits=10&RESULTFO
RMAT=&fulltext=New+Data+for+Understanding+Saving&searchid=1&FIRSTIN
DEX=0&resourcetype=HWCIT
Warneryd K-E. Survey Studies of Saving, Survey Questions, What Do People Mean
by Saving, Empirical Measures of Household Wealth and Saving. In The
psychology of saving. A study on economic psychology. Cheltenham, UK: Edward
Elgar, 1999, pp.63-71.
5
Kapteyn, Arie, Federica Teppa. Subjective measures of risk aversion, fixed costs,
and portfolio choice». DNB W o r k i n g P a p e r, No. 216 / July 2009.
http://www.dnb.nl/binaries/Working%20paper%20216_tcm46-220406.pdf
Crossley, Thomas F. Measuring Consumption and Saving: Introduction. Fiscal
Studies 30, № 3–4 (2009): 303–307.
http://onlinelibrary.wiley.com/doi/10.1111/j.1475-5890.2009.00097.x/pdf
Bonke, Jens, Martin Browning. The Allocation of Expenditures Within the
Household: A New Survey. Fiscal Studies 30, № 3–4 (2009): 461–481.
http://onlinelibrary.wiley.com/doi/10.1111/j.1475-5890.2009.00104.x/pdf
Lecture 3. Economic models of personal savings
Lectures - 2 hours, seminars – 2 hours, self-study – 4 hours.
Average and marginal propensity to consume/ to save. Consumption/Savings function.
Theory of J.M.Keynes and early empirical work (cross section data and time series data).
The intertemporal choice and saving (I.Fisher). Neo-classical models of savings behaviour
of households: Permanent Income Hypothesis (M.Friedman) and Life-Cycle Hypothesis
(F.Modigliani).
Empirical puzzles (stylised facts) of household savings behaviour. International
comparisons of household saving. The puzzle of the U-shaped savings-age profile in
Russia.
Introduction of the assumption of uncertainty of future incomes in the models of household
saving behavior. Precautionary savings. Liquidity constraints.
Seminar 3. Students make presentations on any of the following papers
Orazio P. Attanasio Consumption, in J. Taylor and M. Woodford (eds): Handbook
of Macroeconomics, North Holland, 2000. Pages 741-812
http://82.179.249.32:2072/science/handbooks/15740048
Modigliani, Franco and Richard Brumberg, 1954. Utility Analysis and the
Consumption Function: An Interpretation of Cross-Section Data, in Modigliani,
Franco. The Collected Papers of Franco Modigliani Vol. 6. Vol. 6. Cambridge, MA
[etc.]: MIT, 2005, p. 3-45.
http://www.google.ru/url?sa=t&rct=j&q=Modigliani%2C+collected+papers&sou
rce=web&cd=3&cad=rja&ved=0CD0QFjAC&url=http%3A%2F%2Fwww.novas
be.unl.pt%2Fpt%2Fresearch-in-finance%2Fpublicationsapp%3Ftask%3Dcallelement%26format%3Draw%26item_id%3D177%26element
%3D4943b49b-987e-46e7-9048924e8fdd2cfa%26method%3Ddownload&ei=q2v_UeCFISrPPzTgKAN&usg=AFQjCNHFQNoNbCFCCCqwXU0Lk86_6L1v4Q&bvm=b
v.50165853,d.ZWU
Ando, A., Modigliani, F. The Life Cycle Hypothesis of Savings: Aggregate
Implications and Tests (1963) American Economic Review, 53, pp. 55-84.
http://www.jstor.org/stable/1817129
Deaton A. Theoretical Foundations in Understanding Consumption, Chapter 1,
Oxford University, 1992 http://www.questia.com/read/36528640/understandingconsumption
6
Franco Modigliani & Shi Larry Cao, 2004. The Chinese Saving Puzzle and the
Life-Cycle Hypothesis, Journal of Economic Literature, American Economic
Association, vol. 42(1), pages 145-170, March.
http://82.179.249.32:2060/pqdlink?did=628334301&sid=2&Fmt=2&clientId=459
75&RQT=309&VName=PQD
Gregory, P.R., Mokhtari, M., Schrettl, W. Do Russians Really Save That Much:
Alternate Estimates from the Russian Longitudinal Monitoring Survey, The Review
of Economics and Statistics, November 1999, 81 (4): 694-703.
http://82.179.249.32:2060/pqdweb?did=47775748&sid=1&Fmt=2&clientId=4597
5&RQT=309&VName=PQD
Skoufias, E. (2003) ‘Consumption Smoothing in Russia: Evidence from the RLMS,’
Economics of Transition, Vol.11 (1): 67-91.
http://82.179.249.32:2072/doi/10.1111/1468-0351.00140/pdf
Notten, Geranda, Denis de Crombrugghe. Consumption smoothing in Russia.
Economics of Transition 20, № 3, 2012: 481–519.
http://82.179.249.32:2072/doi/10.1111/j.1468-0351.2012.00441.x/pdf
Guariglia, Alessandra, Byung-Yeon Kim. Earnings uncertainty, precautionary
saving, and moonlighting in Russia. Journal of Population Economics 17, № 2,
2004: 289–310. http://www.jstor.org/stable/20007909
Poterba, James M. (Editor) Introduction in International Comparisons of
Household Saving, University of Chicago Press, 1995, p. 1-10.
http://site.ebrary.com/lib/hselibrary/docDetail.action?docID=10216950
Börsch-Supan, A., 2003. Preface, in: Life-Cycle Savings and Public Policy.
Academic Press, Boston, p. xi. http://ac.els-cdn.com/B9780121098919500312/3s2.0-B9780121098919500312-main.pdf?_tid=0d9a1824-c1f3-11e2-9fc100000aab0f27&acdnat=1369126222_a71f6127fa134f0cf2d72ea3e8f90f19
Börsch-Supan, A., Lusardi, A., 2003. Chapter 1 - Saving: A Cross-National
Perspective, in: Life-Cycle Savings and Public Policy. Academic Press, Boston, pp.
1–31. http://ac.els-cdn.com/B9780121098919500324/3-s2.0B9780121098919500324-main.pdf?_tid=44866bf8-c1f3-11e2-9fc100000aab0f27&acdnat=1369126314_ab22a7f769f57e2940e9ed0a2cc03b58
Börsch-Supan, A., Reil-Held, A., Schnabel, R., 2003. Chapter 3 - Household Saving
in Germany, in: Life-Cycle Savings and Public Policy. Academic Press, Boston, pp.
57–99. http://ac.els-cdn.com/B9780121098919500348/3-s2.0B9780121098919500348-main.pdf?_tid=552826c2-c1f3-11e2-9fc100000aab0f27&acdnat=1369126342_6a4949f822cc4ccb1a95dcf7427eedf3
Brugiavini, A., Padula, M., 2003. Chapter 4 - Household Saving Behavior and
Pension Policies in Italy, in: Life-Cycle Savings and Public Policy. Academic
Press, Boston, pp. 101–148. http://ac.els-cdn.com/B978012109891950035X/3-s2.0B978012109891950035X-main.pdf?_tid=6b2069a8-c1f3-11e2-9fc100000aab0f27&acdnat=1369126379_7e526be0faf8686e55ab9866c8557693
Kitamura, Y., Takayama, N., Arita, F., 2003. Chapter 5 - Household Savings and
Wealth Distribution in Japan, in: Life-Cycle Savings and Public Policy. Academic
Press, Boston, pp. 149–203. http://ac.els-cdn.com/B9780121098919500373/3-s2.0B9780121098919500373-main.pdf?_tid=84ecde98-c1f3-11e2-9fc100000aab0f27&acdnat=1369126422_76c7037903e29b80bd26e1bffab4d9d8
7
Alessie, R., Kapteyn, A., 2003. Chapter 6 - Savings and Pensions in the
Netherlands, in: Life-Cycle Savings and Public Policy. Academic Press, Boston,
pp. 205–255. http://ac.els-cdn.com/B9780121098919500385/3-s2.0B9780121098919500385-main.pdf?_tid=9311ba34-c1f3-11e2-9fc100000aab0f27&acdnat=1369126446_f5d44f7d3d5d342f44450265fc090b4b
Banks, J., Rohwedder, S., 2003. Chapter 7 - Pensions and Life-Cycle Savings
Profiles in the UK, in: Life-Cycle Savings and Public Policy. Academic Press,
Boston, pp. 257–313. http://ac.els-cdn.com/B9780121098919500403/3-s2.0B9780121098919500403-main.pdf?_tid=a94c0bf6-c1f3-11e2-9fc100000aab0f27&acdnat=1369126483_e7fc01fc116ad8d5f84987ce4330dec1
Attanasio, O.P., Paiella, M., 2003. Chapter 8 - Household Saving Behavior and
Pension Policies in the United States, in: Life-Cycle Savings and Public Policy.
Academic Press, Boston, pp. 315–356. http://ac.elscdn.com/B9780121098919500440/3-s2.0-B9780121098919500440main.pdf?_tid=b6c177a8-c1f3-11e2-9fc100000aab0f27&acdnat=1369126506_809859fdf278b8501a67ef00f92bdb60
Cagetti, M., 2003. Wealth Accumulation over the Life Cycle and Precautionary
Savings. Journal of Business & Economic Statistics 21, 339–353.
http://www.jstor.org/stable/1392584
Shorrocks, A.F. (1975) ‘The age-wealth relationship: A cross-section and cohort
analysis.’ Review of Economics and Statistics 57: 155-163.
http://82.179.249.32:2069/login.aspx?direct=true&db=bth&AN=4650423&site=e
host-live
Orazio P. Attanasio & Guglielmo Weber, 2010. Consumption and Saving: Models
of Intertemporal Allocation and Their Implications for Public Policy, NBER
Working Papers 15756, National Bureau of Economic Research, Inc.
http://ideas.repec.org/p/nbr/nberwo/15756.html
Hall, Robert E, 1978. Stochastic Implications of the Life Cycle-Permanent Income
Hypothesis: Theory and Evidence, Journal of Political Economy, 86(6), 971-87.
Stable URL: http://www.jstor.org/stable/1840393
Attanasio O.P., Banks J. The Assessment: Household Saving – Issues in Theory and
Policy. Oxford Review of Economic Policy, 2001, Vol. 17, No.1, pp. 3-10.
http://82.179.249.32:2060/pqdlink?did=74682545&sid=1&Fmt=3&clientId=4597
5&RQT=309&VName=PQD
Meng, X. (2003). Unemployment, consumption smoothing, and precautionary
saving in urban China. Journal of Comparative Economics, 31(3), 465–485.
doi:10.1016/S0147-5967(03)00069-6
http://www.sciencedirect.com/science/article/pii/S0147596703000696
Huggett, M., & Ventura, G. (2000). Understanding why high income households
save more than low income households. Journal of Monetary Economics, 45(2),
361–397. doi:10.1016/S0304-3932(99)00058-6
http://www.sciencedirect.com/science/article/pii/S0304393299000586
Guariglia, A., & Rossi, M. (2002). Consumption, habit formation, and
precautionary saving: evidence from the British Household Panel Survey. Oxford
Economic Papers-New Series, 54(1), 1–19. doi:10.1093/oep/54.1.1
http://oep.oxfordjournals.org/content/54/1/1
8
Ziliak, J. P. (2003). Income transfers and assets of the poor. Review of Economics
and Statistics, 85(1), 63–76. doi:10.1162/003465303762687712
http://www.mitpressjournals.org/doi/abs/10.1162/003465303762687712
Attanasio, O. P., & Weber, G. (2010). Consumption and Saving: Models of
Intertemporal Allocation and Their Implications for Public Policy. Journal of
Economic Literature, 48(3), 693–751. doi:10.1257/jel.48.3.693
http://www.aeaweb.org/articles.php?doi=10.1257/jel.48.3.693
Souleles, N. S. (2002). Consumer response to the Reagan tax cuts. Journal of
Public Economics, 85(1), 99–120. doi:10.1016/S0047-2727(01)00113-X
http://www.sciencedirect.com/science/article/pii/S004727270100113X
Jappelli, T., & Pistaferri, L. (2006). Intertemporal choice and consumption
mobility. Journal of the European Economic Association, 4(1), 75–115.
doi:10.1162/154247606776014640
http://onlinelibrary.wiley.com/doi/10.1162/jeea.2006.4.1.75/abstract;jsessionid=88
D97C0421CE7FA9C8151E0BA66B4911.d01t03
Primiceri, G. E., & van Rens, T. (2009). Heterogeneous life-cycle profiles, income
risk and consumption inequality. Journal of Monetary Economics, 56(1), 20–39.
doi:10.1016/j.jmoneco.2008.10.001
http://www.sciencedirect.com/science/article/pii/S0304393208001517
Sarantis, N., & Stewart, C. (2003). Liquidity constraints, precautionary saving and
aggregate consumption: an international comparison. Economic Modelling, 20(6),
1151–1173. doi:10.1016/S0264-9993(02)00080-9
http://www.sciencedirect.com/science/article/pii/S0264999302000809
Wang, N. (2006). Generalizing the permanent-income hypothesis: Revisiting
Friedman’s conjecture on consumption. Journal of Monetary Economics, 53(4),
737–752. doi:10.1016/j.jmoneco.2005.04.005
http://www.sciencedirect.com/science/article/pii/S0304393206000377
Foley М., Pyle W.(2005) Household Savings in Russia during the Transition,
Middlebury College Economic Discussion Paper No.05-22, Middlebury, Vermont.
Denizer, C, Wolf, H.C. (1998) ‘Household Savings in Transition Economies’,
NBER working paper 6457, March, 3-12 . http://www.nber.org/papers/w6457.pdf
Skoufias, E. (2004) ‘Consumption Smoothing During the Economic Transition in
Bulgaria’, Journal of Comparative Economics 32: 328-347.
http://82.179.249.32:2063/S0147596704000277/1-s2.0-S0147596704000277main.pdf?_tid=4e9dc1d8-d088-11e2-ad4000000aab0f01&acdnat=1370729642_4208ab61201f9aca294d146851f80c95
Lecture 4. Economic models of portfolio choice
Lectures - 2 hours, seminars – 2 hours, self-study – 4 hours.
