The Government of the Russian Federationthe Federal State Autonomous Educational Institution of Higher

Education «National Research University «Higher School of Economics»

Sociological department

Course syllabusEconomic sociology of consumer finance

The auther of the course:[Olga Kuzina, PhD in Economics and in Sociology, kuzina@hse.ru]

Moscow, 2015 This program can not be used by other departments of the University and other universities

or colleges without a permission from Economic Sociology department.

1 Course objectives

The «Economic sociology of consumer finance» Bachelor Program is developed according to the standard educational requirements of the Federal State Autonomous Educational Institution of Higher Education «National Research University «Higher School of Economics» (HSE)

The main goal of this unit is to develop a critical, reflexive, and interdisciplinary approach to key problems in contemporary research on financial behaviour of households.

2 Learning outcomes

At the end of this unit and having completed the essential reading and activities students will develop the following competences:• Knowledge of theoretical models of households savings behaviour which are developed in economic theory, economic psychology and economic sociology;• Analytical skills to understand and interpret macro and micro statistics on household incomes and savings, developing evidence based arguments;• Overview of the results of empirical research on household incomes and savings;• Research-related skills - to evaluate different research designs and methods, to formulate researchable questions, to construct questionnaire/interview guide, to write analytical reports using the data from national surveys as well focus groups discussions;• Practicing English for academic purposes.

3 Prerequisites

Students are supposed to be familiar with Principles of Sociology and English for academic writing.

4 Course outline

№ Topics Total number of hours

Credit hours Self-study hours

Lectures

Seminars

1 Lectures 1-2. The main concepts and definitions of financial behaviour of households. Conceptual and operational definitions

16 4 4 8

2 Lecture 3. Economic models of personal savings 8 2 2 43 Lecture 4. Economic models of portfolio choice 8 2 2 44 Lecture 5. Psychological approach to studying

saving behaviour of household8 2 2 4

5 Lecture 6. Behavioral economics of consumer finance

8 2 2 4

6 Lectures 7. Social embeddednes of financial behaviour of individuals and households

8 2 2 4

7 Lecture 8. Family budget management 8 2 2 4

2

8 Lectures 9. Trust to financial institutions 8 2 2 49 Lecture 10. Access to financial services, financial

inclusion, saving motives8 2 2 4

10 Lecture 11. Financial literacy and financial capability of individuals

8 2 2 4

11 Lecture 12. Household retirement strategies 8 2 2 412 Lecture 13. The Sociology of money and

electronic commerce8 2 2 4

13 Lecture 14. The sociology of consumer credit 8 2 2 414 Lecture 15. Investment behaviour of households

and financial frauds8 2 2 4

15 Lecture 16. Marketing research for banks, investment funds and insurance companies

6 2 2 2

Total 126 32 32 62

5 Assessment

Type of assessment

Form of assessment

First semeste

r

Parameters

Intermediate(week)

Test 5 Written test 20 minutes

7 Written test 20 minutes

Presentations During each

seminar

Presentation for 10-15 minutes and response to questions during or at the end of each presentation

Final Exam Written test 90 minutes, marking – 7 days

5.1 Marking criteria

Written test 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.

Written test 1 – Theory quest. Students are supposed to demonstrate their knowledge of theoretical models of households’ financial behaviour which are developed in economic theory, economic psychology and economic sociology.

Written test 3 - Final exam. It tests all knowledge and skills mastered during the course.

All marks are given using 10 point system.

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6 Outline topics and lists of obligatory and supplementary readings

Lectures 1-2. The main concepts and definitions of financial behaviour of households. Conceptual and operational defenitions

Lectures - 4 hours, seminars – 4 hours, self-study – 8 hours.

Financial behaviour of households as a research subject in different social disciplines (economic theory, economic psychology, economic sociology).

Who takes financial decisions: household, family, or individual?

Household resources and household incomes. A theoretical definition of income. Hicks’ definition of income. How to operationalize this concept into empirical research.

Household income and expenditures statistics. The concept of household savings: flows of savings and stock of savings. Saving rate. Time period of measurements. Positive and negative savings.

Macro and micro statistics of savings. Savings statistics in Russia. International comparison of savings rates across countries and their dynamics.

Forms of savings. Durables and savings. Savings and investments. Savings and debts.

Problems of overestimation of savings in official statistics on incomes and savings in Russia.

Survey questions on incomes, wealth, consumption, savings in consumer research. Problems of wording. How to avoid sensitive questions. National surveys of incomes and expenditures.

Russian Longitudinal Monitoring Survey – questionnaire and data set. Research questions which may be answered by using this data set.

Seminars 1-2. Students make presentations on any of the following papers

Utz-Peter Reich Concept And Definition Of Income In The National Accounts, Review of Income and Wealth, Volume 37 Issue 3, 1991, Pages 235 – 247. http :// www . roiw . org /1991/235. pdf

Иванов Ю.Н., Хоменко Т.А. Проблемы и методы статистики сбережения населения в соответствии с концепциями СНС, Экономический журнал ВШЭ. 1998, Т.2, №4.С.508-515. http :// library . hse . ru / 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=ehost-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=45975&RQT=309&VName=PQD

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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=45975&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

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=ru&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/13E8B45EA7445E5B454/7?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& RESULTFORMAT =& fulltext = New + Data + for + Understanding + Sav ing & searchid =1& FIRSTINDEX =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.

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Kapteyn, Arie, Federica Teppa. Subjective measures of risk aversion, fixed costs, and portfolio choice». DNB W o r k i n g P a p e r, No. 216 / July 2009. http://www.dnb.nl/binaries/Working%20paper%20216_tcm46-220406.pdf

Crossley, Thomas F. Measuring Consumption and Saving: Introduction. Fiscal Studies 30, № 3–4 (2009): 303–307. http://onlinelibrary.wiley.com/doi/10.1111/j.1475-5890.2009.00097.x/pdf

Bonke, Jens, Martin Browning. The Allocation of Expenditures Within the Household: A New Survey. Fiscal Studies 30, № 3–4 (2009): 461–481. http://onlinelibrary.wiley.com/doi/10.1111/j.1475-5890.2009.00104.x/pdf

Lecture 3. Economic models of personal savings

Lectures - 2 hours, seminars – 2 hours, self-study – 4 hours.

Average and marginal propensity to consume/ to save. Consumption/Savings function. Theory of J.M.Keynes and early empirical work (cross section data and time series data).

The intertemporal choice and saving (I.Fisher). Neo-classical models of savings behaviour of households: Permanent Income Hypothesis (M.Friedman) and Life-Cycle Hypothesis (F.Modigliani).

Empirical puzzles (stylised facts) of household savings behaviour. International comparisons of household saving. The puzzle of the U-shaped savings-age profile in Russia.

Introduction of the assumption of uncertainty of future incomes in the models of household saving behavior. Precautionary savings. Liquidity constraints.

Seminar 3. Students make presentations on any of the following papers

Orazio P. Attanasio Consumption, in J. Taylor and M. Woodford (eds): Handbook of Macroeconomics, North Holland, 2000. Pages 741-812 http://82.179.249.32:2072/science/handbooks/15740048

Modigliani, Franco and Richard Brumberg, 1954. Utility Analysis and the Consumption Function: An Interpretation of Cross-Section Data, in Modigliani, Franco. The Collected Papers of Franco Modigliani Vol. 6. Vol. 6. Cambridge, MA [etc.]: MIT, 2005, p. 3-45. http :// www . google . ru / url ? sa = t & rct = j & q = Modigliani %2 C + collected + papers & source = web & cd =3& cad = rja & ved =0 CD 0 QFjAC & url = htt p %3 A %2 F %2 Fwww . novasbe . unl . pt %2 Fpt %2 Fresearch - in - finance %2 Fpublications - app %3 Ftask %3 Dcallelement %26 format %3 Draw %26 item _ id %3 D 177%26 element %3 D 4943 b 49 b -987 e -46 e 7-9048-924 e 8 fdd 2 cfa %26 method %3 Ddownload & ei = q 2 v _ Ue - CFISrPPzTgKAN & usg = AFQjCNHFQNoNbCFCCCqwXU 0 Lk 86_6 L 1 v 4 Q & bvm = bv .50165853, d . Z WU

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

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Deaton A. Theoretical Foundations in Understanding Consumption, Chapter 1, Oxford University, 1992 http://www.questia.com/read/36528640/understanding-consumption

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=45975&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=45975&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-c1f3-11e2-9fc1-00000aab0f27&acdnat=1369126222_a71f6127fa134f0cf2d72ea3e8f90f19

Börsch-Supan, A., Lusardi, A., 2003. Chapter 1 - Saving: A Cross-National Perspective, in: Life-Cycle Savings and Public Policy. Academic Press, Boston, pp. 1–31. http://ac.els-cdn.com/B9780121098919500324/3-s2.0-B9780121098919500324-main.pdf?_tid=44866bf8-c1f3-11e2-9fc1-00000aab0f27&acdnat=1369126314_ab22a7f769f57e2940e9ed0a2cc03b58

Börsch-Supan, A., Reil-Held, A., Schnabel, R., 2003. Chapter 3 - Household Saving in Germany, in: Life-Cycle Savings and Public Policy. Academic Press, Boston, pp. 57–99. http://ac.els-cdn.com/B9780121098919500348/3-s2.0-B9780121098919500348-main.pdf?_tid=552826c2-c1f3-11e2-9fc1-00000aab0f27&acdnat=1369126342_6a4949f822cc4ccb1a95dcf7427eedf3

