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Earnings uncertainty, precautionary saving, and moonlighting in Russia

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  • Alessandra Guariglia

    ()

  • Byung-Yeon Kim

    ()

Abstract

Using a panel of 3,522 Russian households over the period 1994-2000, this paper tests the precautionary saving hypothesis, according to which households save to self-insure against uncertainty. We proxy uncertainty with a measure of earnings variability based on the subjective probability of primary job loss of household heads, and find that this variable generally has a strong positive effect on saving, supporting the precautionary saving hypothesis. This effect is however reversed for those households whose head holds more than one job, highlighting the role of moonlighting as a self-insurance mechanism that can be used in alternative to precautionary saving to smooth consumption in the presence of fluctuating earnings. Our findings are robust to different measures of uncertainty and estimation procedures. Copyright Springer-Verlag 2004

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File URL: http://hdl.handle.net/10.1007/s00148-004-0184-3
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Bibliographic Info

Article provided by Springer in its journal Population Economics.

Volume (Year): 17 (2004)
Issue (Month): 2 (06)
Pages: 289-310

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Handle: RePEc:spr:jopoec:v:17:y:2004:i:2:p:289-310

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Related research

Keywords: Precautionary saving; earnings uncertainty; moonlighting; D12; E21; P20;

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Cited by:
  1. Panos, Georgios A. & Pouliakas, Konstantinos & Zangelidis, Alexandros, 2009. "The Inter-Related Dynamics of Dual Job Holding, Human Capital and Occupational Choice," IZA Discussion Papers 4437, Institute for the Study of Labor (IZA).
  2. Evren Cerito─člu, 2013. "The impact of labour income risk on household saving decisions in Turkey," Review of Economics of the Household, Springer, vol. 11(1), pages 109-129, March.
  3. Irac, D. & Minoiu, C., 2006. "Risk Insurance in a Transition Economy: Evidence from Rural Romania," Working papers 154, Banque de France.

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