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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 author of the course:
[Olga Kuzina, PhD in Economics and in Sociology, [email protected]]
Moscow, 2017
This program can not be used by other departments of the University and other universities
or colleges without a permission from Economic Sociology department.
2
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 Contemporary Sociology in a Global Age,
Introduction to Probability Theory and Statistics and Economics.
4 Course outline
№ Topics Total number of hours
Credit hours Self-study hours
Lectures Seminars
1-2 Lectures 1-2. Conceptual and operational definitions of the main concepts and definitions of financial behaviour of households.
16 4 4 8
3 Lecture 3. Economic models of personal savings
8 2 2 4
4 Lecture 4. Economic models of portfolio choice
8 2 2 4
5 Lecture 5. Psychological approach to studying saving behaviour of household
8 2 2 4
6 Lecture 6. Behavioral economics of consumer finance
8 2 2 4
7 Lectures 7. Social embeddednes of financial behaviour of households
8 2 2 4
8 Lecture 8. Family budget management 8 2 2 4
3
research in sociology
9 Lectures 9. Trust to financial institutions 8 2 2 4
10 Lecture 10. Access to financial services, financial inclusion, saving motives
8 2 2 4
11 Lecture 11. Financial literacy and financial capability of individuals
8 2 2 4
12 Lecture 12. Household retirement strategies
8 2 2 4
13 Lecture 13. Money and electronic commerce
8 2 2 4
14 Lecture 14. Consumer credit 8 2 2 4
15 Lecture 15. Investment behaviour of households and financial frauds
8 2 2 4
16 Lecture 16. Marketing research for banks, investment funds and insurance companies
6 2 2 2
Total 126 32 32 62
5 Outline of topics and lists of academic papers for presentations
Lectures 1-2. The main concepts and definitions of financial behaviour of households.
Conceptual and operational definitions
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.
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
4
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/e-
resources/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
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/e-
resources/HSE_economic_journal/articles/02_04_04.pdf
5
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.1475-
5890.2009.00100.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.1013-
1036.
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.
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
Andreasch, M., & Lindner, P. (2016). Micro- and Macrodata: a Comparison of the
Household Finance and Consumption Survey with Financial Accounts in Austria.
Journal of Official Statistics, 32(1), 1–28. https://doi.org/10.1515/JOS-2016-0001
Cynamon, B. Z., & Fazzari, S. M. (2017). Household Income, Demand, and Saving:
Deriving Macro Data With Micro Data Concepts. Review of Income and Wealth,
63(1), 53–69. https://doi.org/10.1111/roiw.12206
Kumar, R. (2016). Personal Savings from Top Incomes and Household Wealth
Accumulation in the United States Results from Disaggregated National Accounts.
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International Journal of Political Economy, 45(3), 224–240.
https://doi.org/10.1080/08911916.2016.1230448
Orthofer, A. (2017). Concepts and Measures of Saving: Selected Issues for South
Africa. South African Journal of Economics, 85(2), 222–241.
https://doi.org/10.1111/saje.12129
Zhou, S., & Zhang, J. (2016). CHINESE SAVING RATES FROM 1953 TO 2012:
TRENDS, COMPOSITIONS AND PROSPECTS. Pacific Economic Review, 21(2),
227–252. https://doi.org/10.1111/1468-0106.12165
Eckerstorfer, P., Halak, J., Kapeller, J., Schuetz, B., Springholz, F., & Wildauer, R.
(2016). Correcting for the Missing Rich: An Application to Wealth Survey Data.
Review of Income and Wealth, 62(4), 605–627. https://doi.org/10.1111/roiw.12188
Anderson, G., Bunn, P., Pugh, A., & Uluc, A. (2016). The Bank of England/NMG
Survey of Household Finances. Fiscal Studies, 37(1), 131–152.
https://doi.org/10.1111/j.1475-5890.2016.12091
Badarinza, C., Campbell, J. Y., & Ramadorai, T. (2016). International
Comparative Household Finance. In P. Aghion & H. Rey (Eds.), Annual Review of
Economics, Vol 8 (Vol. 8, pp. 111–144).
Johnston, D. W., Kassenboehmer, S. C., & Shields, M. A. (2016). Financial
decision-making in the household: Exploring the importance of survey respondent,
health, cognitive ability and personality. Journal of Economic Behavior &
Organization, 132, 42–61. https://doi.org/10.1016/j.jebo.2016.09.014
Lee, S., & Persson, P. (2016). Financing from Family and Friends. Review of
Financial Studies, 29(9), 2341–2386. https://doi.org/10.1093/rfs/hhw031
Matha, T. Y., Porpiglia, A., & Ziegelmeyer, M. (2017). Household wealth in the
euro area: The importance of intergenerational transfers, homeownership and
house price dynamics. Journal of Housing Economics, 35, 1–12.
https://doi.org/10.1016/j.evolhumbehav.2016.12.001
Nivorozhkina, L. I. (2016). HIDDEN INCOME OF HOUSEHOLDS: AN
EMPIRICAL EVIDENCE. Terra Economicus, 14(4), 42–53.
https://doi.org/10.18522/2073-6606-2016-14-4-42-53
Saez, E., & Zucman, G. (2016). WEALTH INEQUALITY IN THE UNITED STATES
SINCE 1913: EVIDENCE FROM CAPITALIZED INCOME TAX DATA. Quarterly
Journal of Economics, 131(2), 519–578. https://doi.org/10.1093/qje/qjw004
Tiefensee, A., & Grabka, M. M. (2016). Comparing Wealth - Data quality of the
HFCS. Survey Research Methods, 10(2), 119–142.
https://doi.org/10.18148/srm/2016.v1012.6305
West, S., & Mottola, G. (2016). A Population on the Brink: American Renters,
Emergency Savings, and Financial Fragility. Poverty & Public Policy, 8(1), 56–71.
https://doi.org/10.1002/pop4.130
7
Xu, J., Yang, P., & Ma, G. (2017). Accounting for China’s Saving-Investment
Imbalance from 2002-2008. Review of Income and Wealth, 63(2), 234–252.
https://doi.org/10.1111/roiw.12226
Adam, K., & Zhu, J. (2016). PRICE-LEVEL CHANGES AND THE
REDISTRIBUTION OF NOMINAL WEALTH ACROSS THE EURO AREA. Journal
of the European Economic Association, 14(4), 871–906.
https://doi.org/10.1111/jeea.12155
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.
The Chinese saving puzzle.
Seminar 3.
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%2Fpublications-
app%3Ftask%3Dcallelement%26format%3Draw%26item_id%3D177%26element
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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/understanding-
consumption
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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/B9780121098919500312/3-
s2.0-B9780121098919500312-main.pdf?_tid=0d9a1824-c1f3-11e2-9fc1-
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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-s2.0-
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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-s2.0-
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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-s2.0-
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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-s2.0-
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Alessie, R., Kapteyn, A., 2003. Chapter 6 - Savings and Pensions in the
Netherlands, in: Life-Cycle Savings and Public Policy. Academic Press, Boston,
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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,
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of Intertemporal Allocation and Their Implications for Public Policy, NBER
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saving in urban China. Journal of Comparative Economics, 31(3), 465–485.
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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
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Guariglia, A., & Rossi, M. (2002). Consumption, habit formation, and
precautionary saving: evidence from the British Household Panel Survey. Oxford
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Ziliak, J. P. (2003). Income transfers and assets of the poor. Review of Economics
and Statistics, 85(1), 63–76. doi:10.1162/003465303762687712
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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
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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
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Jappelli, T., & Pistaferri, L. (2006). Intertemporal choice and consumption
mobility. Journal of the European Economic Association, 4(1), 75–115.
doi:10.1162/154247606776014640
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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
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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
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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.
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Bussolo, M., Schotte, S., & Matytsin, M. (2017). Accounting for the bias against the
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Economics, 49(29), 2797–2816. https://doi.org/10.1080/00036846.2016.1248355
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education contribute? Review of Economic Dynamics, 20, 63–89.
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survival beliefs. Journal of Economic Theory, 162, 137–180.
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Curtis, C. C., Lugauer, S., & Mark, N. C. (2017). Demographics and aggregate
household saving in Japan, China, and India. Journal of Macroeconomics, 51,
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SAVINGS, AND THE LIQUIDITY TRAP. Quarterly Journal of Economics, 132(3),
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Kolasa, A. (2017). Life Cycle Income and Consumption Patterns in Poland. Central
European Journal of Economic Modelling and Econometrics, 9(2), 137–172.
Kong, D., & Dickinson, D. (2016). Investigating the Impact of Income on Savings
Using a Chinese Household Level Dataset. Emerging Markets Finance and Trade,
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Loke, Y. J. (2016a). Financial Preparedness for Income Shock among Malaysians.
Malaysian Journal of Economic Studies, 53(2), 279–295.
Lee, D. (2016). Effects of dependent coverage mandate on household precautionary
savings: Evidence from the 2010 Affordable Care Act. Economics Letters, 147, 32–
37. https://doi.org/10.1016/j.econlet.2016.08.002
Pan, Y. (2016). Understanding the rural and urban household saving rise in China.
