Verfügbarkeit: Household Finance

Household Finance: A Functional Approach

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Bibliographische Detailangaben
1. Verfasser:	Agarwal, Sumit (VerfasserIn)
Format:	Elektronisch E-Book
Sprache:	English
Veröffentlicht:	Singapore Springer Singapore Pte. Limited 2020
Schlagworte:	Households-Economic aspects
Beschreibung:	Description based on publisher supplied metadata and other sources
Beschreibung:	1 Online-Ressource (371 Seiten)
ISBN:	9789811555268

Internformat

MARC


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505	8		\|a Intro -- Acknowledgments -- Contents -- List of Figures -- List of Tables -- Chapter 1: Introduction -- 1 Saving -- 2 Consumption -- 3 Investment -- 4 Housing -- 5 Payment -- 6 Borrowing -- 7 Risk Management -- 8 Financial Inclusion and Financial Technology -- 9 Impact of Interventions -- 9.1 Education -- 9.2 Peer and Social Influence -- 9.3 Product Design -- 9.4 Market Design -- 9.5 Fiscal Stimulus -- References -- Chapter 2: Saving -- 1 Introduction -- 1.1 The Experience in Britain and Europe -- 1.1.1 1700-1800s: Thrift and Individual Self-Reliance -- 1.1.2 1900-1940s: Thrift to Finance Infrastructure and War -- 1.1.3 1940s-1960s: Restoration Through Thrift -- 1.1.4 From 1960s: Decline of Saving -- 1.2 The Experience in the US -- 1.2.1 1800s-1900s: Weak Commitment -- 1.2.2 1930-1950: The Golden Age of Saving in the US -- 1.2.3 1950s: Consumption-Oriented Economics -- 1.2.4 1980s-2008: Further Collapse of Saving -- 1.2.5 After 2008: Post Financial Crisis -- 1.3 The Experience in Asia -- 1.3.1 Indonesia -- 1.3.2 Philippines -- 1.3.3 India -- 1.3.4 Singapore -- 1870-1940: Building a POSB -- 1940-1945: Japanese Model of Thrift -- After Japanese Occupation: Independence -- 1.3.5 Japan -- Early 1880s: Thrift Philosopher -- 1880s-1940s: Thrift as a National Duty -- 1940s-1980s: Restoring Japan Through Thrift -- 1980s-1990s: Japan's Peak in Thrift and Consumption -- 1.3.6 Korea -- 1905 to 1945: Domestic Saving -- 1950 to 1953: Korean War -- 1954 to 1997: Aftermath of the Korean War -- 1997 to Present: Asian Financial Crisis -- 1.3.7 China -- 1980s: Saving Boom -- 1.4 Conclusion of Historical Review -- 2 Theory -- 2.1 Classical Model -- 2.2 Keynesian Saving Function -- 2.3 ISLM Model -- 2.3.1 Early Tests of Keynes' Saving Function -- 2.4 Permanent Income Hypothesis -- 2.5 Life Cycle Hypothesis
505	8		\|a 2.5.1 Can Life Cycle/Permanent Income Hypothesis Be Applied to Developing Economies? -- 3 Motives of Saving -- 3.1 Inter-temporal Substitution Motive -- 3.2 Precautionary Motive -- 3.3 Bequest Motive -- 4 Factors Affecting Saving -- 4.1 Interest Rate and Saving -- 4.1.1 Income Effect -- 4.1.2 Substitution Effect -- 4.2 Inflation -- 4.3 Corporate Saving and Personal Saving -- 4.4 Durable and Personal Saving -- 4.5 Demographic Factors -- 4.5.1 Age -- 4.5.2 Ethnicity and Household Composition -- 4.5.3 Employment Status -- 4.5.4 Education -- 4.5.5 Health -- 4.6 Socio-economic Factors -- 4.6.1 Generations -- 4.6.2 Income -- 4.6.3 Availability of Credit -- 4.6.4 Financial Literacy -- 4.7 Pensions -- 4.7.1 Public Pensions -- 4.7.2 Private Pension -- 4.7.3 Defined Benefit Versus Defined Contribution -- 4.8 Private Saving Incentives -- 4.9 Other Factors -- 4.9.1 Commitment Strategies -- 4.9.2 ROSCAs -- 4.9.3 Lock Box -- 4.9.4 Bonus Effect -- 4.9.5 Energy Prices -- 4.9.6 Culture -- 4.9.7 Language -- 4.9.8 Insurance -- 4.9.9 Health and Longevity -- 4.9.10 Differences Across Countries -- 5 Conclusion -- Appendix: Singapore's Central Provident Fund -- CPF Structure -- Liberalization -- Problems of Liberalization -- Volatility of the Housing Market -- Poor Returns from Equity Market -- Other Developments -- National Annuity Scheme -- CPF Transfers to Loved Ones -- Retirement Income Adequacy -- Challenges -- References -- Chapter 3: Consumption -- 1 Introduction -- 2 Theories -- 2.1 Early Theories on Consumption -- 2.1.1 Consumer Sovereignty -- 2.1.2 Mixed Economy -- 2.1.3 Is the Consumer Rational? -- 2.2 Keynesian Consumption Function -- 2.3 Permanent Income Hypothesis -- 2.4 Life Cycle Hypothesis -- 3 Empirical Studies -- 3.1 Liquidity Constraints -- 3.1.1 Anticipated Changes in Income -- 3.1.2 Anticipated Increase in Income
505	8		\|a 3.1.3 Anticipated Income Decline -- 3.1.4 Unanticipated Changes in Income -- 3.2 Bounded Rationality -- 3.3 Income Uncertainty -- 3.4 Lifetime Uncertainty -- 3.4.1 Financial Products: Annuities and Reverse Mortgages -- 3.5 Bequest Motives -- 3.6 Inter-temporal Non-separability -- 3.6.1 Habits -- 3.6.2 Cue Theory -- 3.6.3 Durable Goods -- Home Ownership and Mortgage -- 3.7 Intra-temporal Non-separability -- 3.7.1 Leisure -- 3.7.2 Home Production -- 3.7.3 Unitary Models -- 3.8 Behavioral Factors -- 3.8.1 Mental Accounting -- 3.8.2 Hyperbolic Preferences -- 3.8.3 Present Bias -- 3.8.4 Social Influences -- 3.9 Government Stimulus -- 4 Conclusion -- References -- Chapter 4: Investment -- 1 Introduction -- 2 Theory -- 2.1 Keynesian Models -- 2.1.1 Two-Sector Model -- 2.1.2 Three-Sector Model -- 2.1.3 Four-Sector Model -- 2.1.4 Balancing Consumption and Investment -- 3 Factors Affecting Investing -- 3.1 Asset Allocation -- 3.2 Market Efficiency -- 3.3 Diversification -- 3.4 Financial Advisors -- 4 Empirical Studies -- 4.1 Non-participation in Equity Markets -- 4.1.1 Lack of Awareness -- 4.1.2 Fixed Costs -- 4.1.3 Proprietary Income Risk -- 4.1.4 Social Interaction -- 4.1.5 Trust -- 4.1.6 Trading Experience -- 4.1.7 Demographic Characteristics -- Socio-economic Status -- Cognitive Ability -- Financial Literacy -- 4.2 Under-Diversification -- 4.2.1 Information Advantage -- 4.2.2 Familiarity -- Local Stocks -- Employer Stocks -- 4.3 Behavioral Biases -- 4.3.1 Overconfidence -- 4.3.2 Disposition Effect -- 4.3.3 Trading Experience -- 4.4 Foreign Versus Domestic Investors -- 4.5 Investor Inattention -- 4.5.1 Rational Inattention -- 4.5.2 Selective Inattention and Preference-Based Models -- 4.5.3 Overcoming Investor Inattention -- Financial Advisors -- Intelligence -- Advertising Effort -- Search Costs -- Peer Effects