Brugiavini, A., Padula, M., 2003. Chapter 4 - Household Saving Behavior and Pension Policies in Italy, in: Life-Cycle Savings and Public Policy. Academic Press, Boston, pp. 101–148. http://ac.els-cdn.com/B978012109891950035X/3-s2.0-B978012109891950035X-main.pdf?_tid=6b2069a8-c1f3-11e2-9fc1-00000aab0f27&acdnat=1369126379_7e526be0faf8686e55ab9866c8557693

Kitamura, Y., Takayama, N., Arita, F., 2003. Chapter 5 - Household Savings and Wealth Distribution in Japan, in: Life-Cycle Savings and Public Policy. Academic

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Press, Boston, pp. 149–203. http://ac.els-cdn.com/B9780121098919500373/3-s2.0-B9780121098919500373-main.pdf?_tid=84ecde98-c1f3-11e2-9fc1-00000aab0f27&acdnat=1369126422_76c7037903e29b80bd26e1bffab4d9d8

Alessie, R., Kapteyn, A., 2003. Chapter 6 - Savings and Pensions in the Netherlands, in: Life-Cycle Savings and Public Policy. Academic Press, Boston, pp. 205–255. http://ac.els-cdn.com/B9780121098919500385/3-s2.0-B9780121098919500385-main.pdf?_tid=9311ba34-c1f3-11e2-9fc1-00000aab0f27&acdnat=1369126446_f5d44f7d3d5d342f44450265fc090b4b

Banks, J., Rohwedder, S., 2003. Chapter 7 - Pensions and Life-Cycle Savings Profiles in the UK, in: Life-Cycle Savings and Public Policy. Academic Press, Boston, pp. 257–313. http://ac.els-cdn.com/B9780121098919500403/3-s2.0-B9780121098919500403-main.pdf?_tid=a94c0bf6-c1f3-11e2-9fc1-00000aab0f27&acdnat=1369126483_e7fc01fc116ad8d5f84987ce4330dec1

Attanasio, O.P., Paiella, M., 2003. Chapter 8 - Household Saving Behavior and Pension Policies in the United States, in: Life-Cycle Savings and Public Policy. Academic Press, Boston, pp. 315–356. http://ac.els-cdn.com/B9780121098919500440/3-s2.0-B9780121098919500440-main.pdf?_tid=b6c177a8-c1f3-11e2-9fc1-00000aab0f27&acdnat=1369126506_809859fdf278b8501a67ef00f92bdb60

Cagetti, M., 2003. Wealth Accumulation over the Life Cycle and Precautionary Savings. Journal of Business & Economic Statistics 21, 339–353. http://www.jstor.org/stable/1392584

Shorrocks, A.F. (1975) ‘The age-wealth relationship: A cross-section and cohort analysis.’ Review of Economics and Statistics 57: 155-163. http://82.179.249.32:2069/login.aspx?direct=true&db=bth&AN=4650423&site=ehost-live

Orazio P. Attanasio & Guglielmo Weber, 2010. Consumption and Saving: Models of Intertemporal Allocation and Their Implications for Public Policy, NBER Working Papers 15756, National Bureau of Economic Research, Inc. http://ideas.repec.org/p/nbr/nberwo/15756.html

Hall, Robert E, 1978. Stochastic Implications of the Life Cycle-Permanent Income Hypothesis: Theory and Evidence, Journal of Political Economy, 86(6), 971-87. Stable URL: http://www.jstor.org/stable/1840393

Attanasio O.P., Banks J. The Assessment: Household Saving – Issues in Theory and Policy. Oxford Review of Economic Policy, 2001, Vol. 17, No.1, pp. 3-10. http://82.179.249.32:2060/pqdlink?did=74682545&sid=1&Fmt=3&clientId=45975&RQT=309&VName=PQD

Meng, X. (2003). Unemployment, consumption smoothing, and precautionary saving in urban China. Journal of Comparative Economics, 31(3), 465–485. doi:10.1016/S0147-5967(03)00069-6 http://www.sciencedirect.com/science/article/pii/S0147596703000696

Huggett, M., & Ventura, G. (2000). Understanding why high income households save more than low income households. Journal of Monetary Economics, 45(2), 361–397. doi:10.1016/S0304-3932(99)00058-6 http://www.sciencedirect.com/science/article/pii/S0304393299000586

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Guariglia, A., & Rossi, M. (2002). Consumption, habit formation, and precautionary saving: evidence from the British Household Panel Survey. Oxford Economic Papers-New Series, 54(1), 1–19. doi:10.1093/oep/54.1.1 http://oep.oxfordjournals.org/content/54/1/1

Ziliak, J. P. (2003). Income transfers and assets of the poor. Review of Economics and Statistics, 85(1), 63–76. doi:10.1162/003465303762687712 http://www.mitpressjournals.org/doi/abs/10.1162/003465303762687712

Attanasio, O. P., & Weber, G. (2010). Consumption and Saving: Models of Intertemporal Allocation and Their Implications for Public Policy. Journal of Economic Literature, 48(3), 693–751. doi:10.1257/jel.48.3.693 http://www.aeaweb.org/articles.php?doi=10.1257/jel.48.3.693

Souleles, N. S. (2002). Consumer response to the Reagan tax cuts. Journal of Public Economics, 85(1), 99–120. doi:10.1016/S0047-2727(01)00113-X http://www.sciencedirect.com/science/article/pii/S004727270100113X

Jappelli, T., & Pistaferri, L. (2006). Intertemporal choice and consumption mobility. Journal of the European Economic Association, 4(1), 75–115. doi:10.1162/154247606776014640 http://onlinelibrary.wiley.com/doi/10.1162/jeea.2006.4.1.75/abstract;jsessionid=88D97C0421CE7FA9C8151E0BA66B4911.d01t03

Primiceri, G. E., & van Rens, T. (2009). Heterogeneous life-cycle profiles, income risk and consumption inequality. Journal of Monetary Economics, 56(1), 20–39. doi:10.1016/j.jmoneco.2008.10.001 http://www.sciencedirect.com/science/article/pii/S0304393208001517

Sarantis, N., & Stewart, C. (2003). Liquidity constraints, precautionary saving and aggregate consumption: an international comparison. Economic Modelling, 20(6), 1151–1173. doi:10.1016/S0264-9993(02)00080-9 http://www.sciencedirect.com/science/article/pii/S0264999302000809

Wang, N. (2006). Generalizing the permanent-income hypothesis: Revisiting Friedman’s conjecture on consumption. Journal of Monetary Economics, 53(4), 737–752. doi:10.1016/j.jmoneco.2005.04.005 http://www.sciencedirect.com/science/article/pii/S0304393206000377

Foley М., Pyle W.(2005) Household Savings in Russia during the Transition, Middlebury College Economic Discussion Paper No.05-22, Middlebury, Vermont.

Denizer, C, Wolf, H.C. (1998) ‘Household Savings in Transition Economies’, NBER working paper 6457, March, 3-12 . http://www.nber.org/papers/w6457.pdf

Skoufias, E. (2004) ‘Consumption Smoothing During the Economic Transition in Bulgaria’, Journal of Comparative Economics 32: 328-347. http ://82.179.249.32:2063/ S 0147596704000277/1- s 2.0- S 0147596704000277- main . pdf ?_ tid =4 e 9 dc 1 d 8- d 088-11 e 2- ad 40- 00000 aab 0 f 01& acdnat =1370729642_4208 ab 61201 f 9 aca 294 d 146851 f 80 c 95

Lecture 4. Economic models of portfolio choice

Lectures - 2 hours, seminars – 2 hours, self-study – 4 hours.

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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. Students make presentations on any of the following papers

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/

Campbell, J.Y., 2006. Household finance. J. Finance. 61, 1553–1604. doi:10.1111/j.1540-6261.2006.00883.x.

Christelis, D., Georgarakos, D., Haliassos, M., 2013. Differences in Portfolios Across Countries: Economic Environment Versus Household Characteristics. Rev. Econ. Stat. 95, 220–236. doi:10.1162/REST_a_00260.

Alessie, R., Hochguertel, S., van Soest, A., 2004. Ownership of stocks and mutual funds: A panel data analysis. Rev. Econ. Stat. 86, 783–796. doi:10.1162/0034653041811761.

Bertaut, C.C., Haliassos, M., 1997. Precautionary portfolio behavior from a 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.

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–+.

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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.

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.

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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.

Li, W., Yao, R., 2007. The life-cycle effects of house price changes. J. Money Credit Bank. 39, 1375–1409. doi:10.1111/j.1538-4616.2007.00071.x.

Peress, J., 2004. Wealth, information acquisition, and portfolio choice. Rev. Financ. Stud. 17, 879–914. doi:10.1093/rfs/hhg056.

Rosen, H.S., Wu, S., 2004. Portfolio choice and health status. J. Financ. Econ. 72, 457–484. doi:10.1016/S0304-405X(03)00178-8.

Shum, P., Faig, M., 2006. What explains household stock holdings? J. Bank Financ. 30, 2579–2597. doi:10.1016/j.jbankfin.2005.11.006.

Yunker, J.A., Melkumian, A., 2013. Optimal diversification and risk-taking: a theoretical and empirical analysis. Appl. Econ. 45, 1481–1492. doi:10.1080/00036846.2011.619498.

Lecture 5. Psychological approach to studying savings behaviour of household

Lectures - 2 hours, seminars – 2 hours, self-study – 4 hours.

Psychological factors in modeling savings behaviour of households. Psychological critique of economic approach (Tard).

Psychological economics of G.Katona. Contribution of psychological data to economic analysis. Subjective expectations as intermediates of objective economic factors.

Model of savings behaviour of G.Katona. Contractual, discretional and residual savings. Index of consumer sentiments: methodology and trends.