Regional Science and Urban Economics, 56, 46–59.
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Yalta, A. T. (2016). Down Payment Saving in the United States: Evidence from the
Panel Study of Income Dynamics. Real Estate Economics, 44(2), 355–377.
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SAVING BY LOW-INCOME HOUSEHOLDS? National Tax Journal, 69(1), 41–76.
Randjelovic, S. (2016). ESTIMATING THE IMPACT OF INCOME TAX ON
PERSONAL SAVINGS IN SERBIA: THE TWO CHANNELS APPROACH. Acta
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Rottke, S., & Klos, A. (2016). Savings and Consumption When Children Move Out.
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US Households. Journal of Money Credit and Banking, 49(4), 635–661.
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Curtis, C. C., Lugauer, S., & Mark, N. C. (2015). Demographic Patterns and
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58–94. https://doi.org/10.1257/mac.20130105
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59(5), 1221–1248. https://doi.org/10.2307/2938366
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projections of saving rates in Developing Asia. Japan and the World Economy,
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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
innovation in retail financial markets. Housing as an asset. Household lifecycle portfolio
allocations.
Seminar 4.
Basten, C., Fagereng, A., & Telle, K. (2016). Saving and Portfolio Allocation
Before and After Job Loss. Journal of Money Credit and Banking, 48(2–3), 293–
324. https://doi.org/10.1111/jmcb.12301
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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.
15
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 life-
cycle perspective. J. Econ. Dyn. Control 21, 1511–1542. doi:10.1016/S0165-
1889(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.1542-
4774.2011.01046.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 US-
born 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.
Dimmock, S. G., Kouwenberg, R., Mitchell, O. S., & Peijnenburg, K. (2016).
Ambiguity aversion and household portfolio choice puzzles: Empirical evidence.
Journal of Financial Economics, 119(3), 559–577.
https://doi.org/10.1016/j.jfineco.2016.01.003
Donkers, B., van Soest, A., 1999. Subjective measures of household preferences and
financial decisions. J. Econ. Psychol. 20, 613–642. doi:10.1016/S0167-
4870(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.
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.
16
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.
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.
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Lee, Y. G., & Kim, S. (2017). Gender and Risk-bearing Portfolio Choices among
Older Single Workers: The Role of Human Capital. Family & Consumer Sciences
Research Journal, 45(4), 406–421. https://doi.org/10.1111/fcsr.12219
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.
Ochmann, R. (2016). Distributional and welfare effects of Germany’s year 2000 tax
reform: the context of savings and portfolio choice. Empirical Economics, 51(1),
93–123. https://doi.org/10.1007/s00181-015-1003-2
Pak, T.-Y., & Chatterjee, S. (2016). Aging, overconfidence, and portfolio choice.
Journal of Behavioral and Experimental Finance, 12, 112–122.
https://doi.org/10.1016/j.jbef.2016.10.003
Peress, J., 2004. Wealth, information acquisition, and portfolio choice. Rev.
Financ. Stud. 17, 879–914. doi:10.1093/rfs/hhg056.
Qiu, J. (2016). Precautionary Saving and Health Insurance: A Portfolio Choice
Perspective. Frontiers of Economics in China, 11(2), 232–264.
https://doi.org/10.3868/s060-005-016-0015-0
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.
Zhou, Q., Basu, K., & Yuan, Y. (2017). Does Health Insurance Coverage Influence
Household Financial Portfolios? A Case Study in Urban China. Frontiers of
Economics in China, 12(1), 94–112. https://doi.org/10.3868/s060-006-017-0005-7
Barcelo, C., & Villanueva, E. (2016). The response of household wealth to the risk
of job loss: Evidence from differences in severance payments. Labour Economics,
39, 35–54. https://doi.org/10.1016/j.labeco.2016.02.001
Bekaert, G., Hoyem, K., Hu, W.-Y., & Ravina, E. (2017). Who is internationally
diversified? Evidence from the 401(k) plans of 296 firms. Journal of Financial
Economics, 124(1), 86–112. https://doi.org/10.1016/j.jfineco.2016.12.010
Chen, X., & Ji, X. (2017). The Effect of House Price on Stock Market Participation
in China: Evidence from the CHFS Microdata. Emerging Markets Finance and
Trade, 53(5), 1030–1044. https://doi.org/10.1080/1540496X.2016.1263794
Bloemen, H. G. (2016). Private wealth and job exit at older age: a random effects
model. Empirical Economics, 51(2), 763–807. https://doi.org/10.1007/s00181-015-
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Bucciol, A., Miniaci, R., & Pastorello, S. (2017). Return expectations and risk
aversion heterogeneity in household portfolios. Journal of Empirical Finance, 40,
201–219. https://doi.org/10.1016/j.jempfin.2016.08.002
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.
Index of consumer sentiment.
Seminar 5.
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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.
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Gausden, R., & Hasan, M. S. (2016). Would information on consumer confidence
have helped to predict UK household expenditure during the recent economic
crisis? Applied Economics, 48(18), 1695–1709.
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household savings, in The Psychology of Saving: A Study on Economic
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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
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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-s2.0-
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Xu, Y., Chang, H.-L., Lobont, O.-R., & Su, C.-W. (2016). Modeling heterogeneous
inflation expectations: empirical evidence from demographic data? Economic
Modelling, 57, 153–163. https://doi.org/10.1016/j.econmod.2016.04.017
Frydman, C., & Camerer, C. F. (2016). The Psychology and Neuroscience of
Financial Decision Making. Trends in Cognitive Sciences, 20(9), 661–675.
https://doi.org/10.1016/j.tics.2016.07.003
Dholakia, U., Tam, L., Yoon, S., & Wong, N. (2016). The Ant and the Grasshopper:
Understanding Personal Saving Orientation of Consumers. Journal of Consumer
Research, 43(1), 134–155. https://doi.org/10.1093/jcr/ucw004
Binder, C. (2017). Fed speak on main street: Central bank communication and
household expectations. Journal of Macroeconomics, 52, 238–251.
https://doi.org/10.1016/j.jmacro.2017.05.003
Berti, A. E., Ajello, A. M., Aprea, C., Castelli, I., Lombardi, E., Marchetti, A., …
Valle, A. (2017). Adolescents’ and Young Adults’ Naive Understandings of the
Economic Crisis. Europes Journal of Psychology, 13(1), 143–161.
https://doi.org/10.5964/ejop.v13i1.1187
Tauni, M. Z., Rao, Z.-R., Fang, H.-X., & Gao, M. (2017). Does investor personality
moderate the relationship between information sources and trading behavior?
Evidence from Chinese stock market. Managerial Finance, 43(5), 545–566.
https://doi.org/10.1108/MF-08-2015-0231
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. Nudging: examples of this type of regulation.
Seminar 6.
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
20
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=05-
16-2015&FMT=7&DID=859165&RQT=309
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
Spittlehouse, J. K., Vierck, E., Pearson, J. F., & Joyce, P. R. (2016). Personality,
mental health and demographic correlates of hoarding behaviours in a midlife
sample. Peerj, 4, e2826. https://doi.org/10.7717/peerj.2826
Stromback, C., Lind, T., Skagerlund, K., Vastfjall, D., & Tinghog, G. (2017). Does
self-control predict financial behavior and financial well-being? Journal of
Behavioral and Experimental Finance, 14, 30–38.
https://doi.org/10.1016/j.jbef.2017.04.002
Peltier, J. W., Dahl, A. J., & Schibrowsky, J. E. (2016). Sequential loss of self-
control: Exploring the antecedents and consequences of student credit card debt.
Journal of Financial Services Marketing, 21(3), 167–181.
https://doi.org/10.1057/s41264-016-0002-5
Pikulina, E., Renneboog, L., & Tobler, P. N. (2017). Overconfidence and
investment: An experimental approach. Journal of Corporate Finance, 43, 175–
192. https://doi.org/10.1016/j.jcorpfin.2017.01.002
Park, E., & Yao, R. (2016). Financial Risk Attitude and Behavior: Do Planners
Help Increase Consistency? Journal of Family and Economic Issues, 37(4), 624–
638. https://doi.org/10.1007/s10834-015-9469-9
Nikiforos, M. (2016). A nonbehavioral theory of saving. Journal of Post Keynesian
Economics, 39(4), 562–592. https://doi.org/10.1080/01603477.2016.1245584
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Marinelli, N., Mazzoli, C., & Palmucci, F. (2017b). Mind the Gap: Inconsistencies
Between Subjective and Objective Financial Risk Tolerance. Journal of Behavioral
Finance, 18(2), 219–230. https://doi.org/10.1080/15427560.2017.1308944
Levy, M. R., & Tasoff, J. (2017). Exponential-growth bias and overconfidence.
Journal of Economic Psychology, 58, 1–14.
https://doi.org/10.1016/j.joep.2016.11.001
Hlouskova, J., Fortin, I., & Tsigaris, P. (2017). The consumption-investment
decision of a prospect theory household: A two-period model. Journal of
Mathematical Economics, 70, 74–89.
https://doi.org/10.1016/j.jmateco.2017.02.003
Grinstein-Weiss, M., Russell, B. D., Gale, W. G., Key, C., & Ariely, D. (2017).
