Suchergebnisse

In this paper, I conduct an international comparison of the financial health of households using data on household wealth and indebtedness for the Group of Seven (G7) countries and show that, even though household borrowings in Japan were the highest among the G7 countries, at least until 2000, household assets were also high in Japan, as a result of which household net worth and financial health in Japan were among the highest in the G7 countries. Turning to long-term trends in Japan over time, I find that Japan has shown a sharp increase over time in household borrowing, at least until 2000, and a sharp increase over time in both household assets and household net worth, at least until 1990. It is not clear whether the greater financial health of Japanese households is due more to culture or to government policies, institutions, and other non-cultural factors, but it appears that long-term trends over time in household assets, liabilities, and net worth in Japan can be explained much better by non-cultural factors than by culture.

Improving the livelihoods of poor households and transitioning more women back to the labor force is a major challenge in South Asia. Self-employment promoted through women's groups has often been cited as a promising intervention towards this end. However, the evidence on the impact of such programs on household income and labor outcomes is limited, especially for government programs like the National Rural Livelihoods Mission in India. This study aims to provide empirical evidence on the welfare impacts of an "intensive approach" adopted under this program. The data for the study come from 4,316 household surveys in 727 villages. The study uses matching methods with the population and socioeconomic census, as well as an instrumental variable approach to construct a retrospective control group. The analysis finds that the program has been able to achieve its primary objective of improving livelihoods by transitioning more women into work. The program has also expanded access to credit, increased the proportion of savings, and reduced interest rates on credit for rural households. This is the first study to estimate the annual income effects of a government-run rural livelihoods program in India, and it shows significant increases in median income across the sample. The results for 30th, 40th, and 75th percentiles are also large and significant. However, the study did not find significant average treatment effects for income. Contrary to previous studies, this study finds weaker impacts on assets, except for livestock. ; IFPRI5 ; PHND ; Non-PR

Changes in Owner Households' Characteristics during the Crisis in EuropeThe desire to own one's home and to accumulate housing wealth is largely widespread in Europe. The fall in interest rates during the 2000s and the increased competition between banks have promoted the distribution of credit before the financial crisis. Despite public measures to support the housing sector, house prices and credit have collapsed in many European countries, after a decade of real estate boom. These evolutions result from the strengthening of bank balance sheets and from the slowdown in household income growth. Germany is an exception. After ten years of decline, prices have stabilized in the mid-2000s and even increased since 2010. In this context, we will first focus on the trend in household mobility and then analyse how the macroeconomic environment has impacted the profile of households who have recently purchased their home. Our logit regressions show that younger and/or lower income households have been the first victims of tighter credit conditions. Indeed, in all the countries studied (Germany, Spain, France, Italy and the United Kingdom), low-income households have seen their probability of purchase greatly reduced. This is the case even in Germany, where the probability of purchase for other households has tended to stagnate or to grow. The purchase likelihood of households under 30 years has strongly decreased in Spain. On the contrary, the probability of young households to buy their home in France has remained constant, due to quite favourable credit conditions, the "zero interest loan" reform and increased donations. ; La volonté de posséder son « chez soi » et de se constituer un patrimoine est largement généralisée en Europe. La baisse des taux d'intérêt au cours des années 2000 et la concurrence accrue entre établissements bancaires ont favorisé la distribution du crédit, avant que la crise financière de 2007 ne remette en question ces évolutions. Malgré des mesures publiques de soutien au secteur immobilier, ...