Seminar 5. Students make presentations on any of the following papers

Katona, G. To Spend or to Save? In Katona, G. Psychological economics. New York: Elsevier, 1975, p. 229-239. http://mief.hse.ru/icom/?&a=pf&act=subjects&subject=132&tid=384

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Lauterbach A.Psychological Assumptions of Economic Theory, American Journal of Economics and Sociology, Vol. 10, No. 1 (Oct., 1950), pp. 27-38 http://82.179.249.32:2069/login.aspx?direct=true&db=bth&AN=15392028&site=ehost-live

John C. Mowen, Clifford E. Young, Patriya Silpakit (1985), "A COMPARISON OF THE UNIVERSITY OF MICHIGAN AND CONFERENCE BOARD INDICES OF CONSUMER ECONOMIC ATTITUDES", in Advances in Consumer Research Volume 12, eds. Elizabeth C. Hirschman and Moris B. Holbrook, Provo, UT : Association for Consumer Research, Pages: 532-537. http://www.acrwebsite.org/volumes/display.asp?id=6448

Brown, S & Taylor, K (2006) Financial Expectations, Consumption and Saving: A Microeconomic Analysis. Fiscal Studies, 27 (3) pp.313-338. http://82.179.249.32:2060/pqdlink?did=1134780961&sid=1&Fmt=4&clientId=45975&RQT=309&VName=PQD  

Warneryd, K. (1999) Chapter 5 Psychological and other behavioral research on household savings, in The Psychology of Saving: A Study on Economic Psychology. Cheltenham, UK: Edward Elgar Publishing Limited http://books.google.gr/books?id=AGqTCGdxp9UC&pg=PA166&hl=ru&source=gbs_toc_r&cad=4#v=onepage&q&f=false

Brown, S., Taylor, K., 2006. Financial Expectations, Consumption and Saving: A Microeconomic Analysis. Fiscal Studies 27, 313–338.

Ибрагимова Д.Х., Николаенко С.А. Индекс потребительских настроений / Независимый институт социальной политики. М.: Поматур, 2005, с.6-29 http://www.socpol.ru/publications/book18.shtml

Antonides, G., Manon de Groot, I., Fred van Raaij, W., 2011. Mental budgeting and the management of household finance. Journal of Economic Psychology 32, 546–555. http://82.179.249.32:2063/S0167487011000596/1-s2.0-S0167487011000596-main.pdf?_tid=419e0d1a-fdb2-11e2-a92f-00000aab0f02&acdnat=1375695462_569de2fa707825e451db1088e8644e46

Lecture 6. Behavioral economics of personal finance

Lectures - 2 hours, seminars – 2 hours, self-study – 4 hours.

Bounded rationality. Heuristics and biases. Prospect theory. Framing effect. Behavioral economics of savings, behavioral life-cycle model (Shefrin Thaler). Empirical psychological experiments.

Seminar 6. Students make presentations on any of the following papers

Sewell M. Behavioural Finance, University of Cambridge, February 2007 (revised April 2010) An introduction to Behavioural Fnance, including a review of the major works and a summary of important heuristics. http://www.behaviouralfinance.net/behavioural-finance.pdf

Kahneman D.,Tversky А. Judgment under Uncertainty: Heuristics and Biases, Science, September 1974, Vol. 185, pp. 1124-1131. http://82.179.249.32:2187/content/185/4157/1124.full.pdf

William G. Gale & J.Mark Iwry & Alicia H. Munnell & Richard H. Thaler, 2004. Improving 401(k) Investment Performance, Issues in Brief ib26, Center for Retirement Research. http://ideas.repec.org/p/crr/issbrf/ib26.html#download

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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=ehost-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

Lecture 7. Social embeddednes of financial behaviour of individuals and households

Lectures - 2 hours, seminars – 2 hours, self-study – 4 hours.

Sociological approach to studying economic behaviour. Rationality as motivated and guided by shared beliefs, norms and institutions.

Elements of sociological approach in economic theory (Duesenberry, social and cultural effects on savings behavior in economic research).

Sociological studies of financial behaviour of households: the social meaning of money (Zelizer), the embededdness of economic behaviour in social structure (Zelizer).

Seminar 6. Students make presentations on any of the following papers

Roger Mason , The Social Significance of Consumption: James Duesenberry's Contribution to Consumer Theory, Journal of Economic Issues, Vol. 34, No. 3 (Sep., 2000), pp. 553-572 Stable URL: http://www.jstor.org/stable/4227586

Zelizer V.A. Human values and the market: the case of life insurance and death in 19th-century America //American Journal of Sociology, 1978, 84, pp. 591-610. Stable URL: http://www.jstor.org/stable/2778256

Christopher D. Carroll, Byung-Kun Rhee and Changyong Rhee, Are There Cultural Effects on Saving? Some Cross-Sectional Evidence The Quarterly Journal of Economics, Vol. 109, No. 3 (Aug., 1994), pp. 685-699 http://82.179.249.32:2060/pqdweb?did=32265&sid=2&Fmt=2&clientId=45975&RQT=309&VName=PQD

Keister Lisa A. Financial Markets, Money, And Banking, Annual Review of Sociology, 2002, Vol. 28: 39-61. http://82.179.249.32:3301/doi/pdf/10.1146/annurev.anthro.35.081705.123127

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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

Lecture 8. Family budget management

Lectures - 2 hours, seminars – 2 hours, self-study – 4 hours.

Family finances: research on the control and allocation of money within households, systems of money management in the families. Financial decisions in the household.

Seminar 8. Students make presentations on any of the following papers

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/

Ibragimova D. K. Ibragimova D. K. Money management in Russian families / Working papers by NRU Higher School of Economics. Series SOC "Sociology". 2012. No. 11. http://www.hse.ru/pubs/lib/data/access/ticket/1376144639d95b0f5c6536e872075470b4354112c5/11SOC2012.pdf

Vogler C. Money in the household: some underlying issues of power, Sociological review, Volume 46,  Issue 4,  1998, pp. 687-713 http://82.179.249.32:2069/login.aspx?direct=true&db=sih&AN=1244353&lang=ru&site=ehost-live

Pahl J. 1984. The Allocation of Money within the Household, in Freeman (ed.) The State, the Law and the Family, London: Tavistock.

Pahl J. 1989. Marriage and Money. London: Palgrave Macmillan.

Pahl J. 2005. Individualization in Couple Finances: Who Pays for the Children? Social Policy and Society. 3 (4): 381–391.

Pahl J. 2008. Family Finances, Individualization, Spending Patterns and Access to Credit. The Journal of Socio-Economics. 37: 577–591.

Vogler C. 1994. Money in the Household. In: Anderson M., Bechhofer F., Gershuny J. (eds). The Social and Political Economy of the Household. Oxford: Oxford University Press; 225–266.

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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-8844-39ce92566f6c%40sessionmgr13&vid=2&hid=9

Antonides, G. (2011). The Division of Household Tasks and Household Financial Management. Zeitschrift Fur Psychologie-Journal of Psychology, 219(4), 198–208. doi:10.1027/2151-2604/a000073

Bennett, F. (2013). Researching Within-Household Distribution: Overview, Developments, Debates, and Methodological Challenges. Journal of Marriage and Family, 75(3), 582–597. doi:10.1111/jomf.12020

Boertien, D. (2012). Jackpot? Gender Differences in the Effects of Lottery Wins on Separation. Journal of Marriage and Family, 74(5), 1038–1053. doi:10.1111/j.1741-3737.2012.01003.x

Bonke, J., & Browning, M. (2009). The Allocation of Expenditures within the Household: A New Survey. Fiscal Studies, 30(3-4), 461–481.

Burgoyne, C. B., & Morison, V. (1997). Money in remarriage: keeping things simple and separate. Sociological Review, 45(3), 363–395. doi:10.1111/1467-954X.00069

Burgoyne, C. B., Young, B., & Walker, C. M. (2005). Deciding to give to charity: A focus group study in the context of the household economy. Journal of Community & Applied Social Psychology, 15(5), 383–404. doi:10.1002/casp.832

Burgoyne, C., Clarke, V., & Burns, M. (2011). Money management and views of civil partnership in same-sex couples: results from a UK survey of non-heterosexuals. Sociological Review, 59(4), 685–706. doi:10.1111/j.1467-954X.2011.02032.x

Burgoyne, C., & Kirchler, E. (2008). Financial decisions in the household. (A. Lewis, Ред.). Cambridge: Cambridge Univ Press.

Burgoyne, Carole B., Clarke, V., Reibstein, J., & Edmunds, A. (2006). «All my worldly goods I share with you»? Managing money at the transition to heterosexual marriage. Sociological Review, 54(4), 619–637. doi:10.1111/j.1467-954X.2006.00663.x

Burgoyne, Carole B., Reibstein, J., Edmunds, A., & Dolman, V. (2007). Money management systems in early marriage: Factors influencing change and stability. Journal of Economic Psychology, 28(2), 214–228. doi:10.1016/j.joep.2006.02.003

Burgoyne, Carole Bourne, Reibstein, J., Edmunds, A. M., & Routh, D. A. (2010). Marital Commitment, Money and Marriage Preparation: What Changes after the Wedding? Journal of Community & Applied Social Psychology, 20(5), 390–403. doi:10.1002/casp.1045

Chaloupkova, J. (2006). Joint or separate income management among married and cohabitating couples. Sociologicky Casopis-Czech Sociological Review, 42(5), 971–986.