505	8		\|a Passive Investment Strategies -- Private Retirement Accounts -- 4.6 Financial Innovation -- 4.7 Cross-Country Comparison -- 4.7.1 Culture -- 5 Conclusion -- References -- Chapter 5: Housing -- 1 Introduction -- 2 Housing for Consumption -- 2.1 House Versus Housing -- 2.2 Buy or Rent -- 2.3 The Housing Ladder -- 3 Housing for Investment -- 3.1 Motives for Household Demand for Assets -- 3.2 Homeownership or Stockholding -- 3.3 Boom and Bust in House Prices -- 4 Mortgages -- 4.1 Mortgage Demand -- 4.2 Choice of Mortgage Instrument -- 4.3 Mortgage Refinancing -- 4.4 Mortgage Default -- 4.5 Access to Home Equity -- 5 Causes of the Subprime Crisis -- 5.1 Credit Growth Through Subprime Mortgage -- 5.2 Improper Credit Ratings -- 5.3 House Price and House Price Expectations -- 5.4 Government-Backed Housing Program -- 6 Market Review Post-Crisis -- 6.1 Debt Relief and Foreclosure Prevention: Home Affordable Modification Program (HAMP) -- 6.2 Government Credit Guarantee: Home Affordable Refinancing Program (HARP) -- 6.3 Financial Counseling, Regulation and Predatory Lending -- 6.4 Mortgage Market Review in the UK -- 6.5 Housing Boom in China -- 7 Post-Crisis Policy Measures -- 7.1 Controlling Credit Supply Through Macro-prudential Policies -- 7.2 Curbing Debt-Financed Homeownership Through Fiscal Policies -- 8 Conclusion -- References -- Chapter 6: Payment -- 1 Introduction -- 1.1 Acquisition and Transaction Utility -- 1.1.1 Factors Influencing Transaction Utility -- 1.2 Buffering Hypothesis -- 1.2.1 Factors Influencing Buffering Effect -- 1.3 Payment Transparency Hypothesis -- 1.4 Sunk Cost Fallacy -- 2 Modes of Payment -- 2.1 Cash as a Payment Instrument -- 2.2 Debit Card as a Payment Instrument -- 2.3 Check as a Payment Instrument -- 2.4 Credit Card as a Payment Instrument -- 2.4.1 Facilitates Spending -- 2.4.2 Status Symbol -- 2.4.3 Debt Management
505	8		\|a 2.4.4 Defaults and Unemployment -- 2.4.5 Defaults and Forbearance -- 2.4.6 Adverse Selection -- 2.4.7 Cloaked Corruption -- 2.5 Role of Price Incentives and Fees on Payment Mode -- 3 Consumer Adoption of New Payment Technology -- 3.1 Demand-Side Factors -- 3.2 Supply-Side Factors -- 4 Consumer Inattentiveness to Bank Fees -- 4.1 Overdraft Fee -- 4.2 Credit Card Late Payment Fee, Over-Limit Fee and Cash Advance Fee -- 4.3 Improving Consumer Attention Using Technology -- 5 Conclusion -- References -- Chapter 7: Borrowing -- 1 Introduction -- 1.1 Role of Household Debt in the 2008 Financial Crisis -- 1.2 In the Aftermath of the Crisis -- 2 Why Do Households Borrow? -- 2.1 Temporary Fluctuations in Income -- 2.2 Investment in Closely Held Businesses -- 2.3 Smooth Consumption -- 2.4 Behavioral Biases -- 2.5 Investment in Illiquid Assets -- 3 Effect of Debt on Borrowers -- 3.1 Psychological Stress -- 3.2 Debt Repayment -- 3.3 Credit Scores -- 4 Reasons for the Growth in Household Debt -- 5 Household Debt Efficiency -- 5.1 Do Financial Condition and Subjective Well-Being of Borrowers Improve? -- 5.1.1 Permanent Income Hypothesis Model on Borrower Welfare -- 5.1.2 Neoclassical Model on Borrower Welfare -- 5.2 Do Borrowers Choose Deals That Minimize Their Costs? -- 5.2.1 Peer Effect -- 5.2.2 Costly Mistakes -- 5.2.3 Debt Refinancing -- 5.2.4 Student Loans -- 5.2.5 Factors Not Within Control of Borrowers -- 5.3 Do Borrowers Minimize Cost Across Their Existing Debt Contracts and Assets? -- 5.3.1 Credit Card Debt -- 5.3.2 Revolving Credit Card Debt and Liquid Assets -- 5.3.3 Credit Card Debt and Retirement Saving -- 5.4 Are Defaults Optimal? -- 5.4.1 What Happens During a Default? -- 5.4.2 Loan Renegotiation -- 5.4.3 Default -- 6 Do the Markets Supply an Efficient Quantity of Credit? -- 7 High Cost of Credit -- 8 Conclusion -- References
505	8		\|a Chapter 8: Risk Management
650		4	\|a Households-Economic aspects
700	1		\|a Qian, Wenlan \|e Sonstige \|4 oth
700	1		\|a Tan, Ruth \|e Sonstige \|4 oth
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Datensatz im Suchindex

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author	Agarwal, Sumit
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contents	Intro -- Acknowledgments -- Contents -- List of Figures -- List of Tables -- Chapter 1: Introduction -- 1 Saving -- 2 Consumption -- 3 Investment -- 4 Housing -- 5 Payment -- 6 Borrowing -- 7 Risk Management -- 8 Financial Inclusion and Financial Technology -- 9 Impact of Interventions -- 9.1 Education -- 9.2 Peer and Social Influence -- 9.3 Product Design -- 9.4 Market Design -- 9.5 Fiscal Stimulus -- References -- Chapter 2: Saving -- 1 Introduction -- 1.1 The Experience in Britain and Europe -- 1.1.1 1700-1800s: Thrift and Individual Self-Reliance -- 1.1.2 1900-1940s: Thrift to Finance Infrastructure and War -- 1.1.3 1940s-1960s: Restoration Through Thrift -- 1.1.4 From 1960s: Decline of Saving -- 1.2 The Experience in the US -- 1.2.1 1800s-1900s: Weak Commitment -- 1.2.2 1930-1950: The Golden Age of Saving in the US -- 1.2.3 1950s: Consumption-Oriented Economics -- 1.2.4 1980s-2008: Further Collapse of Saving -- 1.2.5 After 2008: Post Financial Crisis -- 1.3 The Experience in Asia -- 1.3.1 Indonesia -- 1.3.2 Philippines -- 1.3.3 India -- 1.3.4 Singapore -- 1870-1940: Building a POSB -- 1940-1945: Japanese Model of Thrift -- After Japanese Occupation: Independence -- 1.3.5 Japan -- Early 1880s: Thrift Philosopher -- 1880s-1940s: Thrift as a National Duty -- 1940s-1980s: Restoring Japan Through Thrift -- 1980s-1990s: Japan's Peak in Thrift and Consumption -- 1.3.6 Korea -- 1905 to 1945: Domestic Saving -- 1950 to 1953: Korean War -- 1954 to 1997: Aftermath of the Korean War -- 1997 to Present: Asian Financial Crisis -- 1.3.7 China -- 1980s: Saving Boom -- 1.4 Conclusion of Historical Review -- 2 Theory -- 2.1 Classical Model -- 2.2 Keynesian Saving Function -- 2.3 ISLM Model -- 2.3.1 Early Tests of Keynes' Saving Function -- 2.4 Permanent Income Hypothesis -- 2.5 Life Cycle Hypothesis 2.5.1 Can Life Cycle/Permanent Income Hypothesis Be Applied to Developing Economies? -- 3 Motives of Saving -- 3.1 Inter-temporal Substitution Motive -- 3.2 Precautionary Motive -- 3.3 Bequest Motive -- 4 Factors