Changes in Owner Households' Characteristics during the Crisis in EuropeThe desire to own one's home and to accumulate housing wealth is largely widespread in Europe. The fall in interest rates during the 2000s and the increased competition between banks have promoted the distribution of credit before the financial crisis. Despite public measures to support the housing sector, house prices and credit have collapsed in many European countries, after a decade of real estate boom. These evolutions result from the strengthening of bank balance sheets and from the slowdown in household income growth. Germany is an exception. After ten years of decline, prices have stabilized in the mid-2000s and even increased since 2010. In this context, we will first focus on the trend in household mobility and then analyse how the macroeconomic environment has impacted the profile of households who have recently purchased their home. Our logit regressions show that younger and/or lower income households have been the first victims of tighter credit conditions. Indeed, in all the countries studied (Germany, Spain, France, Italy and the United Kingdom), low-income households have seen their probability of purchase greatly reduced. This is the case even in Germany, where the probability of purchase for other households has tended to stagnate or to grow. The purchase likelihood of households under 30 years has strongly decreased in Spain. On the contrary, the probability of young households to buy their home in France has remained constant, due to quite favourable credit conditions, the "zero interest loan" reform and increased donations. ; La volonté de posséder son « chez soi » et de se constituer un patrimoine est largement généralisée en Europe. La baisse des taux d'intérêt au cours des années 2000 et la concurrence accrue entre établissements bancaires ont favorisé la distribution du crédit, avant que la crise financière de 2007 ne remette en question ces évolutions. Malgré des mesures publiques de soutien au secteur immobilier, la chute du crédit (dans un contexte d'assainissement du bilan des banques et de ralentissement de la croissance du revenu des ménages) s'est accompagnée, après une décennie de boom immobilier, d'une baisse des prix immobiliers dans de nombreux pays européens. L'exception notable étant l'Allemagne où après dix ans de baisse, les prix se sont stabilisés au milieu des années 2000 et remontent même depuis 2010. Face à ces évolutions, nous observons ici dans quelle mesure d'une part la mobilité des ménages a évolué et d'autre part comment le contexte macroéconomique a modifié le profil des ménages qui achètent.

If the idea of familiarizing individuals with savings is an old one, it is especially since the early 2000s that the economist's modern concept of financial literacy has been the object of particular attention. The literature, essentially empirical, has developed considerably since then. It is during this period that the Organisation for Economic Co-operation and Development (OECD) launched its Financial Literacy Programme.The objective of this chapter was to describe financial literacy and financial education programs in Western Europe: France, Germany, Italy, Spain, Switzerland, and the Netherlands. A first observation concerns financial literacy: to varying degrees, the residents of these countries are far from financially literate. A second observation concerns the heterogeneity of financial literacy. In all countries, financial literacy depends on age, education, and gender (higher among men, older people, and graduates). Some determinants appear to be more specific to the culture of each country (for example, political opinion in France, political past history in Germany (West vs. East), or language area in Switzerland). Finally, it appears that financial education programs have been in Western Europe since the mid-2000s, probably offered more systematically in centralized countries. ; Si l'idée de familiariser les individus avec les outils de l'épargne n'est pas nouvelle, c'est surtout depuis le début des années 2000 que le concept moderne de littéracie financière s'est développé chez les économistes. La littérature dans ce domaine, essentiellement empirique, s'est depuis lors considérablement enrichie. C'est aussi à cette période que l'Organisation de coopération et de développement économiques(OCDE) a d'ailleurs lancé son programme d'éducation financière pour développer la culture financière des ménages. L'objectif de cet article est de décrire les programmes de culture financière et d'éducation financière en Europe occidentale:France, Allemagne, Italie, Espagne, Suisse et Pays-Bas. Un premier constat ...