Positive and normative approaches to research on household finance. Problems of
measurement of wealth. The existing data sets with the detailed quantitative information on
household and individual asset holdings: Surveys of Consumer Finance, government tax
records, the Health and Retirement Survey (US), etc.
Household participation in financial markets and their asset allocation decisions,
diversification of risky asset holdings. Academic research on mortgages, barriers to
9
innovation in retail financial markets. Housing as an asset. Household lifecycle portfolio
allocations.
Seminar 4. Students make presentations on any of the following papers
Campbell, J.Y., 2006. Household finance. J. Finance. 61, 1553–1604.
doi:10.1111/j.1540-6261.2006.00883.x.
Christelis, D., Georgarakos, D., Haliassos, M., 2013. Differences in Portfolios
Across Countries: Economic Environment Versus Household Characteristics. Rev.
Econ. Stat. 95, 220–236. doi:10.1162/REST_a_00260.
Alessie, R., Hochguertel, S., van Soest, A., 2004. Ownership of stocks and mutual
funds: A panel data analysis. Rev. Econ. Stat. 86, 783–796.
doi:10.1162/0034653041811761.
Bertaut, C.C., Haliassos, M., 1997. Precautionary portfolio behavior from a lifecycle perspective. J. Econ. Dyn. Control 21, 1511–1542. doi:10.1016/S01651889(97)00060-2.
Chiappori, P.-A., Paiella, M., 2011. Relative Risk Aversion Is Constant: Evidence
from Panel Data. J. Eur. Econ. Assoc. 9, 1021–1052. doi:10.1111/j.15424774.2011.01046.x.
Christelis, D., Georgarakos, D., 2013. Investing at home and abroad: Different
costs, different people? J. Bank Finance. 37, 2069–2086.
doi:10.1016/j.jbankfin.2013.01.019.
Christiansen, C., Joensen, J.S., Rangvid, J., 2008. Are economists more likely to
hold stocks? Rev. Finance. 12, 465–496. doi:10.1093/rof/rfm026.
Cobb-Clark, D.A., Hildebrand, V.A., 2006. The wealth and asset holdings of USborn and foreign-born households: Evidence from SIPP data. Rev. Income Wealth
17–42.
Deidda, M., 2013. Precautionary Saving, Financial Risk, and Portfolio Choice.
Rev. Income Wealth 59, 133–156. doi:10.1111/roiw.12001.
Donkers, B., van Soest, A., 1999. Subjective measures of household preferences and
financial decisions. J. Econ. Psychol. 20, 613–642. doi:10.1016/S01674870(99)00027-6.
Guiso, L., Haliassos, M., Jappelli, T., Claessens, S., 2003. Household stockholding
in Europe: where do we stand and where do we go? Econ. Policy 123–+.
Guiso, L., Jappelli, T., Terlizzese, D., 1996. Income risk, borrowing constraints,
and portfolio choice. Am. Econ. Rev. 86, 158–172.
Guiso, L., Paiella, M., 2008. Risk Aversion, Wealth, and Background Risk. J. Eur.
Econ. Assoc. 6, 1109–1150. doi:10.1162/JEEA.2008.6.6.1109.
Achury, C., Hubar, S., Koulovatianos, C., 2012. Saving rates and portfolio choice
with subsistence consumption. Rev. Econ. Dyn. 15, 108–126.
doi:10.1016/j.red.2011.01.002.
10
Alan, S., 2006. Entry costs and stock market participation over the life cycle. Rev.
Econ. Dyn. 9, 588–611. doi:10.1016/j.red.2006.06.003.
Alan, S., 2012. Do disaster expectations explain household portfolios? Quant.
Econ. 3, 1–28. doi:10.3982/QE128.
Bergstresser, D., Poterba, J., 2004. Asset allocation and asset location: household
evidence from the survey of consumer finances. J. Public Econ. 88, 1893–1915.
doi:10.1016/j.jpubeco.2003.07.001.
Binswanger, J., 2012. Life cycle saving: Insights from the perspective of bounded
rationality. Eur. Econ. Rev. 56, 605–623. doi:10.1016/j.euroecorev.2012.01.003.
Bogan, V.L., Fertig, A.R., 2013. Portfolio Choice and Mental Health. Rev. Financ.
17, 955–992. doi:10.1093/rof/rfs016.
Bonaparte, Y., Cooper, R., Zhu, G., 2012. Consumption smoothing and portfolio
rebalancing: The effects of adjustment costs. J. Monetary Econ. 59, 751–768.
doi:10.1016/j.jmoneco.2012.10.012.
Bosi, S., Seegmuller, T., 2013. Rational bubbles and expectation-driven
fluctuations. Int. J. Econ. Theory 9, 69–83. doi:10.1111/j.1742-7363.2013.12002.x.
Browning, M., 2000. The saving behaviour of a two-person household. Scand. J.
Econ. 102, 235–251. doi:10.1111/1467-9442.00197.
Brunnermeier, M.K., Nagel, S., 2008. Do wealth fluctuations generate time-varying
risk aversion? Micro-evidence on individuals’ asset allocation. Am. Econ. Rev. 98,
713–736. doi:10.1257/aer.98.3.713.
Flavin, M., Yamashita, T., 2002. Owner-occupied housing and the composition of
the household portfolio. Am. Econ. Rev. 92, 345–362.
doi:10.1257/000282802760015775.
Goldman, D., Maestas, N., 2013. Medical Expenditure Risk and Household
Portfolio Choice. J. Appl. Econom. 28, 527–550. doi:10.1002/jae.2278.
Haliassos, M., Michaelides, A., 2003. Portfolio choice and liquidity constraints. Int.
Econ. Rev. 44, 143–177. doi:10.1111/1468-2354.t01-1-00065.
Hsu, J.C., 2012. What drives equity market non-participation? N. Am. Econ.
Financ. 23, 86–114. doi:10.1016/j.najef.2011.11.001.
Hu, X.Q., 2005. Portfolio choices for homeowners. J. Urban Econ. 58, 114–136.
doi:10.1016/j.jue.2005.02.002.
Hurd, M.D., 2009. Subjective Probabilities in Household Surveys, in: Annual
Review of Economics. Annual Reviews, Palo Alto, pp. 543–562.
Jianakoplos, N.A., Bernasek, A., 2006. Financial risk taking by age and birth
cohort. South. Econ. J. 72, 981–1001.
King, M.A., Leape, J.I., 1998. Wealth and portfolio composition: Theory and
evidence. J. Public Econ. 69, 155–193. doi:10.1016/S0047-2727(98)00027-9.
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Le Blanc, D., Lagarenne, C., 2004. Owner-occupied housing and the composition
of the household portfolio: The case of France. J. Real Estate Financ. Econ. 29,
259–275. doi:10.1023/B:REAL.0000036673.64928.7f.
Li, W., Yao, R., 2007. The life-cycle effects of house price changes. J. Money Credit
Bank. 39, 1375–1409. doi:10.1111/j.1538-4616.2007.00071.x.
Peress, J., 2004. Wealth, information acquisition, and portfolio choice. Rev.
Financ. Stud. 17, 879–914. doi:10.1093/rfs/hhg056.
Rosen, H.S., Wu, S., 2004. Portfolio choice and health status. J. Financ. Econ. 72,
457–484. doi:10.1016/S0304-405X(03)00178-8.
Shum, P., Faig, M., 2006. What explains household stock holdings? J. Bank
Financ. 30, 2579–2597. doi:10.1016/j.jbankfin.2005.11.006.
Yunker, J.A., Melkumian, A., 2013. Optimal diversification and risk-taking: a
theoretical and empirical analysis. Appl. Econ. 45, 1481–1492.
doi:10.1080/00036846.2011.619498.
Lecture 5. Psychological approach to studying savings behaviour of household
Lectures - 2 hours, seminars – 2 hours, self-study – 4 hours.
Psychological factors in modeling savings behaviour of households. Psychological critique
of economic approach (Tard).
Psychological economics of G.Katona. Contribution of psychological data to economic
analysis. Subjective expectations as intermediates of objective economic factors.
Model of savings behaviour of G.Katona. Contractual, discretional and residual savings.
Index of consumer sentiments: methodology and trends.
Seminar 5. Students make presentations on any of the following papers
Katona, G. To Spend or to Save? In Katona, G. Psychological economics. New
York: Elsevier, 1975, p. 229-239.
http://mief.hse.ru/icom/?&a=pf&act=subjects&subject=132&tid=384
Lauterbach A.Psychological Assumptions of Economic Theory, American Journal of
Economics and Sociology, Vol. 10, No. 1 (Oct., 1950), pp. 27-38
http://82.179.249.32:2069/login.aspx?direct=true&db=bth&AN=15392028&site=ehostlive
John C. Mowen, Clifford E. Young, Patriya Silpakit (1985), "A COMPARISON OF THE
UNIVERSITY OF MICHIGAN AND CONFERENCE BOARD INDICES OF CONSUMER
ECONOMIC ATTITUDES", in Advances in Consumer Research Volume 12, eds. Elizabeth
C. Hirschman and Moris B. Holbrook, Provo, UT : Association for Consumer Research,
Pages: 532-537. http://www.acrwebsite.org/volumes/display.asp?id=6448
Brown, S & Taylor, K (2006) Financial Expectations, Consumption and Saving: A
Microeconomic
Analysis.
Fiscal
Studies,
27
(3)
pp.313-338.
http://82.179.249.32:2060/pqdlink?did=1134780961&sid=1&Fmt=4&clientId=45
975&RQT=309&VName=PQD
Warneryd, K. (1999) Chapter 5 Psychological and other behavioral research on
household savings, in The Psychology of Saving: A Study on Economic
Psychology. Cheltenham, UK: Edward Elgar Publishing Limited
12
http://books.google.gr/books?id=AGqTCGdxp9UC&pg=PA166&hl=ru&source=g
bs_toc_r&cad=4#v=onepage&q&f=false
Brown, S., Taylor, K., 2006. Financial Expectations, Consumption and Saving: A
Microeconomic Analysis. Fiscal Studies 27, 313–338.
Ибрагимова Д.Х., Николаенко С.А. Индекс потребительских настроений /
Независимый институт социальной политики. М.: Поматур, 2005, с.6-29
http://www.socpol.ru/publications/book18.shtml
Antonides, G., Manon de Groot, I., Fred van Raaij, W., 2011. Mental budgeting
and the management of household finance. Journal of Economic Psychology 32,
546–555. http://82.179.249.32:2063/S0167487011000596/1-s2.0S0167487011000596-main.pdf?_tid=419e0d1a-fdb2-11e2-a92f00000aab0f02&acdnat=1375695462_569de2fa707825e451db1088e8644e46
Lecture 6. Behavioral economics of personal finance
Lectures - 2 hours, seminars – 2 hours, self-study – 4 hours.
Bounded rationality. Heuristics and biases. Prospect theory. Framing effect. Behavioral
economics of savings, behavioral life-cycle model (Shefrin  Thaler). Empirical
psychological experiments.
Seminar 6. Students make presentations on any of the following papers
Sewell M. Behavioural Finance, University of Cambridge, February 2007 (revised
April 2010) An introduction to Behavioural Fnance, including a review of the
major
works
and
a
summary
of
important
heuristics.
http://www.behaviouralfinance.net/behavioural-finance.pdf
Kahneman D.,Tversky А. Judgment under Uncertainty: Heuristics and Biases,
Science,
September
1974,
Vol.
185,
pp.
1124-1131.
http://82.179.249.32:2187/content/185/4157/1124.full.pdf
William G. Gale & J.Mark Iwry & Alicia H. Munnell & Richard H. Thaler, 2004.
Improving 401(k) Investment Performance, Issues in Brief ib26, Center for
Retirement Research. http://ideas.repec.org/p/crr/issbrf/ib26.html#download
Thaler, R. H., Shefrin H.M. An Economic theory of Self-Control, Journal of
Political Economy, 1981, 89(2), p. 392-406.
http://82.179.249.32:2069/login.aspx?direct=true&db=bth&AN=5057642&site=e
host-live
Benartzi, Shlomo, Richard Thaler. Save More Tomorrow: Using Behavioral
Economics to Increase Employee Saving. SSRN Scholarly Paper. Rochester, NY:
Social Science Research Network, 2004
http://faculty.chicagobooth.edu/Richard.Thaler/research/pdf/SMarTJPE.pdf
Thaler, R. H., Benartz Shlomo, The Behavioral Economics of Retirement Savings
Behavior, Research Report
http://assets.aarp.org/rgcenter/econ/2007_02_savings.pdf
Thaler, Richard. The behavioral life-cycle hypothesis Economic Inquiry Volume:
26 Issue: 4 (1988) p. 609-643.http://82.179.249.32:2060/pqdlink?Ver=1&Exp=0516-2015&FMT=7&DID=859165&RQT=309
13
William G. Gale, J. Mark Iwry, Alicia H. Munnell, and Richard H. Thaler.
Improving 401(k)investment performance. An Issue In Brief, Center For
Retirement Research At Boston College, December 2004, number 26
http://crr.bc.edu/wp-content/uploads/2004/12/ib_26.pdf
Lecture 7. Social embeddednes of financial behaviour of individuals and households
Lectures - 2 hours, seminars – 2 hours, self-study – 4 hours.
Sociological approach to studying economic behaviour. Rationality as motivated and
guided by shared beliefs, norms and institutions.
Elements of sociological approach in economic theory (Duesenberry, social and cultural
effects on savings behavior in economic research).
Sociological studies of financial behaviour of households: the social meaning of money
(Zelizer), the embededdness of economic behaviour in social structure (Zelizer).