Affecting Saving -- 4.1 Interest Rate and Saving -- 4.1.1 Income Effect -- 4.1.2 Substitution Effect -- 4.2 Inflation -- 4.3 Corporate Saving and Personal Saving -- 4.4 Durable and Personal Saving -- 4.5 Demographic Factors -- 4.5.1 Age -- 4.5.2 Ethnicity and Household Composition -- 4.5.3 Employment Status -- 4.5.4 Education -- 4.5.5 Health -- 4.6 Socio-economic Factors -- 4.6.1 Generations -- 4.6.2 Income -- 4.6.3 Availability of Credit -- 4.6.4 Financial Literacy -- 4.7 Pensions -- 4.7.1 Public Pensions -- 4.7.2 Private Pension -- 4.7.3 Defined Benefit Versus Defined Contribution -- 4.8 Private Saving Incentives -- 4.9 Other Factors -- 4.9.1 Commitment Strategies -- 4.9.2 ROSCAs -- 4.9.3 Lock Box -- 4.9.4 Bonus Effect -- 4.9.5 Energy Prices -- 4.9.6 Culture -- 4.9.7 Language -- 4.9.8 Insurance -- 4.9.9 Health and Longevity -- 4.9.10 Differences Across Countries -- 5 Conclusion -- Appendix: Singapore's Central Provident Fund -- CPF Structure -- Liberalization -- Problems of Liberalization -- Volatility of the Housing Market -- Poor Returns from Equity Market -- Other Developments -- National Annuity Scheme -- CPF Transfers to Loved Ones -- Retirement Income Adequacy -- Challenges -- References -- Chapter 3: Consumption -- 1 Introduction -- 2 Theories -- 2.1 Early Theories on Consumption -- 2.1.1 Consumer Sovereignty -- 2.1.2 Mixed Economy -- 2.1.3 Is the Consumer Rational? -- 2.2 Keynesian Consumption Function -- 2.3 Permanent Income Hypothesis -- 2.4 Life Cycle Hypothesis -- 3 Empirical Studies -- 3.1 Liquidity Constraints -- 3.1.1 Anticipated Changes in Income -- 3.1.2 Anticipated Increase in Income 3.1.3 Anticipated Income Decline -- 3.1.4 Unanticipated Changes in Income -- 3.2 Bounded Rationality -- 3.3 Income Uncertainty -- 3.4 Lifetime Uncertainty -- 3.4.1 Financial Products: Annuities and Reverse Mortgages -- 3.5 Bequest Motives -- 3.6 Inter-temporal Non-separability -- 3.6.1 Habits -- 3.6.2 Cue Theory -- 3.6.3 Durable Goods -- Home Ownership and Mortgage -- 3.7 Intra-temporal Non-separability -- 3.7.1 Leisure -- 3.7.2 Home Production -- 3.7.3 Unitary Models -- 3.8 Behavioral Factors -- 3.8.1 Mental Accounting -- 3.8.2 Hyperbolic Preferences -- 3.8.3 Present Bias -- 3.8.4 Social Influences -- 3.9 Government Stimulus -- 4 Conclusion -- References -- Chapter 4: Investment -- 1 Introduction -- 2 Theory -- 2.1 Keynesian Models -- 2.1.1 Two-Sector Model -- 2.1.2 Three-Sector Model -- 2.1.3 Four-Sector Model -- 2.1.4 Balancing Consumption and Investment -- 3 Factors Affecting Investing -- 3.1 Asset Allocation -- 3.2 Market Efficiency -- 3.3 Diversification -- 3.4 Financial Advisors -- 4 Empirical Studies -- 4.1 Non-participation in Equity Markets -- 4.1.1 Lack of Awareness -- 4.1.2 Fixed Costs -- 4.1.3 Proprietary Income Risk -- 4.1.4 Social Interaction -- 4.1.5 Trust -- 4.1.6 Trading Experience -- 4.1.7 Demographic Characteristics -- Socio-economic Status -- Cognitive Ability -- Financial Literacy -- 4.2 Under-Diversification -- 4.2.1 Information Advantage -- 4.2.2 Familiarity -- Local Stocks -- Employer Stocks -- 4.3 Behavioral Biases -- 4.3.1 Overconfidence -- 4.3.2 Disposition Effect -- 4.3.3 Trading Experience -- 4.4 Foreign Versus Domestic Investors -- 4.5 Investor Inattention -- 4.5.1 Rational Inattention -- 4.5.2 Selective Inattention and Preference-Based Models -- 4.5.3 Overcoming Investor Inattention -- Financial Advisors -- Intelligence -- Advertising Effort -- Search Costs -- Peer Effects Passive Investment Strategies -- Private Retirement Accounts -- 4.6 Financial Innovation -- 4.7 Cross-Country Comparison -- 4.7.1 Culture -- 5 Conclusion -- References -- Chapter 5: Housing -- 1 Introduction -- 2 Housing for Consumption -- 2.1 House Versus Housing -- 2.2 Buy or Rent -- 2.3 The Housing Ladder -- 3 Housing for Investment -- 3.1 Motives for Household Demand for Assets -- 3.2 Homeownership or Stockholding -- 3.3 Boom and Bust in House Prices -- 4 Mortgages -- 4.1 Mortgage Demand -- 4.2 Choice of Mortgage Instrument -- 4.3 Mortgage Refinancing -- 4.4 Mortgage Default -- 4.5 Access to Home Equity -- 5 Causes of the Subprime Crisis -- 5.1 Credit Growth Through Subprime Mortgage -- 5.2 Improper Credit Ratings -- 5.3 House Price and House Price Expectations -- 5.4 Government-Backed Housing Program -- 6 Market Review Post-Crisis -- 6.1 Debt Relief and Foreclosure Prevention: Home Affordable Modification Program (HAMP) -- 6.2 Government Credit Guarantee: Home Affordable Refinancing Program (HARP) -- 6.3 Financial Counseling, Regulation and Predatory Lending -- 6.4 Mortgage Market Review in the UK -- 6.5 Housing Boom in China -- 7 Post-Crisis Policy Measures -- 7.1 Controlling Credit Supply Through Macro-prudential Policies -- 7.2 Curbing Debt-Financed Homeownership Through Fiscal Policies -- 8 Conclusion -- References -- Chapter 6: Payment -- 1 Introduction -- 1.1 Acquisition and Transaction Utility -- 1.1.1 Factors Influencing Transaction Utility -- 1.2 Buffering Hypothesis -- 1.2.1 Factors Influencing Buffering Effect -- 1.3 Payment Transparency Hypothesis -- 1.4 Sunk Cost Fallacy -- 2 Modes of Payment -- 2.1 Cash as a Payment Instrument -- 2.2 Debit Card as a Payment Instrument -- 2.3 Check as a Payment Instrument -- 2.4 Credit Card as a Payment Instrument -- 2.4.1 Facilitates Spending -- 2.4.2 Status Symbol -- 2.4.3 Debt Management 2.4.4 Defaults and Unemployment -- 2.4.5 Defaults and Forbearance -- 2.4.6 Adverse Selection -- 2.4.7 Cloaked Corruption -- 2.5 Role of Price Incentives and Fees on Payment Mode -- 3 Consumer Adoption of New Payment Technology -- 3.1 Demand-Side Factors -- 3.2 Supply-Side Factors -- 4 Consumer Inattentiveness to Bank Fees -- 4.1 Overdraft Fee -- 4.2 Credit Card Late Payment Fee, Over-Limit Fee and Cash Advance Fee -- 4.3 Improving Consumer Attention Using Technology -- 5 Conclusion -- References -- Chapter 7: Borrowing -- 1 Introduction -- 1.1 Role of Household Debt in the 2008 Financial Crisis -- 1.2 In the Aftermath of the Crisis -- 2 Why Do Households Borrow? -- 2.1 Temporary Fluctuations in Income -- 2.2 Investment in Closely Held Businesses -- 2.3 Smooth Consumption -- 2.4 