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Household Savings in Russia during the Transition

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Author Info
Mark C. Foley
William Pyle ()
Abstract

We exploit panel data from the second phase of the Russian Longitudinal Monitoring Survey (RLMS) to investigate the household characteristics that explain saving during a period of extreme dislocation. Among our more noteworthy findings, we find evidence of short-term consumption smoothing behavior as households respond to temporary income shocks. Conditional on income level, we find that savings rates are higher in households benefiting from non-standard (likely transitory) sources of support such as private transfers and sales of home produced food; savings rates are lower, moreover, in households suffering from unemployment or payment arrears. We also confirm the robustness of an atypical U-shaped age-savings relationship to multivariate specifications. And finally, we turn up strong support for an inverse relationship between the household’s stock of durables and its saving rate.

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File URL: http://www.middlebury.edu/services/econ/repec/mdl/ancoec/0522.pdf
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Paper provided by Middlebury College, Department of Economics in its series Middlebury College Working Paper Series with number 0522.

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Length: 36 pages
Date of creation: 2005
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Handle: RePEc:mdl:mdlpap:0522

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Find related papers by JEL classification:
D91 - Microeconomics - - Intertemporal Choice and Growth - - - Intertemporal Consumer Choice; Life Cycle Models and Saving
P20 - Economic Systems - - Socialist Systems and Transition Economies - - - General

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Thaler, Richard H, 1990. "Saving, Fungibility, and Mental Accounts," Journal of Economic Perspectives, American Economic Association, vol. 4(1), pages 193-205, Winter. [Downloadable!] (restricted)
  2. Paul R. Gregory & Manouchehr Mokhtari & Wolfram Schrettl, 1999. "Do The Russians Really Save That Much? - Alternate Estimates From The Russian Longitudinal Monitoring Survey," The Review of Economics and Statistics, MIT Press, vol. 81(4), pages 694-703, November. [Downloadable!] (restricted)
  3. Stillman, Steven, 2001. "The Response of Consumption in Russian Households to Economic Shocks," IZA Discussion Papers 411, Institute for the Study of Labor (IZA). [Downloadable!]
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  4. Kim, Byung Yeon, 1997. " Soviet Household Saving Function," Economic Change and Restructuring, Springer, vol. 30(2-3), pages 181-203. [Downloadable!] (restricted)
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  5. Denizer, Cevdet & Wolf, Holger & Ying, Yvonne, 2002. "Household Savings in the Transition," Journal of Comparative Economics, Elsevier, vol. 30(3), pages 463-475, September. [Downloadable!] (restricted)
  6. Kuhn, Randall & Stillman, Steven, 2002. "Understanding Interhousehold Transfers in a Transition Economy: Evidence from Russia," IZA Discussion Papers 574, Institute for the Study of Labor (IZA). [Downloadable!]
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  7. Martin Browning & Annamaria Lusardi, 1996. "Household Saving: Micro Theories and Micro Facts," Discussion Papers 96-01, University of Copenhagen. Department of Economics.
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Guriev, Sergei & Rachinsky, Andrei, 2006. "The Evolution of Personal Wealth in the Former Soviet Union and Central and Eastern Europe," Working Papers RP2006/120, World Institute for Development Economic Research (UNU-WIDER). [Downloadable!]
  2. Notten, Geranda & Neubourg, Chris de, 2007. "Managing risks: what Russian households do to smooth consumption?," MPRA Paper 4670, University Library of Munich, Germany. [Downloadable!]
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This page was last updated on 2009-11-16.

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