Seminar 6. Students make presentations on any of the following papers
Roger Mason , The Social Significance of Consumption: James Duesenberry's
Contribution to Consumer Theory, Journal of Economic Issues, Vol. 34, No. 3
(Sep., 2000), pp. 553-572 Stable URL: http://www.jstor.org/stable/4227586
Zelizer V.A. Human values and the market: the case of life insurance and death in
19th-century America //American Journal of Sociology, 1978, 84, pp. 591-610.
Stable URL: http://www.jstor.org/stable/2778256
Christopher D. Carroll, Byung-Kun Rhee and Changyong Rhee, Are There Cultural
Effects on Saving? Some Cross-Sectional Evidence The Quarterly Journal of
Economics, Vol. 109, No. 3 (Aug., 1994), pp. 685-699
http://82.179.249.32:2060/pqdweb?did=32265&sid=2&Fmt=2&clientId=45975&
RQT=309&VName=PQD
Keister Lisa A. Financial Markets, Money, And Banking, Annual Review of
Sociology, 2002, Vol. 28: 39-61.
http://82.179.249.32:3301/doi/pdf/10.1146/annurev.anthro.35.081705.123127
Ken McCormick, Duesenberry and Veblen: The Demonstration Effect Revisited
Journal of Economic Issues, Vol. 17, No. 4 (Dec., 1983), pp. 1125-1129
http://82.179.249.32:2056/stable/pdfplus/4225388.pdf
Choudhury, S. Racial and ethnic differences in wealth and asset choices
(2003) Social Security Bulletin, 64 (4), pp. 1-15.
http://www.ssa.gov/policy/docs/ssb/v64n4/v64n4p1.pdf
Zelizer, Viviana A. The Purchase of Intimacy. Law & Social Inquiry, Summer 2000,
Vol. 25 Issue 3, p. 817-848. Stable URL: http://www.jstor.org/stable/829137
Kapteyn, A., Teppa, F., 2011. Subjective measures of risk aversion, fixed costs, and
portfolio choice. Journal of Economic Psychology 32, 564–580.
http://82.179.249.32:2063/S0167487011000602/1-s2.0-S0167487011000602main.pdf?_tid=28faf1d0-d079-11e2-a22700000aab0f6b&acdnat=1370723137_7831fa8d6831ffb6eb6eee39602876ec
Brigitte Fünfgeld, Mei Wang, 2009. Attitudes and behaviour in everyday finance:
evidence from Switzerland, International Journal of Bank Marketing, Vol. 27 Iss: 2,
14
pp.108 – 128 http://www.emeraldinsight.com/journals.htm?articleid=1770926
Lecture 8. Family budget management
Lectures - 2 hours, seminars – 2 hours, self-study – 4 hours.
Family finances: research on the control and allocation of money within households,
systems of money management in the families. Financial decisions in the household.
Seminar 8. Students make presentations on any of the following papers
Ibragimova D. K. Ibragimova D. K. Money management in Russian families /
Working papers by NRU Higher School of Economics. Series SOC "Sociology".
2012. No. 11.
http://www.hse.ru/pubs/lib/data/access/ticket/1376144639d95b0f5c6536e87207547
0b4354112c5/11SOC2012.pdf
Vogler C. Money in the household: some underlying issues of power, Sociological
review, Volume 46, Issue 4, 1998, pp. 687-713
http://82.179.249.32:2069/login.aspx?direct=true&db=sih&AN=1244353&lang=r
u&site=ehost-live
Pahl J. 1984. The Allocation of Money within the Household, in Freeman (ed.) The
State, the Law and the Family, London: Tavistock.
Pahl J. 1989. Marriage and Money. London: Palgrave Macmillan.
Pahl J. 2005. Individualization in Couple Finances: Who Pays for the Children?
Social Policy and Society. 3 (4): 381–391.
Pahl J. 2008. Family Finances, Individualization, Spending Patterns and Access to
Credit. The Journal of Socio-Economics. 37: 577–591.
Vogler C. 1994. Money in the Household. In: Anderson M., Bechhofer F.,
Gershuny J. (eds). The Social and Political Economy of the Household. Oxford:
Oxford University Press; 225–266.
Vogler C., Brockmann M., Wiggins R. 2008. Managing Money in New
Heterosexual Forms of Intimate Relationships. Journal of Socio-Economics. 37:
552–576.
Vogler C., Pahl J. 1994. Money, Power and Inequality Within Marriage. The
Sociological
Review.
2 (4):
263–288.
http://82.179.249.32:2106/ehost/pdfviewer/pdfviewer?sid=10d6d131-ee38-4f8e8844-39ce92566f6c%40sessionmgr13&vid=2&hid=9
Antonides, G. (2011). The Division of Household Tasks and Household Financial
Management. Zeitschrift Fur Psychologie-Journal of Psychology, 219(4), 198–208.
doi:10.1027/2151-2604/a000073
Bennett, F. (2013). Researching Within-Household Distribution: Overview,
Developments, Debates, and Methodological Challenges. Journal of Marriage and
Family, 75(3), 582–597. doi:10.1111/jomf.12020
Boertien, D. (2012). Jackpot? Gender Differences in the Effects of Lottery Wins on
Separation. Journal of Marriage and Family, 74(5), 1038–1053.
doi:10.1111/j.1741-3737.2012.01003.x
Bonke, J., & Browning, M. (2009). The Allocation of Expenditures within the
Household: A New Survey. Fiscal Studies, 30(3-4), 461–481.
Burgoyne, C. B., & Morison, V. (1997). Money in remarriage: keeping things
15
simple and separate. Sociological Review, 45(3), 363–395. doi:10.1111/1467954X.00069
Burgoyne, C. B., Young, B., & Walker, C. M. (2005). Deciding to give to charity: A
focus group study in the context of the household economy. Journal of Community
& Applied Social Psychology, 15(5), 383–404. doi:10.1002/casp.832
Burgoyne, C., Clarke, V., & Burns, M. (2011). Money management and views of
civil partnership in same-sex couples: results from a UK survey of nonheterosexuals. Sociological Review, 59(4), 685–706. doi:10.1111/j.1467954X.2011.02032.x
Burgoyne, C., & Kirchler, E. (2008). Financial decisions in the household. (A.
Lewis, Ред.). Cambridge: Cambridge Univ Press.
Burgoyne, Carole B., Clarke, V., Reibstein, J., & Edmunds, A. (2006). «All my
worldly goods I share with you»? Managing money at the transition to heterosexual
marriage. Sociological Review, 54(4), 619–637. doi:10.1111/j.1467954X.2006.00663.x
Burgoyne, Carole B., Reibstein, J., Edmunds, A., & Dolman, V. (2007). Money
management systems in early marriage: Factors influencing change and stability.
Journal of Economic Psychology, 28(2), 214–228. doi:10.1016/j.joep.2006.02.003
Burgoyne, Carole Bourne, Reibstein, J., Edmunds, A. M., & Routh, D. A. (2010).
Marital Commitment, Money and Marriage Preparation: What Changes after the
Wedding? Journal of Community & Applied Social Psychology, 20(5), 390–403.
doi:10.1002/casp.1045
Chaloupkova, J. (2006). Joint or separate income management among married and
cohabitating couples. Sociologicky Casopis-Czech Sociological Review, 42(5),
971–986.
Cheal, D. (1993). Changing Household Financial Strategies - Canadian Couples
Today. Human Ecology, 21(2), 197–213. doi:10.1007/BF00889359
Clarke, S. (2002). Budgetary management in Russian households. Sociology-the
Journal of the British Sociological Association, 36(3), 539–557.
doi:10.1177/0038038502036003003
De Henau, J., & Himmelweit, S. (2013). Unpacking Within-Household Gender
Differences in Partners’ Subjective Benefits From Household Income. Journal of
Marriage and Family, 75(3), 611–624. doi:10.1111/jomf.12027
Dew, J., Britt, S., & Huston, S. (2012). Examining the Relationship Between
Financial Issues and Divorce. Family Relations, 61(4), 615–628.
doi:10.1111/j.1741-3729.2012.00715.x
Dobbelsteen, S., & Kooreman, P. (1997). Financial management, bargaining and
efficiency within the household; An empirical analysis. Economist, 145(3), 345–
366. doi:10.1023/A:1003008229588
Elizabeth, V. (2001). Managing money, managing coupledom: a critical
examination of cohabitants’ money management practices. Sociological Review,
49(3), 389–411. doi:10.1111/1467-954X.00338
Eroglu, S. (2009). Patterns of income allocation among poor Gecekondu
households in Turkey: overt mechanisms and women’s secret kitties. Sociological
Review, 57(1), 58–80. doi:10.1111/j.1467-954X.2008.01804.x
Ginn, J., Arber, S., Brannen, J., Dale, A., Dex, S., Elias, P., … Rubery, J. (1996).
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Feminist fallacies: A reply. British Journal of Sociology, 47(1), 167–174.
doi:10.2307/591122
Heimdal, K. R., & Houseknecht, S. K. (2003). Cohabiting and married couples’
income organization: Approaches in Sweden and the United States. Journal of
Marriage and Family, 65(3), 525–538. doi:10.1111/j.1741-3737.2003.00525.x
Higginbotham, B. J., Tulane, S., & Skogrand, L. (2012). Stepfamily Education and
Changes in Financial Practices. Journal of Family Issues, 33(10), 1398–1420.
doi:10.1177/0192513X12450000
Kenney, C. (2004). Cohabiting couple, filing jointly? - Resource pooling and US
poverty policies. Family Relations, 53(2), 237–247.
Kenney, C. T. (2006). The power of the purse - Allocative systems and inequality in
couple households. Gender & Society, 20(3), 354–381.
doi:10.1177/0891243206286742
Kenney, Catherine T. (2008). Father doesn’t know best? Parents’ control of money
and children’s food insecurity. Journal of Marriage and Family, 70(3), 654–669.
doi:10.1111/j.1741-3737.2008.00512.x
Klawitter, M., & Fletschner, D. (2011). Who is banked in low income families? The
effects of gender and bargaining power. Social Science Research, 40(1), 50–62.
doi:10.1016/j.ssresearch.2010.02.002
Lauer, S. R., & Yodanis, C. (2011). Individualized Marriage and the Integration of
Resources. Journal of Marriage and Family, 73(3), 669–683. doi:10.1111/j.17413737.2011.00836.x
Lott, Y. (2009). Income management and decision-making - Does the individual
income determine the power allocation within couples? Kolner Zeitschrift Fur
Soziologie Und Sozialpsychologie, 61(3), 327–353. doi:10.1007/s11577-009-00718
Ludwig-Mayerhofer, W., Allmendinger, J., Hirseland, A., & Schneider, W. (2011).
The power of money in dual-earner couples: A comparative study. Acta
Sociologica, 54(4), 367–383. doi:10.1177/0001699311422091
Ludwig-Mayerhofer, W., Gartner, H., & Allmendinger, J. (2006). The allocation of
money in couples: The end of inequality? Zeitschrift Fur Soziologie, 35(3), 212–
226.
Lyngstad, T. H., Noack, T., & Tufte, P. A. (2011). Pooling of Economic Resources:
A Comparison of Norwegian Married and Cohabiting Couples. European
Sociological Review, 27(5), 624–635. doi:10.1093/esr/jcq028
Mcconocha, D., Tully, S., & Walther, C. (1993). Household Money Management Recognizing Nontraditional Couples. Journal of Consumer Affairs, 27(2), 258–283.
Morris, L. (1993). Household Finance Management and the Labor-Market - a
Case-Study in Hartlepool. Sociological Review, 41(3), 506–536.
Pahl, J. (1983). The Allocation of Money and the Structuring of Inequality Within
Marriage. Sociological Review, 31(2), 237–262.
Pahl, J. (1986). Personal Taxation, Social-Security and Financial Arrangements
Within Marriage. Journal of Law and Society, 13(2), 241–250.
doi:10.2307/1410283
Pahl, J. (1990). Household Spending, Personal Spending and the Control of Money
17
in Marriage. Sociology-the Journal of the British Sociological Association, 24(1),
119–138. doi:10.1177/0038038590024001009
Pahl, J. (1995). His Money, Her Money - Recent Research on Financial
Organization in Marriage. Journal of Economic Psychology, 16(3), 361–376.
doi:10.1016/0167-4870(95)00015-G
Pahl, Jan. (2007). Power, ideology and resources within families: A theoretical
context for empirical research on sleep. Sociological Research Online, 12(5).
Raijas, A. (2011). Money management in blended and nuclear families. Journal of
Economic Psychology, 32(4), 556–563. doi:10.1016/j.joep.2011.02.006
Singh, S. (2000). Electronic commerce and the sociology of money. Sociological
Research Online, 4(4), U59–U70.
Singh, S., & Lindsay, J. (1996). Money in heterosexual relationships. Australian
and New Zealand Journal of Sociology, 32(3), 57–69.
Singh, Supriya, & Bhandari, M. (2012). Money management and control in the
Indian joint family across generations. Sociological Review, 60(1), 46–67.
doi:10.1111/j.1467-954X.2011.02047.x
Vogler, C. (2005). Cohabiting couples: rethinking money in the household at the
beginning of the twenty first century. Sociological Review, 53(1), 1–29.
doi:10.1111/j.1467-954X.2005.00501.x
Vogler, C., & Pahl, J. (1993). Social and Economic-Change and the Organization
of Money Within Marriage. Work Employment and Society, 7(1), 71–95.
doi:10.1177/095001709371004
Vogler, Carolyn, Brockmann, M., & Wiggins, R. D. (2006). Intimate relationships
and changing patterns of money management at the beginning of the twenty-first
century. British Journal of Sociology, 57(3), 455–482. doi:10.1111/j.14684446.2006.00120.x
Vogler, Carolyn, Lyonette, C., & Wiggins, R. D. (2008). Money, power and
spending decisions in intimate relationships. Sociological Review, 56(1), 117–143.
doi:10.1111/j.1467-954X.2008.00779.x
Woelz-Stirling, N., Manderson, L., Kelaher, M., & Gordon, S. (2000). Marital
conflict and finances among Filipinas in Australia. International Journal of
Intercultural Relations, 24(6), 791–805. doi:10.1016/S0147-1767(00)00032-8
Yodanis, C., & Lauer, S. (2007). Managing money in marriage: Multilevel and
cross-national effects of the breadwinner role. Journal of Marriage and Family,
69(5), 1307–1325. doi:10.1111/j.1741-3737.2007.00449.x
Lecture 9. Trust to financial institutions
Lectures - 2 hours, seminars – 2 hours, self-study – 4 hours.