Behavioral Biases -- 2.5 Investment in Illiquid Assets -- 3 Effect of Debt on Borrowers -- 3.1 Psychological Stress -- 3.2 Debt Repayment -- 3.3 Credit Scores -- 4 Reasons for the Growth in Household Debt -- 5 Household Debt Efficiency -- 5.1 Do Financial Condition and Subjective Well-Being of Borrowers Improve? -- 5.1.1 Permanent Income Hypothesis Model on Borrower Welfare -- 5.1.2 Neoclassical Model on Borrower Welfare -- 5.2 Do Borrowers Choose Deals That Minimize Their Costs? -- 5.2.1 Peer Effect -- 5.2.2 Costly Mistakes -- 5.2.3 Debt Refinancing -- 5.2.4 Student Loans -- 5.2.5 Factors Not Within Control of Borrowers -- 5.3 Do Borrowers Minimize Cost Across Their Existing Debt Contracts and Assets? -- 5.3.1 Credit Card Debt -- 5.3.2 Revolving Credit Card Debt and Liquid Assets -- 5.3.3 Credit Card Debt and Retirement Saving -- 5.4 Are Defaults Optimal? -- 5.4.1 What Happens During a Default? -- 5.4.2 Loan Renegotiation -- 5.4.3 Default -- 6 Do the Markets Supply an Efficient Quantity of Credit? -- 7 High Cost of Credit -- 8 Conclusion -- References Chapter 8: Risk Management
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Limited</subfield><subfield code="c">2020</subfield></datafield><datafield tag="264" ind1=" " ind2="4"><subfield code="c">©2020</subfield></datafield><datafield tag="300" ind1=" " ind2=" "><subfield code="a">1 Online-Ressource (371 Seiten)</subfield></datafield><datafield tag="336" ind1=" " ind2=" "><subfield code="b">txt</subfield><subfield code="2">rdacontent</subfield></datafield><datafield tag="337" ind1=" " ind2=" "><subfield code="b">c</subfield><subfield code="2">rdamedia</subfield></datafield><datafield tag="338" ind1=" " ind2=" "><subfield code="b">cr</subfield><subfield code="2">rdacarrier</subfield></datafield><datafield tag="500" ind1=" " ind2=" "><subfield code="a">Description based on publisher supplied metadata and other sources</subfield></datafield><datafield tag="505" ind1="8" ind2=" "><subfield code="a">Intro -- Acknowledgments -- Contents -- List of Figures -- List of Tables -- Chapter 1: Introduction -- 1 Saving -- 2 Consumption -- 3 Investment -- 4 Housing -- 5 Payment -- 6 Borrowing -- 7 Risk Management -- 8 Financial Inclusion and Financial Technology -- 9 Impact of Interventions -- 9.1 Education -- 9.2 Peer and Social Influence -- 9.3 Product Design -- 9.4 Market Design -- 9.5 Fiscal Stimulus -- References -- Chapter 2: Saving -- 1 Introduction -- 1.1 The Experience in Britain and Europe -- 1.1.1 1700-1800s: Thrift and Individual Self-Reliance -- 1.1.2 1900-1940s: Thrift to Finance Infrastructure and War -- 1.1.3 1940s-1960s: Restoration Through Thrift -- 1.1.4 From 1960s: Decline of Saving -- 1.2 The Experience in the US -- 1.2.1 1800s-1900s: Weak Commitment -- 1.2.2 1930-1950: The Golden Age of Saving in the US -- 1.2.3 1950s: Consumption-Oriented Economics -- 1.2.4 1980s-2008: Further Collapse of Saving -- 1.2.5 After 2008: Post Financial Crisis -- 1.3 The Experience in Asia -- 1.3.1 Indonesia -- 1.3.2 Philippines -- 1.3.3 India -- 1.3.4 Singapore -- 1870-1940: Building a POSB -- 1940-1945: Japanese Model of Thrift -- After Japanese Occupation: Independence -- 1.3.5 Japan -- Early 1880s: Thrift Philosopher -- 1880s-1940s: Thrift as a National Duty -- 1940s-1980s: Restoring Japan Through Thrift -- 1980s-1990s: Japan's Peak in Thrift and Consumption -- 1.3.6 Korea -- 1905 to 1945: Domestic Saving -- 1950 to 1953: Korean War -- 1954 to 1997: Aftermath of the Korean War -- 1997 to Present: Asian Financial Crisis -- 1.3.7 China -- 1980s: Saving Boom -- 1.4 Conclusion of Historical Review -- 2 Theory -- 2.1 Classical Model -- 2.2 Keynesian Saving Function -- 2.3 ISLM Model -- 2.3.1 Early Tests of Keynes' Saving Function -- 2.4 Permanent Income Hypothesis -- 2.5 Life Cycle Hypothesis</subfield></datafield><datafield tag="505" ind1="8" ind2=" "><subfield code="a">2.5.1 Can Life Cycle/Permanent Income Hypothesis Be Applied to Developing Economies? -- 3 Motives of Saving -- 3.1 Inter-temporal Substitution Motive -- 3.2 Precautionary Motive -- 3.3 Bequest Motive -- 4 Factors Affecting Saving -- 4.1 Interest Rate and Saving -- 4.1.1 Income Effect -- 4.1.2 Substitution Effect -- 4.2 Inflation -- 4.3 Corporate Saving and Personal Saving -- 4.4 Durable and Personal Saving -- 4.5 Demographic Factors -- 4.5.1 Age -- 4.5.2 Ethnicity and Household Composition -- 4.5.3 Employment Status -- 4.5.4 Education -- 4.5.5 Health -- 4.6 Socio-economic Factors -- 4.6.1 Generations -- 4.6.2 Income -- 4.6.3 Availability of Credit -- 4.6.4 Financial Literacy -- 4.7 Pensions -- 4.7.1 Public Pensions -- 4.7.2 Private Pension -- 4.7.3 Defined Benefit Versus Defined Contribution -- 4.8 Private Saving Incentives -- 4.9 Other Factors -- 4.9.1 Commitment Strategies -- 4.9.2 ROSCAs -- 4.9.3 Lock Box -- 4.9.4 Bonus Effect -- 4.9.5 Energy Prices -- 4.9.6 Culture -- 4.9.7 Language -- 4.9.8 Insurance -- 4.9.9 Health and Longevity -- 4.9.10 Differences Across Countries -- 5 Conclusion -- Appendix: Singapore's Central Provident Fund -- CPF Structure -- Liberalization -- Problems of Liberalization -- Volatility of the Housing Market -- Poor Returns from Equity Market -- Other Developments -- National Annuity Scheme -- CPF Transfers to Loved Ones -- Retirement Income Adequacy -- Challenges -- References -- Chapter 3: Consumption -- 1 Introduction -- 2 Theories -- 2.1 Early Theories on Consumption -- 2.1.1 Consumer Sovereignty -- 2.1.2 Mixed Economy -- 2.1.3 Is the Consumer Rational? -- 2.2 Keynesian Consumption Function -- 2.3 Permanent Income Hypothesis -- 2.4 Life Cycle Hypothesis -- 3 Empirical Studies -- 3.1 Liquidity Constraints -- 3.1.1 Anticipated Changes in Income -- 3.1.2 Anticipated Increase in Income</subfield></datafield><datafield tag="505" ind1="8" ind2=" "><subfield code="a">3.1.3 Anticipated Income Decline -- 3.1.4 Unanticipated Changes in Income -- 3.2 Bounded Rationality -- 3.3 Income Uncertainty -- 3.4 Lifetime Uncertainty -- 3.4.1 Financial Products: Annuities and Reverse Mortgages -- 3.5 Bequest Motives -- 3.6 Inter-temporal Non-separability -- 3.6.1 Habits -- 3.6.2 Cue Theory -- 3.6.3 Durable