Impacto De Crise Sobre O Comportamento De Poupança De Famílias Americanas (The Impact of Crisis on Household Savings Behavior in the United States)

Revista de ciencias administrativas y sociales. Vol. 27, No. 66 (Octubre-diciembre del 2017), pp. 137-151. Published by: Facultad de Ciencias Económicas, Universidad Nacional de Colombia Stable

15 Pages Posted: 20 Nov 2017

See all articles by De Oliveira O. A. G. C.

De Oliveira O. A. G. C.

Getulio Vargas Foundation (FGV) - Sao Paulo School of Economics

Israel Felipe

Universidade Federal de Ouro Preto (UFOP)

Wesley Mendes-Da-Silva

Getulio Vargas Foundation (FGV) - Finance, Accounting and Controllership Department of Fundação Getulio Vargas (São Paulo, Brazil)

Date Written: September 16, 2017

Abstract

Portuguese Abstract: Este estudo utiliza dados do Survey of Consumer Finances (SCF) de 2007 e 2013 para examinar a propensão à poupança das famílias americanas no período de pré e pós-crise econômica, baseado-se no modelo de dois períodos de consumo/poupança de Bowman, Minehart e Rabin (1999). Esse modelo assume existência de assimetria no comportamento de poupança dos agentes em resposta a choques positivos e negativos na renda. Os resultados obtidos via modelos logit sugerem que a crise tenha aumentado a relevância de fatores como número de filhos, idade, grau de instrução, renda e incerteza econômica; enquanto patrimônio, tolerância a risco financeiro, horizonte de investimento, saúde e possuir casa própria foram fatores que perderam relevância. As evidências sugerem que eventos da magnitude da crise de 2008 podem ocasionar mudanças no comportamento financeiro dos agentes, as quais são inteiramente explicadas pelos choques financeiros.

English Abstract: This study used data from the Survey of Consumer Finances (SCF) for 2007 and 2013 in order to examine the propensity to savings of American households in the pre- and post-economic crisis, based on the teo-period consumption/savings model by Bowman, Minehart and Rabin (1999). This model assumes there is an asymmetry in agents' savings behavior in response to positive and negative shocks in the income. The results obtained by logistic regression suggest that economic crisis has increased the relevance of factors such as number of children, age, education level, income and economic uncertainty, while equity, financial risk tolerance, investment horizon, health and home ownership were factors that lost relevance. The evidence suggests that events with the magnitude of the 2008 crisis may lead to changes in the financial behavior of agents who are not entirely explained by the financial impacts suffered.

Note: Downloadable document is available in Portuguese.

Keywords: crise financeira, finanças pessoais, poupança, subprime, survey of consumer finances

JEL Classification: D1, D14, D19.

Suggested Citation

do Amaral G. C. de Oliveira, Otávio and Felipe, Israel and Mendes-Da-Silva, Wesley, Impacto De Crise Sobre O Comportamento De Poupança De Famílias Americanas (The Impact of Crisis on Household Savings Behavior in the United States) (September 16, 2017). Revista de ciencias administrativas y sociales. Vol. 27, No. 66 (Octubre-diciembre del 2017), pp. 137-151. Published by: Facultad de Ciencias Económicas, Universidad Nacional de Colombia Stable, Available at SSRN: https://ssrn.com/abstract=3072737 or http://dx.doi.org/10.2139/ssrn.3072737

Otávio Do Amaral G. C. de Oliveira

Getulio Vargas Foundation (FGV) - Sao Paulo School of Economics ( email )

Rua Itapeva 474 s.1202
São Paulo, São Paulo 01332-000
Brazil

Israel Felipe (Contact Author)

Universidade Federal de Ouro Preto (UFOP) ( email )

Ouro Preto, Minas Gerais
Brazil
31 3557-3555 (Phone)

Wesley Mendes-Da-Silva

Getulio Vargas Foundation (FGV) - Finance, Accounting and Controllership Department of Fundação Getulio Vargas (São Paulo, Brazil) ( email )

Sao Paulo 01313-902, São Paulo
Brazil

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