The notion of trust. Trust in financial institutions:conceptual and operational
definitions. Social capital. The role of state regulation on financial markets in creating
trust to financial institutions. The state deposit insurance system. Information and trust as
social aspects of credit. Long-term investments in life insurance and pension funds.
18
Seminar 9. Students make presentations on any of the following papers
Ибрагимова Д.Х. Доверие населения финансовым институтам:
концептуализация, операционализация, измерение // Банковское дело, 2011.
№ 9. C. 24—30. http://www.bankdelo.ru/index.php/nomer/118-adm.html
Богданова Е.В. Структура доверия в отношениях «клиент-банк» // Журнал
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Besley, T. (1995) ‘Nonmarket Institutions for Credit and Risk Sharing in LowIncome Countries’, The Journal of Economic Perspectives, Vol. 9, No. 3., 115-127.
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Christine Ennew and Harjit Sekhon. Measuring trust in financial services: the Trust
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imova.pdf
Jyh-Horng Lin , Rosemary Jou. Financial e-commerce under capital regulation and
deposit insurance, International Review of Economics & Finance, Volume 14, Issue
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Carruthers, B. G., & Kim, J.-C. (2011). The Sociology of Finance. Annual Review
of Sociology, 7(1), 239–259. doi:10.1146/annurev-soc-081309-150129
Acemoglu, D. (2009). The Crisis of 2008: Lessons for and from Economics. Critical
Review, 21(2-3), 185–194. doi:10.1080/08913810902933788
Aggarwal, R., & Goodell, J. W. (2009). Markets versus institutions in developing
countries: National attributes as determinants. Emerging Markets Review, 10(1),
51–66. doi:10.1016/j.ememar.2008.10.001
Aggarwal, R., & Goodell, J. W. (2010). Financial markets versus institutions in
European countries: Influence of culture and other national characteristics.
International Business Review, 19(5), 502–520. doi:10.1016/j.ibusrev.2009.07.010
Aggarwal, R., & Goodell, J. W. (2013). Political-economy of pension plans: Impact
of institutions, gender, and culture. Journal of Banking & Finance, 37(6), 1860–
1879. doi:10.1016/j.jbankfin.2012.05.008
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Agnew, J. R., Szykman, L. R., Utkus, S. P., & Young, J. A. (2012). Trust, plan
knowledge and 401(k) savings behavior. Journal of Pension Economics & Finance,
11(1), 1–20. doi:10.1017/S1474747211000230
Bergeron, J., Roy, J., & Fallu, J.-M. (2008). Pleasantly Surprising Clients: A Tactic
in Relationship Marketing for Building Competitive Advantage in the Financial
Services Sector. Canadian Journal of Administrative Sciences-Revue Canadienne
Des Sciences De L Administration, 25(3), 171–184. doi:10.1002/CJAS.69
Bourne, C., & Edwards, L. (2012). Producing trust, knowledge and expertise in
financial markets: The global hedge fund industry «re-presents» itself. Culture and
Organization, 18(2), 107–122. doi:10.1080/14759551.2011.636614
Bravo, R., Matute, J., & Pina, J. M. (2011). Effects of Corporate Image on
Consumer Behavior. a Study Applied to Commercial Banking. Innovar-Revista De
Ciencias Administrativas Y Sociales, 21(40), 35–51.
Brennan, C., & Ritch, E. (2010). Capturing the voice of older consumers in relation
to financial products and services. International Journal of Consumer Studies,
34(2), 212–218. doi:10.1111/j.1470-6431.2009.00831.x
Chen, H.-G., Liu, J. Y.-C., Sheu, T. S., & Yang, M.-H. (2012). The impact of
financial services quality and fairness on customer satisfaction. Managing Service
Quality, 22(4), 399–421. doi:10.1108/09604521211253496
Cho, J. E., & Hu, H. (2009). The effect of service quality on trust and commitment
varying across generations. International Journal of Consumer Studies, 33(4),
468–476. doi:10.1111/j.1470-6431.2009.00777.x
Dameri, R. P., & Bonfante, S. (2007). Using IT to enhance customers loyalty and
trust in retail banking. (D. Remenyi, Ред.).
De Bondt, W. (2013). After the crisis: How to restore trust in business and finance.
Revista Espanola De Financiacion Y Contabilidad-Spanish Journal of Finance and
Accounting, 42(157), 13–37.
Dearmon, J., & Grier, K. (2009). Trust and development. Journal of Economic
Behavior & Organization, 71(2), 210–220. doi:10.1016/j.jebo.2009.02.011
DeLong, G., & Saunders, A. (2011). Did the introduction of fixed-rate federal
deposit insurance increase long-term bank risk-taking? Journal of Financial
Stability, 7(1), 19–25. doi:10.1016/j.jfs.2008.09.013
Dow, S. C., Ghosh, D., & Ruziev, K. (2008). A stages approach to banking
development in transition economies. Journal of Post Keynesian Economics, 31(1),
3–33. doi:10.2753/PKE0160-3477310101
Dutta, N., & Mukherjee, D. (2012). Is culture a determinant of financial
development? Applied Economics Letters, 19(6), 585–590.
doi:10.1080/13504851.2011.589800
Ehrmann, M., Soudan, M., & Stracca, L. (2013). Explaining European Union
Citizens’ Trust in the European Central Bank in Normal and Crisis Times.
Scandinavian Journal of Economics, 115(3), 781–807. doi:10.1111/sjoe.12020
Ekinci, M. F., Kalemli-Oezcan, S., & Sorensen, B. E. (2008). Financial Integration
within EU Countries: The Role of Institutions, Confidence, and Trust. В R. H.
Clarida & F. Giavazzi (Ред.), Nber International Seminar on Macroeconomics
2007 (с. 325–+).
Fidrmuc, J., Hake, M., & Stix, H. (2013). Households’ foreign currency borrowing
20
in Central and Eastern Europe. Journal of Banking & Finance, 37(6), 1880–1897.
doi:10.1016/j.jbankfin.2012.06.018
Hansen, T., 2012. Understanding Trust in Financial Services: The Influence of
Financial Healthiness, Knowledge, and Satisfaction. Journal of Service Research
15, 280–295. http://jsr.sagepub.com/content/15/3/280.abstract
Hautcoeur, P. C. (2004). Efficiency, competition, and the development of life
insurance in France (1870-1939) or: should we trust pension funds? Explorations
in Economic History, 41(3), 205–232. doi:10.1016/j.eeh.2004.01.004
Heikkila, A., Kalmi, P., & Ruuskanen, O.-P. (2013). Accessing Credit from Banks,
Microfinance Institutions, and Informal Groups: What Is the Role of Social
Capital? (R. Cull, A. DemirgucKunt, & J. Morduch, Ред.).
Huang, M.-H. (2008). The influence of selling behaviors on customer relationships
in financial services. International Journal of Service Industry Management, 19(34), 458–473. doi:10.1108/0954230810891905
Karim, W. J. (2010). The Economic Crisis, Capitalism and Islam: The Making of a
New Economic Order? Globalizations, 7(1-2), 105–125.
doi:10.1080/14747731003593315
Lapavitsas, C. (2007). Information and trust as social aspects of credit. Economy
and Society, 36(3), 416–436. doi:10.1080/03085140701428381
Leyshon, A., Burton, D., Knights, D., Alferoff, C., & Signoretta, P. (2004). Towards
an ecology of retail financial services: understanding the persistence of door-todoor credit and insurance providers. Environment and Planning A, 36(4), 625–645.
doi:10.1068/a3677
Lim, S. H., Lee, S., Hur, Y., & Koh, C. E. (2009). Role of Trust in Adoption of
Online Auto Insurance. Journal of Computer Information Systems, 50(2), 151–159.
Liu, G., Huang, S.-P., & Zhu, X.-K. (2008). User acceptance of Internet banking in
an uncertain and risky environment.
Miletic, I. (2009). Macroeconomic and Microeconomic Causes for the Instability of
Banks. Ekonomska Istrazivanja-Economic Research, 22(1), 47–59.
Nguyen, N., & Leclerc, A. (2011). The effect of service employees’ competence on
financial institutions’ image: benevolence as a moderator variable. Journal of
Services Marketing, 25(4-5), 349–360. doi:10.1108/08876041111149702
Pastor, J. M., & Tortosa-Ausina, E. (2008). Social capital and bank performance:
An international comparison for OECD countries. Manchester School, 76(2), 223–
265. doi:10.1111/j.1467-9957.2007.01058.x
Prean, N., & Stix, H. (2011). The effect of raising deposit insurance coverage in
times of financial crisis - Evidence from Croatian microdata. Economic Systems,
35(4), 496–511. doi:10.1016/j.ecosys.2011.01.004
Ramirez, C. D. (2009). Bank fragility, «money under the mattress», and long-run
growth: US evidence from the «perfect» Panic of 1893. Journal of Banking &
Finance, 33(12), 2185–2198. doi:10.1016/j.jbankfin.2009.05.020
Ravanera, Z. R., & Rajulton, F. (2010). Measuring Social Capital and Its
Differentials by Family Structures. Social Indicators Research, 95(1), 63–89.
doi:10.1007/s11205-009-9450-9
Schanz, K.-U. (2009). Maintaining Stakeholder Trust in Difficult Times: Some
21
Fundamental Reflections in Light of the Credit Crisis. Geneva Papers on Risk and
Insurance-Issues and Practice, 34(2), 260–270. doi:10.1057/gpp.2009.4
Sekhon, H., Roy, S., Shergill, G., & Pritchard, A. (2013). Modelling trust in service
relationships: a transnational perspective. Journal of Services Marketing, 27(1),
76–86. doi:10.1108/08876041311296392
Stansfield, G. (2006). Some thoughts on reputation and challenges for global
financial institutions. Geneva Papers on Risk and Insurance-Issues and Practice,
31(3), 470–479. doi:10.1057/palgrave.gpp.2510087
Van Dalen, H. P., Henkens, K., & Hershey, D. A. (2010). Perceptions and
expectations of pension savings adequacy: a comparative study of Dutch and
American workers. Ageing & Society, 30, 731–754.
doi:10.1017/S0144686X09990651
Waelti, S. (2012). Trust no more? The impact of the crisis on citizens’ trust in
central banks. Journal of International Money and Finance, 31(3), 593–605.
doi:10.1016/j.jimonfin.2011.11.012
Wagster, J. D. (2007). Wealth and risk effects of adopting deposit insurance in
Canada: Evidence of risk shifting by banks and trust companies. Journal of Money
Credit and Banking, 39(7), 1651–1681. doi:10.1111/j.1538-4616.2007.00082.x
Weaver, C. N. (2003). Confidence of Mexican Americans in major institutions in
the United States. Hispanic Journal of Behavioral Sciences, 25(4), 501–512.
doi:10.1177/0739986303258128
Lecture 10. Access to financial services, financial inclusion, saving motives
Lectures - 2 hours, seminars – 2 hours, self-study – 4 hours.
Conceptual and operational definitions of financial inclusion/exclusion. Cross-country
variation in household access to financial services. Popultion vulnerable to financial
exclusion. Factors of financial exclusion. Policies and practices aimed at reducing financial
exclusion. Financial and social exclusion.
Motives and attitudes to saving. Saving motives in relation to household saving habits.
Saving motives across income groups.
Seminar 10. Students make presentations on any of the following papers
Mookerjee, R., Kalipioni, P., 2010. Availability of financial services and income
inequality: The evidence from many countries. Emerging Markets Review 11, 404–
408. http://82.179.249.32:2063/S1566014110000397/1-s2.0-S1566014110000397main.pdf?_tid=6205e370-d07b-11e2-ac6400000aab0f27&acdnat=1370724091_3cebcc26870b411719f1f55c78d0361a
Affleck, A., & Mellor, M. (2006). Community development finance: A neo-market
solution to social exclusion? Journal of Social Policy, 35, 303–319.
doi:10.1017/S0047279405009542
Beck, T., & Demirguc-Kunt, A. (2008). Access to Finance: An Unfinished Agenda.
World Bank Economic Review, 22(3), 383–396. doi:10.1093/wber/lhn021
Beck, T., Demirguc-Kunt, A., & Honohan, P. (2009). Access to Financial Services:
Measurement, Impact, and Policies. World Bank Research Observer, 24(1), 119–
145. doi:10.1093/wbro/lkn008
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Beck, T., Demirguc-Kunt, A., & Martinez Peria, M. S. (2007). Reaching out: Access
to and use of banking services across countries. Journal of Financial Economics,
85(1), 234–266. doi:10.1016/j.jfineco.2006.07.002
Beck, T., Demirguec-Kunt, A., & Levine, R. (2007). Finance, inequality and the
poor. Journal of Economic Growth, 12(1), 27–49. doi:10.1007/s10887-007-9010-6
Boente, W., & Filipiak, U. (2012). Financial literacy, information flows, and caste
affiliation: Empirical evidence from India. Journal of Banking & Finance, 36(12),
3399–3414. doi:10.1016/j.jbankfin.2012.07.028
Bryson, J. R., & Buttle, M. (2005). Enabling inclusion through alternative
discursive formations: The regional development of community development loan
funds in the United Kingdom. Service Industries Journal, 25(2), 273–288.
doi:10.1080/0264206042000305457
Buckland, J., & Dong, X.-Y. (2008). Banking on the margin in Canada. Economic
Development Quarterly, 22(3), 252–263. doi:10.1177/0891242408318738
Chaia, A., Dalal, A., Goland, T., Gonzalez, M. J., Morduch, J., & Schiff, R. (2013).