Cheal, D. (1993). Changing Household Financial Strategies - Canadian Couples Today. Human Ecology, 21(2), 197–213. doi:10.1007/BF00889359

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Clarke, S. (2002). Budgetary management in Russian households. Sociology-the Journal of the British Sociological Association, 36(3), 539–557. doi:10.1177/0038038502036003003

De Henau, J., & Himmelweit, S. (2013). Unpacking Within-Household Gender Differences in Partners’ Subjective Benefits From Household Income. Journal of Marriage and Family, 75(3), 611–624. doi:10.1111/jomf.12027

Dew, J., Britt, S., & Huston, S. (2012). Examining the Relationship Between Financial Issues and Divorce. Family Relations, 61(4), 615–628. doi:10.1111/j.1741-3729.2012.00715.x

Dobbelsteen, S., & Kooreman, P. (1997). Financial management, bargaining and efficiency within the household; An empirical analysis. Economist, 145(3), 345–366. doi:10.1023/A:1003008229588

Elizabeth, V. (2001). Managing money, managing coupledom: a critical examination of cohabitants’ money management practices. Sociological Review, 49(3), 389–411. doi:10.1111/1467-954X.00338

Eroglu, S. (2009). Patterns of income allocation among poor Gecekondu households in Turkey: overt mechanisms and women’s secret kitties. Sociological Review, 57(1), 58–80. doi:10.1111/j.1467-954X.2008.01804.x

Ginn, J., Arber, S., Brannen, J., Dale, A., Dex, S., Elias, P., … Rubery, J. (1996). Feminist fallacies: A reply. British Journal of Sociology, 47(1), 167–174. doi:10.2307/591122

Heimdal, K. R., & Houseknecht, S. K. (2003). Cohabiting and married couples’ income organization: Approaches in Sweden and the United States. Journal of Marriage and Family, 65(3), 525–538. doi:10.1111/j.1741-3737.2003.00525.x

Higginbotham, B. J., Tulane, S., & Skogrand, L. (2012). Stepfamily Education and Changes in Financial Practices. Journal of Family Issues, 33(10), 1398–1420. doi:10.1177/0192513X12450000

Kenney, C. (2004). Cohabiting couple, filing jointly? - Resource pooling and US poverty policies. Family Relations, 53(2), 237–247.

Kenney, C. T. (2006). The power of the purse - Allocative systems and inequality in couple households. Gender & Society, 20(3), 354–381. doi:10.1177/0891243206286742

Kenney, Catherine T. (2008). Father doesn’t know best? Parents’ control of money and children’s food insecurity. Journal of Marriage and Family, 70(3), 654–669. doi:10.1111/j.1741-3737.2008.00512.x

Klawitter, M., & Fletschner, D. (2011). Who is banked in low income families? The effects of gender and bargaining power. Social Science Research, 40(1), 50–62. doi:10.1016/j.ssresearch.2010.02.002

Lauer, S. R., & Yodanis, C. (2011). Individualized Marriage and the Integration of Resources. Journal of Marriage and Family, 73(3), 669–683. doi:10.1111/j.1741-3737.2011.00836.x

Lott, Y. (2009). Income management and decision-making - Does the individual income determine the power allocation within couples? Kolner Zeitschrift Fur Soziologie Und Sozialpsychologie, 61(3), 327–353. doi:10.1007/s11577-009-0071-8

Ludwig-Mayerhofer, W., Allmendinger, J., Hirseland, A., & Schneider, W. (2011). 17

The power of money in dual-earner couples: A comparative study. Acta Sociologica, 54(4), 367–383. doi:10.1177/0001699311422091

Ludwig-Mayerhofer, W., Gartner, H., & Allmendinger, J. (2006). The allocation of money in couples: The end of inequality? Zeitschrift Fur Soziologie, 35(3), 212–226.

Lyngstad, T. H., Noack, T., & Tufte, P. A. (2011). Pooling of Economic Resources: A Comparison of Norwegian Married and Cohabiting Couples. European Sociological Review, 27(5), 624–635. doi:10.1093/esr/jcq028

Mcconocha, D., Tully, S., & Walther, C. (1993). Household Money Management - Recognizing Nontraditional Couples. Journal of Consumer Affairs, 27(2), 258–283.

Morris, L. (1993). Household Finance Management and the Labor-Market - a Case-Study in Hartlepool. Sociological Review, 41(3), 506–536.

Pahl, J. (1983). The Allocation of Money and the Structuring of Inequality Within Marriage. Sociological Review, 31(2), 237–262.

Pahl, J. (1986). Personal Taxation, Social-Security and Financial Arrangements Within Marriage. Journal of Law and Society, 13(2), 241–250. doi:10.2307/1410283

Pahl, J. (1990). Household Spending, Personal Spending and the Control of Money in Marriage. Sociology-the Journal of the British Sociological Association, 24(1), 119–138. doi:10.1177/0038038590024001009

Pahl, J. (1995). His Money, Her Money - Recent Research on Financial Organization in Marriage. Journal of Economic Psychology, 16(3), 361–376. doi:10.1016/0167-4870(95)00015-G

Pahl, Jan. (2007). Power, ideology and resources within families: A theoretical context for empirical research on sleep. Sociological Research Online, 12(5).

Raijas, A. (2011). Money management in blended and nuclear families. Journal of Economic Psychology, 32(4), 556–563. doi:10.1016/j.joep.2011.02.006

Singh, S. (2000). Electronic commerce and the sociology of money. Sociological Research Online, 4(4), U59–U70.

Singh, S., & Lindsay, J. (1996). Money in heterosexual relationships. Australian and New Zealand Journal of Sociology, 32(3), 57–69.

Singh, Supriya, & Bhandari, M. (2012). Money management and control in the Indian joint family across generations. Sociological Review, 60(1), 46–67. doi:10.1111/j.1467-954X.2011.02047.x

Vogler, C. (2005). Cohabiting couples: rethinking money in the household at the beginning of the twenty first century. Sociological Review, 53(1), 1–29. doi:10.1111/j.1467-954X.2005.00501.x

Vogler, C., & Pahl, J. (1993). Social and Economic-Change and the Organization of Money Within Marriage. Work Employment and Society, 7(1), 71–95. doi:10.1177/095001709371004

Vogler, Carolyn, Brockmann, M., & Wiggins, R. D. (2006). Intimate relationships and changing patterns of money management at the beginning of the twenty-first century. British Journal of Sociology, 57(3), 455–482. doi:10.1111/j.1468-4446.2006.00120.x

Vogler, Carolyn, Lyonette, C., & Wiggins, R. D. (2008). Money, power and 18

spending decisions in intimate relationships. Sociological Review, 56(1), 117–143. doi:10.1111/j.1467-954X.2008.00779.x

Woelz-Stirling, N., Manderson, L., Kelaher, M., & Gordon, S. (2000). Marital conflict and finances among Filipinas in Australia. International Journal of Intercultural Relations, 24(6), 791–805. doi:10.1016/S0147-1767(00)00032-8

Yodanis, C., & Lauer, S. (2007). Managing money in marriage: Multilevel and cross-national effects of the breadwinner role. Journal of Marriage and Family, 69(5), 1307–1325. doi:10.1111/j.1741-3737.2007.00449.x

Lecture 9. Trust to financial institutions

Lectures - 2 hours, seminars – 2 hours, self-study – 4 hours.

The notion of trust. Trust in financial institutions:conceptual and operational definitions.  Social capital. The role of state regulation on financial markets in creating trust to financial institutions. The state deposit insurance system. Information and trust as social aspects of credit. Long-term investments in life insurance and pension funds.

Seminar 9. Students make presentations on any of the following papers

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

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&SrchMode=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&SrchMode=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_Ibragimova.pdf

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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 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 20

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.).

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.

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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

Waelti, S. (2012). Trust no more? The impact of the crisis on citizens’ trust in central banks. Journal of International Money and Finance, 31(3), 593–605. doi:10.1016/j.jimonfin.2011.11.012

Wagster, J. D. (2007). Wealth and risk effects of adopting deposit insurance in Canada: Evidence of risk shifting by banks and trust companies. Journal of Money Credit and Banking, 39(7), 1651–1681. doi:10.1111/j.1538-4616.2007.00082.x

Weaver, C. N. (2003). Confidence of Mexican Americans in major institutions in the United States. Hispanic Journal of Behavioral Sciences, 25(4), 501–512. doi:10.1177/0739986303258128

Lecture 10. Access to financial services, financial inclusion, saving motives

Lectures - 2 hours, seminars – 2 hours, self-study – 4 hours.

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Conceptual and operational definitions of financial inclusion/exclusion. Cross-country variation in household access to financial services. Popultion vulnerable to financial exclusion. Factors of financial exclusion. Policies and practices aimed at reducing financial exclusion. Financial and social exclusion.

Motives and attitudes to saving. Saving motives in relation to household saving habits. Saving motives across income groups.

Seminar 10. Students make presentations on any of the following papers

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/

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

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Chen, X. (2010). An evaluation of financial exclusion of Chinese 31 provinces based on factor analysis. (C. Wang, Ред.).

Claessens, S. (2006). Access to financial services: A review of the issues and public policy objectives. World Bank Research Observer, 21(2), 207–240. doi:10.1093/wbro/lkl004

Cull, Robert, Demirguec-Kunt, A., & Morduch, J. (2013). Introduction: Banking the World. (R. Cull, A. DemirgucKunt, & J. Morduch, Ред.).

Cull, Robert, & Scott, K. (2010). Measuring Household Usage of Financial Services: Does it Matter How or Whom You Ask? World Bank Economic Review, 24(2), 199–233. doi:10.1093/wber/lhq004

Cull, Robert, & Scott, K. (2013). How to Ask Households about Financial Services: Experimental Evidence from Ghana and Timor-Leste. (R. Cull, A. DemirgucKunt, & J. Morduch, Ред.).