Behavioral Interventions to Increase Tax-Time Saving: Evidence from a National
Randomized Trial. Journal of Consumer Affairs, 51(1), 3–26.
https://doi.org/10.1111/joca.12114
Griesdorn, T. S., & Durband, D. B. (2016). Does Self-control Predict Wealth
Creation Among Young Baby Boomers? Journal of Family and Economic Issues,
37(1), 18–28. https://doi.org/10.1007/s10834-015-9437-4
Cobb-Clark, D. A., Kassenboehmer, S. C., & Sinning, M. G. (2016). Locus of
control and savings. Journal of Banking & Finance, 73, 113–130.
https://doi.org/10.1016/j.jbankfin.2016.06.013
Brown, J. R., Kapteyn, A., Luttmer, E. F. P., & Mitchell, O. S. (2017). COGNITIVE
CONSTRAINTS ON VALUING ANNUITIES. Journal of the European Economic
Association, 15(2), 429–462. https://doi.org/10.1093/jeea/jvw009
Alemanni, B., & Lucarelli, C. (2017). Individual behaviour and long-range
planning attitude. European Journal of Finance, 23(5), 407–426.
https://doi.org/10.1080/1351847X.2014.1003313
Cass R. Sunstein, Nudging: A Very Short Guide, 37 J. Consumer Policy 583 (2014).
http://nrs.harvard.edu/urn-3:HUL.InstRepos:16205305
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.
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
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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-S0167487011000602-
main.pdf?_tid=28faf1d0-d079-11e2-a227-
00000aab0f6b&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,
pp.108 – 128 http://www.emeraldinsight.com/journals.htm?articleid=1770926
Hubener, A., Maurer, R., & Mitchell, O. S. (2016). How Family Status and Social
Security Claiming Options Shape Optimal Life Cycle Portfolios. Review of
Financial Studies, 29(4), 937–978. https://doi.org/10.1093/rfs/hhv070
Yi, D., Huang, Y., & Fan, G.-Z. (2016). Social Capital and Housing Affordability:
Evidence from China. Emerging Markets Finance and Trade, 52(8), 1728–1743.
https://doi.org/10.1080/1540496X.2016.1181856
Zaloom, C. (2016). The evangelical financial ethic: Doubled forms and the search
for God in the economic world. American Ethnologist, 43(2), 325–338.
https://doi.org/10.1111/amet.12308
Wherry, F. F. (2016). Relational accounting: A cultural approach. American
Journal of Cultural Sociology, 4(2), 131–156. https://doi.org/10.1057/ajcs.2016.1
Tovar, J., & Urrutia, M. (2017). The Impact of Social Safety Net Programs on
Household Savings in Colombia. Developing Economies, 55(1), 23–37.
https://doi.org/10.1111/deve.12119
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Skimmyhorn, W. L. (2016). Comparing Military and Civilian Household Finances:
Descriptive Evidence from Recent Surveys. Journal of Consumer Affairs, 50(2),
471–483. https://doi.org/10.1111/joca.12109
Shaikh, S. A., Ismail, M. A., Ismail, A. G., Shahimi, S., & Shafiai, M. H. M. (2017).
Towards an integrative framework for understanding Muslim consumption
behaviour. Humanomics, 33(2), 133–149. https://doi.org/10.1108/H-01-2017-0005
Safari, M., Mansori, S., & Sesaiah, S. (2017). Generation difference in hiring
financial planners in Malaysia. International Journal of Bank Marketing, 35(4),
583–595. https://doi.org/10.1108/IJBM-02-2016-0018
Parker, L., Francois, K., Desinor, O., Cela, T., & Foreit, K. G. F. (2017). A
qualitative analysis of savings and internal lending communities in Haiti - do they
make a difference? Vulnerable Children and Youth Studies, 12(1), 81–89.
https://doi.org/10.1080/17450128.2016.1263773
Ortiz-Rodriguez, J., & Small, E. (2017). The Financial Burden of Healthcare Cost:
Coping Strategies for Medical Expenses in Mexico. Social Indicators Research,
133(1), 275–284. https://doi.org/10.1007/s11205-016-1352-z
Olivera, J., & Ponomarenko, V. (2017). Pension Insecurity and Wellbeing in
Europe. Journal of Social Policy, 46(3), 517–542.
https://doi.org/10.1017/S0047279416000787
Montgomerie, J., & Tepe-Belfrage, D. (2017). Caring for Debts: How the
Household Economy Exposes the Limits of Financialisation. Critical Sociology,
43(4–5), 653–668. https://doi.org/10.1177/0896920516664962
Mertens, D. (2017). Putting "merchants of debt’ in their place: the political
economy of retail banking and credit-based financialisation in Germany. New
Political Economy, 22(1), 12–30. https://doi.org/10.1080/13563467.2016.1195344
Meng, X., Xue, S., & Xue, J. (2016). Consumption and Savings of Migrant
Households: 2008-14. (L. Song, R. Garnaut, C. Fang, & L. Johnston, Eds.).
Kuhnen, C. M., & Miu, A. C. (2017). Socioeconomic status and learning from
financial information. Journal of Financial Economics, 124(2), 349–372.
https://doi.org/10.1016/j.jfineco.2017.03.002
Brown, S., Ghosh, P., & Taylor, K. (2016). Household Finances and Social
Interaction: Bayesian Analysis of Household Panel Data. Review of Income and
Wealth, 62(3), 467–488. https://doi.org/10.1111/roiw.12174
Cohen, J. N. (2016). The myth of America’s “culture of consumerism”: Policy may
help drive American household’s fraying finances. Journal of Consumer Culture,
16(2), 531–554. https://doi.org/10.1177/1469540514528196
Wediawati, B., & Setiawati, R. (2016). Spiritual intermediation in Islamic
microfinance: evidence from Indonesia. In T. S. Joesron, A. Y. M. Siregar, M.
Anwar, P. Ambaretnani, S. C. D. Amar, & H. Dimas (Eds.), Proceedings of the
International Conference, Integrated Microfinance Management for Sustainable
Community Development (imm 2016) (Vol. 18, pp. 155–161).
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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.
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/
Guseva Alya, Ibragimova D. Who Is in Charge of Family Finances in the Russian
Two-earner Households // Journal of Family Issues.
Ибрагимова Д. Х. Деньги, гендер, власть в домохозяйстве: концептуальные
подходы // Экономическая социология. 2016. Т. 17. № 2. С. 116-145.
Vogler C. Money in the household: some underlying issues of power, Sociological
review, Volume 46, Issue 4, 1998, pp. 687-713
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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-ee38-4f8e-
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Antonides, G. (2011). The Division of Household Tasks and Household Financial
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Bennett, F. (2013). Researching Within-Household Distribution: Overview,
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Boertien, D. (2012). Jackpot? Gender Differences in the Effects of Lottery Wins on
Separation. Journal of Marriage and Family, 74(5), 1038–1053.
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Bonke, J., & Browning, M. (2009). The Allocation of Expenditures within the
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Burgoyne, C. B., & Morison, V. (1997). Money in remarriage: keeping things
simple and separate. Sociological Review, 45(3), 363–395. doi:10.1111/1467-
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Burgoyne, C. B., Young, B., & Walker, C. M. (2005). Deciding to give to charity: A
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Burgoyne, C., & Kirchler, E. (2008). Financial decisions in the household. (A.
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Burgoyne, Carole B., Clarke, V., Reibstein, J., & Edmunds, A. (2006). «All my
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Burgoyne, Carole B., Reibstein, J., Edmunds, A., & Dolman, V. (2007). Money
management systems in early marriage: Factors influencing change and stability.
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Burgoyne, Carole Bourne, Reibstein, J., Edmunds, A. M., & Routh, D. A. (2010).
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cohabitating couples. Sociologicky Casopis-Czech Sociological Review, 42(5),
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Cheal, D. (1993). Changing Household Financial Strategies - Canadian Couples
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Clarke, S. (2002). Budgetary management in Russian households. Sociology-the
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Financial Issues and Divorce. Family Relations, 61(4), 615–628.
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Elizabeth, V. (2001). Managing money, managing coupledom: a critical
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context for empirical research on sleep. Sociological Research Online, 12(5).
Raijas, A. (2011). Money management in blended and nuclear families. Journal of
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Singh, Supriya, & Bhandari, M. (2012). Money management and control in the
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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
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of Money Within Marriage. Work Employment and Society, 7(1), 71–95.
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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.1468-
4446.2006.00120.x
Vogler, Carolyn, Lyonette, C., & Wiggins, R. D. (2008). Money, power and
spending decisions in intimate relationships. Sociological Review, 56(1), 117–143.