Half the World Is Unbanked. (R. Cull, A. DemirgucKunt, & J. Morduch, Ред.).
Chakravarty, S. P. (2006). Regional variation in banking services and social
exclusion. Regional Studies, 40(4), 415–428. doi:10.1080/00343400600632747
Chen, X. (2010). An evaluation of financial exclusion of Chinese 31 provinces
based on factor analysis. (C. Wang, Ред.).
Claessens, S. (2006). Access to financial services: A review of the issues and public
policy objectives. World Bank Research Observer, 21(2), 207–240.
doi:10.1093/wbro/lkl004
Cull, Robert, Demirguec-Kunt, A., & Morduch, J. (2013). Introduction: Banking
the World. (R. Cull, A. DemirgucKunt, & J. Morduch, Ред.).
Cull, Robert, & Scott, K. (2010). Measuring Household Usage of Financial
Services: Does it Matter How or Whom You Ask? World Bank Economic Review,
24(2), 199–233. doi:10.1093/wber/lhq004
Cull, Robert, & Scott, K. (2013). How to Ask Households about Financial Services:
Experimental Evidence from Ghana and Timor-Leste. (R. Cull, A. DemirgucKunt,
& J. Morduch, Ред.).
Devlin, J. F. (2009). An analysis of influences on total financial exclusion. Service
Industries Journal, 29(8), 1021–1036. doi:10.1080/02642060902764160
Dymski, G. A. (2009). The global financial customer and the spatiality of exclusion
after the «end of geography». Cambridge Journal of Regions Economy and Society,
2(2), 267–285. doi:10.1093/cjres/rsp011
Dymski, G. A. (2010). Linking Financial Globalisation with Financial Exclusion
via a Minskyan Bridge. (D. Tavasci & J. Toporowski, Ред.).
23
Engelen, E. (2006). Resocializing capital: Putting pension savings in the service of
«Financial pluralism»? Politics & Society, 34(2), 187–218.
doi:10.1177/0032329206288151
Fritz, B., Ambrosius, C., & Stiegler, U. (2011). Labor migration as a development
opportunity? Remittances and the role of the financial sector context of Latin
American. (A. T. Paul, A. Pelfini, & B. Rehbein, Ред.) (Т. 26).
Gimet, C., & Lagoarde-Segot, T. (2012). Financial sector development and access
to finance. Does size say it all? Emerging Markets Review, 13(3), 316–337.
doi:10.1016/j.ememar.2011.11.002
Gong, Y., & Zhou, Z. (2009). Combating Financial Exclusion in China: A Banking
Regulatory Perspective. В J. R. Barth, J. A. Tatom, & G. Yago (Ред.), China’s
Emerging Financial Markets: Challenges and Opportunties (Т. 8, с. 495–520).
Haase, D. (2013). Hard Choices: Financial Exclusion, Fringe Banks, and Poverty
in Urban Canada. Economic Development Quarterly, 27(3), 261–263.
doi:10.1177/0891242413476566
Heikkila, A., Kalmi, P., & Ruuskanen, O.-P. (2013). Accessing Credit from Banks,
Microfinance Institutions, and Informal Groups: What Is the Role of Social
Capital? (R. Cull, A. DemirgucKunt, & J. Morduch, Ред.).
Hohnen, P. (2007). Having the wrong kind of money. A qualitative analysis of new
forms of financial, social and moral exclusion in consumerist Scandinavia.
Sociological Review, 55(4), 748–767. doi:10.1111/j.1467-954X.2007.00751.x
Honohan, P. (2008). Cross-country variation in household access to financial
services. Journal of Banking & Finance, 32(11), 2493–2500.
doi:10.1016/j.jbankfin.2008.05.004
Honohan, P., & King, M. (2013). Cause and Effect of Financial Access: CrossCountry Evidence from the FinScope Surveys. (R. Cull, A. DemirgucKunt, & J.
Morduch, Ред.).
Hudon, M. (2009). Should Access to Credit be a Right? Journal of Business Ethics,
84(1), 17–28. doi:10.1007/s10551-008-9670-y
Huysentruyt, M., Lefevere, E., & Menon, C. (2013). Dynamics of retail-bank
branching in Antwerp (Belgium) 1991-2006: Evidence from micro-geographic
data. Journal of Banking & Finance, 37(2), 291–304.
doi:10.1016/j.jbankfin.2012.08.023
Jing, W., Guohui, H., & Yinghui, L. (2012). Research on Inclusive Financial System
in China: From the Perspective of Financial Support for Disadvantaged Fields. (G.
Duysters, A. DeHoyos, & K. Kaminishi, Ред.).
Joassart-Marcelli, P., & Stephens, P. (2010). Immigrant banking and financial
exclusion in Greater Boston. Journal of Economic Geography, 10(6), 883–912.
doi:10.1093/jeg/lbp052
Kempson, Elaine and Whyley, Claire (1999) Kept Out or Opted Out?
Understanding and Combating Financial Exclusion. Bristol: The Policy Press.
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Lenton, P., & Mosley, P. (2012). Financial Exclusion and the Poverty Trap:
Overcoming Deprivation in the Inner City (Т. 17).
Luis Gomez-Barroso, J., & Marban-Flores, R. (2013). Basic financial services: A
new service of general economic interest? Journal of European Social Policy,
23(3), 332–339. doi:10.1177/0958928712471226
Mandelman, F. S., & Zlate, A. (2012). Immigration, remittances and business
cycles. Journal of Monetary Economics, 59(2), 196–213.
doi:10.1016/j.jmoneco.2012.01.004
Mauss, M. ([1950] 1990) The Gift: The Form and Reason for Exchange in Archaic
Societies trans W.D. Halls. London: Routledge.
Nenova, T., Niang, C. T., & Ahmad, A. (2009). Access to Finance: Evidence from
the Demand Side.
O’connell, S. (2011). Community, Race, and the Origins of the British Credit Union
Movement. Quaderni Storici, 46(2), 593–+.
Okeahalam, C. (2009). Bank Branch Location: a Count Analysis. Spatial Economic
Analysis, 4(3), 275–300. doi:10.1080/17421770903114695
Perez-Moreno, S. (2011). Financial development and poverty in developing
countries: a causal analysis. Empirical Economics, 41(1), 57–80.
doi:10.1007/s00181-010-0392-5
Rosengard, J. K., & Prasetyantoko, A. (2011). If the Banks are Doing So Well, Why
Can’t I Get a Loan? Regulatory Constraints to Financial Inclusion in Indonesia.
Asian Economic Policy Review, 6(2), 273–296. doi:10.1111/j.17483131.2011.01205.x
Sampson, E. L., Dover, D., Mandell, M., Pant, A., & Blanchard, M. R. (2007).
Personal identification (PIN) numbers: a new cause of financial exclusion in older
people. International Journal of Geriatric Psychiatry, 22(5), 492–493.
doi:10.1002/gps.1708
Smyczek, S., & Matysiewicz, J. (2013). Customers’ Financial Exclusion as Result of
Economic Volatility. (D. Vrontis, Y. Weber, R. Kaufmann, & S. Tarba, Ред.).
Sodokin, K., & Donou-Adonsou, C. (2010). Banks, Microfinance Institutions and
Economic Growth in the West African Economic and Monetary Union. African
Development Review-Revue Africaine De Developpement, 22(4), 495–510.
doi:10.1111/j.1467-8268.2010.00245.x
Swan, A. (2007). Give consideration to financial abuse among the older population.
British journal of community nursing, 12(10), 474–6.
Vanroose, A., & D’Espallier, B. (2013). Do microfinance institutions accomplish
their mission? Evidence from the relationship between traditional financial sector
development and microfinance institutions’ outreach and performance. Applied
Economics, 45(15), 1965–1982. doi:10.1080/00036846.2011.641932
25
Walley, S. (2013). Housing Finance. (T. Beck & S. M. Maimbo, Ред.). Washington:
World Bank Inst.
Wittig, T. (2011). Understanding Terrorist Finance. Basingstoke: Palgrave. DOI:
10.1057/9780230316935
Devaney, S.A., Chien, Y. Children's Education as the Most Important Savings Goal
(2002) Journal of Family and Consumer Sciences, 94 (1), pp. 64-70.
Hochguertel, S., 2003. Precautionary motives and portfolio decisions. J. Appl.
Econom. 18, 61–77. doi:10.1002/jae.658.
Fisher, P.J., Anong, S.T., 2012. Relationship of Saving Motives to Saving Habits.
Journal of Financial Counseling and Planning Volume 23, 64.
Fisher, P.J., Montalto, C.P., 2010. Effect of saving motives and horizon on saving
behaviors. Journal of Economic Psychology 31, 92–105.
Anderson, M., Bechhofer, F., Kendrick, S. (1994) Individual and Household
Strategies in M. Anderson, F. Bechhofer, J. Gershuny (Editors) The Social and
Political Economy of the Household, Oxford: Oxford University Press.
Lecture 11. Financial literacy and financial capability of individuals
Lectures - 2 hours, seminars – 2 hours, self-study – 4 hours.
The conceptual and operational definitions of financial literacy and financial capability.
International comparisons of financial literacy of individuals. Financial literacy among the
young. Financial literacy and retirement planning.
Seminar 11. Students make presentations on any of the following papers
Hoelzl, E., Kapteyn, A., 2011. Financial capability. Journal of Economic
Psychology 32, 543–545. http://82.179.249.32:2063/S0167487011000638/1-s2.0S0167487011000638-main.pdf?_tid=82d3fe14-d078-11e2-a22700000aab0f6b&acdnat=1370722858_4ecc85a30cba8612606d02109f3356fb
Jappelli, T., 2010. Economic Literacy: An International Comparison. The
Economic Journal 120, F429–F451.
Van Rooij, M., Lusardi, A., Alessie, R., 2011. Financial literacy and stock market
participation. J. Financ. Econ. 101, 449–472. doi:10.1016/j.jfineco.2011.03.006.
Mandell, L and Klein, LS (2007). Motivation and financial literacy. Financial
Services Review, 16: 105–116
G. Antonides et al. Mental budgeting and the management of household finance.
Journal of Economic Psychology 32 (2011) 546–555
http://82.179.249.32:2063/S0167487011000596/1-s2.0-S0167487011000596main.pdf?_tid=b3e4614c-d078-11e2-a22700000aab0f6b&acdnat=1370722940_cc492ffb9354b58f497c23d7c451d5a8
Lusardi, A., Mitchell, O.S., Curto, V., 2010. Financial Literacy among the Young.
Journal of Consumer Affairs 44, 358–380.
http://82.179.249.32:2072/doi/10.1111/j.1745-6606.2010.01173.x/pdf
Van Rooij, M., Lusardi, A., Alessie, R., 2011. Financial literacy and stock market
participation. Journal of Financial Economics 101, 449–472.
http://82.179.249.32:2063/S0304405X11000717/1-s2.0-S0304405X11000717main.pdf?_tid=eb63c7b0-d079-11e2-be4800000aab0f01&acdnat=1370723463_f7cc7ca3970f0e4aca5e3c63097f8e6b
26
Van Rooij, M.C.J., Lusardi, A., Alessie, R.J.M., 2011. Financial literacy and
retirement planning in the Netherlands. Journal of Economic Psychology 32, 593–
608. http://82.179.249.32:2063/S0167487011000195/1-s2.0-S0167487011000195main.pdf?_tid=1ceb1d60-d07a-11e2-a22700000aab0f6b&acdnat=1370723546_bd8e6559fb42c54bb62f36ee225dd7d7
Hackethal, A., Haliassos, M., Jappelli, T., 2012. Financial advisors: A case of
babysitters? J. Bank Financ. 36, 509–524. doi:10.1016/j.jbankfin.2011.08.008.
Hibbert, A.M., Lawrence, E.R., Prakash, A.J., 2012. Can Diversification be
Learned? J. Behav. Financ. 13, 38–50. doi:10.1080/15427560.2012.654547.
de Meza, D, Irlenbusch, B and Reyniers, D (2008). Financial Capability: A
Behavioural Economics Perspective. (London: Financial Services Authority).
Levels of Financial Capability in the UK: Results of a baseline survey (FSA CR
Paper 47) http://www.fsa.gov.uk/pubs/consumer-research/crpr47.pdf
Alba, J.W., Hutchinson, J.W., 2000. Knowledge Calibration: What Consumers
Know and What They Think They Know. Journal of Consumer Research 27, 123–
156. http://www.jstor.org/stable/10.1086/314317
Lectures 12. Household retirement strategies
Lectures - 2 hours, seminars – 2 hours, self-study – 4 hours.
Retirement-Income Systems across the world. Pension wealth and household savings.
Retirement confidence survey (US). Sources of retirement income. Empirical studies on
retirement adequacy. Participation in pension saving among employees (UK).
Determinants of retirement savings. Time horizon of financial decisions.
