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Economic security of households and their savings and credits

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  • Marek Kośny

    ()
    (Wroclaw University of Economics)

  • Maria Piotrowska

    ()
    (Wroclaw University of Economics)

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    Abstract

    Uncertainty associated with the future and the lack of full protection against the financial consequences of adverse events are the most important reasons of research on economic security of households. Literature distinguishes between two basic concepts: economic insecurity and economic security. Economic insecurity refers to the economic losses, whereas security is usually associated with certain conditions, the fulfillment of which is a guarantee of well-being of the individual. The proposed interpretation of economic security combines both elements, including risk factors and risk protection. They are included in the scenarios of possible changes of the household’s situation in the future. These scenarios cover all permissible combinations of future events – both positive and negative – allowing for an assessment of their financial implications. Analyzes resented in the empirical part show that the main factor affecting the economic security of households, for which the work is the main source of income, is the stability of employment. Changes in the level of economic security to a large extent reflect the situation on the labor market. The impact of savings proved to be relatively small. It means that many households prefer current consumption, making economic security solely on job stability.

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    File URL: http://www.nbp.pl/publikacje/materialy_i_studia/146_en.pdf
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    Bibliographic Info

    Paper provided by National Bank of Poland, Economic Institute in its series National Bank of Poland Working Papers with number 146.

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    Length: 73
    Date of creation: 2013
    Date of revision:
    Handle: RePEc:nbp:nbpmis:146

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    Keywords: economic security; households; savings;

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    1. Zeldes, Stephen P, 1989. "Optimal Consumption with Stochastic Income: Deviations from Certainty Equivalence," The Quarterly Journal of Economics, MIT Press, vol. 104(2), pages 275-98, May.
    2. Skinner, Jonathan, 1988. "Risky income, life cycle consumption, and precautionary savings," Journal of Monetary Economics, Elsevier, vol. 22(2), pages 237-255, September.
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