Goods -- Home Ownership and Mortgage -- 3.7 Intra-temporal Non-separability -- 3.7.1 Leisure -- 3.7.2 Home Production -- 3.7.3 Unitary Models -- 3.8 Behavioral Factors -- 3.8.1 Mental Accounting -- 3.8.2 Hyperbolic Preferences -- 3.8.3 Present Bias -- 3.8.4 Social Influences -- 3.9 Government Stimulus -- 4 Conclusion -- References -- Chapter 4: Investment -- 1 Introduction -- 2 Theory -- 2.1 Keynesian Models -- 2.1.1 Two-Sector Model -- 2.1.2 Three-Sector Model -- 2.1.3 Four-Sector Model -- 2.1.4 Balancing Consumption and Investment -- 3 Factors Affecting Investing -- 3.1 Asset Allocation -- 3.2 Market Efficiency -- 3.3 Diversification -- 3.4 Financial Advisors -- 4 Empirical Studies -- 4.1 Non-participation in Equity Markets -- 4.1.1 Lack of Awareness -- 4.1.2 Fixed Costs -- 4.1.3 Proprietary Income Risk -- 4.1.4 Social Interaction -- 4.1.5 Trust -- 4.1.6 Trading Experience -- 4.1.7 Demographic Characteristics -- Socio-economic Status -- Cognitive Ability -- Financial Literacy -- 4.2 Under-Diversification -- 4.2.1 Information Advantage -- 4.2.2 Familiarity -- Local Stocks -- Employer Stocks -- 4.3 Behavioral Biases -- 4.3.1 Overconfidence -- 4.3.2 Disposition Effect -- 4.3.3 Trading Experience -- 4.4 Foreign Versus Domestic Investors -- 4.5 Investor Inattention -- 4.5.1 Rational Inattention -- 4.5.2 Selective Inattention and Preference-Based Models -- 4.5.3 Overcoming Investor Inattention -- Financial Advisors -- Intelligence -- Advertising Effort -- Search Costs -- Peer Effects</subfield></datafield><datafield tag="505" ind1="8" ind2=" "><subfield code="a">Passive Investment Strategies -- Private Retirement Accounts -- 4.6 Financial Innovation -- 4.7 Cross-Country Comparison -- 4.7.1 Culture -- 5 Conclusion -- References -- Chapter 5: Housing -- 1 Introduction -- 2 Housing for Consumption -- 2.1 House Versus Housing -- 2.2 Buy or Rent -- 2.3 The Housing Ladder -- 3 Housing for Investment -- 3.1 Motives for Household Demand for Assets -- 3.2 Homeownership or Stockholding -- 3.3 Boom and Bust in House Prices -- 4 Mortgages -- 4.1 Mortgage Demand -- 4.2 Choice of Mortgage Instrument -- 4.3 Mortgage Refinancing -- 4.4 Mortgage Default -- 4.5 Access to Home Equity -- 5 Causes of the Subprime Crisis -- 5.1 Credit Growth Through Subprime Mortgage -- 5.2 Improper Credit Ratings -- 5.3 House Price and House Price Expectations -- 5.4 Government-Backed Housing Program -- 6 Market Review Post-Crisis -- 6.1 Debt Relief and Foreclosure Prevention: Home Affordable Modification Program (HAMP) -- 6.2 Government Credit Guarantee: Home Affordable Refinancing Program (HARP) -- 6.3 Financial Counseling, Regulation and Predatory Lending -- 6.4 Mortgage Market Review in the UK -- 6.5 Housing Boom in China -- 7 Post-Crisis Policy Measures -- 7.1 Controlling Credit Supply Through Macro-prudential Policies -- 7.2 Curbing Debt-Financed Homeownership Through Fiscal Policies -- 8 Conclusion -- References -- Chapter 6: Payment -- 1 Introduction -- 1.1 Acquisition and Transaction Utility -- 1.1.1 Factors Influencing Transaction Utility -- 1.2 Buffering Hypothesis -- 1.2.1 Factors Influencing Buffering Effect -- 1.3 Payment Transparency Hypothesis -- 1.4 Sunk Cost Fallacy -- 2 Modes of Payment -- 2.1 Cash as a Payment Instrument -- 2.2 Debit Card as a Payment Instrument -- 2.3 Check as a Payment Instrument -- 2.4 Credit Card as a Payment Instrument -- 2.4.1 Facilitates Spending -- 2.4.2 Status Symbol -- 2.4.3 Debt Management</subfield></datafield><datafield tag="505" ind1="8" ind2=" "><subfield code="a">2.4.4 Defaults and Unemployment -- 2.4.5 Defaults and Forbearance -- 2.4.6 Adverse Selection -- 2.4.7 Cloaked Corruption -- 2.5 Role of Price Incentives and Fees on Payment Mode -- 3 Consumer Adoption of New Payment Technology -- 3.1 Demand-Side Factors -- 3.2 Supply-Side Factors -- 4 Consumer Inattentiveness to Bank Fees -- 4.1 Overdraft Fee -- 4.2 Credit Card Late Payment Fee, Over-Limit Fee and Cash Advance Fee -- 4.3 Improving Consumer Attention Using Technology -- 5 Conclusion -- References -- Chapter 7: Borrowing -- 1 Introduction -- 1.1 Role of Household Debt in the 2008 Financial Crisis -- 1.2 In the Aftermath of the Crisis -- 2 Why Do Households Borrow? 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illustrated	Not Illustrated
index_date	2024-07-03T19:50:39Z
indexdate	2024-07-10T09:32:28Z
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physical	1 Online-Ressource (371 Seiten)
psigel	ZDB-30-PQE
publishDate	2020
publishDateSearch	2020
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publisher	Springer Singapore Pte. Limited
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spelling	Agarwal, Sumit Verfasser aut Household Finance A Functional Approach Singapore Springer Singapore Pte. Limited 2020 ©2020 1 Online-Ressource (371 Seiten) txt rdacontent c rdamedia cr rdacarrier Description based on publisher supplied metadata and other sources Intro -- Acknowledgments -- Contents -- List of Figures -- List of Tables -- Chapter 1: Introduction -- 1 Saving -- 2 Consumption -- 3 Investment -- 4 Housing -- 5 Payment -- 6 Borrowing -- 7 Risk Management -- 8 Financial Inclusion and Financial Technology -- 9 Impact of Interventions -- 9.1 Education -- 9.2 Peer and Social Influence -- 9.3 Product Design -- 9.4 Market Design -- 9.5 Fiscal Stimulus -- References -- Chapter 2: Saving -- 1 Introduction -- 1.1 The Experience in Britain and Europe -- 1.1.1 1700-1800s: Thrift and Individual Self-Reliance -- 1.1.2 1900-1940s: Thrift to Finance Infrastructure and War -- 1.1.3 1940s-1960s: Restoration Through Thrift -- 1.1.4 From 1960s: Decline of Saving -- 1.2 The Experience in the US -- 1.2.1 1800s-1900s: Weak Commitment -- 1.2.2 1930-1950: The Golden Age of Saving in the US -- 1.2.3 1950s: Consumption-Oriented Economics -- 1.2.4 1980s-2008: Further Collapse of Saving -- 1.2.5 After 2008: Post Financial Crisis -- 1.3 The Experience in Asia -- 1.3.1 Indonesia -- 1.3.2 Philippines -- 1.3.3 India -- 1.3.4 Singapore -- 1870-1940: Building a POSB -- 1940-1945: Japanese Model of Thrift -- After Japanese Occupation: Independence -- 1.3.5 Japan -- Early 