Seminar 12. Students make presentations on any of the following papers
Banks, J., Rohwedder, S. Life-cycle saving patterns and pension arrangements in
the U.K. Research in Economics Volume 55, Issue 1, March 2001, Pages 83-10.
doi:10.1006/reec.2000.0243
Banks, J., Blundell, R., Tanner, S. Is There a Retirement-Savings Puzzle? (1998)
American Economic Review, 88 (4), pp. 769-788.
http://links.jstor.org/sici?sici=00028282%28199809%2988%3A4%3C769%3AITARP%3E2.0.CO%3B2-X
De Nardi, M., French, E., & Jones, J. B. (2010). Why Do the Elderly Save? The
Role of Medical Expenses. Journal of Political Economy, 118(1), 39–75.
http://www.jstor.org/stable/10.1086/651674
McKechnie, S. (1992), Consumer Buying Behaviour in Financial Services: An
Overview, International Journal of Bank Marketing, Vol. 10 No. 5, pp. 4-12.
http://82.179.249.32:2060/pqdweb?did=1120782&sid=2&Fmt=3&clientId=45975
&RQT=309&VName=PQD
Smith, S (2006) Persistency of pension contributions in the UK: evidence from the
British Household Panel Survey. Journal of Pension Economics and Finance, 5,
pp.257-274. http://82.179.249.32:2086/10.1017/S1474747206002496
Attanasio O P, Rohwedder S (2003) Pension wealth and household saving:
Evidence from pension reforms in the United Kingdom. American Economic
review, 93 (5) pp.1499-1521.
http://82.179.249.32:3471/doi/pdfplus/10.1257/000282803322655419
27
Amromin, G., Huang, J., & Sialm, C. (2007). The tradeoff between mortgage
prepayments and tax-deferred retirement savings. Journal of Public Economics,
91(10), 2014–2040. doi:10.1016/j.jpubeco.2007.03.011
Benartzi, S., & Thaler, R. H. (2007). Heuristics and biases in retirement savings
behavior. Journal of Economic Perspectives, 21(3), 81–104.
doi:10.1257/jep.21.3.81
Benartzi, S., Thaler, R. H., Utkus, S. P., & Sunstein, C. R. (2007). The law and
economics of company stock in 401(k) plans. Journal of Law & Economics, 50(1),
45–79. doi:10.1086/508312
Besedes, T., Deck, C., Sarangi, S., & Shor, M. (2012). Age Effects and Heuristics in
Decision Making. Review of Economics and Statistics, 94(2), 580–595.
doi:10.1162/REST_a_00174
Beshears, J., Choi, J. J., Laibson, D., & Madrian, B. C. (2008). How are
preferences revealed? Journal of Public Economics, 92(8-9), 1787–1794.
doi:10.1016/j.jpubeco.2008.04.010
Diamond, P. (2009). Taxes and Pensions. Southern Economic Journal, 76(1), 2–15.
doi:10.4284/sej.2009.76.1.2
Duflo, E., & Saez, E. (2002). Participation and investment decisions in a retirement
plan: the influence of colleagues’ choices. Journal of Public Economics, 85(1),
121–148. doi:10.1016/S0047-2727(01)00098-6
Duflo, Esther, Orszag, P., Gale, W., Saez, E., & Liebman, J. (2007). Savings
incentives for low- and moderate-income families in the United States: Why is the
saver’s credit not more effective? Journal of the European Economic Association,
5(2-3), 647–661. doi:10.1162/jeea.2007.5.2-3.647
Duncan, G., Mitchell, O., & Morgan, J. (1984). A Framework for Setting
Retirement Savings Goals. Journal of Consumer Affairs, 18(1), 22–46.
Duxbury, D., Summers, B., Hudson, R., & Keasey, K. (2013). How people evaluate
defined contribution, annuity-based pension arrangements: A behavioral
exploration. Journal of Economic Psychology, 34, 256–269.
doi:10.1016/j.joep.2012.10.008
Fernandez Lopez, S., Vivel Bua, M., Otero Gonzalez, L., & Rodeiro Pazos, D.
(2012). Saving for Retirement in EU: An Analysis of Its Determinants. Revista De
Economia Mundial, (31), 111–135.
Hibbert, A. M., Lawrence, E. R., & Prakash, A. J. (2012). The Role of Financial
Education in the Management of Retirement Savings. Journal of Behavioral
Finance, 13(4), 299–307. doi:10.1080/15427560.2012.735727
Howlett, E., Kees, J., & Kemp, E. (2008). The role of self-regulation, future
orientation, and financial knowledge in long-term financial decisions. Journal of
Consumer Affairs, 42(2), 223–242. doi:10.1111/j.1745-6606.2008.00106.x
Joulfaian, D., & Richardson, D. (2001). Who takes advantage of tax-deferred
saving programs? Evidence from federal income tax data. National Tax Journal,
54(3), 669–688.
Kennedy, J., & Matwijiw, P. (2010). Retirement Savings: A Consumer Perspective.
Australian Economic Review, 43(3), 321–325.
Knoll, M. A. Z., Tamborini, C. R., & Whitman, K. (2012). I Do ... Want to Save:
Marriage and Retirement Savings in Young Households. Journal of Marriage and
28
Family, 74(1), 86–100. doi:10.1111/j.1741-3737.2011.00877.x
Lee, T., Haley, E., Yun, T. W., & Chung, W. (2011). US Retirement Financial
Services Advertising’s Financial Information Provisions, Communication
Strategies and Judgmental Heuristic Cues. Journal of Consumer Affairs, 45(3),
391–418. doi:10.1111/j.1745-6606.2011.01210.x
Sekita, S. (2011). Financial literacy and retirement planning in Japan. Journal of
Pension Economics & Finance, 10(4), 637–656. doi:10.1017/S1474747211000527
Shum, P., & Faig, M. (2006). What explains household stock holdings? Journal of
Banking & Finance, 30(9), 2579–2597. doi:10.1016/j.jbankfin.2005.11.006
Smith, P. A. (2002). Complexity in retirement savings policy. National Tax Journal,
55(3), 539–553.
Sunden, A. E., & Surette, B. J. (1998). Gender differences in the allocation of assets
in retirement savings plans. American Economic Review, 88(2), 207–211.
Thaler, R. H., & Benartzi, S. (2004). Save More Tomorrow (TM): Using behavioral
economics to increase employee saving. Journal of Political Economy, 112(1),
S164–S187. doi:10.1086/380085
Thompson, L. H. (2006). US retirement income system. Oxford Review of Economic
Policy, 22(1), 95–112. doi:10.1093/oxrep/grj007
Van Rooij, M. C. J., Kool, C. J. M., & Prast, H. M. (2007). Risk-return preferences
in the pension domain: Are people able to choose? Journal of Public Economics,
91(3-4), 701–722. doi:10.1016/j.jpubeco.2006.08.003
Van Schie, R. J. G., Donkers, B., & Dellaert, B. G. C. (2012). Savings adequacy
uncertainty: Driver or obstacle to increased pension contributions? Journal of
Economic Psychology, 33(4), 882–896. doi:10.1016/j.joep.2012.04.004
Van Suntum, U. (2009). Housing, taxation and retirement provision. Journal of
Housing Economics, 18(3), 249–255. doi:10.1016/j.jhe.2009.07.009
Weller, C. E. (2004). The future of public pensions in the OECD. Cambridge
Journal of Economics, 28(4), 489–504. doi:10.1093/cje/beh022
Weller, Christian E., & Wenger, J. B. (2012). Easy money or hard times? Health
and 401(k) loans. Contemporary Economic Policy, 30(1), 29–42.
doi:10.1111/j.1465-7287.2011.00251.x
Wiener, J., & Doescher, T. (2008). A framework for promoting retirement savings.
Journal of Consumer Affairs, 42(2), 137–164. doi:10.1111/j.17456606.2008.00102.x
Lectures 13. The Sociology of money and electronic commerce
Lectures - 2 hours, seminars – 2 hours, self-study – 4 hours.
Forms of money. What is considered as ‘electronic money’. E-money: the use and non-use
of it, the cultural meanings, trust. Bank cards: cash withdrawals vs. cashless payments.
Social and economic factors of bank card holding.
Seminar 13. Students make presentations on any of the following papers
Craig-Lees M., Khan J. ‘Cashless’ transactions: perceptions of money in mobile
payments // International business & economics review. 2009. Vol. 1 (1). P. 23-32.
29
Dodd N. The Sociology of Money: Economics, Reason and Contemporary Society.
Cambridge: Polity Press, 1994. 211 p.
Douglas, M. (1967). `Primitive rationing: A study in controlled exchange' in R.
Firth (ed) Themes in Economic Anthropology, 119-147. London: Tavistock
Publications.
Ingham G. The nature of money. Cambridge: Polity Press, 2004.
European Central bank. Report on electronic
http://www.ecb.int/pub/pdf/other/emoneyen.pdf
money.
1998.
URL:
Simmel G.. The Philosophy of Money. London: Routledge & Kegan Paul, 2004. 538
p.
Malinovski B. The Primitive Economics of the Trobriand Islanders // Economic
Journal, 1921, V. 31, , PP. 1-16.
Recent Developments in Electronic Money in Japan (2012), Payment and
Settlement Systems Department, Bank of Japan
https://www.boj.or.jp/en/research/brp/ron_2012/data/ron121221a.pdf
R. Halperin, Money in an Unequal World: Keith Hart and His Memory Bank //
American Anthropologist. Volume 105, Issue 1, pages 190–192, March 2003
Singh, S. (2000). Electronic commerce and the sociology of money. Sociological
Research Online, 4(4), U59–U70.
Singh S. 2004. Impersonalisation of electronic money: Implications for bank
marketing // International Journal of Bank Marketing. Vol. 22 (7). P. 504-521.
Singh S. 1999. Electronic money: Understanding its use to increase the
effectiveness of policy // Telecommunications Policy, 1999. Vol. 23 (10-11): P. 753773.
S. Singh, Social Impact of Electronic Money // Sociological Research Online, 1997
vol. 4, no. 4. Pp. 45 – 79
M.P. Gupta. A Study of Consumer Concerns and Issues of Electronic Payments in
India // Global Business Review February 2001 vol. 2 no. 1 p. 101-119
Solomon E. Virtual Money: Understanding the Power and Risks of Money’s HighSpeed Journey into Electronic Space. New York: Oxford University Press, 1997.
286 p.
Zelizer V.A. Economic Lives: How Culture Shapes the Economy. Princeton:
Princeton University Press, 2011. 496 p.
Brown, T. P. (2009). Keeping Electronic Money Valuable: The Future of Payments
and the Role of Public Authorities. (R. E. Litan & M. N. Baily, Ред.). Washington:
Brookings Inst.
Chen, L., & Tian, X. (2010). Analyses on the Consumer Risk under Virtual
Currency in China. (F. Duserick, Ред.). Alfred: Alfred Univ.
Cohen, B. J. (2001). Electronic money: new day or false dawn? Review of
International Political Economy, 8(2), 197–225. doi:10.1080/09692290010033376
Georgescu, C. (2012). Simulating Micropayments in Local Area Networks. В A. I.
Lacob, G. A. Baskan, & H. Uzunboylu (Ред.), World Conference on Business,
Economics and Management (bem-2012) (Т. 62, с. 30–34). Amsterdam: Elsevier
Science Bv.
30
Gormez, Y. (2011). Central bank losses, electronic money and contestable central
banking. (S. Milton & P. Sinclair, Ред.) (Т. 61). London: Routledge.
Hindman, M. (2009). Myth of Digital Democracy. Princeton: Princeton Univ Press.
Hohnen, P. (2007). Having the wrong kind of money. A qualitative analysis of new
forms of financial, social and moral exclusion in consumerist Scandinavia.
Sociological Review, 55(4), 748–767. doi:10.1111/j.1467-954X.2007.00751.x
Holthausen, C. (2006). What drives demand for and supply of electronic money?
Theoretical background and lessons from history. (S. W. Schmitz & G. Wood, Ред.)
(Т. 35). New York: Routledge.
Maurer, B., Nelms, T. C., & Rea, S. C. (2013). «Bridges to cash»: channelling
agency in mobile money. Journal of the Royal Anthropological Institute, 19(1), 52–
74. doi:10.1111/1467-9655.12003
Min, S., & Fei, C. (2009). Research of mobile banking service in China - A cross
rode of communication technology and financial innovation. (Z. W. Ye & P. Ma,
Ред.). New York: Ieee.
Pan, L. (2005). The impact of e-money on the monetary policy. (Q. Li & T. P.
Liang, Ред.). New York: Assoc Computing Machinery.
Penz, E., Meier-Pesti, K., & Kirchler, E. (2004). «It’s practical, but no more
controllable»: Social representations of the electronic purse in Austria. Journal of
Economic Psychology, 25(6), 771–787. doi:10.1016/j.joep.2003.07.002
Rogers, C. (2006). Doing without money: a critical assessment of Woodford’s
analysis. Cambridge Journal of Economics, 30(2), 293–306.
Sardoni, C. (2004). Money in the time of the Internet: electronic money and its
effects. (L. R. Wray & M. Forstater, Ред.). Cheltenham: Edward Elgar Publishing
Ltd.
Schmitz, Stefan W. (2008). Will central banking survive electronic money? (A. G.
Haldane, S. Millard, & V. Saporta, Ред.) (Т. 43). London: Routledge.
Seetharaman, A., & Raj, J. R. (2011). Evolution, Development and Growth of
Electronic Money. Hersey: Igi Global.
Solomon, E. H. (1999). What should regulators do about consolidation and
electronic money? Journal of Banking & Finance, 23(2-4), 645–653.
doi:10.1016/S0378-4266(98)00100-9
Аникаева Е.А. Основные подходы к исследованию денег в социологии //
Экономическая социология. 2008. Т.9. №1. С. 114-124.
Зелизер В. Социальное значение денег: деньги на булавки, чеки, пособия по
бедности и другие денежные единицы / Пер. с англ. А.В. Смирнова, М.С.
Добряковой под науч. ред. В.В. Радаева. М.: Дом интеллектуальной книги;
Издательский дом ГУ–ВШЭ, 2004.
Кочергин Д.А. Проблемы интерпретации электронных денег // Банковское
дело, 2005. №12: C. 18-22.
Кузина О. Е. Предпочтения и поведение потребителей на рынке розничных
платежей // Банковское дело, 2011. № 10. C. 73—78.
Поланьи К. Семантика использования денег // Поланьи К. Избранные работы.
