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Household Savings in Russia during the Transition

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  • Mark C. Foley
  • William Pyle

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    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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    Bibliographic Info

    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: Sep 2005
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    Handle: RePEc:mdl:mdlpap:0522

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    1. Stillman, Steven, 2001. "The Response of Consumption in Russian Households to Economic Shocks," IZA Discussion Papers 411, Institute for the Study of Labor (IZA).
    2. Byung Yeon Kim, 1997. "Soviet Household Saving Function," Economic Change and Restructuring, Springer, vol. 30(2), pages 181-203, May.
    3. Martin Browning & Annamaria Lusardi, 1996. "Household Saving: Micro Theories and Micro Facts," Journal of Economic Literature, American Economic Association, vol. 34(4), pages 1797-1855, December.
    4. 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.
    5. 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).
    6. Thaler, Richard H, 1990. "Saving, Fungibility, and Mental Accounts," Journal of Economic Perspectives, American Economic Association, vol. 4(1), pages 193-205, Winter.
    7. Denizer, Cevdet & Wolf, Holger & Ying, Yvonne, 2002. "Household Savings in the Transition," Journal of Comparative Economics, Elsevier, vol. 30(3), pages 463-475, September.
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    Cited by:
    1. Notten, Geranda & Neubourg, Chris de, 2007. "Managing risks: what Russian households do to smooth consumption?," MPRA Paper 4670, University Library of Munich, Germany.
    2. Arestoff, Florence & Mage-Bertomeu, Sabine & Abdelkhalek, Touhami & El Mekkaoui de Freitas, Najat, 2009. "A microeconometric analysis of households saving determinants in Morocco," Economics Papers from University Paris Dauphine 123456789/5550, Paris Dauphine University.

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