If the idea of familiarizing individuals with savings is an old one, it is especially since the early 2000s that the economist's modern concept of financial literacy has been the object of particular attention. The literature, essentially empirical, has developed considerably since then. It is during this period that the Organisation for Economic Co-operation and Development (OECD) launched its Financial Literacy Programme.The objective of this chapter was to describe financial literacy and financial education programs in Western Europe: France, Germany, Italy, Spain, Switzerland, and the Netherlands. A first observation concerns financial literacy: to varying degrees, the residents of these countries are far from financially literate. A second observation concerns the heterogeneity of financial literacy. In all countries, financial literacy depends on age, education, and gender (higher among men, older people, and graduates). Some determinants appear to be more specific to the culture of each country (for example, political opinion in France, political past history in Germany (West vs. East), or language area in Switzerland). Finally, it appears that financial education programs have been in Western Europe since the mid-2000s, probably offered more systematically in centralized countries. ; Si l'idée de familiariser les individus avec les outils de l'épargne n'est pas nouvelle, c'est surtout depuis le début des années 2000 que le concept moderne de littéracie financière s'est développé chez les économistes. La littérature dans ce domaine, essentiellement empirique, s'est depuis lors considérablement enrichie. C'est aussi à cette période que l'Organisation de coopération et de développement économiques(OCDE) a d'ailleurs lancé son programme d'éducation financière pour développer la culture financière des ménages. L'objectif de cet article est de décrire les programmes de culture financière et d'éducation financière en Europe occidentale:France, Allemagne, Italie, Espagne, Suisse et Pays-Bas. Un premier constat concerne la littéracie financière:à des degrés divers, les résidents de ces pays sont loin d'avoir une forte littéracie. Un deuxième constat concerne l'hétérogénéité de la littéracie financière. Dans tous les pays, la culture financière dépend de l'âge, de l'éducation et du sexe: elle est plus élevée chez les hommes, les personnes âgées et les diplômés. Certains déterminants semblent être plus spécifiques à la culture de chaque pays: l'opinion politique en France, le passé politique en Allemagne (Ouest vs.Est), la zone linguistique en Suisse. Enfin, il apparaît que les programmes d'éducation financière existent en Europe occidentale depuis le milieu des années 2000, probablement proposés de manière plus systématique dans les pays centralisés.

If the idea of familiarizing individuals with savings is an old one, it is especially since the early 2000s that the economist's modern concept of financial literacy has been the object of particular attention. The literature, essentially empirical, has developed considerably since then. It is during this period that the Organisation for Economic Co-operation and Development (OECD) launched its Financial Literacy Programme.The objective of this chapter was to describe financial literacy and financial education programs in Western Europe: France, Germany, Italy, Spain, Switzerland, and the Netherlands. A first observation concerns financial literacy: to varying degrees, the residents of these countries are far from financially literate. A second observation concerns the heterogeneity of financial literacy. In all countries, financial literacy depends on age, education, and gender (higher among men, older people, and graduates). Some determinants appear to be more specific to the culture of each country (for example, political opinion in France, political past history in Germany (West vs. East), or language area in Switzerland). Finally, it appears that financial education programs have been in Western Europe since the mid-2000s, probably offered more systematically in centralized countries. ; Si l'idée de familiariser les individus avec les outils de l'épargne n'est pas nouvelle, c'est surtout depuis le début des années 2000 que le concept moderne de littéracie financière s'est développé chez les économistes. La littérature dans ce domaine, essentiellement empirique, s'est depuis lors considérablement enrichie. C'est aussi à cette période que l'Organisation de coopération et de développement économiques(OCDE) a d'ailleurs lancé son programme d'éducation financière pour développer la culture financière des ménages. L'objectif de cet article est de décrire les programmes de culture financière et d'éducation financière en Europe occidentale:France, Allemagne, Italie, Espagne, Suisse et Pays-Bas. Un premier constat concerne la littéracie financière:à des degrés divers, les résidents de ces pays sont loin d'avoir une forte littéracie. Un deuxième constat concerne l'hétérogénéité de la littéracie financière. Dans tous les pays, la culture financière dépend de l'âge, de l'éducation et du sexe: elle est plus élevée chez les hommes, les personnes âgées et les diplômés. Certains déterminants semblent être plus spécifiques à la culture de chaque pays: l'opinion politique en France, le passé politique en Allemagne (Ouest vs.Est), la zone linguistique en Suisse. Enfin, il apparaît que les programmes d'éducation financière existent en Europe occidentale depuis le milieu des années 2000, probablement proposés de manière plus systématique dans les pays centralisés.