Москва: Изд. дом «Территория будущего», 2010. С. 89-103.
31
Lectures 14. The sociology of consumer credit
Lectures - 2 hours, seminars – 2 hours, self-study – 4 hours.
Causes and long-run macroeconomic implications of the rise in household indebtedness.
Methods for assessing the credit risk when lending to consumers. Credit card delinquencies
and personal bankruptcy rates (US). Restricting access to expensive credit for preventing
overborrowing: harming, not helping, consumers on average. The psychological cost of
credit. Relationship between financial literacy and consumer credit portfolios. Information
sharing in credit markets: the role of credit bureaus. Credit unions vs bank credits. Social
acceptability of money-lenders, Islamic banking.
Seminar 14. Students make presentations on any of the following papers
Agarwal, S., Liu, C., & Souleles, N. S. (2007). The reaction of consumer spending
and debt to tax rebates - Evidence from consumer credit data. Journal of Political
Economy, 115(6), 986–1019. doi:10.1086/528721
Alessie, R., Weber, G., & Hochguertel, S. (2005). Consumer credit: Evidence from
Italian micro data. Journal of the European Economic Association, 3(1), 144–178.
doi:10.1162/1542476053295340
Anderson, C. (1970). Experiment on Behavioral Learning in a Consumer Credit
Game. Simulation & Gaming, 1(1), 43–54. doi:10.1177/104687817000100104
Andersson, F., Chomsisengphet, S., Glennon, D., & Li, F. (2013). The Changing
Pecking Order of Consumer Defaults. Journal of Money Credit and Banking, 45(23), 251–275. doi:10.1111/jmcb.12001
Avery, R. B., Brevoort, K. P., & Canner, G. (2012). Does Credit Scoring Produce a
Disparate Impact? Real Estate Economics, 40, S65–S114. doi:10.1111/j.15406229.2012.00348.x
Barba, A., & Pivetti, M. (2009). Rising household debt: Its causes and
macroeconomic implications-a long-period analysis. Cambridge Journal of
Economics, 33(1), 113–137. doi:10.1093/cje/ben030
Barron, D. N. (1998). Pathways to legitimacy among consumer loan providers in
New York city, 1914-1934. Organization Studies, 19(2), 207–233.
doi:10.1177/017084069801900203
Bertrand, M., Karlan, D., Mullainathan, S., Shafir, E., & Zinman, J. (2010). What’s
Advertising Content Worth? Evidence from a Consumer Credit Marketing Field
Experiment. Quarterly Journal of Economics, 125(1), 263–306.
Bond, P., Musto, D. K., & Yilmaz, B. (2009). Predatory mortgage lending. Journal
of Financial Economics, 94(3), 412–427. doi:10.1016/j.jfineco.2008.09.011
Brown, S., Taylor, K., & Price, S. W. (2005). Debt and distress: Evaluating the
psychological cost of credit. Journal of Economic Psychology, 26(5), 642–663.
doi:10.1016/j.joep.2005.01.002
Buecker, M., van Kampen, M., & Kraemer, W. (2013). Reject inference in
consumer credit scoring with nonignorable missing data. Journal of Banking &
Finance, 37(3), 1040–1045. doi:10.1016/j.jbankfin.2012.11.002
Carruthers, B. G., & Kim, J.-C. (2011). The Sociology of Finance. В K. S. Cook &
D. S. Massey (Ред.), Annual Review of Sociology, Vol 37 (Т. 37, с. 239–259).
32
Charpe, M., Flaschel, P., & Proano, C. R. (2012). Income Distribution, Credit
Rationing and Households’ Debt. Metroeconomica, 63(3), 458–492.
doi:10.1111/j.1467-999X.2011.04151.x
Clarke, D., & Mcdonald, J. (1992). Generalized Bankruptcy Models Applied to
Predicting Consumer-Credit Behavior. Journal of Economics and Business, 44(1),
47–62. doi:10.1016/0148-6195(92)90006-V
Crook, J. N., Edelman, D. B., & Thomas, L. C. (2007). Recent developments in
consumer credit risk assessment. European Journal of Operational Research,
183(3), 1447–1465. doi:10.1016/j.ejor.2006.09.100
De Andrade, F. W. M., & Thomas, L. (2007). Structural models in consumer credit.
European Journal of Operational Research, 183(3), 1569–1581.
doi:10.1016/j.ejor.2006.07.049
Disney, R., & Gathergood, J. (2013). Financial literacy and consumer credit
portfolios. Journal of Banking & Finance, 37(7), 2246–2254.
doi:10.1016/j.jbankfin.2013.01.013
Duhaime, G. (1997). Sociotypes of the overindebted. Canadian Journal of
Sociology-Cahiers Canadiens De Sociologie, 22(3), 319–344. doi:10.2307/3341625
Hudon, M. (2009). Should Access to Credit be a Right? Journal of Business Ethics,
84(1), 17–28. doi:10.1007/s10551-008-9670-y
Huls, N. (1992). American Influences on European Consumer Bankruptcy Law.
Journal of Consumer Policy, 15(2), 125–142. doi:10.1007/BF01352132
Ramsay, I. (2007). Comparative consumer bankruptcy. University of Illinois Law
Review, (1), 241–273.
Schelkle, W. (2012). A Crisis of What? Mortgage Credit Markets and the Social
Policy of Promoting Homeownership in the United States and in Europe. Politics &
Society, 40(1), 59–80. doi:10.1177/0032329211434690
Feinberg, R. M. (2001). The competitive role of credit unions in small local
financial services markets. Review of Economics and Statistics, 83(3), 560–563.
doi:10.1162/00346530152480207
Getter, D. E. (2006). Consumer credit risk and pricing. Journal of Consumer
Affairs, 40(1), 41–63. doi:10.1111/j.1745-6606.2006.00045.x
Gurewich, D., Prottas, J., Seifert, R., & Seager, S. (2004). Medical debt and
consumer credit counseling services. Journal of Health Care for the Poor and
Underserved, 15(3), 336–346. doi:10.1353/hpu.2004.0041
Guseva, A., & Rona-Tas, A. (2001). Uncertainty, risk, and trust: Russian and
American credit card markets compared. American Sociological Review, 66(5),
623–646. doi:10.2307/3088951
Hyman, L. (2012). The Politics of Consumer Debt: U.S. State Policy and the Rise of
Investment in Consumer Credit, 1920-2008. Annals of the American Academy of
Political and Social Science, 644, 40–49. doi:10.1177/0002716212452721
Jacobson, T., & Roszbach, K. (2003). Bank lending policy, credit scoring and
value-at-risk. Journal of Banking & Finance, 27(4), 615–633. doi:10.1016/S03784266(01)00254-0
Kamleitner, B., & Kirchler, E. (2007). Consumer credit use: a process model and
literature review. European Review of Applied Psychology-Revue Europeenne De
33
Psychologie Appliquee, 57(4), 267–283. doi:10.1016/j.erap.2006.09.003
Kamleitner, Bernadette, & Kirchler, E. (2006). Personal loan users’ mental
integration of payment and consumption. Marketing Letters, 17(4), 281–294.
doi:10.1007/s11002-006-8521-9
Karlan, D., & Zinman, J. (2009). Observing Unobservables: Identifying
Information Asymmetries With a Consumer Credit Field Experiment.
Econometrica, 77(6), 1993–2008. doi:10.3982/ECTA5781
Karlan, D., & Zinman, J. (2010). Expanding Credit Access: Using Randomized
Supply Decisions to Estimate the Impacts. Review of Financial Studies, 23(1), 433–
464. doi:10.1093/rfs/hhp092
Kneiding, C., & Kritikos, A. S. (2013). Funding self-employment - the role of
consumer credit. Applied Economics, 45(13), 1741–1749.
doi:10.1080/00036846.2011.637895
Langley, P. (2008). Sub-prime mortgage lending: a cultural economy. Economy
and Society, 37(4), 469–494. doi:10.1080/03085140802357893
Lee, J., & Hogarth, J. M. (1999). The price of money: Consumers’ understanding of
APRs and contract interest rates. Journal of Public Policy & Marketing, 18(1), 66–
76.
Lux, M., & Mikeszova, M. (2013). The role of a credit trap on paths to
homelessness in the Czech Republic. Journal of European Social Policy, 23(2),
210–223. doi:10.1177/0958928712471223
Marron, D. (2007). «Lending by numbers»: credit scoring and the constitution of
risk within American consumer credit. Economy and Society, 36(1), 103–133.
doi:10.1080/03085140601089846
Musto, D. K., & Souleles, N. S. (2006). A portfolio view of consumer credit. Journal
of Monetary Economics, 53(1), 59–84. doi:10.1016/j.jmoneco.2005.10.009
O’Connell, S., & Reid, C. (2005). Working-class consumer credit in the UK, 192560: the role of the check trader. Economic History Review, 58(2), 378–405.
doi:10.1111/j.1468-0289.2005.00308.x
Pagano, M., & Jappelli, T. (1993). Information Sharing in Credit Markets. Journal
of Finance, 48(5), 1693–1718. doi:10.2307/2329064
Qi, M., & Yang, S. (2003). Forecasting consumer credit card adoption: what can
we learn about the utility function? International Journal of Forecasting, 19(1),
71–85. doi:10.1016/S0169-2070(01)00118-2
Ranyard, R., Hinkley, L., Williamson, J., & McHugh, S. (2006). The role of mental
accounting in consumer credit decision processes. Journal of Economic
Psychology, 27(4), 571–588. doi:10.1016/j.joep.2005.11.001
Rea, S. (1984). Arm-Breaking, Consumer-Credit and Personal Bankruptcy.
Economic Inquiry, 22(2), 188–208.
Rona-Tas, A., & Guseva, A. (2013). Information and consumer credit in Central
and Eastern Europe. Journal of Comparative Economics, 41(2), 420–435.
doi:10.1016/j.jce.2013.03.012
Slocum, J., & Mathews, H. (1970). Social Class and Income as Indicators of
Consumer Credit Behavior. Journal of Marketing, 34(2), 69–74.
doi:10.2307/1250840
34
Soman, D., & Cheema, A. (2002). The effect of credit on spending decisions: The
role of the credit limit and credibility. Marketing Science, 21(1), 32–53.
doi:10.1287/mksc.21.1.32.155
Stavins, J. (2000). Credit card borrowing, delinquency, and personal bankruptcy.
New England Economic Review, 15–+.
Stegman, M. A., & Faris, R. (2003). Payday lending: A business model that
encourages chronic borrowing. Economic Development Quarterly, 17(1), 8–32.
doi:10.1177/0891242402239196
Thomas, L. C., Oliver, R. W., & Hand, D. J. (2005). A survey of the issues in
consumer credit modelling research. Journal of the Operational Research Society,
56(9), 1006–1015. doi:10.1057/palgrave.jors.2602018
Tokunaga, H. (1993). The Use and Abuse of Consumer-Credit - Application of
Psychological Theory and Research. Journal of Economic Psychology, 14(2), 285–
316. doi:10.1016/0167-4870(93)90004-5
Toolsema, L. A. (2002). Competition in the Dutch consumer credit market. Journal
of Banking & Finance, 26(11), 2215–2229. doi:10.1016/S0378-4266(02)00206-6
White, M. J. (1998). Why don’t more households file for bankruptcy? Journal of
Law Economics & Organization, 14(2), 205–231. doi:10.1093/jleo/14.2.205
Yang, S., Markoczy, L., & Qi, M. (2007). Unrealistic optimism in consumer credit
card adoption. Journal of Economic Psychology, 28(2), 170–185.
doi:10.1016/j.joep.2006.05.006
Zhu, L., & Meeks, C. (1994). Effects of Low-Income Families Ability and
Willingness to Use Consumer-Credit on Subsequent Outstanding Credit Balances.
Journal of Consumer Affairs, 28(2), 403–422.
Zinman, J. (2010). Restricting consumer credit access: Household survey evidence
on effects around the Oregon rate cap. Journal of Banking & Finance, 34(3), 546–
556. doi:10.1016/j.jbankfin.2009.08.024
Lecture 15. Research on investment behaviour of households. Financial frauds
Lectures - 2 hours, seminars – 2 hours, self-study – 4 hours.
Savings and investments. The relationship between the two on the macro level.
Economic explanations of financial frauds: risk and uncertainty, asymmetry of
information.
Psychological explanation of financial frauds: investor overconfidence under uncertainty,
framing effects, recency effects, and halo effects.
Trust to financial institutions and collective representations. Sociological approach to the
analysis of investors: power and culture.
Financial frauds in Russia in the mid of the 1990s. Participant observations next to MMM
shares sell points. Ponzi scheme: principles and stages. Financial literacy of investors.
Seminar 15. Students make presentations on any of the following papers
James Banks & Richard Blundell & James P. Smith, Wealth Portfolios in the UK
and the US, 2002, NBER Working Papers 9128, National Bureau of Economic
Research, Inc. http://www.nber.org/papers/w9128.pdf
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Pressman S. On financial frauds and their causes: investor overconfidence //
American J. of economics and sociology, Vol.57, No.4 (October 1998), 405-421.
http://findarticles.com/p/articles/mi_m0254/is_4_57/ai_53449305
John Y. Campbell, 2006. Household Finance, NBER Working Papers 12149,
National Bureau of Economic Research, Inc.
http://ideas.repec.org/p/nbr/nberwo/12149.html
Charles P. Kindleberger and Robert Aliber (2005), Manias, Panics, and Crashes:
A History of Financial Crises.
Van Der Cruijsen, Carin A.B., Jakob De Haan, David-Jan Jansen, Robert H.J.
Mosch. Households’ Decisions on Savings Accounts After Negative Experiences
with Banks During the Financial Crisis. Journal of Consumer Affairs 46, № 3
(2012): 436–456. http://82.179.249.32:2072/doi/10.1111/j.17456606.2012.01240.x/pdf
Lecture 16. Marketing research for banks, investment funds and insurance companies
Lectures - 2 hours, seminars – 2 hours, self-study – 4 hours.