Devlin, J. F. (2009). An analysis of influences on total financial exclusion. Service Industries Journal, 29(8), 1021–1036. doi:10.1080/02642060902764160

Dymski, G. A. (2009). The global financial customer and the spatiality of exclusion after the «end of geography». Cambridge Journal of Regions Economy and Society, 2(2), 267–285. doi:10.1093/cjres/rsp011

Dymski, G. A. (2010). Linking Financial Globalisation with Financial Exclusion via a Minskyan Bridge. (D. Tavasci & J. Toporowski, Ред.).

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.).

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Hohnen, P. (2007). Having the wrong kind of money. A qualitative analysis of new forms of financial, social and moral exclusion in consumerist Scandinavia. Sociological Review, 55(4), 748–767. doi:10.1111/j.1467-954X.2007.00751.x

Honohan, P. (2008). Cross-country variation in household access to financial services. Journal of Banking & Finance, 32(11), 2493–2500. doi:10.1016/j.jbankfin.2008.05.004

Honohan, P., & King, M. (2013). Cause and Effect of Financial Access: 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

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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

Sampson, E. L., Dover, D., Mandell, M., Pant, A., & Blanchard, M. R. (2007). Personal identification (PIN) numbers: a new cause of financial exclusion in older people. International Journal of Geriatric Psychiatry, 22(5), 492–493. doi:10.1002/gps.1708

Smyczek, S., & Matysiewicz, J. (2013). Customers’ Financial Exclusion as Result of Economic Volatility. (D. Vrontis, Y. Weber, R. Kaufmann, & S. Tarba, Ред.).

Sodokin, K., & Donou-Adonsou, C. (2010). Banks, Microfinance Institutions and Economic Growth in the West African Economic and Monetary Union. African Development Review-Revue Africaine De Developpement, 22(4), 495–510. doi:10.1111/j.1467-8268.2010.00245.x

Swan, A. (2007). Give consideration to financial abuse among the older population. British journal of community nursing, 12(10), 474–6.

Vanroose, A., & D’Espallier, B. (2013). Do microfinance institutions accomplish their mission? Evidence from the relationship between traditional financial sector development and microfinance institutions’ outreach and performance. Applied Economics, 45(15), 1965–1982. doi:10.1080/00036846.2011.641932

Walley, S. (2013). Housing Finance. (T. Beck & S. M. Maimbo, Ред.). Washington: World Bank Inst.

Wittig, T. (2011). Understanding Terrorist Finance. Basingstoke: Palgrave. DOI: 10.1057/9780230316935

Devaney, S.A., Chien, Y. Children's Education as the Most Important Savings Goal(2002) Journal of Family and Consumer Sciences, 94 (1), pp. 64-70.

Hochguertel, S., 2003. Precautionary motives and portfolio decisions. J. Appl. Econom. 18, 61–77. doi:10.1002/jae.658.

Fisher, P.J., Anong, S.T., 2012. Relationship of Saving Motives to Saving Habits. Journal of Financial Counseling and Planning Volume 23, 64.

Fisher, P.J., Montalto, C.P., 2010. Effect of saving motives and horizon on saving behaviors. Journal of Economic Psychology 31, 92–105.Anderson, M., Bechhofer, F., Kendrick, S. (1994) Individual and Household Strategies in M. Anderson, F. Bechhofer, J. Gershuny (Editors) The Social and Political Economy of the Household, Oxford: Oxford University Press.

Lecture 11. Financial literacy and financial capability of individuals

Lectures - 2 hours, seminars – 2 hours, self-study – 4 hours.

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The conceptual and operational definitions of financial literacy and financial capability. International comparisons of financial literacy of individuals. Financial literacy among the young. Financial literacy and retirement planning.

Seminar 11. Students make presentations on any of the following papers

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/

Hoelzl, E., Kapteyn, A., 2011. Financial capability. Journal of Economic Psychology 32, 543–545. http://82.179.249.32:2063/S0167487011000638/1-s2.0-S0167487011000638-main.pdf?_tid=82d3fe14-d078-11e2-a227-00000aab0f6b&acdnat=1370722858_4ecc85a30cba8612606d02109f3356fb

Jappelli, T., 2010. Economic Literacy: An International Comparison. The Economic Journal 120, F429–F451.

Van Rooij, M., Lusardi, A., Alessie, R., 2011. Financial literacy and stock market participation. J. Financ. Econ. 101, 449–472. doi:10.1016/j.jfineco.2011.03.006.Mandell, L and Klein, LS (2007). Motivation and financial literacy. Financial Services Review, 16: 105–116

G. Antonides et al. Mental budgeting and the management of household finance. Journal of Economic Psychology 32 (2011) 546–555 http://82.179.249.32:2063/S0167487011000596/1-s2.0-S0167487011000596-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. http://82.179.249.32:2072/doi/10.1111/j.1745-6606.2010.01173.x/pdf

Van Rooij, M., Lusardi, A., Alessie, R., 2011. Financial literacy and stock market participation. Journal of Financial Economics 101, 449–472. http://82.179.249.32:2063/S0304405X11000717/1-s2.0-S0304405X11000717-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, 593–608. http://82.179.249.32:2063/S0167487011000195/1-s2.0-S0167487011000195-main.pdf?_tid=1ceb1d60-d07a-11e2-a227-00000aab0f6b&acdnat=1370723546_bd8e6559fb42c54bb62f36ee225dd7d7

Hackethal, A., Haliassos, M., Jappelli, T., 2012. Financial advisors: A case of babysitters? J. Bank Financ. 36, 509–524. doi:10.1016/j.jbankfin.2011.08.008.

Hibbert, A.M., Lawrence, E.R., Prakash, A.J., 2012. Can Diversification be Learned? J. Behav. Financ. 13, 38–50. doi:10.1080/15427560.2012.654547.

de Meza, D, Irlenbusch, B and Reyniers, D (2008). Financial Capability: A Behavioural Economics Perspective. (London: Financial Services Authority).Levels of Financial Capability in the UK: Results of a baseline survey (FSA CR Paper 47) http://www.fsa.gov.uk/pubs/consumer-research/crpr47.pdf

Alba, J.W., Hutchinson, J.W., 2000. Knowledge Calibration: What Consumers Know and What They Think They Know. Journal of Consumer Research 27, 123–156. http://www.jstor.org/stable/10.1086/314317

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Lectures 12. Household retirement strategies

Lectures - 2 hours, seminars – 2 hours, self-study – 4 hours.

Retirement-Income Systems across the world. Pension wealth and household savings. Retirement confidence survey (US). Sources of retirement income. Empirical studies on retirement adequacy. Participation in pension saving among employees (UK). Determinants of retirement savings. Time horizon of financial decisions.

Seminar 12. Students make presentations on any of the following papers

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/

Banks, J., Rohwedder, S. Life-cycle saving patterns and pension arrangements in the U.K. Research in Economics Volume 55, Issue 1, March 2001, Pages 83-10. doi:10.1006/reec.2000.0243

Banks, J., Blundell, R., Tanner, S. Is There a Retirement-Savings Puzzle? (1998) American Economic Review, 88 (4), pp. 769-788. http://links.jstor.org/sici?sici=0002-8282%28199809%2988%3A4%3C769%3AITARP%3E2.0.CO%3B2-X

De Nardi, M., French, E., & Jones, J. B. (2010). Why Do the Elderly Save? The Role of Medical Expenses. Journal of Political Economy, 118(1), 39–75. http://www.jstor.org/stable/10.1086/651674 McKechnie, S. (1992), Consumer Buying Behaviour in Financial Services: An Overview, International Journal of Bank Marketing, Vol. 10 No. 5, pp. 4-12. http://82.179.249.32:2060/pqdweb?did=1120782&sid=2&Fmt=3&clientId=45975&RQT=309&VName=PQD

Smith, S (2006) Persistency of pension contributions in the UK: evidence from the British Household Panel Survey. Journal of Pension Economics and Finance, 5, pp.257-274. http://82.179.249.32:2086/10.1017/S1474747206002496

Attanasio O P, Rohwedder S (2003) Pension wealth and household saving: Evidence from pension reforms in the United Kingdom. American Economic review, 93 (5) pp.1499-1521. http://82.179.249.32:3471/doi/pdfplus/10.1257/000282803322655419

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

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Diamond, P. (2009). Taxes and Pensions. Southern Economic Journal, 76(1), 2–15. doi:10.4284/sej.2009.76.1.2

Duflo, E., & Saez, E. (2002). Participation and investment decisions in a retirement plan: the influence of colleagues’ choices. Journal of Public Economics, 85(1), 121–148. doi:10.1016/S0047-2727(01)00098-6

Duflo, Esther, Orszag, P., Gale, W., Saez, E., & Liebman, J. (2007). Savings incentives for low- and moderate-income families in the United States: Why is the saver’s credit not more effective? Journal of the European Economic Association, 5(2-3), 647–661. doi:10.1162/jeea.2007.5.2-3.647

Duncan, G., Mitchell, O., & Morgan, J. (1984). A Framework for Setting Retirement Savings Goals. Journal of Consumer Affairs, 18(1), 22–46.

Duxbury, D., Summers, B., Hudson, R., & Keasey, K. (2013). How people evaluate defined contribution, annuity-based pension arrangements: A behavioral exploration. Journal of Economic Psychology, 34, 256–269. doi:10.1016/j.joep.2012.10.008

Fernandez Lopez, S., Vivel Bua, M., Otero Gonzalez, L., & Rodeiro Pazos, D. (2012). Saving for Retirement in EU: An Analysis of Its Determinants. Revista De Economia Mundial, (31), 111–135.