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Woelz-Stirling, N., Manderson, L., Kelaher, M., & Gordon, S. (2000). Marital
conflict and finances among Filipinas in Australia. International Journal of
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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
Izuhara, M. (2016). Towards individualising couple finance: women’s housing
assets and household decisions in Japan. Gender Place and Culture, 23(7), 1003–
1016. https://doi.org/10.1080/0966369X.2015.1073698
Fehr, H., Kallweit, M., & Kindermann, F. (2016). Household Formation, Female
Labor Supply, and Savings. Scandinavian Journal of Economics, 118(4), 868–911.
https://doi.org/10.1111/sjoe.12154
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Clemens, M. A., & Tiongson, E. R. (2017). Split Decisions: Household Finance
When a Policy Discontinuity Allocates Overseas Work. Review of Economics and
Statistics, 99(3), 531–543. https://doi.org/10.1162/REST_a_00657
Arrondel, L., & Fremeaux, N. (2016). “For Richer, For Poorer”: Assortative
Mating and Savings Preferences. Economica, 83(331), 518–543.
https://doi.org/10.1111/ecca.12176
Addo, F. R. (2017). Financial Integration and Relationship Transitions of Young
Adult Cohabiters. Journal of Family and Economic Issues, 38(1), 84–99.
https://doi.org/10.1007/s10834-016-9490-7
Maroto, M. (2017). When the Kids Live at Home: Coresidence, Parental Assets,
and Economic Insecurity. Journal of Marriage and Family, 79(4), 1041–1059.
https://doi.org/10.1111/jomf.12407
Olcon-Kubicka, M. (2016). Financial Arrangement as a Reflection of Household
Order. Polish Sociological Review, (196), 477–494.
Tsai, L. C. (2017). Household Financial Management and Women’s Experiences of
Intimate Partner Violence in the Philippines: A Study Using Propensity Score
Methods. Violence Against Women, 23(3), 330–350.
https://doi.org/10.1177/1077801216642869
LaFave, D., & Thomas, D. (2017). Extended families and child well-being. Journal
of Development Economics, 126, 52–65.
https://doi.org/10.1016/j.jdeveco.2016.11.006
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.
Seminar 9.
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/
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
социологии и социальной антропологии. – 2005. – № 1. – С. 86-
96.http://www.jourssa.ru/2005/1/4aBogdanova.pdf
Besley, T. (1995) ‘Nonmarket Institutions for Credit and Risk Sharing in Low-
Income Countries’, The Journal of Economic Perspectives, Vol. 9, No. 3., 115-127.
http://82.179.249.32:2056/stable/2138429
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Christine Ennew and Harjit Sekhon. Measuring trust in financial services: the Trust
Index // Consumer Policy Review, Mar/Apr 2007 , VOL. 17, № 2, p. 62-69.
(ProQuest):http://82.179.249.32:2060/pqdlink?index=7&did=1288341241&SrchM
ode=3&sid=2&Fmt=6&VInst=PROD&VType=PQD&RQT=309&VName=PQD&
TS=1301010320&clientId=45975&aid=2
Anne Sunikka, Liisa Peura-Kapanen and Anu Raijas. Empirical investigation into
the multi-faceted trust in the wealth management context // International Journal of
Bank Marketing. Vol. 28 No. 1, 2010, pp. 65-81.
(ProQuest):http://82.179.249.32:2060/pqdlink?index=3&did=1945840781&SrchM
ode=3&sid=1&Fmt=6&VInst=PROD&VType=PQD&RQT=309&VName=PQD&
TS=1301010104&clientId=45975&aid=1
Ибрагимова Д.Х., Кузина О.Е. Доверие финансовым институтам: опыт
эмпирического исследования // Мониторинг общественного мнения:
экономические и социальные перемены, 2010. № 4 (98), июль-август. C. 26—
39.http://wciom.ru/fileadmin/Monitoring/98_1/2010_4%2898%29_3_Kuzina_Ibrag
imova.pdf
Jyh-Horng Lin , Rosemary Jou. Financial e-commerce under capital regulation and
deposit insurance, International Review of Economics & Finance, Volume 14, Issue
2, 2005, Pages 115–128 http://82.179.249.32:2063/S1059056003000777/1-s2.0-
S1059056003000777-main.pdf?_tid=4ca5a702-fdb9-11e2-9418-
00000aab0f02&acdnat=1375698487_bcbbfbeb46de565c062e8cf26307f8c7
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
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
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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
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.).
31
Huang, M.-H. (2008). The influence of selling behaviors on customer relationships
in financial services. International Journal of Service Industry Management, 19(3-
4), 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-to-
door 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
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
32
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
Aaberge, R., Liu, K., & Zhu, Y. (2017). Political uncertainty and household savings.
Journal of Comparative Economics, 45(1), 154–170.
https://doi.org/10.1016/j.jce.2015.12.011
Calcagno, R., Giofre, M., & Urzi-Brancati, M. C. (2017). To trust is good, but to
control is better: How investors discipline financial advisors’ activity. Journal of
Economic Behavior & Organization, 140, 287–316.
https://doi.org/10.1016/j.jebo.2017.04.010
Ahmed, H., & Salleh, A. M. H. A. P. M. (2016). Inclusive Islamic financial
planning: a conceptual framework. International Journal of Islamic and Middle
Eastern Finance and Management, 9(2), 170–189. https://doi.org/10.1108/IMEFM-
01-2015-0006
Ampudia, M., & Ehrmann, M. (2017). Macroeconomic experiences and risk taking
of euro area households. European Economic Review, 91, 146–156.
https://doi.org/10.1016/j.euroecorev.2016.09.012
Cai, J. (2016). The Impact of Insurance Provision on Household Production and
Financial Decisions. American Economic Journal-Economic Policy, 8(2), 44–88.
https://doi.org/10.1257/pol.20130371
Cheung, D., Laffargue, J.-P., & Padieu, Y. (2016). Insurance of Household Risks
and the Rebalancing of the Chinese Economy: Health Insurance, Health Expenses
and Household Savings. Pacific Economic Review, 21(3), 381–412.
https://doi.org/10.1111/1468-0106.12179
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.
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/
33
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-S1566014110000397-
main.pdf?_tid=6205e370-d07b-11e2-ac64-
00000aab0f27&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
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. http://doi.org/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.).
34
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.).
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).
Fungacova, Z., & Weill, L. (2015). Understanding financial inclusion in China.
China Economic Review, 34, 196–206. http://doi.org/10.1016/j.chieco.2014.12.004
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
35
Honohan, P., & King, M. (2013). Cause and Effect of Financial Access: Cross-
Country 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.
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.1748-
3131.2011.01205.x
36
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
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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. Determinants of financial literacy and
financial capability. The effects of perceived and actual financial literacy on financial
behaviour.
Seminar 11.
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/
Agarwal, S., Ben-David, I., & Yao, V. (2017). Systematic mistakes in the mortgage
market and lack of financial sophistication. Journal of Financial Economics,
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Psychology 32, 543–545. http://82.179.249.32:2063/S0167487011000638/1-s2.0-
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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
41
G. Antonides et al. Mental budgeting and the management of household finance.
Journal of Economic Psychology 32 (2011) 546–555
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main.pdf?_tid=b3e4614c-d078-11e2-a227-
00000aab0f6b&acdnat=1370722940_cc492ffb9354b58f497c23d7c451d5a8
Lusardi, A., Mitchell, O.S., Curto, V., 2010. Financial Literacy among the Young.
Journal of Consumer Affairs 44, 358–380.
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Van Rooij, M., Lusardi, A., Alessie, R., 2011. Financial literacy and stock market
participation. Journal of Financial Economics 101, 449–472.
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main.pdf?_tid=eb63c7b0-d079-11e2-be48-
00000aab0f01&acdnat=1370723463_f7cc7ca3970f0e4aca5e3c63097f8e6b
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–
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main.pdf?_tid=1ceb1d60-d07a-11e2-a227-
00000aab0f6b&acdnat=1370723546_bd8e6559fb42c54bb62f36ee225dd7d7
Hackethal, A., Haliassos, M., Jappelli, T., 2012. Financial advisors: A case of
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Behavioural Economics Perspective. (London: Financial Services Authority).
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Alba, J.W., Hutchinson, J.W., 2000. Knowledge Calibration: What Consumers
Know and What They Think They Know. Journal of Consumer Research 27, 123–
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Financial Literacy on Financial Behaviors. Economic Inquiry, 54(1), 675–697.
http://doi.org/10.1111/ecin.12255
Alsemgeest, L. (2015). Arguments for and against financial literacy education:
where to go from here? International Journal of Consumer Studies, 39(2), 155–
161. http://doi.org/10.1111/ijcs.12163
Antonides, G., Manon de Groot, I., & Fred van Raaij, W. (2011). Mental budgeting
and the management of household finance. Journal of Economic Psychology, 32(4),
546–555. http://doi.org/10.1016/j.joep.2011.04.001
Armantier, O., de Bruin, W. B., Topa, G., van der Klaauw, W., & Zafar, B. (2015).
Inflation Expectations and Behavior: Do Survey Respondents Act on Their Beliefs?
