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We review savings trends in Italy, summarizing available empirical evidence on Italians’ motives to save, relying on macroeconomic indicators as well as on data drawn from the Bank of Italy’s Survey of Household Income and Wealth from 1984 to 2004. The macroeconomic data indicate that households’ saving has dropped significantly, although Italy continues to rank above most other countries in terms of saving. We then examine with microeconomic data four indicators of household financial conditions: the propensity to save, the proportion of households with negative savings, the proportion of households with debt, and the proportion of households that lack access to formal credit markets. By international comparison, the level of debt of Italian households and default risk are relatively low. But in light of the deep changes undergone by the Italian pension system, the fall in saving is a concern, particularly for individuals who entered the labor market after the 1995 reform and who have experienced the largest decline in pension wealth. JEL Classification: D91
Household saving behavior : the role of literacy, information and financial education programs
(2007)
Individuals are increasingly in charge of their own financial security after retirement. But how well-equipped are individuals to make saving decisions; do they possess adequate financial literacy, are they informed about the most important components of saving plans, do they even plan for retirement? This paper shows that financial illiteracy is widespread among the US population and particularly acute among specific demographic groups, such as those with low education, women, African-Americans and Hispanics. Moreover, close to half of older workers do not know which type of pensions they have and the large majority of workers know little about the rules governing Social Security benefits. Lack of literacy and lack of information can affect the ability to save and to secure a comfortable retirement; few individuals rely on the help of financial advisors and ignorance about basic financial concepts can be linked to lack of retirement planning and lack of wealth. Financial education programs can help improve saving and financial decision-making, but much more can be done to improve the effectiveness of these programs. JEL Classification: D91
Recent models with liquidity constraints and impatience emphasize that consumers use savings to buffer income fluctuations. When wealth is below an optimal target, consumers try to increase their buffer stock of wealth by saving more. When it is above target, they increase consumption. This important implication of the buffer stock model of saving has not been subject to direct empirical testing. We derive from the model an appropriate theoretical restriction and test it using data on working-age individuals drawn from the 2002 and 2004 Italian Surveys of Household Income and Wealth. One of the most appealing features of the survey is that it has data on the amount of wealth held for precautionary purposes, which we interpret as target wealth in a buffer stock model. The test results do not support buffer stock behavior, even among population groups that are more likely, a priori, to display such behavior. The saving behavior of young households is instead consistent with models in which impatience, relative to prudence, is not as high as in buffer stock models. JEL Classification: D91
Individuals are increasingly put in charge of their financial security after retirement. Moreover, the supply of complex financial products has increased considerably over the years. However, we still have little or no information about whether individuals have the financial knowledge and skills to navigate this new financial environment. To better understand financial literacy and its relation to financial decision-making, we have devised two special modules for the DNB Household Survey. We have designed questions to measure numeracy and basic knowledge related to the working of inflation and interest rates, as well as questions to measure more advanced financial knowledge related to financial market instruments (stocks, bonds, and mutual funds). We evaluate the importance of financial literacy by studying its relation to the stock market: Are more financially knowledgeable individuals more likely to hold stocks? To assess the direction of causality, we make use of questions measuring financial knowledge before investing in the stock market. We find that, while the understanding of basic economic concepts related to inflation and interest rate compounding is far from perfect, it outperforms the limited knowledge of stocks and bonds, the concept of risk diversification, and the working of financial markets. We also find that the measurement of financial literacy is very sensitive to the wording of survey questions. This provides additional evidence for limited financial knowledge. Finally, we report evidence of an independent effect of financial literacy on stock market participation: Those who have low financial literacy are significantly less likely to invest in stocks. JEL Classification: D91, G11, D80