1880s: Thrift Philosopher -- 1880s-1940s: Thrift as a National Duty -- 1940s-1980s: Restoring Japan Through Thrift -- 1980s-1990s: Japan's Peak in Thrift and Consumption -- 1.3.6 Korea -- 1905 to 1945: Domestic Saving -- 1950 to 1953: Korean War -- 1954 to 1997: Aftermath of the Korean War -- 1997 to Present: Asian Financial Crisis -- 1.3.7 China -- 1980s: Saving Boom -- 1.4 Conclusion of Historical Review -- 2 Theory -- 2.1 Classical Model -- 2.2 Keynesian Saving Function -- 2.3 ISLM Model -- 2.3.1 Early Tests of Keynes' Saving Function -- 2.4 Permanent Income Hypothesis -- 2.5 Life Cycle Hypothesis 2.5.1 Can Life Cycle/Permanent Income Hypothesis Be Applied to Developing Economies? -- 3 Motives of Saving -- 3.1 Inter-temporal Substitution Motive -- 3.2 Precautionary Motive -- 3.3 Bequest Motive -- 4 Factors Affecting Saving -- 4.1 Interest Rate and Saving -- 4.1.1 Income Effect -- 4.1.2 Substitution Effect -- 4.2 Inflation -- 4.3 Corporate Saving and Personal Saving -- 4.4 Durable and Personal Saving -- 4.5 Demographic Factors -- 4.5.1 Age -- 4.5.2 Ethnicity and Household Composition -- 4.5.3 Employment Status -- 4.5.4 Education -- 4.5.5 Health -- 4.6 Socio-economic Factors -- 4.6.1 Generations -- 4.6.2 Income -- 4.6.3 Availability of Credit -- 4.6.4 Financial Literacy -- 4.7 Pensions -- 4.7.1 Public Pensions -- 4.7.2 Private Pension -- 4.7.3 Defined Benefit Versus Defined Contribution -- 4.8 Private Saving Incentives -- 4.9 Other Factors -- 4.9.1 Commitment Strategies -- 4.9.2 ROSCAs -- 4.9.3 Lock Box -- 4.9.4 Bonus Effect -- 4.9.5 Energy Prices -- 4.9.6 Culture -- 4.9.7 Language -- 4.9.8 Insurance -- 4.9.9 Health and Longevity -- 4.9.10 Differences Across Countries -- 5 Conclusion -- Appendix: Singapore's Central Provident Fund -- CPF Structure -- Liberalization -- Problems of Liberalization -- Volatility of the Housing Market -- Poor Returns from Equity Market -- Other Developments -- National Annuity Scheme -- CPF Transfers to Loved Ones -- Retirement Income Adequacy -- Challenges -- References -- Chapter 3: Consumption -- 1 Introduction -- 2 Theories -- 2.1 Early Theories on Consumption -- 2.1.1 Consumer Sovereignty -- 2.1.2 Mixed Economy -- 2.1.3 Is the Consumer Rational? -- 2.2 Keynesian Consumption Function -- 2.3 Permanent Income Hypothesis -- 2.4 Life Cycle Hypothesis -- 3 Empirical Studies -- 3.1 Liquidity Constraints -- 3.1.1 Anticipated Changes in Income -- 3.1.2 Anticipated Increase in Income 3.1.3 Anticipated Income Decline -- 3.1.4 Unanticipated Changes in Income -- 3.2 Bounded Rationality -- 3.3 Income Uncertainty -- 3.4 Lifetime Uncertainty -- 3.4.1 Financial Products: Annuities and Reverse Mortgages -- 3.5 Bequest Motives -- 3.6 Inter-temporal Non-separability -- 3.6.1 Habits -- 3.6.2 Cue Theory -- 3.6.3 Durable Goods -- Home Ownership and Mortgage -- 3.7 Intra-temporal Non-separability -- 3.7.1 Leisure -- 3.7.2 Home Production -- 3.7.3 Unitary Models -- 3.8 Behavioral Factors -- 3.8.1 Mental Accounting -- 3.8.2 Hyperbolic Preferences -- 3.8.3 Present Bias -- 3.8.4 Social Influences -- 3.9 Government Stimulus -- 4 Conclusion -- References -- Chapter 4: Investment -- 1 Introduction -- 2 Theory -- 2.1 Keynesian Models -- 2.1.1 Two-Sector Model -- 2.1.2 Three-Sector Model -- 2.1.3 Four-Sector Model -- 2.1.4 Balancing Consumption and Investment -- 3 Factors Affecting Investing -- 3.1 Asset Allocation -- 3.2 Market Efficiency -- 3.3 Diversification -- 3.4 Financial Advisors -- 4 Empirical Studies -- 4.1 Non-participation in Equity Markets -- 4.1.1 Lack of Awareness -- 4.1.2 Fixed Costs -- 4.1.3 Proprietary Income Risk -- 4.1.4 Social Interaction -- 4.1.5 Trust -- 4.1.6 Trading Experience -- 4.1.7 Demographic Characteristics -- Socio-economic Status -- Cognitive Ability -- Financial Literacy -- 4.2 Under-Diversification -- 4.2.1 Information Advantage -- 4.2.2 Familiarity -- Local Stocks -- Employer Stocks -- 4.3 Behavioral Biases -- 4.3.1 Overconfidence -- 4.3.2 Disposition Effect -- 4.3.3 Trading Experience -- 4.4 Foreign Versus Domestic Investors -- 4.5 Investor Inattention -- 4.5.1 Rational Inattention -- 4.5.2 Selective Inattention and Preference-Based Models -- 4.5.3 Overcoming Investor Inattention -- Financial Advisors -- Intelligence -- Advertising Effort -- Search Costs -- Peer Effects Passive Investment Strategies -- Private Retirement Accounts -- 4.6 Financial Innovation -- 4.7 Cross-Country Comparison -- 4.7.1 Culture -- 5 Conclusion -- References -- Chapter 5: Housing -- 1 Introduction -- 2 Housing for Consumption -- 2.1 House Versus Housing -- 2.2 Buy or Rent -- 2.3 The Housing Ladder -- 3 Housing for Investment -- 3.1 Motives for Household Demand for Assets -- 3.2 Homeownership or Stockholding -- 3.3 Boom and Bust in House Prices -- 4 Mortgages -- 4.1 Mortgage Demand -- 4.2 Choice of Mortgage Instrument -- 4.3 Mortgage Refinancing -- 4.4 Mortgage Default -- 4.5 Access to Home Equity -- 5 Causes of the Subprime Crisis -- 5.1 Credit Growth Through Subprime Mortgage -- 5.2 Improper Credit Ratings -- 5.3 House Price and House Price Expectations -- 5.4 Government-Backed Housing Program -- 6 Market Review Post-Crisis -- 6.1 Debt Relief and Foreclosure Prevention: Home Affordable Modification Program (HAMP) -- 6.2 Government Credit Guarantee: Home Affordable Refinancing Program (HARP) -- 6.3 Financial Counseling, Regulation and Predatory Lending -- 6.4 Mortgage Market Review in the UK -- 6.5 Housing Boom in China -- 7 Post-Crisis Policy Measures -- 7.1 Controlling Credit Supply Through Macro-prudential Policies -- 7.2 Curbing Debt-Financed Homeownership Through Fiscal Policies -- 8 Conclusion -- References -- Chapter 6: Payment -- 1 Introduction -- 1.1 Acquisition and Transaction Utility -- 1.1.1 Factors Influencing Transaction Utility -- 1.2 Buffering Hypothesis -- 1.2.1 Factors Influencing Buffering Effect -- 1.3 Payment Transparency Hypothesis -- 1.4 Sunk Cost Fallacy -- 2 Modes of Payment -- 2.1 Cash as a Payment Instrument -- 2.2 Debit Card as a Payment Instrument -- 2.3 Check as a Payment Instrument -- 2.4 Credit Card as a Payment Instrument -- 2.4.1 Facilitates Spending -- 2.4.2 Status Symbol -- 2.4.3 Debt Management 2.4.4 Defaults and Unemployment -- 2.4.5 Defaults and Forbearance -- 2.4.6 Adverse Selection -- 2.4.7 Cloaked Corruption -- 2.5 Role of Price Incentives and Fees on Payment Mode -- 3 Consumer Adoption of New Payment Technology -- 3.1 Demand-Side Factors -- 3.2 Supply-Side Factors -- 4 Consumer Inattentiveness to Bank Fees -- 4.1 Overdraft Fee -- 4.2 Credit Card Late Payment Fee, Over-Limit Fee and Cash Advance Fee -- 4.3 Improving Consumer Attention Using Technology -- 5 Conclusion -- References -- Chapter 7: Borrowing -- 1 Introduction -- 1.1 Role of Household Debt in the 2008 Financial Crisis -- 1.2 In the Aftermath of the Crisis -- 2 Why Do Households Borrow? -- 2.1 Temporary Fluctuations in Income -- 2.2 Investment in Closely Held Businesses -- 2.3 Smooth Consumption -- 2.4 Behavioral Biases -- 2.5 Investment in Illiquid Assets -- 3 Effect of Debt on Borrowers -- 3.1 Psychological Stress -- 3.2 Debt Repayment -- 3.3 Credit Scores -- 4 Reasons for the Growth in Household Debt -- 5 Household Debt Efficiency -- 5.1 Do Financial Condition and Subjective Well-Being of Borrowers Improve? -- 5.1.1 Permanent Income Hypothesis Model on Borrower Welfare -- 5.1.2 Neoclassical Model on Borrower Welfare -- 5.2 Do Borrowers Choose Deals That Minimize Their Costs? -- 5.2.1 Peer Effect -- 5.2.2 Costly Mistakes -- 5.2.3 Debt Refinancing -- 5.2.4 Student Loans -- 5.2.5 Factors Not Within Control of Borrowers -- 5.3 Do Borrowers Minimize Cost Across Their Existing Debt Contracts and Assets? -- 5.3.1 Credit Card Debt -- 5.3.2 Revolving Credit Card Debt and Liquid Assets -- 5.3.3 Credit Card Debt and Retirement Saving -- 5.4 Are Defaults Optimal? -- 5.4.1 What Happens During a Default? -- 5.4.2 Loan Renegotiation -- 5.4.3 Default -- 6 Do the Markets Supply an Efficient Quantity of Credit? -- 7 High Cost of Credit -- 8 Conclusion -- References Chapter 8: Risk Management Households-Economic aspects Qian, Wenlan Sonstige oth Tan, Ruth Sonstige oth Erscheint auch als Druck-Ausgabe Agarwal, Sumit Household Finance Singapore : Springer Singapore Pte. Limited,c2020 9789811555251
spellingShingle	Agarwal, Sumit Household Finance A Functional Approach Intro -- Acknowledgments -- Contents -- List of Figures -- List of Tables -- Chapter 1: Introduction -- 1 Saving -- 2 Consumption -- 3 Investment -- 4 Housing -- 5 Payment -- 6 Borrowing -- 7 Risk Management -- 8 Financial Inclusion and Financial Technology -- 9 Impact of Interventions -- 9.1 Education -- 9.2 Peer and Social Influence -- 9.3 Product Design -- 9.4 Market Design -- 9.5 Fiscal Stimulus -- References -- Chapter 2: Saving -- 1 Introduction -- 1.1 The Experience in Britain and Europe -- 1.1.1 1700-1800s: Thrift and Individual Self-Reliance -- 1.1.2 1900-1940s: Thrift to Finance Infrastructure and War -- 1.1.3 1940s-1960s: Restoration Through Thrift -- 1.1.4 From 1960s: Decline of Saving -- 1.2 The Experience in the US -- 1.2.1 1800s-1900s: Weak Commitment -- 1.2.2 1930-1950: The Golden Age of Saving in the US -- 1.2.3 1950s: Consumption-Oriented Economics -- 1.2.4 1980s-2008: Further Collapse of Saving -- 1.2.5 After 2008: Post Financial Crisis -- 1.3 The Experience in Asia -- 1.3.1 Indonesia -- 1.3.2 Philippines -- 1.3.3 India -- 1.3.4 Singapore -- 1870-1940: Building a POSB -- 1940-1945: Japanese Model of Thrift -- After Japanese Occupation: Independence -- 1.3.5 Japan -- Early 1880s: Thrift Philosopher -- 1880s-1940s: Thrift as a National Duty -- 1940s-1980s: Restoring Japan Through Thrift -- 1980s-1990s: Japan's Peak in Thrift and Consumption -- 1.3.6 Korea -- 1905 to 1945: Domestic Saving -- 1950 to 1953: Korean War -- 1954 to 1997: Aftermath of the Korean War -- 1997 to Present: Asian Financial Crisis -- 1.3.7 China -- 1980s: Saving Boom -- 1.4 Conclusion of Historical Review -- 2 Theory -- 2.1 Classical Model -- 2.2 Keynesian Saving Function -- 2.3 ISLM Model -- 2.3.1 Early Tests of Keynes' Saving Function -- 2.4 Permanent Income Hypothesis -- 2.5 Life Cycle Hypothesis 2.5.1 Can Life Cycle/Permanent Income Hypothesis Be Applied to Developing Economies? -- 3 Motives of Saving -- 3.1 Inter-temporal Substitution Motive -- 3.2 Precautionary Motive -- 3.3 Bequest Motive -- 4 Factors Affecting Saving -- 4.1 Interest Rate and Saving -- 4.1.1 Income Effect -- 4.1.2 Substitution Effect -- 4.2 Inflation -- 4.3 Corporate Saving and Personal Saving -- 4.4 Durable and Personal Saving -- 4.5 Demographic Factors -- 4.5.1 Age -- 4.5.2 Ethnicity and Household Composition -- 4.5.3 Employment Status -- 4.5.4 Education -- 4.5.5 Health -- 4.6 Socio-economic Factors -- 4.6.1 Generations -- 4.6.2 Income -- 4.6.3 Availability of Credit -- 4.6.4 Financial Literacy -- 4.7 Pensions -- 4.7.1 Public Pensions -- 4.7.2 Private Pension -- 4.7.3 Defined Benefit Versus Defined Contribution -- 4.8 Private Saving Incentives -- 4.9 Other Factors -- 4.9.1 Commitment Strategies -- 4.9.2 ROSCAs -- 4.9.3 Lock Box -- 4.9.4 Bonus Effect -- 4.9.5 Energy Prices -- 4.9.6 Culture -- 4.9.7 Language -- 4.9.8 Insurance -- 4.9.9 Health and Longevity -- 4.9.10 Differences Across Countries -- 5 Conclusion -- Appendix: Singapore's Central Provident Fund -- CPF Structure -- Liberalization -- Problems of Liberalization -- Volatility of the Housing Market -- Poor Returns from Equity Market -- Other Developments -- National Annuity Scheme -- CPF Transfers to Loved Ones -- Retirement Income Adequacy -- Challenges -- References -- Chapter 3: Consumption -- 1 Introduction -- 2 Theories -- 2.1 Early Theories on Consumption -- 2.1.1 Consumer Sovereignty -- 2.1.2 Mixed Economy -- 2.1.3 Is the Consumer Rational? -- 2.2 Keynesian Consumption Function -- 2.3 Permanent Income Hypothesis -- 2.4 Life Cycle Hypothesis -- 3 Empirical Studies -- 3.1 Liquidity Constraints -- 3.1.1 Anticipated Changes in Income -- 3.1.2 Anticipated Increase in Income 3.1.3 Anticipated Income Decline -- 3.1.4 Unanticipated Changes in Income -- 3.2 Bounded Rationality -- 3.3 Income Uncertainty -- 3.4 Lifetime Uncertainty -- 3.4.1 Financial Products: Annuities and Reverse Mortgages -- 3.5 Bequest Motives -- 3.6 Inter-temporal Non-separability -- 