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Barcellos, S. H., Carvalho, L. S., Smith, J. P., & Yoong, J. (2016). Financial
Education Interventions Targeting Immigrants and Children of Immigrants: Results
from a Randomized Control Trial. Journal of Consumer Affairs, 50(2), 263–285.
http://doi.org/10.1111/joca.12097
Batty, M., Collins, J. M., & Odders-White, E. (2015). Experimental Evidence on the
Effects of Financial Education on Elementary School Students’ Knowledge,
Behavior, and Attitudes. Journal of Consumer Affairs, 49(1), 69–96.
http://doi.org/10.1111/joca.12058
Beckmann, E., & Stix, H. (2015). Foreign currency borrowing and knowledge
about exchange rate risk. Journal of Economic Behavior & Organization, 112, 1–
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Birkenmaier, J., & Fu, Q. (2016). Who Uses Alternative Financial Services? A
Latent Class Analysis of Consumer Financial Knowledge and Behavior. Journal of
Social Service Research, 42(3), 412–424.
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Bravo, F., & Luis Ruiz, J. (2015). Herding Behavior and Default in Funded
Pension Schemes: The Chilean Case. Emerging Markets Finance and Trade, 51(6),
1230–1243. http://doi.org/10.1080/1540496X.2015.1080526
Campbell, J. Y. (2016). Restoring Rational Choice: The Challenge of Consumer
Financial Regulation. American Economic Review, 106(5), 1–30.
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Carr, M. M., & Greenhill, L. M. (2015). Veterinary School Applicants: Financial
Literacy and Behaviors. Journal of Veterinary Medical Education, 42(2), 89–96.
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Ciemleja, G., & Lace, N. (2013). Measurement of Financial Literacy: Case Study
from Latvia. (A. Kocourek, Ed.). Liberec: Technical Univ Liberec, Faculty
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DeBruin, B. (2015). Ethics and the Global Financial Crisis: Why Incompetence is
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Delis, M. D., & Mylonidis, N. (2015). Trust, happiness, and households’ financial
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Disney, R., Gathergood, J., & Weber, J. (2015). Credit counseling: a substitute for
consumer financial literacy? Journal of Pension Economics & Finance, 14(4),
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Drever, A. I., Odders-White, E., Kalish, C. W., Else-Quest, N. M., Hoagland, E. M.,
& Nelms, E. N. (2015). Foundations of Financial Well-Being: Insights into the Role
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Duca, J. V., & Kumar, A. (2014). Financial literacy and mortgage equity
withdrawals. Journal of Urban Economics, 80, 62–75.
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Erner, C., Goedde-Menke, M., & Oberste, M. (2016). Financial literacy of high
school students: Evidence from Germany. Journal of Economic Education, 47(2),
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Estrada-Mejia, C., de Vries, M., & Zeelenberg, M. (2016). Numeracy and wealth.
Journal of Economic Psychology, 54, 53–63.
http://doi.org/10.1016/j.joep.2016.02.011
Fadlon, I., Laird, J., & Nielsen, T. H. (2016). Do Employer Pension Contributions
Reflect Employee Preferences? Evidence from a Retirement Savings Reform in
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Fernandes, D., Lynch, J. G., & Netemeyer, R. G. (2014). Financial Literacy,
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Foster, F. D., Ng, J., & Wee, M. (2015). Presentation Format and Financial
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Gerrans, P., & Yap, G. (2014). Retirement savings investment choices:
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financial advice. Journal of Banking & Finance, 72, 201–217.
https://doi.org/10.1016/j.jbankfin.2016.05.001
van Raaij, W. F. (2017). International Handbook of Financial Literacy. Journal of
Economic Psychology, 59, 174–175. https://doi.org/10.1016/j.joep.2017.02.009
Visano, B. S., & Ek-Udofia, I. (2017). Inclusive financial literacy education for
inspiring a critical financial consciousness: an experiment in partnership with
marginalised youth. International Journal of Inclusive Education, 21(7), 763–774.
https://doi.org/10.1080/13603116.2016.1252430
Walstad, W. B., & Rebeck, K. (2017). The Test of Financial Literacy: Development
and measurement characteristics. Journal of Economic Education, 48(2), 113–122.
https://doi.org/10.1080/00220485.2017.1285739
Walstad, W., Urban, C., Asarta, C. J., Breitbach, E., Bosshardt, W., Heath, J., …
Xiao, J. J. (2017). Perspectives on evaluation in financial education: Landscape,
issues, and studies. Journal of Economic Education, 48(2), 93–112.
https://doi.org/10.1080/00220485.2017.1285738
Xiao, J. J., & O’Neill, B. (2016). Consumer financial education and financial
capability. International Journal of Consumer Studies, 40(6), 712–721.
https://doi.org/10.1111/ijcs.12285
Zahirovic-Herbert, V., Gibler, K. M., & Chatterjee, S. (2016). Financial literacy,
risky mortgages, and delinquency in the US during the financial crisis.
International Journal of Housing Markets and Analysis, 9(2), 164–189.
https://doi.org/10.1108/IJHMA-12-2014-0060
Zimmerman, J., Forlizzi, J., Finkenaur, J., Amick, S., Ahn, J. Y., Era, N., & Tong,
O. (2016). Teens, Parents, and Financial Literacy. Dis 2016: Proceedings of the
2016 Acm Conference on Designing Interactive Systems, 312–322.
https://doi.org/10.1145/2901790.2901858
54
Zokaityte, A. (2016). Financial literacy and numeracy of consumers and retail
investors. Capital Markets Law Journal, 11(3), 405–413.
https://doi.org/10.1093/cmlj/kmw014
Arceo-Gomez, E. O., & Alejandro Villagomezb, F. (2017). Financial literacy
among Mexican high school teenagers. International Review of Economics
Education, 24, 1–17. https://doi.org/10.1016/j.iree.2016.10.001
Brown, M., Grigsby, J., van der Klaauw, W., Wen, J., & Zafar, B. (2016). Financial
Education and the Debt Behavior of the Young. Review of Financial Studies, 29(9),
2490–2522. https://doi.org/10.1093/rfs/hhw006
Bucher-Koenen, T., Lusardi, A., Alessie, R., & van Rooij, M. (2017). How
Financially Literate Are Women? An Overview and New Insights. Journal of
Consumer Affairs, 51(2), 255–283. https://doi.org/10.1111/joca.12121
Campara, J. P., Paraboni, A. L., da Costa, N., Saurin, V., & Lopes, A. (2017).
Subjective risk tolerance and numeracy skills: A study in Brazil. Journal of
Behavioral and Experimental Finance, 14, 39–46.
https://doi.org/10.1016/j.jbef.2017.04.001
Tang, N., & Baker, A. (2016). Self-esteem, financial knowledge and financial
behavior. Journal of Economic Psychology, 54, 164–176.
https://doi.org/10.1016/j.joep.2016.04.005
Brounen, D., Koedijk, K. G., & Pownall, R. A. J. (2016). Household financial
planning and savings behavior. Journal of International Money and Finance, 69,
95–107. https://doi.org/10.1016/j.jimonfin.2016.06.011
Campbell, J. Y. (2016). Restoring Rational Choice: The Challenge of Consumer
Financial Regulation. American Economic Review, 106(5), 1–30.
https://doi.org/10.1257/aer.p20161127
Chen, Z., & Lemieux, C. M. (2016). Financial Knowledge and Behaviors of
Chinese Migrant Workers: An International Perspective on a Financially
Vulnerable Population. Journal of Community Practice, 24(4), 462–486.
https://doi.org/10.1080/10705422.2016.1233475
Farrell, L., Fry, T. R. L., & Risse, L. (2016). The significance of financial self-
efficacy in explaining women’s personal finance behaviour. Journal of Economic
Psychology, 54, 85–99. https://doi.org/10.1016/j.joep.2015.07.001
Jorgensen, B. L., Foster, D., Jensen, J. F., & Vieira, E. (2017). Financial Attitudes
and Responsible Spending Behavior of Emerging Adults: Does Geographic
Location Matter? Journal of Family and Economic Issues, 38(1), 70–83.
https://doi.org/10.1007/s10834-016-9512-5
Kim, K. T., Seay, M. C., & Smith, H. L. (2016). After the great recession : financial
sophistication and housing leverage. Applied Economics Letters, 23(18), 1285–
1288. https://doi.org/10.1080/13504851.2016.1150944
Lusardi, A., Michaud, P.-C., & Mitchell, O. S. (2017). Optimal Financial
Knowledge and Wealth Inequality. Journal of Political Economy, 125(2), 431–477.
https://doi.org/10.1086/690950
55
Loke, Y.-J. (2017). THE INFLUENCE OF SOCIO-DEMOGRAPHIC AND
FINANCIAL KNOWLEDGE FACTORS ON FINANCIAL MANAGEMENT
PRACTICES OF MALAYSIANS. International Journal of Business and Society,
18(1), 33–50.
Rodrigues, L. F., Costa, C. J., & Oliveira, A. (2017). How does the web game
design influence the behavior of e-banking users? Computers in Human Behavior,
74, 163–174. https://doi.org/10.1016/j.chb.2017.04.034
Seuntjens, T. G., van de Ven, N., Zeelenberg, M., & van der Schors, A. (2016).