Hibbert, A. M., Lawrence, E. R., & Prakash, A. J. (2012). The Role of Financial Education in the Management of Retirement Savings. Journal of Behavioral Finance, 13(4), 299–307. doi:10.1080/15427560.2012.735727

Howlett, E., Kees, J., & Kemp, E. (2008). The role of self-regulation, future orientation, and financial knowledge in long-term financial decisions. Journal of Consumer Affairs, 42(2), 223–242. doi:10.1111/j.1745-6606.2008.00106.x

Joulfaian, D., & Richardson, D. (2001). Who takes advantage of tax-deferred saving programs? Evidence from federal income tax data. National Tax Journal, 54(3), 669–688.

Kennedy, J., & Matwijiw, P. (2010). Retirement Savings: A Consumer Perspective. Australian Economic Review, 43(3), 321–325.

Knoll, M. A. Z., Tamborini, C. R., & Whitman, K. (2012). I Do ... Want to Save: Marriage and Retirement Savings in Young Households. Journal of Marriage and Family, 74(1), 86–100. doi:10.1111/j.1741-3737.2011.00877.x

Lee, T., Haley, E., Yun, T. W., & Chung, W. (2011). US Retirement Financial Services Advertising’s Financial Information Provisions, Communication Strategies and Judgmental Heuristic Cues. Journal of Consumer Affairs, 45(3), 391–418. doi:10.1111/j.1745-6606.2011.01210.x

Sekita, S. (2011). Financial literacy and retirement planning in Japan. Journal of Pension Economics & Finance, 10(4), 637–656. doi:10.1017/S1474747211000527

Shum, P., & Faig, M. (2006). What explains household stock holdings? Journal of Banking & Finance, 30(9), 2579–2597. doi:10.1016/j.jbankfin.2005.11.006

Smith, P. A. (2002). Complexity in retirement savings policy. National Tax Journal, 55(3), 539–553.

Sunden, A. E., & Surette, B. J. (1998). Gender differences in the allocation of assets in retirement savings plans. American Economic Review, 88(2), 207–211.

Thaler, R. H., & Benartzi, S. (2004). Save More Tomorrow (TM): Using behavioral

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economics to increase employee saving. Journal of Political Economy, 112(1), S164–S187. doi:10.1086/380085

Thompson, L. H. (2006). US retirement income system. Oxford Review of Economic Policy, 22(1), 95–112. doi:10.1093/oxrep/grj007

Van Rooij, M. C. J., Kool, C. J. M., & Prast, H. M. (2007). Risk-return preferences in the pension domain: Are people able to choose? Journal of Public Economics, 91(3-4), 701–722. doi:10.1016/j.jpubeco.2006.08.003

Van Schie, R. J. G., Donkers, B., & Dellaert, B. G. C. (2012). Savings adequacy uncertainty: Driver or obstacle to increased pension contributions? Journal of Economic Psychology, 33(4), 882–896. doi:10.1016/j.joep.2012.04.004

Van Suntum, U. (2009). Housing, taxation and retirement provision. Journal of Housing Economics, 18(3), 249–255. doi:10.1016/j.jhe.2009.07.009

Weller, C. E. (2004). The future of public pensions in the OECD. Cambridge Journal of Economics, 28(4), 489–504. doi:10.1093/cje/beh022

Weller, Christian E., & Wenger, J. B. (2012). Easy money or hard times? Health and 401(k) loans. Contemporary Economic Policy, 30(1), 29–42. doi:10.1111/j.1465-7287.2011.00251.x

Wiener, J., & Doescher, T. (2008). A framework for promoting retirement savings. Journal of Consumer Affairs, 42(2), 137–164. doi:10.1111/j.1745-6606.2008.00102.x

Lectures 13. The Sociology of money and electronic commerce

Lectures - 2 hours, seminars – 2 hours, self-study – 4 hours.

Forms of money. What is considered as ‘electronic money’. E-money: the use and non-use of it, the cultural meanings, trust. Bank cards: cash withdrawals vs. cashless payments. Social and economic factors of bank card holding.

Seminar 13. Students make presentations on any of the following papers

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.

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Recent Developments in Electronic Money in Japan (2012), Payment and Settlement Systems Department, Bank of Japan https://www.boj.or.jp/en/research/brp/ron_2012/data/ron121221a.pdf

R. Halperin, Money in an Unequal World: Keith Hart and His Memory Bank // American Anthropologist. Volume 105, Issue 1, pages 190–192, March 2003

Singh, S. (2000). Electronic commerce and the sociology of money. Sociological Research Online, 4(4), U59–U70.

Singh S. 2004. Impersonalisation of electronic money: Implications for bank marketing // International Journal of Bank Marketing. Vol. 22 (7). P. 504-521.

Singh S. 1999. Electronic money: Understanding its use to increase the effectiveness of policy // Telecommunications Policy, 1999. Vol. 23 (10-11): P. 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.) (Т. 35). New York: Routledge.

Maurer, B., Nelms, T. C., & Rea, S. C. (2013). «Bridges to cash»: channelling agency in mobile money. Journal of the Royal Anthropological Institute, 19(1), 52–74. doi:10.1111/1467-9655.12003

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Min, S., & Fei, C. (2009). Research of mobile banking service in China - A cross rode of communication technology and financial innovation. (Z. W. Ye & P. Ma, Ред.). New York: Ieee.

Pan, L. (2005). The impact of e-money on the monetary policy. (Q. Li & T. P. Liang, Ред.). New York: Assoc Computing Machinery.

Penz, E., Meier-Pesti, K., & Kirchler, E. (2004). «It’s practical, but no more controllable»: Social representations of the electronic purse in Austria. Journal of Economic Psychology, 25(6), 771–787. doi:10.1016/j.joep.2003.07.002

Rogers, C. (2006). Doing without money: a critical assessment of Woodford’s analysis. Cambridge Journal of Economics, 30(2), 293–306.

Sardoni, C. (2004). Money in the time of the Internet: electronic money and its effects. (L. R. Wray & M. Forstater, Ред.). Cheltenham: Edward Elgar Publishing Ltd.

Schmitz, Stefan W. (2008). Will central banking survive electronic money? (A. G. Haldane, S. Millard, & V. Saporta, Ред.) (Т. 43). London: Routledge.

Seetharaman, A., & Raj, J. R. (2011). Evolution, Development and Growth of Electronic Money. Hersey: Igi Global.

Solomon, E. H. (1999). What should regulators do about consolidation and electronic money? Journal of Banking & Finance, 23(2-4), 645–653. doi:10.1016/S0378-4266(98)00100-9

Аникаева Е.А. Основные подходы к исследованию денег в социологии // Экономическая социология. 2008. Т.9. №1. С. 114-124.

Зелизер В. Социальное значение денег: деньги на булавки, чеки, пособия по бедности и другие денежные единицы / Пер. с англ. А.В. Смирнова, М.С. Добряковой под науч. ред. В.В. Радаева. М.: Дом интеллектуальной книги; Издательский дом ГУ–ВШЭ, 2004.

Кочергин Д.А. Проблемы интерпретации электронных денег // Банковское дело, 2005. №12: C. 18-22.

Кузина О. Е. Предпочтения и поведение потребителей на рынке розничных платежей // Банковское дело, 2011. № 10. C. 73—78.

Поланьи К. Семантика использования денег // Поланьи К. Избранные работы. Москва: Изд. дом «Территория будущего», 2010. С. 89-103.

Lectures 14. The sociology of consumer credit

Lectures - 2 hours, seminars – 2 hours, self-study – 4 hours.

Causes and long-run macroeconomic implications of the rise in household indebtedness. Methods for assessing the credit risk when lending to consumers. Credit card delinquencies and personal bankruptcy rates (US). Restricting access to expensive credit for preventing overborrowing: harming, not helping, consumers on average. The psychological cost of credit. Relationship between financial literacy and consumer credit portfolios. Information sharing in credit markets: the role of credit bureaus. Credit unions vs bank credits. Social acceptability of money-lenders, Islamic banking.

Seminar 14. Students make presentations on any of the following papers

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/

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Agarwal, S., Liu, C., & Souleles, N. S. (2007). The reaction of consumer spending and debt to tax rebates - Evidence from consumer credit data. Journal of Political Economy, 115(6), 986–1019. doi:10.1086/528721

Alessie, R., Weber, G., & Hochguertel, S. (2005). Consumer credit: Evidence from Italian micro data. Journal of the European Economic Association, 3(1), 144–178. doi:10.1162/1542476053295340

Anderson, C. (1970). Experiment on Behavioral Learning in a Consumer Credit Game. Simulation & Gaming, 1(1), 43–54. doi:10.1177/104687817000100104

Andersson, F., Chomsisengphet, S., Glennon, D., & Li, F. (2013). The Changing Pecking Order of Consumer Defaults. Journal of Money Credit and Banking, 45(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.

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).

Charpe, M., Flaschel, P., & Proano, C. R. (2012). Income Distribution, Credit Rationing and Households’ Debt. Metroeconomica, 63(3), 458–492. doi:10.1111/j.1467-999X.2011.04151.x

Clarke, D., & Mcdonald, J. (1992). Generalized Bankruptcy Models Applied to Predicting Consumer-Credit Behavior. Journal of Economics and Business, 44(1), 47–62. doi:10.1016/0148-6195(92)90006-V

Crook, J. N., Edelman, D. B., & Thomas, L. C. (2007). Recent developments in consumer credit risk assessment. European Journal of Operational Research, 183(3), 1447–1465. doi:10.1016/j.ejor.2006.09.100

De Andrade, F. W. M., & Thomas, L. (2007). Structural models in consumer credit. European Journal of Operational Research, 183(3), 1569–1581. doi:10.1016/j.ejor.2006.07.049

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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

Hudon, M. (2009). Should Access to Credit be a Right? Journal of Business Ethics, 84(1), 17–28. doi:10.1007/s10551-008-9670-y

Huls, N. (1992). American Influences on European Consumer Bankruptcy Law. Journal of Consumer Policy, 15(2), 125–142. doi:10.1007/BF01352132

Ramsay, I. (2007). Comparative consumer bankruptcy. University of Illinois Law Review, (1), 241–273.