3.6.1 Habits -- 3.6.2 Cue Theory -- 3.6.3 Durable Goods -- Home Ownership and Mortgage -- 3.7 Intra-temporal Non-separability -- 3.7.1 Leisure -- 3.7.2 Home Production -- 3.7.3 Unitary Models -- 3.8 Behavioral Factors -- 3.8.1 Mental Accounting -- 3.8.2 Hyperbolic Preferences -- 3.8.3 Present Bias -- 3.8.4 Social Influences -- 3.9 Government Stimulus -- 4 Conclusion -- References -- Chapter 4: Investment -- 1 Introduction -- 2 Theory -- 2.1 Keynesian Models -- 2.1.1 Two-Sector Model -- 2.1.2 Three-Sector Model -- 2.1.3 Four-Sector Model -- 2.1.4 Balancing Consumption and Investment -- 3 Factors Affecting Investing -- 3.1 Asset Allocation -- 3.2 Market Efficiency -- 3.3 Diversification -- 3.4 Financial Advisors -- 4 Empirical Studies -- 4.1 Non-participation in Equity Markets -- 4.1.1 Lack of Awareness -- 4.1.2 Fixed Costs -- 4.1.3 Proprietary Income Risk -- 4.1.4 Social Interaction -- 4.1.5 Trust -- 4.1.6 Trading Experience -- 4.1.7 Demographic Characteristics -- Socio-economic Status -- Cognitive Ability -- Financial Literacy -- 4.2 Under-Diversification -- 4.2.1 Information Advantage -- 4.2.2 Familiarity -- Local Stocks -- Employer Stocks -- 4.3 Behavioral Biases -- 4.3.1 Overconfidence -- 4.3.2 Disposition Effect -- 4.3.3 Trading Experience -- 4.4 Foreign Versus Domestic Investors -- 4.5 Investor Inattention -- 4.5.1 Rational Inattention -- 4.5.2 Selective Inattention and Preference-Based Models -- 4.5.3 Overcoming Investor Inattention -- Financial Advisors -- Intelligence -- Advertising Effort -- Search Costs -- Peer Effects Passive Investment Strategies -- Private Retirement Accounts -- 4.6 Financial Innovation -- 4.7 Cross-Country Comparison -- 4.7.1 Culture -- 5 Conclusion -- References -- Chapter 5: Housing -- 1 Introduction -- 2 Housing for Consumption -- 2.1 House Versus Housing -- 2.2 Buy or Rent -- 2.3 The Housing Ladder -- 3 Housing for Investment -- 3.1 Motives for Household Demand for Assets -- 3.2 Homeownership or Stockholding -- 3.3 Boom and Bust in House Prices -- 4 Mortgages -- 4.1 Mortgage Demand -- 4.2 Choice of Mortgage Instrument -- 4.3 Mortgage Refinancing -- 4.4 Mortgage Default -- 4.5 Access to Home Equity -- 5 Causes of the Subprime Crisis -- 5.1 Credit Growth Through Subprime Mortgage -- 5.2 Improper Credit Ratings -- 5.3 House Price and House Price Expectations -- 5.4 Government-Backed Housing Program -- 6 Market Review Post-Crisis -- 6.1 Debt Relief and Foreclosure Prevention: Home Affordable Modification Program (HAMP) -- 6.2 Government Credit Guarantee: Home Affordable Refinancing Program (HARP) -- 6.3 Financial Counseling, Regulation and Predatory Lending -- 6.4 Mortgage Market Review in the UK -- 6.5 Housing Boom in China -- 7 Post-Crisis Policy Measures -- 7.1 Controlling Credit Supply Through Macro-prudential Policies -- 7.2 Curbing Debt-Financed Homeownership Through Fiscal Policies -- 8 Conclusion -- References -- Chapter 6: Payment -- 1 Introduction -- 1.1 Acquisition and Transaction Utility -- 1.1.1 Factors Influencing Transaction Utility -- 1.2 Buffering Hypothesis -- 1.2.1 Factors Influencing Buffering Effect -- 1.3 Payment Transparency Hypothesis -- 1.4 Sunk Cost Fallacy -- 2 Modes of Payment -- 2.1 Cash as a Payment Instrument -- 2.2 Debit Card as a Payment Instrument -- 2.3 Check as a Payment Instrument -- 2.4 Credit Card as a Payment Instrument -- 2.4.1 Facilitates Spending -- 2.4.2 Status Symbol -- 2.4.3 Debt Management 2.4.4 Defaults and Unemployment -- 2.4.5 Defaults and Forbearance -- 2.4.6 Adverse Selection -- 2.4.7 Cloaked Corruption -- 2.5 Role of Price Incentives and Fees on Payment Mode -- 3 Consumer Adoption of New Payment Technology -- 3.1 Demand-Side Factors -- 3.2 Supply-Side Factors -- 4 Consumer Inattentiveness to Bank Fees -- 4.1 Overdraft Fee -- 4.2 Credit Card Late Payment Fee, Over-Limit Fee and Cash Advance Fee -- 4.3 Improving Consumer Attention Using Technology -- 5 Conclusion -- References -- Chapter 7: Borrowing -- 1 Introduction -- 1.1 Role of Household Debt in the 2008 Financial Crisis -- 1.2 In the Aftermath of the Crisis -- 2 Why Do Households Borrow? -- 2.1 Temporary Fluctuations in Income -- 2.2 Investment in Closely Held Businesses -- 2.3 Smooth Consumption -- 2.4 Behavioral Biases -- 2.5 Investment in Illiquid Assets -- 3 Effect of Debt on Borrowers -- 3.1 Psychological Stress -- 3.2 Debt Repayment -- 3.3 Credit Scores -- 4 Reasons for the Growth in Household Debt -- 5 Household Debt Efficiency -- 5.1 Do Financial Condition and Subjective Well-Being of Borrowers Improve? -- 5.1.1 Permanent Income Hypothesis Model on Borrower Welfare -- 5.1.2 Neoclassical Model on Borrower Welfare -- 5.2 Do Borrowers Choose Deals That Minimize Their Costs? -- 5.2.1 Peer Effect -- 5.2.2 Costly Mistakes -- 5.2.3 Debt Refinancing -- 5.2.4 Student Loans -- 5.2.5 Factors Not Within Control of Borrowers -- 5.3 Do Borrowers Minimize Cost Across Their Existing Debt Contracts and Assets? -- 5.3.1 Credit Card Debt -- 5.3.2 Revolving Credit Card Debt and Liquid Assets -- 5.3.3 Credit Card Debt and Retirement Saving -- 5.4 Are Defaults Optimal? -- 5.4.1 What Happens During a Default? -- 5.4.2 Loan Renegotiation -- 5.4.3 Default -- 6 Do the Markets Supply an Efficient Quantity of Credit? -- 7 High Cost of Credit -- 8 Conclusion -- References Chapter 8: Risk Management Households-Economic aspects
title	Household Finance A Functional Approach
title_auth	Household Finance A Functional Approach
title_exact_search	Household Finance A Functional Approach
title_exact_search_txtP	Household Finance A Functional Approach
title_full	Household Finance A Functional Approach
title_fullStr	Household Finance A Functional Approach
title_full_unstemmed	Household Finance A Functional Approach
title_short	Household Finance
title_sort	household finance a functional approach
title_sub	A Functional Approach
topic	Households-Economic aspects
topic_facet	Households-Economic aspects
work_keys_str_mv	AT agarwalsumit householdfinanceafunctionalapproach AT qianwenlan householdfinanceafunctionalapproach AT tanruth householdfinanceafunctionalapproach

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