Greed and adolescent financial behavior. Journal of Economic Psychology, 57, 1–
12. https://doi.org/10.1016/j.joep.2016.09.002
Farias, P. (2017). Determinants of perceived and actual knowledge of commission
paid by contributors in the pension funds industry. Brq-Business Research
Quarterly, 20(1), 18–27. https://doi.org/10.1016/j.brq.2016.09.001
Saengchote, K., & Tirapat, S. (2017). What happens when we forget? The effect of
removing adverse information on access to credit. Economics Letters, 151, 96–99.
https://doi.org/10.1016/j.econlet.2016.12.015
Jappelli, T., & Padula, M. (2017). Consumption growth, the interest rate, and
financial sophistication. Journal of Pension Economics & Finance, 16(3), 348–370.
https://doi.org/10.1017/S147474721600010X
Kosfeld, M., & Schuewer, U. (2017). Add-on Pricing in Retail Financial Markets
and the Fallacies of Consumer Education. Review of Finance, 21(3), 1189–1216.
https://doi.org/10.1093/rof/rfw051
Mayoral, R. M., & Vallelado, E. (2017). Beyond rational behaviour: the non-
financial variables that condition shareholder action during a takeover. Journal of
Economic Policy Reform, 20(3), 254–270.
https://doi.org/10.1080/17487870.2017.1316504
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.
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/
Bacova, V., Dudekova, K., Kostovicova, L., & Balaz, V. (2017). Financial Planning
for Retirement in Young Adults: Interaction of Professional Experience,
Knowledge, and Beliefs. Studia Psychologica, 59(2), 84–99.
https://doi.org/10.21909/sp.2017.02.732
Banks, J., Rohwedder, S. Life-cycle saving patterns and pension arrangements in
56
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=0002-
8282%28199809%2988%3A4%3C769%3AITARP%3E2.0.CO%3B2-X
Blundell, R., Crawford, R., French, E., & Tetlow, G. (2016). Comparing Retirement
Wealth Trajectories on Both Sides of the Pond. Fiscal Studies, 37(1), 105–130.
https://doi.org/10.1111/j.1475-5890.2016.12086
Collins, J. M., & Urban, C. (2016). THE ROLE OF INFORMATION ON
RETIREMENT PLANNING: EVIDENCE FROM A FIELD STUDY. Economic
Inquiry, 54(4), 1860–1872. https://doi.org/10.1111/ecin.12349
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
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),
57
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.
Fisch, J. E., Wilkinson-Ryan, T., & Firth, K. (2016). THE KNOWLEDGE GAP IN
WORKPLACE RETIREMENT INVESTING AND THE ROLE OF PROFESSIONAL
ADVISORS. Duke Law Journal, 66(3), 633–672.
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.
Kiso, H., & Hershey, D. A. (2017). Working Adults’ Metacognitions Regarding
Financial Planning for Retirement. Work Aging and Retirement, 3(1), 77–88.
https://doi.org/10.1093/workar/waw021
Knoef, M., Been, J., Alessie, R., Caminada, K., Goudswaard, K., & Kalwij, A.
(2016). Measuring retirement savings adequacy: developing a multi-pillar
approach in the Netherlands. Journal of Pension Economics & Finance, 15(1), 55–
89. https://doi.org/10.1017/S1474747214000341
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
Family, 74(1), 86–100. doi:10.1111/j.1741-3737.2011.00877.x
Koposko, J. L., & Hershey, D. A. (2016). When I First Learned about Retirement:
Financial and Retirement Concept Recognition among College Students. Current
Psychology, 35(4), 540–548. https://doi.org/10.1007/s12144-015-9319-9
Koposko, J. L., Kiso, H., Hershey, D. A., & Gerrans, P. (2016). Perceptions of
Retirement Savings Relative to Peers. Work Aging and Retirement, 2(1), 65–72.
https://doi.org/10.1093/workar/wav019
58
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
Medeiros Garcia, M. T., & Correia Vasconcelos Marques, P. D. (2017). Ownership
of individual retirement accounts - an empirical analysis based on SHARE.
International Review of Applied Economics, 31(1), 69–82.
https://doi.org/10.1080/02692171.2016.1221389
Mitchell, O. S. (2017). Financial knowledge and key retirement outcomes: an
overview of the issue. Journal of Pension Economics & Finance, 16(3), 273–276.
https://doi.org/10.1017/S1474747217000130
Quartey, P., Kunawotor, M. E., & Danquah, M. (2016). Sources of retirement
income among formal sector workers in Ghana. African Journal of Economic and
Management Studies, 7(3), 366–378. https://doi.org/10.1108/AJEMS-07-2014-0054
Sekita, S. (2011). Financial literacy and retirement planning in Japan. Journal of
Pension Economics & Finance, 10(4), 637–656. doi:10.1017/S1474747211000527
Sheen, V. (2017). The implications of Australian women’s precarious employment
for the later pension age. Economic and Labour Relations Review, 28(1), 3–19.
https://doi.org/10.1177/1035304617690095
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.
Spicer, A., Stavrunova, O., & Thorp, S. (2016). How Portfolios Evolve after
Retirement: Evidence from Australia. Economic Record, 92(297), 241–267.
https://doi.org/10.1111/1475-4932.12255
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.
Tamborini, C. R., & Purcell, P. (2016). Women’s Household Preparation for
Retirement at Young and Mid-Adulthood: Differences by Children and Marital
Status. Journal of Family and Economic Issues, 37(2), 226–241.
https://doi.org/10.1007/s10834-015-9449-0
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
Thomas, A., & Spataro, L. (2016). THE EFFECTS OF PENSION FUNDS ON
MARKETS PERFORMANCE: A REVIEW. Journal of Economic Surveys, 30(1), 1–
33. https://doi.org/10.1111/joes.12085
Thompson, L. H. (2006). US retirement income system. Oxford Review of Economic
Policy, 22(1), 95–112. doi:10.1093/oxrep/grj007
Topa, G., & Herrador-Alcaide, T. (2016). Procrastination and Financial Planning
for Retirement: A Moderated Mediation Analysis. Journal of Neuroscience
Psychology and Economics, 9(3–4), 169–181. https://doi.org/10.1037/npe0000065
59
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.1745-
6606.2008.00102.x
Woodyard, A. S., Robb, C., Babiarz, P., & Jung, J. (2017). Knowledge and
Practice: Implications for Cash and Credit Management Behaviors. Family &
Consumer Sciences Research Journal, 45(3), 300–314.
https://doi.org/10.1111/fcsr.12202
Zheng, H., & Zhong, T. (2016). The impacts of social pension on rural household
expenditure: evidence from China. Journal of Economic Policy Reform, 19(3),
221–237. https://doi.org/10.1080/17487870.2015.1041524
Zick, C. D., Smith, K. R., & Mayer, R. N. (2016). Planning Ahead or Living a Day
at a Time? A Family History of AD and Retirement Planning. American Journal of
Alzheimers Disease and Other Dementias, 31(6), 516–523.
https://doi.org/10.1177/1533317516653821
Kadoya, Y. (2016). What makes people anxious about life after the age of 65?
Evidence from international survey research in Japan, the United States, China,
and India. Review of Economics of the Household, 14(2), 443–461.
https://doi.org/10.1007/s11150-015-9310-0
Blau, D. M. (2016). Pensions, household saving, and welfare: A dynamic analysis
of crowd out. Quantitative Economics, 7(1), 193–224.
https://doi.org/10.3982/QE349
Butrica, B. A., & Smith, K. E. (2016). 401(k) participant behavior in a volatile
economy. Journal of Pension Economics & Finance, 15(1), 1–29.
https://doi.org/10.1017/S1474747214000250
Cagle, J. G., Carr, D. C., Hong, S., & Zimmerman, S. (2016). Financial burden
among US households affected by cancer at the end of life. Psycho-Oncology,
25(8), 919–926. https://doi.org/10.1002/pon.3933
Chomik, R., & Piggott, J. (2016). Australian Superannuation: The Current State of
Play. Australian Economic Review, 49(4), 483–493. https://doi.org/10.1111/1467-
8462.12190
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Clark, R., Lusardi, A., & Mitchell, O. S. (2017b). Financial knowledge and 401(k)
investment performance: a case study. Journal of Pension Economics & Finance,
16(3), 324–347. https://doi.org/10.1017/S1474747215000384
Diaz-Gimenez, J., & Diaz-Saavedra, J. (2017). The future of Spanish pensions.
Journal of Pension Economics & Finance, 16(2), 233–265.
https://doi.org/10.1017/S1474747216000093
Kimiyaghalam, F., Mansori, S., Safari, M., & Yap, S. (2017). Parents’ Influence on
Retirement Planning in Malaysia. Family & Consumer Sciences Research Journal,
45(3), 315–325. https://doi.org/10.1111/fcsr.12203
Lu, T., Mitchell, O. S., Utkus, S. R., & Young, J. A. (2017). BORROWING FROM
THE FUTURE? 401(K) PLAN LOANS AND LOAN DEFAULTS. National Tax
Journal, 70(1), 77–109. https://doi.org/10.17310/ntj.2017.1.03
Jung, H., Pirog, M., & Lee, S. K. (2016). Do public pensions crowd out private
transfers to the elderly?: evidence from South Korea. Journal of Pension
Economics & Finance, 15(4), 455–477.
https://doi.org/10.1017/S1474747214000493
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.