If the idea of familiarizing individuals with savings is an old one, it is especially since the early 2000s that the economist's modern concept of financial literacy has been the object of particular attention. The literature, essentially empirical, has developed considerably since then. It is during this period that the Organisation for Economic Co-operation and Development (OECD) launched its Financial Literacy Programme.The objective of this chapter was to describe financial literacy and financial education programs in Western Europe: France, Germany, Italy, Spain, Switzerland, and the Netherlands. A first observation concerns financial literacy: to varying degrees, the residents of these countries are far from financially literate. A second observation concerns the heterogeneity of financial literacy. In all countries, financial literacy depends on age, education, and gender (higher among men, older people, and graduates). Some determinants appear to be more specific to the culture of each country (for example, political opinion in France, political past history in Germany (West vs. East), or language area in Switzerland). Finally, it appears that financial education programs have been in Western Europe since the mid-2000s, probably offered more systematically in centralized countries. ; Si l'idée de familiariser les individus avec les outils de l'épargne n'est pas nouvelle, c'est surtout depuis le début des années 2000 que le concept moderne de littéracie financière s'est développé chez les économistes. La littérature dans ce domaine, essentiellement empirique, s'est depuis lors considérablement enrichie. C'est aussi à cette période que l'Organisation de coopération et de développement économiques(OCDE) a d'ailleurs lancé son programme d'éducation financière pour développer la culture financière des ménages. L'objectif de cet article est de décrire les programmes de culture financière et d'éducation financière en Europe occidentale:France, Allemagne, Italie, Espagne, Suisse et Pays-Bas. Un premier constat concerne la littéracie financière:à des degrés divers, les résidents de ces pays sont loin d'avoir une forte littéracie. Un deuxième constat concerne l'hétérogénéité de la littéracie financière. Dans tous les pays, la culture financière dépend de l'âge, de l'éducation et du sexe: elle est plus élevée chez les hommes, les personnes âgées et les diplômés. Certains déterminants semblent être plus spécifiques à la culture de chaque pays: l'opinion politique en France, le passé politique en Allemagne (Ouest vs.Est), la zone linguistique en Suisse. Enfin, il apparaît que les programmes d'éducation financière existent en Europe occidentale depuis le milieu des années 2000, probablement proposés de manière plus systématique dans les pays centralisés.

If the idea of familiarizing individuals with savings is an old one, it is especially since the early 2000s that the economist's modern concept of financial literacy has been the object of particular attention. The literature, essentially empirical, has developed considerably since then. It is during this period that the Organisation for Economic Co-operation and Development (OECD) launched its Financial Literacy Programme.The objective of this chapter was to describe financial literacy and financial education programs in Western Europe: France, Germany, Italy, Spain, Switzerland, and the Netherlands. A first observation concerns financial literacy: to varying degrees, the residents of these countries are far from financially literate. A second observation concerns the heterogeneity of financial literacy. In all countries, financial literacy depends on age, education, and gender (higher among men, older people, and graduates). Some determinants appear to be more specific to the culture of each country (for example, political opinion in France, political past history in Germany (West vs. East), or language area in Switzerland). Finally, it appears that financial education programs have been in Western Europe since the mid-2000s, probably offered more systematically in centralized countries. ; Si l'idée de familiariser les individus avec les outils de l'épargne n'est pas nouvelle, c'est surtout depuis le début des années 2000 que le concept moderne de littéracie financière s'est développé chez les économistes. La littérature dans ce domaine, essentiellement empirique, s'est depuis lors considérablement enrichie. C'est aussi à cette période que l'Organisation de coopération et de développement économiques(OCDE) a d'ailleurs lancé son programme d'éducation financière pour développer la culture financière des ménages. L'objectif de cet article est de décrire les programmes de culture financière et d'éducation financière en Europe occidentale:France, Allemagne, Italie, Espagne, Suisse et Pays-Bas. Un premier constat ...