Specificity of research problems in marketing research for banks, investment funds and
insurance companies . Marketing research methods. Segmentation studies. Advertising
research. Brand name testing. Customer satisfaction research. Price elasticity research.
Seminar 16. Students make presentations on any of the following papers
Green, P.E., Krieger, A.M. Recent contributions to optimal product positioning
and buyer segmentation, European Journal of Operational Research, Volume 41,
Issue 2, 25 July 1989, Pages 127-141
http://82.179.249.32:2063/0377221789903755/1-s2.0-0377221789903755main.pdf?_tid=d380ba6c-d089-11e2-ad4000000aab0f01&acdnat=1370730295_15095cccee57fbab7d2ca2aaa9c3c795
Eugene W. Anderson, Claes Fornell and Roland T. Rust Customer Satisfaction,
Productivity, and Profitability: Differences between Goods and Services Marketing
Science, Vol. 16, No. 2 (1997), pp. 129-145
http://bear.warrington.ufl.edu/centers/mks/articles/CustomerSatisfaction.pdf
Grace, D., O'Cass, A. Service branding: Consumer verdicts on service brands,
Journal of Retailing and Consumer Services Volume 12, Issue 2, March 2005,
Pages 125-139 doi:10.1016/j.jretconser.2004.05.002
7
Teaching methods
During the course different educational technics are used: interactive lectures and role
games.
8
Assessment scheme
8.1 Questions of intermediary tests
Questions for the written test 1 (examples of possible wordings):
1. What was the assumption of the life-cycle model for the hypothesis about the savingsage profile?
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2. Why in Shorrocks’ opinion it is not possible to test the life-cycle hypothesis on the
basis of cross-sectional data?
3. What was the main difference between Katona’s model of saving behavior and the
permanent income hypothesis?
4. What is the design of the Index of consumer sentiments?
5. What are heuristics and why do people use them? Give an example of such heuristics.
6. How was the embeddedness thesis justified by research of V.Zelizer on life insurance
in the USA in the 19th century?
7. What is the difference between the resource theory and the sociology of gender in the
explanation of the systems of money management in the family?
8. Why do people invest money in financial frauds? How do economists and
psychologists explain it?
Questions for the written test 2 (examples of possible wordings):
1. What is the difference between the concepts of flows and stocks of savings? Give
examples from macro and micro statistics of savings.
2. How to measure the annual flow of savings in the surveys?
3. IMAGINE: you are researcher who is carrying out a survey on behalf of the Central
Bank. The questionnaire will be distributed to a national random sample of adults, aged
18 and over, in Russia, face-to-face interviews. Find out what kind of mistakes were
made in the design of the survey questions:
Q1. What primarily guide you in choosing a
bank?______________________________________________________________
___________________________________________________________________
___________________________________________________________________
___________________________________________________________________
_____________________________
Q2. How has your financial situation changed?
1. it has become better
2. it has remained the same
3. it has become worse
99. (Do not read out!) Difficult to answer
Q3. What is the interest rate on your bank deposit? ____%
99. (Do not read out!) Difficult to answer
4. How can one explain the high level of household savings in Russia (estimated by
macro statistics) in the 1990s?
5. What are the differences in household financial wealth between the United States and Great
Britain?
6. Are there any differences of saving patterns between racial groups in the US?
Questions for the written test 3:
1. What should be considered as a saving – how economists’ accounts differ from those
of ordinary people?
2. Household incomes and savings: how are these concepts defined and measured in
national statistics in Russia?
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3. Household savings rates in different countries: why do some nations save more than
others?
4. Life-cycle hypothesis – does it work in Russia?
5. Why there is the lack of financial planning for the retirement in Russia?
6. What is ‘financial literacy’ and how we can measure it in a survey?
7. Does Index of Consumer Sentiment work in Russia?
8. ‘Behaviour’, ‘action’, ‘strategy’ – can we use these concepts as synonyms?
9. How can Economics, Psyhology and Sociology explain why people invest in Ponzi
schemes.
8.2
Questions for self-testing
1. What is ‘income’? What is the definition of the concept of ‘income’ of Hicks? What is
the definition of income in the official statistics of incomes and expenditures of Russians
(the balance of incomes and expenditures)? What is the difference between the concepts of
income in national accounts statistics and in the balance of incomes and expenditures?
2. Which indicators of flows and stocks of savings do exist in Russian national statistics?
How are they related?
3. Who is the subject of financial behavior of the population: an individual or a household?
5. What is the difference between ‘stocks’ and ‘flow’" savings? Give examples of stocks
and flows of savings from national statistics. How are flows and stocks of savings related
to each other?
6. Purchases of durables: are they considered to be savings or consumption? Explain why.
7. What time period is typically used to assess the flows of savings? How to ask a question
about flows of savings per year in the questionnaire?
8. What is the negative and positive savings? Give examples of negative flows and
negative stocks of savings.
9. In which survey are there questions on stocks and flows of savings in Russia?
10. What is the relationship between the estimates of incomes and savings in macro and
micro statistics?
11. What is the difference between ‘savings’ and ‘investments’?
12. Are insurance policies classified as savings? Explain why.
13. What are the differences in the connotations between ‘debts’ and ‘credits’?
14. What is consumption function and how to evaluate it?
15. Which indicators of consumption (or savings) are used in consumption function: flows
or stocks of savings?
16. What is the propensity to consume (save) and how to measure it?
17. What is the "fundamental psychological law" introduced by Keynes? Why is he called
the psychological law?
18. Why the marginal propensity to save is higher than the average propensity to save in
the AIH model?
19. On the basis of which data can the AIH be checked?
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20. Why could not the absolute income model fully explain the consumer and savings
behavior of households?
21. What are the permanent income model and the life cycle model all about? Why are
they called as neoclassical economic models?
22. How does M. Friedman justify his conclusion that there is no influence of sociodemographic variables on the saving behavior of individuals?
23. What is the main assumption of the life cycle model about the form of the age profile
of savings?
24. What are the liquidity constraints? How do they change the saving behavior of people?
25. What kind of impact on the saving behavior of people has the uncertainty of future
incomes?
26. What is meant by the 'excess sensitivity of consumption to current income'?
27. What is the model of savings for the ‘rainy day’ all about?
28. Why in Shorrocks’ opinion it is not possible to test the life-cycle hypothesis on the
basis of cross-sectional data?
29. What is the difference between the ‘cohort effect’ and the ‘age effect’ on the savings
behavior of households?
30. How can we explain the savings-age profile in Russia?
31. Why the book written by Katona is called ‘psychological economics’ and not
‘economic psychology’?
32. What was the main difference between Katona’s model of saving behavior and the
permanent income hypothesis?
33. What does a ‘wish’ to save mean, and how it can be measured at the macro level? How
is the index of consumer sentiments designed and what is the lag time of its predictions?
How to check whether a given index works in Russia?
34. Describe the dynamics of consumer sentiments index in Russia in recent years. Can we
say that nowadays the optimism of the population has returned to the pre-crisis levels?
35. What determines consumer expectations? Is there a link with the socio-demographic
determinants?
36. What are heuristics and why do people use them? Give an example of a heuristic. How
researchers reveal heuristics?
37. What is ‘framing’ (framing effect)?
38. Which variable is considered as the most important explanatory variable in the model
of the behavioural life cycle introduced by Shefrin and Taler and why?
39. What was the research of Thaler and Benartsi ‘Save More Tomorrow: Using
Behavioral Economics to Increase Employee Saving' all about and what conclusions
follow from it?
40. What is the difference between the life cycle model and the behavioural life cycle
model?
41. What are the main assumptions of the model relative income hypothesis of
Duesenberry? What is it difference from the permanent income and the life cycle models?
42. What is the main idea of the theory of social meaning of money introduced by
V.Zelizer?
39
43. Give examples of when one U.S. dollar may not be equal to one U.S. dollar in terms of
V.Zelizer.
44. How the example of life insurance in America of the 19th century illustrates the
economic and sociological thesis of social embeddedness of financial behavior of people?
45. Which classification of money management of family finances was offered by Pahl and
Vogler?
46. What determines the choice of the type of money management in the family?
47. What is the difference between the resource theory and the sociology of gender in the
explanation of the systems of money management in the family?
48. What are the main difficulties in the definition and operationalization of the concept
‘financial strategies of households’?
49. How to measure the flows and the stocks of savings in the survey? How to measure the
flow of household savings per year?
50. What are the problems and limitations in the measurement of the level of household
income? How sociologists can reduce the number of those respondents who refuse to
answer the questions about the amount of their income?
51. What are the reasons why the respondents underestimate the size of their income and
savings in a survey? Indicate at least three reasons.
52. In which database one can find questions on flows and stocks of household savings in
Russia? What are the indicators of the financial behavior which are regularly measured in
the surveys in Russia?
53. How to explain the high level of personal savings estimated by macro statistics in the
1990s?
54. What are the differences in household financial wealth between the United States and
Great Britain?
55. Are there any differences of saving patterns between racial groups?
56. Why do people invest in Ponzi schemes? How to explain this in terms of Economics
and Psychology?
57. Indicate five interesting facts about the financial behavior of Russians based on survey
data.
58. What is the difference between the concept of ‘financial literacy’ and ‘financial
capability’? What can you say about the level of financial literacy of Russians?
59. What is ‘financial exclusion’? What is the extent of financial exclusion in Europe and
Russia? What are the causes of financial exclusion?
9
Assessments and Grading System
Assessment includes a number of activities. The teacher gives marks for students’ activity
during seminars: for asking questions after the presentations and participating in the
discussions. Those students who ask relevant questions and give right comments on the
pluses and minuses of presentations get higher marks for seminar activity mark – Оclass.
Guidelines for presentations:
1. download PPT files with HSE logo, presentation templates PPT or PPTX with HSE logo in
English can be found here http://www.hse.ru/org/hse/info/logo . The file name must include the
student's name and the title of the article in English.
40
Example: Olga Kuzina’s presentation of the paper Modigliani, Franco and Richard
Brumberg, 1954. Utility Analysis and the Consumption Function: An Interpretation of
Cross-Section Data, in Kenneth K. Kurihara, ed.: Post Keynesian Economics, Rutgers
University Press, New Brunswick, NJ, 388-436.
The file name in this case should be as follows: Kuzina Utility Analysis and the
Consumption Function An Interpretation of Cross-Section Data 1954.pptx or ppt,
depending on which version of the Power Point program you use.
2. you may choose any paper from the list of readings in the syllabus, however if you want you
may also use papers on financial behaviour of households which are not mentioned in the syllabus
– the only thing which you have to do is to send me the full text of it in order to verify that the
chosen topic is appropriate for the course.
3. if students will choose the same paper there will be no fun to listen the same ideas several times.
That is why I will coordinate the choices of students via permanent updating the schedule of
presentations according to the information which students will send me by e-mail kuzina@hse.ru .
The schedule will be made on the of first-come first-served basis, if the particular paper has been
chosen the rest should choose from the remaining texts.
4. presentations should be properly structured: starting from the research problem of the paper and
a justification of it (theoretical, empirical or policy-relevant issues to be mentioned) - the purpose
and the objectives of the paper – theoretical ideas which are discussed by the author - hypotheses operationalisation of concepts into indicators – description of the data used - data analysis - the
main conclusions of the paper - discussion (students should give their opinion about the strengths
and weaknesses of the paper). The presentation may deviate from the given structure if there any
of the mentioned issues is missing in the chosen paper. The obligatory parts are: explanation of the
research problem of the paper –disclosure of the logic of the main body of the text – conclusions –
discussion (what we have learned from the paper and what we should be cautious about – critical
assessment of the paper) – design of 2 questions which can test the understanding of this article.
6. evaluation criteria - presentation should give a clear and accurate picture of the paper. The
quality of the discussion slide is one of the most important.
On the one hand, your slides should not be overloaded with words or information which
means that you cannot just copy and paste the paragraphs from the text. On the other hand,
the presentation should not be too brief, that is one can use the presentation to get an idea
of the main issues of the paper without the speaker. The number of slides is not limited.
The presentation should take about 15-20 minutes. So it is better to place on slides all the
information you think is essential for understanding of the paper, then in the course of your
presentation you can skip what you think is less important. The main task is to make the
presentation clear and to give an idea of what has been done in the paper.
7. after presentation, if you want to get a higher mark (+1 mark out of 10) you can improve your
presentation based on the comments given during the discussion and send it to me again.
8. all presentations will be displayed in ICEF learning system to be available to all. In the final
exam paper I will ask questions about the papers have been presented during the seminars.
Marks which are given for students’ presentations – Оpresent.
Accumulated mark is a weighted average of the following:
Оaccumulated = 0,40* Оtests + 0,20* Оclass + 0,40* Оpresent
where Оtests = 0,50·Оtest1 + 0,50·О test2
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Final mark is calculated as:
Оfinal = 0,50* Оaccumulated + 0,50 *·Оexam
There are no retakes of the tests for those students who were not present during the
scheduled test.
After the presentation if a student wants to get a higher mark for his or her presentation
s/he can update the presentation slides according to the comments given after the
presentation. If this will be properly done 1 mark (out of 10) will be added for the Оpresent.
During the retake students can improve their mark for the exam (Оexam), and not
Оaccumulated.
10 Informational sources
10.1 Course textbook
There is no such textbook for the course
10.2 Distance learning support
All course materials are put in the ICEF informational system and open to all students
which have selected the course. Recommended papers can be downloaded from electronic
resources data base of HSE http://library.hse.ru/e-resources/e-resources.htm using any PC
connected to the HSE network. Remote access can be also obtained http://library.hse.ru/eresources/ez/ezregulation_eng.htm If the paper you are interested in has no link but a DOI
name only you can resolve a DOI name here http://www.doi.org/
11 Technical support
Projector is used for both lectures and seminars.
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