Schelkle, W. (2012). A Crisis of What? Mortgage Credit Markets and the Social Policy of Promoting Homeownership in the United States and in Europe. Politics & Society, 40(1), 59–80. doi:10.1177/0032329211434690

Feinberg, R. M. (2001). The competitive role of credit unions in small local financial services markets. Review of Economics and Statistics, 83(3), 560–563. doi:10.1162/00346530152480207

Getter, D. E. (2006). Consumer credit risk and pricing. Journal of Consumer Affairs, 40(1), 41–63. doi:10.1111/j.1745-6606.2006.00045.x

Gurewich, D., Prottas, J., Seifert, R., & Seager, S. (2004). Medical debt and consumer credit counseling services. Journal of Health Care for the Poor and Underserved, 15(3), 336–346. doi:10.1353/hpu.2004.0041

Guseva, A., & Rona-Tas, A. (2001). Uncertainty, risk, and trust: Russian and American credit card markets compared. American Sociological Review, 66(5), 623–646. doi:10.2307/3088951

Hyman, L. (2012). The Politics of Consumer Debt: U.S. State Policy and the Rise of Investment in Consumer Credit, 1920-2008. Annals of the American Academy of Political and Social Science, 644, 40–49. doi:10.1177/0002716212452721

Jacobson, T., & Roszbach, K. (2003). Bank lending policy, credit scoring and value-at-risk. Journal of Banking & Finance, 27(4), 615–633. doi:10.1016/S0378-4266(01)00254-0

Kamleitner, B., & Kirchler, E. (2007). Consumer credit use: a process model and literature review. European Review of Applied Psychology-Revue Europeenne De Psychologie Appliquee, 57(4), 267–283. doi:10.1016/j.erap.2006.09.003

Kamleitner, Bernadette, & Kirchler, E. (2006). Personal loan users’ mental integration of payment and consumption. Marketing Letters, 17(4), 281–294. doi:10.1007/s11002-006-8521-9

Karlan, D., & Zinman, J. (2009). Observing Unobservables: Identifying Information Asymmetries With a Consumer Credit Field Experiment. Econometrica, 77(6), 1993–2008. doi:10.3982/ECTA5781

Karlan, D., & Zinman, J. (2010). Expanding Credit Access: Using Randomized Supply Decisions to Estimate the Impacts. Review of Financial Studies, 23(1), 433–464. doi:10.1093/rfs/hhp092

Kneiding, C., & Kritikos, A. S. (2013). Funding self-employment - the role of consumer credit. Applied Economics, 45(13), 1741–1749.

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doi:10.1080/00036846.2011.637895

Langley, P. (2008). Sub-prime mortgage lending: a cultural economy. Economy and Society, 37(4), 469–494. doi:10.1080/03085140802357893

Lee, J., & Hogarth, J. M. (1999). The price of money: Consumers’ understanding of APRs and contract interest rates. Journal of Public Policy & Marketing, 18(1), 66–76.

Lux, M., & Mikeszova, M. (2013). The role of a credit trap on paths to homelessness in the Czech Republic. Journal of European Social Policy, 23(2), 210–223. doi:10.1177/0958928712471223

Marron, D. (2007). «Lending by numbers»: credit scoring and the constitution of risk within American consumer credit. Economy and Society, 36(1), 103–133. doi:10.1080/03085140601089846

Musto, D. K., & Souleles, N. S. (2006). A portfolio view of consumer credit. Journal of Monetary Economics, 53(1), 59–84. doi:10.1016/j.jmoneco.2005.10.009

O’Connell, S., & Reid, C. (2005). Working-class consumer credit in the UK, 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

Slocum, J., & Mathews, H. (1970). Social Class and Income as Indicators of Consumer Credit Behavior. Journal of Marketing, 34(2), 69–74. doi:10.2307/1250840

Soman, D., & Cheema, A. (2002). The effect of credit on spending decisions: The role of the credit limit and credibility. Marketing Science, 21(1), 32–53. doi:10.1287/mksc.21.1.32.155

Stavins, J. (2000). Credit card borrowing, delinquency, and personal bankruptcy. New England Economic Review, 15–+.

Stegman, M. A., & Faris, R. (2003). Payday lending: A business model that encourages chronic borrowing. Economic Development Quarterly, 17(1), 8–32. doi:10.1177/0891242402239196

Thomas, L. C., Oliver, R. W., & Hand, D. J. (2005). A survey of the issues in consumer credit modelling research. Journal of the Operational Research Society, 56(9), 1006–1015. doi:10.1057/palgrave.jors.2602018

Tokunaga, H. (1993). The Use and Abuse of Consumer-Credit - Application of 35

Psychological Theory and Research. Journal of Economic Psychology, 14(2), 285–316. doi:10.1016/0167-4870(93)90004-5

Toolsema, L. A. (2002). Competition in the Dutch consumer credit market. Journal of Banking & Finance, 26(11), 2215–2229. doi:10.1016/S0378-4266(02)00206-6

White, M. J. (1998). Why don’t more households file for bankruptcy? Journal of Law Economics & Organization, 14(2), 205–231. doi:10.1093/jleo/14.2.205

Yang, S., Markoczy, L., & Qi, M. (2007). Unrealistic optimism in consumer credit card adoption. Journal of Economic Psychology, 28(2), 170–185. doi:10.1016/j.joep.2006.05.006

Zhu, L., & Meeks, C. (1994). Effects of Low-Income Families Ability and Willingness to Use Consumer-Credit on Subsequent Outstanding Credit Balances. Journal of Consumer Affairs, 28(2), 403–422.

Zinman, J. (2010). Restricting consumer credit access: Household survey evidence on effects around the Oregon rate cap. Journal of Banking & Finance, 34(3), 546–556. doi:10.1016/j.jbankfin.2009.08.024

Lecture 15. Research on investment behaviour of households. Financial frauds

Lectures - 2 hours, seminars – 2 hours, self-study – 4 hours.

Savings and investments. The relationship between the two on the macro level.

Economic explanations of financial frauds: risk and uncertainty, asymmetry of information.

Psychological explanation of financial frauds: investor overconfidence under uncertainty, framing effects, recency effects, and halo effects.

Trust to financial institutions and collective representations. Sociological approach to the analysis of investors: power and culture.

Financial frauds in Russia in the mid of the 1990s. Participant observations next to MMM shares sell points. Ponzi scheme: principles and stages. Financial literacy of investors.

Seminar 15. Students make presentations on any of the following papers

James Banks & Richard Blundell & James P. Smith, Wealth Portfolios in the UK and the US, 2002, NBER Working Papers 9128, National Bureau of Economic Research, Inc. http://www.nber.org/papers/w9128.pdf

Pressman S. On financial frauds and their causes: investor overconfidence // American J. of economics and sociology, Vol.57, No.4 (October 1998), 405-421. http://findarticles.com/p/articles/mi_m0254/is_4_57/ai_53449305

John Y. Campbell, 2006. Household Finance, NBER Working Papers 12149, National Bureau of Economic Research, Inc. http://ideas.repec.org/p/nbr/nberwo/12149.html

Charles P. Kindleberger and Robert Aliber (2005), Manias, Panics, and Crashes: A History of Financial Crises.

Van Der Cruijsen, Carin A.B., Jakob De Haan, David-Jan Jansen, Robert H.J. Mosch. Households’ Decisions on Savings Accounts After Negative Experiences

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with Banks During the Financial Crisis. Journal of Consumer Affairs 46, № 3 (2012): 436–456. http://82.179.249.32:2072/doi/10.1111/j.1745-6606.2012.01240.x/pdf

Lecture 16. Marketing research for banks, investment funds and insurance companies

Lectures - 2 hours, seminars – 2 hours, self-study – 4 hours.

Specificity of research problems in marketing research for banks, investment funds and insurance companies . Marketing research methods. Segmentation studies. Advertising research. Brand name testing. Customer satisfaction research. Price elasticity research.

Seminar 16. Students make presentations on any of the following papers

Green, P.E., Krieger, A.M. Recent contributions to optimal product positioning and buyer segmentation, European Journal of Operational Research, Volume 41, Issue 2, 25 July 1989, Pages 127-141 http://82.179.249.32:2063/0377221789903755/1-s2.0-0377221789903755-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

7 Teaching methods

During the course different educational technics are used: interactive lectures and role games.

8 Assessment scheme

8.1 Questions of intermediary tests Questions for the written test 1 (examples of possible wordings):

1. What was the assumption of the life-cycle model for the hypothesis about the savings-age profile?

2. Why in Shorrocks’ opinion it is not possible to test the life-cycle hypothesis on the basis of cross-sectional data?

3. What was the main difference between Katona’s model of saving behavior and the permanent income hypothesis?

4. What is the design of the Index of consumer sentiments?

5. What are heuristics and why do people use them? Give an example of such heuristics.

6. How was the embeddedness thesis justified by research of V.Zelizer on life insurance in the USA in the 19th century?

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7. What is the difference between the resource theory and the sociology of gender in the explanation of the systems of money management in the family?

8. Why do people invest money in financial frauds? How do economists and psychologists explain it?

Questions for the written test 2 (examples of possible wordings):

1. What is the difference between the concepts of flows and stocks of savings? Give examples from macro and micro statistics of savings.