In August 2007 the United Kingdom experienced its first bank run in over 140 years. Although Northern Rock was not a particularly large bank (it was at the time ranked 7th in terms of assets) it was nevertheless a significant retail bank and a substantial mortgage lender. In fact, ten years earlier it had converted from a mutual building society whose activities were limited by regulation largely to retail deposits and mortgages. Graphic television news pictures showed very long queues outside the bank as depositors rushed to withdraw their deposits. There was always a fear that this could spark a systemic run on bank deposits. After failed attempts to secure a buyer in the private sector, the government nationalised the bank and, for the first time, in effect socialised the credit risk of the bank. It is now a fully state-owned bank.

International audience ; A liquidity-insurance motive for monetary policy operates when heterogeneous households use government-provided liquidity ("money") to insure idiosyncratic risk. In our tractable sticky-price model this changes the central bank's trade-off by adding a linear benefit of insurance in the second-order approximation to aggregate welfare. Inflation volatility hinders the consumption volatility of constrained households as a side-effect of liquidity-insuring them; but price stability has quantitatively significant welfare costs only when monopolistic rents are also large, which indicates a complementarity between imperfect-insurance and New-Keynesian distortions. Helicopter drops are welfare-superior to open-market operations to achieve insurance, but quantitatively their benefit is surprisingly small.

International audience ; A liquidity-insurance motive for monetary policy operates when heterogeneous households use government-provided liquidity ("money") to insure idiosyncratic risk. In our tractable sticky-price model this changes the central bank's trade-off by adding a linear benefit of insurance in the second-order approximation to aggregate welfare. Inflation volatility hinders the consumption volatility of constrained households as a side-effect of liquidity-insuring them; but price stability has quantitatively significant welfare costs only when monopolistic rents are also large, which indicates a complementarity between imperfect-insurance and New-Keynesian distortions. Helicopter drops are welfare-superior to open-market operations to achieve insurance, but quantitatively their benefit is surprisingly small.

COVID-19 outbreaks at nursing homes during the recent pandemic, which received ample media coverage, may have lasting negative impacts on individuals' perceptions regarding nursing homes. We argue that this could have sizable and persistent implications for savings and long-term care policies. We first develop a theoretical model predicting that higher nursing home aversion should induce higher savings and stronger support for policies subsidizing home care. We further document, based on a survey on Canadians in their 50s and 60s, that higher nursing home aversion is widespread: 72% of respondents are less inclined to enter a nursing home because of the pandemic. Consistent with our model, we find that the latter are much more likely to have higher intended savings for older age because of the pandemic. We also find that they are more likely to strongly support home care subsidies.

Les réformes structurelles engagées en France ont une grande cohérence. Elles visent àdévelopper un nouveau modèle économique et un nouveau modèle social basés sur ledéveloppement de l'entrepreneuriat et une individualisation des parcours professionnelscensés favoriser l'innovation et la croissance en rupture radicale avec ce qui est parfoisdésigné comme l'ancien monde. L'analyse et l'expérience rappellent à une certaineréalité de l'entreprise et de la finance et conduisent à formuler un diagnostic moinsoptimiste faisant craindre une montée du dualisme au sein de la société allant àl'encontre du but recherché.

Les réformes structurelles engagées en France ont une grande cohérence. Elles visent àdévelopper un nouveau modèle économique et un nouveau modèle social basés sur ledéveloppement de l'entrepreneuriat et une individualisation des parcours professionnelscensés favoriser l'innovation et la croissance en rupture radicale avec ce qui est parfoisdésigné comme l'ancien monde. L'analyse et l'expérience rappellent à une certaineréalité de l'entreprise et de la finance et conduisent à formuler un diagnostic moinsoptimiste faisant craindre une montée du dualisme au sein de la société allant àl'encontre du but recherché.