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/
Craig-Lees M., Khan J. ‘Cashless’ transactions: perceptions of money in mobile
payments // International business & economics review. 2009. Vol. 1 (1). P. 23-32.
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 money. 1998. URL:
http://www.ecb.int/pub/pdf/other/emoneyen.pdf
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
61
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. 753-
773.
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 High-
Speed 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.
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.)
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Pan, L. (2005). The impact of e-money on the monetary policy. (Q. Li & T. P.
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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
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Rogers, C. (2006). Doing without money: a critical assessment of Woodford’s
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Sardoni, C. (2004). Money in the time of the Internet: electronic money and its
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electronic money? Journal of Banking & Finance, 23(2-4), 645–653.
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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.
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/
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
Aktaruzzaman, K., & Farooq, O. (2017). Does microcredit increase borrowers’
savings? A fuzzy regression discontinuity design approach. International Review of
Applied Economics, 31(4), 495–507.
https://doi.org/10.1080/02692171.2016.1263607
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(2-
3), 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.1540-
6229.2012.00348.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.
Brown, J., Wappling, A., Woodruffe-Burton, H., & Black, K. (2017). The orbit of
consumer credit choices. Journal of Financial Services Marketing, 22(2), 85–96.
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Bocher, T. F., Alemu, B. A., & Kelbore, Z. G. (2017). Does access to credit improve
household welfare? Evidence from Ethiopia using endogenous regime switching
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regression. African Journal of Economic and Management Studies, 8(1), 51–65.
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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).
Chan, S., Haughwout, A., Hayashi, A., & Van der Klaauw, W. (2016). Determinants
of Mortgage Default and Consumer Credit Use: The Effects of Foreclosure Laws
and Foreclosure Delays. Journal of Money Credit and Banking, 48(2–3), 393–413.
https://doi.org/10.1111/jmcb.12304
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,
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De Andrade, F. W. M., & Thomas, L. (2007). Structural models in consumer credit.
European Journal of Operational Research, 183(3), 1569–1581.
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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
Handa, S., Martorano, B., Halpern, C. T., Pettifor, A., & Thirumurthy, H. (2016).
Time Discounting and Credit Market Access in a Large-Scale Cash Transfer
Programme. Journal of African Economies, 25(3), 367–387.
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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
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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/S0378-
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Kamleitner, B., & Kirchler, E. (2007). Consumer credit use: a process model and
literature review. European Review of Applied Psychology-Revue Europeenne De
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
Kim, K. T., Wilmarth, M. J., & Choi, S. (2016). Credit Use of U.S. Households after
the Great Recession: The Role of Credit Constraint. Family & Consumer Sciences
Research Journal, 44(3), 280–294. https://doi.org/10.1111/fcsr.12143
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.
Lukas, M. (2017). Estimating interest rate elasticities in consumer credit.
Economics Letters, 156, 155–158. https://doi.org/10.1016/j.econlet.2017.05.004
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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, 1925-
60: 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
Semenova, M., & Kulikova, V. (2016). Informal Loans in Russia: Why Not to
Borrow from a Bank? Review of Pacific Basin Financial Markets and Policies,
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Setterfield, M., & Kim, Y. K. (2017). Household borrowing and the possibility of
“consumption-driven, profit-led growth.” Review of Keynesian Economics, 5(1),
43–60. https://doi.org/10.4337/roke.2017.01.04
Setterfield, M., Kim, Y. K., & Rees, J. (2016). Inequality, Debt Servicing and the
Sustainability of Steady State Growth. Review of Political Economy, 28(1), 45–63.
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Slocum, J., & Mathews, H. (1970). Social Class and Income as Indicators of
Consumer Credit Behavior. Journal of Marketing, 34(2), 69–74.
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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–+.
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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,
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of Banking & Finance, 26(11), 2215–2229. doi:10.1016/S0378-4266(02)00206-6
Tunc, C., & Yavas, A. (2016). Not all credit is created equal: Mortgage vs non-
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Despard, M. R., Perantie, D., Taylor, S., Grinstein-Weiss, M., Friedline, T., &
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Friedline, T., & Freeman, A. (2016). The Potential for Savings Accounts to Protect
Young-Adult Households from Unsecured Debt in Periods of Macroeconomic
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Guo, Y., Xu, W., & Zhang, Z. (2016). Leverage, Consumer Finance, and Housing
Prices in China. Emerging Markets Finance and Trade, 52(2), 461–474.
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Gutierrez-Nieto, B., Serrano-Cinca, C., & de la Cuesta-Gonzalez, M. (2017). A
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Harrison, N., & Agnew, S. (2016). Individual and Social Influences on Students’
Attitudes to Debt: a Cross-National Path Analysis Using Data from England and
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Implications for higher education policies. Journal of Economic Dynamics &
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Keys, B. J., Pope, D. G., & Pope, J. C. (2016). Failure to refinance. Journal of
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Kim, K. T., & Wilmarth, M. J. (2016). Government Subsidies and Household Debt
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349–358. https://doi.org/10.1007/s10834-016-9492-5
Kukk, M. (2016). How did household indebtedness hamper consumption during the
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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
69
shares sell points. Ponzi scheme: principles and stages. Financial literacy of investors.
Seminar 15.
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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
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Aleksandrova, O. A., & Yarasheva, A. (2016). Transformation of Investment and
Savings Behavior of High-Income Groups during the Crisis. Economic and Social
Changes-Facts Trends Forecast, 43(1), 122–137.
Anagol, S., Marisetty, V., Sane, R., & Venugopal, B. (2017). On the Impact of
Regulating Commissions: Evidence from the Indian Mutual Funds Market. World
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Bilias, Y., Georgarakos, D., & Haliassos, M. (2017). Has Greater Stock Market
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Broer, T. (2017). The home bias of the poor: Foreign asset portfolios across the
wealth distribution. European Economic Review, 92, 74–91.
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Angelini, V., & Cavapozzi, D. (2017). Dispositional optimism and stock
investments. Journal of Economic Psychology, 59, 113–128.
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consumer investment behavior The moderating influence of financial brand
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Heo, W., Grable, J. E., & O’Neill, B. (2017). Wealth Accumulation Inequality:
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https://doi.org/10.1371/journal.pone.0172876
Kim, H. H., Maurer, R., & Mitchell, O. S. (2016). Time is money: Rational life cycle
inertia and the delegation of investment management. Journal of Financial
Economics, 121(2), 427–447. https://doi.org/10.1016/j.jfineco.2016.03.008
Ortalo-Magne, F., & Prat, A. (2016). Spatial Asset Pricing: A First Step.
Economica, 83(329), 130–171. https://doi.org/10.1111/ecca.12171
Patmasiriwat, D., & Hengpatana, S. (2016). Income, Saving, and Wealth of Thai
Rural Households: A Case Study of Saving Adequacies. Applied Economics
Journal, 23(1), 75–91.
Sinha, A. (2016). Monetary policy uncertainty and investor expectations. Journal of
Macroeconomics, 47, 188–199. https://doi.org/10.1016/j.jmacro.2015.12.001
Vieira, K. M., Fraga, L. dos S., Valcanover, V. M., Cattelan, V. D., Mendonca
Flores, S. A., & Campara, J. P. (2016). Where does the Financial Well-being come
from?: An Analysis of Behavioural Factors, Financial Management and Income.
Teoria E Pratica Em Administracao-Tpa, 6(2), 136–171.
https://doi.org/10.21714/2238-104X2016v6i2-28730
Cooper, D., & Dynan, K. (2016). WEALTH EFFECTS AND MACROECONOMIC
DYNAMICS. Journal of Economic Surveys, 30(1), 34–55.
https://doi.org/10.1111/joes.12090
Marinelli, N., Mazzoli, C., & Palmucci, F. (2017a). How does gender really affect
investment behavior? Economics Letters, 151, 58–61.
https://doi.org/10.1016/j.econlet.2016.12.006
Rao, Y., Mei, L., & Zhu, R. (2016). Happiness and Stock-Market Participation:
Empirical Evidence from China. Journal of Happiness Studies, 17(1), 271–293.
https://doi.org/10.1007/s10902-014-9594-4
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.
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-s2.0-0377221789903755-
71
main.pdf?_tid=d380ba6c-d089-11e2-ad40-
00000aab0f01&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
6 Teaching methods
During the course different educational technics are used: interactive lectures and role
games.
7 Assessment scheme
7.1 Questions of intermediary tests
Questions for the written test (examples of possible wordings):
Indicate as many problems as you can find in the following survey question wordings
1. Our organisation was recently recognised for its excellence in stakeholder
communication. As a stakeholder, how satisfied are you with your experience with us?
Please rate your satisfaction on the following scale from 1 to 5.
