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Current incomes and financial behavior of households: Who loses more in a crisis?

Author

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  • Nivorozhkina, Ludmila

    () (Rostov State University of Economics (RSUE), Rostov-on-Don, Russian Federation)

Abstract

The article suggests an original approach to assessing changes in living standard during the economic crisis, implemented by the triangular recursive system of equation using a multivariate probit model, dealing with unobservable individual heterogeneity, the bias due to omitted variables and endogeneity. The outcomes of the system equations are binary variables capturing changes in the position of the household in the income distribution, subjective estimates of such changes and financial behavior.

Suggested Citation

  • Nivorozhkina, Ludmila, 2017. "Current incomes and financial behavior of households: Who loses more in a crisis?," Applied Econometrics, Publishing House "SINERGIA PRESS", vol. 48, pages 85-96.
    • Handle: RePEc:ris:apltrx:0332
    as

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    References listed on IDEAS

    as
    1. Lorenzo Cappellari & Stephen P. Jenkins, 2006. "Calculation of multivariate normal probabilities by simulation, with applications to maximum simulated likelihood estimation," Stata Journal, StataCorp LP, vol. 6(2), pages 156-189, June.
    2. Lorenzo Cappellari & Stephen P. Jenkins, 2003. "Multivariate probit regression using simulated maximum likelihood," Stata Journal, StataCorp LP, vol. 3(3), pages 278-294, September.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    crisis; household financial behavior; multivariate probit model; the triangular recursive system of equations; endogeneity;

    JEL classification:

    • D22 - Microeconomics - - Production and Organizations - - - Firm Behavior: Empirical Analysis
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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