2. How to measure the annual flow of savings in the surveys?

3. IMAGINE: you are researcher who is carrying out a survey on behalf of the Central Bank. The questionnaire will be distributed to a national random sample of adults, aged 18 and over, in Russia, face-to-face interviews. Find out what kind of mistakes were made in the design of the survey questions:

Q1. What primarily guide you in choosing a bank?____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________Q2. How has your financial situation changed?

1. it has become better2. it has remained the same3. it has become worse

99. (Do not read out!) Difficult to answer

Q3. What is the interest rate on your bank deposit? ____%99. (Do not read out!) Difficult to answer

4. How can one explain the high level of household savings in Russia (estimated by macro statistics) in the 1990s?

5. What are the differences in household financial wealth between the United States and Great Britain?

6. Are there any differences of saving patterns between racial groups in the US?

Questions for the written test 3:

1. What should be considered as a saving – how economists’ accounts differ from those of ordinary people?

2. Household incomes and savings: how are these concepts defined and measured in national statistics in Russia?

3. Household savings rates in different countries: why do some nations save more than others?

4. Life-cycle hypothesis – does it work in Russia?5. Why there is the lack of financial planning for the retirement in Russia?6. What is ‘financial literacy’ and how we can measure it in a survey?7. Does Index of Consumer Sentiment work in Russia?8. ‘Behaviour’, ‘action’, ‘strategy’ – can we use these concepts as synonyms?9. How can Economics, Psyhology and Sociology explain why people invest in Ponzi

schemes.

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8.2 Questions for self-testing

1. What is ‘income’? What is the definition of the concept of ‘income’ of Hicks? What is the definition of income in the official statistics of incomes and expenditures of Russians (the balance of incomes and expenditures)? What is the difference between the concepts of income in national accounts statistics and in the balance of incomes and expenditures?

2. Which indicators of flows and stocks of savings do exist in Russian national statistics? How are they related?

3. Who is the subject of financial behavior of the population: an individual or a household?

5. What is the difference between ‘stocks’ and ‘flow’" savings? Give examples of stocks and flows of savings from national statistics. How are flows and stocks of savings related to each other?

6. Purchases of durables: are they considered to be savings or consumption? Explain why.

7. What time period is typically used to assess the flows of savings? How to ask a question about flows of savings per year in the questionnaire?

8. What is the negative and positive savings? Give examples of negative flows and negative stocks of savings.

9. In which survey are there questions on stocks and flows of savings in Russia?

10. What is the relationship between the estimates of incomes and savings in macro and micro statistics?

11. What is the difference between ‘savings’ and ‘investments’?

12. Are insurance policies classified as savings? Explain why.

13. What are the differences in the connotations between ‘debts’ and ‘credits’?

14. What is consumption function and how to evaluate it?

15. Which indicators of consumption (or savings) are used in consumption function: flows or stocks of savings?

16. What is the propensity to consume (save) and how to measure it?

17. What is the "fundamental psychological law" introduced by Keynes? Why is he called the psychological law?

18. Why the marginal propensity to save is higher than the average propensity to save in the AIH model?

19. On the basis of which data can the AIH be checked?

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?

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25. What kind of impact on the saving behavior of people has the uncertainty of future incomes?

26. What is meant by the 'excess sensitivity of consumption to current income'?

27. What is the model of savings for the ‘rainy day’ all about?

28. Why in Shorrocks’ opinion it is not possible to test the life-cycle hypothesis on the basis of cross-sectional data?

29. What is the difference between the ‘cohort effect’ and the ‘age effect’ on the savings behavior of households?

30. How can we explain the savings-age profile in Russia?

31. Why the book written by Katona is called ‘psychological economics’ and not ‘economic psychology’?

32. What was the main difference between Katona’s model of saving behavior and the permanent income hypothesis?

33. What does a ‘wish’ to save mean, and how it can be measured at the macro level? How is the index of consumer sentiments designed and what is the lag time of its predictions? How to check whether a given index works in Russia?

34. Describe the dynamics of consumer sentiments index in Russia in recent years. Can we say that nowadays the optimism of the population has returned to the pre-crisis levels?

35. What determines consumer expectations? Is there a link with the socio-demographic determinants?

36. What are heuristics and why do people use them? Give an example of a heuristic. How researchers reveal heuristics?

37. What is ‘framing’ (framing effect)?

38. Which variable is considered as the most important explanatory variable in the model of the behavioural life cycle introduced by Shefrin and Taler and why?

39. What was the research of Thaler and Benartsi ‘Save More Tomorrow: Using Behavioral Economics to Increase Employee Saving' all about and what conclusions follow from it?

40. What is the difference between the life cycle model and the behavioural life cycle model?

41. What are the main assumptions of the model relative income hypothesis of Duesenberry? What is it difference from the permanent income and the life cycle models?

42. What is the main idea of the theory of social meaning of money introduced by V.Zelizer?

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?

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48. What are the main difficulties in the definition and operationalization of the concept ‘financial strategies of households’?

49. How to measure the flows and the stocks of savings in the survey? How to measure the flow of household savings per year?

50. What are the problems and limitations in the measurement of the level of household income? How sociologists can reduce the number of those respondents who refuse to answer the questions about the amount of their income?

51. What are the reasons why the respondents underestimate the size of their income and savings in a survey? Indicate at least three reasons.

52. In which database one can find questions on flows and stocks of household savings in Russia? What are the indicators of the financial behavior which are regularly measured in the surveys in Russia?

53. How to explain the high level of personal savings estimated by macro statistics in the 1990s?

54. What are the differences in household financial wealth between the United States and Great Britain?

55. Are there any differences of saving patterns between racial groups?

56. Why do people invest in Ponzi schemes? How to explain this in terms of Economics and Psychology?

57. Indicate five interesting facts about the financial behavior of Russians based on survey data.

58. What is the difference between the concept of ‘financial literacy’ and ‘financial capability’? What can you say about the level of financial literacy of Russians?

59. What is ‘financial exclusion’? What is the extent of financial exclusion in Europe and Russia? What are the causes of financial exclusion?

9 Assessments and Grading System

Assessment includes a number of activities. The teacher gives marks for students’ activity during seminars: for asking questions after the presentations and participating in the discussions. Those students who ask relevant questions and give right comments on the pluses and minuses of presentations get higher marks for seminar activity mark – Оclass.

Guidelines for presentations:

1. download PPT files with HSE logo, presentation templates PPT or PPTX with HSE logo in English can be found here http://www.hse.ru/org/hse/info/logo . The file name must include the student's name and the title of the article in English.

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.

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2. you may choose any paper from the list of readings in the syllabus, however if you want you may also use papers on financial behaviour of households which are not mentioned in the syllabus – the only thing which you have to do is to send me the full text of it in order to verify that the chosen topic is appropriate for the course.

3. if students will choose the same paper there will be no fun to listen the same ideas several times. That is why teaching assistant will coordinate the choices of students via permanent updating the schedule of presentations according to the information which students will send to him or her by e-mail. The schedule will be made on the of first-come first-served basis, if the particular paper has been chosen the rest should choose from the remaining texts.

4. presentations should be properly structured: starting from the research problem of the paper and a justification of it (theoretical, empirical or policy-relevant issues to be mentioned) - the purpose and the objectives of the paper – theoretical ideas which are discussed by the author - hypotheses - operationalisation of concepts into indicators – description of the data used - data analysis - the main conclusions of the paper - discussion (students should give their opinion about the strengths and weaknesses of the paper). The presentation may deviate from the given structure if there any of the mentioned issues is missing in the chosen paper. The obligatory parts are: explanation of the research problem of the paper –disclosure of the logic of the main body of the text – conclusions – discussion (what we have learned from the paper and what we should be cautious about – critical assessment of the paper) – design of 2 questions which can test the understanding of this article. Good and excellent marks for presentations cannot be given if there will be no proper discussion and testing questions in the presentations.

6. evaluation criteria - presentation should give a clear and accurate picture of the paper. The quality of the discussion slide is one of the most important.

On the one hand, your slides should not be overloaded with words or information which means that you cannot just copy and paste the paragraphs from the text. On the other hand, the presentation should not be too brief, that is one can use the presentation to get an idea of the main issues of the paper without the speaker. The number of slides is not limited. The presentation should take about 15-20 minutes. So it is better to place on slides all the information you think is essential for understanding of the paper, then in the course of your presentation you can skip what you think is less important. The main task is to make the presentation clear and to give an idea of what has been done in the paper.

7. after presentation, if you want to get a higher mark (+1 mark out of 10) you can improve your presentation based on the comments given during the discussion and send it to me again.

8. all presentations will be displayed in ICEF learning system to be available to all. In the final exam paper I will ask questions about the papers have been presented during the seminars.

Marks which are given for students’ presentations – Оpresent.

Accumulated mark is a weighted average of the following:

Оaccumulated = 0,40* Оtests + 0,20* Оclass + 0,40* Оpresent

where Оtests = 0,50·Оtest1 + 0,50·О test2

Final mark is calculated as:

Оfinal = 0,50* Оaccumulated + 0,50 *·Оexam

There are no retakes of the tests for those students who were not present during the scheduled test.

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After the presentation if a student wants to get a higher mark for his or her presentation s/he can update the presentation slides according to the comments given after the presentation. If this will be properly done 1 mark (out of 10) will be added for the Оpresent. During the retake students can improve their mark for the exam (Оexam), and not Оaccumulated.

10 Informational sources

10.1 Course textbookThere is no such textbook for the course

10.2 Distance learning supportAll 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/

11 Technical support

Projector is used for both lectures and seminars.

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