1----------2----------3---------------4---------------5
2. How satisfied or dissatisfied are you with the pay and work benefits of your current
job?
a. Very satisfied
b. Satisfied
c. Neither satisfied, nor dissatisfied
d. Dissatisfied
e. Very dissatisfied
3. Are you currently, due to the economic situation in our country, trying to
economise on any of the following:
a. Fuel
b. Food
c. Utilities
d. Leisure
4. Do you attend church regularly?
a. Yes
b. No
5. What is your favorite bank? ___________________________________________
6. What is your age?
a. 18-25 b. 25-35 c. 35-45 d. over 45
7. Do you use drugs?
a. Yes
b. No
8. What level of education have you attained?
a. Elementary school only
b. High school only
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c. College education
d. College postgraduate
9. How did you first learn about this bank?
a. From _________________
10. How many credit cards do you have? _________
Questions for the written test 2 (examples of possible wordings):
1. What was paradoxical in empirical work on estimating the Keynesian consumption
function?
2. What is the permanent income model all about? How does M. Friedman justify his
conclusion that there is no influence of socio-demographic variables on the saving
behavior of individuals?
3. Why in the life-cycle model the savings-age profile is hump-shaped?
4. What kind of impact on the models of consumption smoothing has the uncertainty of
future incomes?
5. Why in Shorrocks’ opinion it is not possible to test the life-cycle hypothesis on the
basis of cross-sectional data?
6. What was the main difference between Katona’s model of saving behavior and the
permanent income hypothesis?
1. What does the Index of consumer sentiments measure and how is it used? Does Index
of Consumer Sentiment work in Russia?
7. What are heuristics and why do people use them? Give an example of such heuristics.
8. How was the embeddedness thesis justified by research of V.Zelizer on life insurance
in the USA in the 19th
century?
9. 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?
10. Why do people invest money in financial frauds? How do economists and
psychologists explain it?
11. Household savings rates in different countries: why do some nations save more than
others?
7.2 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?
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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?
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 socio-
demographic 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’?
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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?
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?
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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?
8 Assessments and Grading System
Assessment includes a number of activities. The teacher gives marks for students’ activity
during seminars: for being present and 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.
Type of
assessme
nt
Form of
assessment
First
semeste
r
Parameters
Intermedi
ate
Test Study
week
Written test 60
minutes - marking 7
days
Presentation Once
per
semeste
r
Presentation for 15
minutes and response
to questions during or
at the end of
presentation, marking
7 days
Class activity Every
class
Presence + asking
questions, marking
during the class
Final Exam Written test 90
minutes, marking 7
days
8.1 Marking criteria
Written test in 2 parts: 1. Improve the questionnaire. Students are given the list of 10 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.
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2. 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.
Final exam tests all knowledge and skills mastered during the course (Improve the
questionnaire, theory test, questions on presentations).
Class participation is graded in the following way: 80% of marks are given for class
participation as a percent of classes attended minus one. For example, if there are 13
classes in a semester those who were present in all 12 classes will get 60 marks out of 100,
the rest 20% will be given to those who earned marks by asking clever questions or giving
relevant comments during the class.
Marks are given using 100 point system. Final grade is converted into a 10-point system
according to the ICEF rules. The passing final grade for the course is announced after the
final exam in December. The passing final grade could not be bigger than 40 marks or
smaller than 30 marks depending on the overall results of students’ cohort. In case if the
final grade is satisfactory or higher but the final exam grade is lower than 25 marks (out of
100) students receive a fail final grade for the course.
In case of unsatisfactory final grade in 100 - point scale for the course, a satisfactory grade
in 10 - point scale is given if a student has received high grade for Final exam (50 marks or
more).
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 . Students may use the HSE
templates, however they are not obliged to do this.
2. The file name must include the student's name and the title of the article in English.
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 research 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.
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/
3. If students choose the same paper there will be no fun to listen to the same ideas several times.
That is why the teaching assistant will coordinate the choices of students via permanent updating
the schedule of presentations according to the information which students will disclose to him or
her. The schedule will be made on the first-come first-served basis, if the particular paper has been
chosen the rest should choose different papers.
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Students can book a paper, date and time on-line, the links will be announced to students during the
first week of the study. Before filling the form make sure that the paper has not been already
booked by other students in your class!
4. Presentations should be properly structured:
start from the research problem of the paper and a justification of it (theoretical, empirical
or policy-relevant issues to be mentioned)
indicate the goal(s) of the paper
explain theoretical ideas which are discussed by the author (literature review – students do
not need to go into too many details – the main question for this section is to give an idea
on what kind of theoretical and empirical literature the research is based on)
reveal what the author’s idea, model, hypotheses, operationalisation of the main concepts
are
describe the data used (check if it is possible to get free access to the data used by the
author of the paper)
explain how the data was analysed – how is the model tested, what are the results?
summarise the main conclusion of the paper – a short answer to the research question
make the discussion slide (what we have learned from the paper and what we should be
cautious about – critical assessment of the paper - students should give their opinion
about the strengths and weaknesses of the paper – if there are any doubts in the objectivity
of the research results of the paper).
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 for those who want to get excellent
marks for their presentations!
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 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 and critically assess its findings.
7. After presentation, if you want to get a higher mark (+ up to 1 mark out of 10) you can improve
your presentation within 1 week after it based on the comments given during the discussion and
send it to me again. The presentation should be sent to me in an editable format (preferably in ppt).
8. All presentations will be displayed in ICEF inform 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 – 80% of the mark will be
given for the content of the presentation (ability to deliver the message and understanding
of the paper, dealing with questions) and 20% - for the presentation skills (all funny things
which you use to attract the interest of the audience).
9. Marking of presentations
78
Fail grades
0-19 irrelevant paper was chosen, or the audience did not get any idea of the paper, or the
presenter was reading instead of speaking, his/her answers to the questions showed no
understanding of the paper. It does not matter how good the slides were if any of the above
happened students are given a fail mark within this range.
20-29 a relevant paper was chosen, the slides were done more or less properly, however,
the audience did not get any idea of the paper, or the presenter was reading instead of
speaking, or his/her answers to the questions showed no understanding of the paper.
30-39 a relevant paper was chosen, the slides were done more or less properly, the
presenter was not reading, s/he was speaking, however, the audience did not get any idea
of the paper, or his/her answers to the questions showed no understanding of the paper.
Satisfactory grades
40-46 a relevant paper was chosen, the slides were done more or less properly, the
presenter was not reading, s/he was speaking, the audience did get some idea of the paper,
his/her answers to the questions showed very little understanding of the paper.
47-53 a relevant paper was chosen, the slides were done more or less properly, the
presenter was not reading, s/he was speaking, the audience did get an idea of the paper,
however, slide did not contain the needed information or were overloaded with it, student’s
answers to the questions showed only basic understanding of the paper.
Good grades
54-61 a relevant paper was chosen, the slides were done properly, the presenter was not
reading, s/he was speaking, the audience did get an idea of the paper, his/her answers to the
questions showed good understanding of the paper, however, there are mistakes on the
slides which prevent the audience to understand some of the material, the critical
assessment of the paper was irrelevant or missing.
62-69 a relevant paper was chosen, the slides were done properly, the presenter was not
reading, s/he was speaking, the audience did get an idea of the paper, his/her answers to the
questions showed full understanding of the paper, however, the critical assessment of the
paper was irrelevant or missing.
Excellent grades
70-77 a relevant paper was chosen, the slides were done properly, the presenter was not
reading, s/he was speaking, the audience did get an idea of the paper, his/her answers to the
questions showed full understanding of the paper, the critical assessment of the paper was
relevant, however, the main weaknesses of the paper were not addressed.
78-85 a relevant paper was chosen, the slides were done more or less properly, the
presenter was not reading, s/he was speaking, the audience did get an idea of the paper,
his/her answers to the questions showed full understanding of the paper, the critical
assessment of the paper was relevant, the main weaknesses of the paper were addressed.
86-100 a relevant paper was chosen, the slides were done more or less properly, the
presenter was not reading, s/he was speaking, the audience did get an idea of the paper,
his/her answers to the questions showed full understanding of the paper, the critical
assessment of the paper was relevant, the main weaknesses of the paper were addressed.
The student did extra reading on the topic and s/he was able to justify a new research
agenda in the field of the study (for example for a diploma thesis at ICEF).
79
Accumulated mark is a weighted average of the following:
Оfinal = 0,40* Оfinal exam + 0,25* Оtest + 0,10* Оclass + 0,25* Оpresent
In case of a passing final grade on the 100-point scale, the lecturer has the right to give a
failing final grade on the 10-point scale, if the student received a low grade for interim
assessment (the exam grade should be no more than 25 points on the 100-point scale).
There are no retakes of the test for those students who were not present irrespective for the
reasons of the absence. Those who are absent because of medical or other valid excuse
during the test will be compensated by ICEF rules for grading.
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 is properly done 1 mark (out of 10) will be added for the Оpresent.
9 Informational sources
9.1 Course textbook
There is no such textbook for the course
9.2 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/e-
resources/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/
10 Technical support
Projector is used for both lectures and seminars.