We consider the advantages and disadvantages of stakeholder-oriented firms that are concerned with employees and suppliers as well as shareholders compared to shareholder-oriented firms. Societies with stakeholder-oriented firms have higher prices, lower output, and can have greater firm value than shareholder-oriented societies. In some circumstances, firms may voluntarily choose to be stakeholder-oriented because this increases their value. Consumers that prefer to buy from stakeholder firms can also enforce a stakeholder society. With globalization entry by stakeholder firms is relatively more attractive than entry by shareholder firms for all societies. JEL Classification: D02, D21, G34, L13, L21
We introduce a multivariate multiplicative error model which is driven by componentspecific observation driven dynamics as well as a common latent autoregressive factor. The model is designed to explicitly account for (information driven) common factor dynamics as well as idiosyncratic effects in the processes of high-frequency return volatilities, trade sizes and trading intensities. The model is estimated by simulated maximum likelihood using efficient importance sampling. Analyzing five minutes data from four liquid stocks traded at the New York Stock Exchange, we find that volatilities, volumes and intensities are driven by idiosyncratic dynamics as well as a highly persistent common factor capturing most causal relations and cross-dependencies between the individual variables. This confirms economic theory and suggests more parsimonious specifications of high-dimensional trading processes. It turns out that common shocks affect the return volatility and the trading volume rather than the trading intensity. JEL Classification: C15, C32, C52
Von einem, der auszog, das Alter zu erkunden : Ulrich Peter Ritters ganz persönliche "Alterspolitik"
(2007)
20 Bücher und mehr als 80 Aufsätze füllen Ulrich Peter Ritters Veröffentlichungsregister. Ab 1975 unterrichtete der gebürtige Essener am Fachbereich 02 der Johann Wolfgang Goethe-Universität als Professor für Hochschuldidaktik der Wirtschaftswissenschaften. Lehren für Studenten, die lehren lernen wollten, war damals en vogue. Und so gab Ritter im Wintersemester 1973/74 ein gut besuchtes Seminar für Tutoren sowie ein weniger frequentiertes Seminar zur Hochschuldidaktik für Hochschullehrer, wissenschaftliche Mitarbeiter und Studenten. Das war der Anfang seiner Karriere in Frankfurt. Eigentlich könnte der heute 72-Jährige nach 26 Jahren Lehre und Forschung eine Hände getrost in den Schoß legen. Mitnichten! Sein Ruhestand ist ein Unruhestand. Er, der zeit seines Lebens forschte und lehrte, lebt nun – gemeinsam mit seiner Frau Judy (71), einer Diplompädagogin und Organisationsberaterin – die Modelle seiner Forschung. ...
Das Foto auf der Homepage von Prof. Dr. Norman Davis zeigt einen verschmitzt lächelnden, weißbärtigen Mann. Die Brille hat er keck auf die Nasenspitze geschoben. Entspannt sitzt der US-amerikanische Neurobiologe im blaugrau gemusterten Poloshirt an seinem Mikroskop, das in der Division of Neurobiology an der University of Arizona in Tuscon steht. Davis ist dort Research Professor im Team von Prof. Dr. John Hildebrand. Früher war er Lehrstuhlinhaber an einer der renommierten Ostküsten-Unis. Doch ans Aufhören dachte er auch im hohen Alter nicht. Stattdessen erforscht er nun als ganz normales Teammitglied ohne Extravaganzen. ...
Keine Bevölkerungsgruppe wächst so schnell wie die Gruppe der über 80-jährigen, 2050 werden es in Deutschland voraussichtlich zehn Millionen Menschen sein. Ganz ähnlich wie in vielen anderen Ländern auf allen Kontinenten, mit Ausnahme von Afrika. Aber ist die Medizin auf diese unausweichliche Entwicklung vorbereitet? »Noch nicht,« sagt Privatdozent Dr. Rupert Püllen, Altersmediziner und Chefarzt der Medizinisch-Geriatrischen Klinik der Frankfurter Diakonie- Kliniken. »Die Geriatrie führt unter den vielfältigen medizinischen Fachdisziplinen noch immer ein Schattendasein. Es mangelt an ausgebildeten Altersmedizinern ebenso wie an verlässlichen wissenschaftlichen Daten, aus denen sich evidenzbasierte Behandlungsstrategien für diese Altersgruppe ableiten lassen.« ...
Als Sie vor über drei Jahren das Forum »Alterswissenschaften und Alterspolitik« ins Leben gerufen haben, wollten Sie eine fächerübergreifende Zusammenarbeit in der Altersforschung initiieren. Was ist daraus geworden? Zenz: Wir haben zunächst einmal mit der öffentlichen Vorstellung von Frankfurter Forschungsprojekten begonnen. Im Rahmen einer Vortragsreihe sind immer wieder Wissenschaftler aus unterschiedlichen Disziplinen zusammengekommen – aus Sportwissenschaft und Psychologie, Biologie und Hirnforschung, Ökonomie und Soziologie, Psychiatrie und Pädagogik. Dabei sind auch Fachhochschul- und Praxisprojekte einbezogen worden, um Beispiel vom Frankfurter Bürgerinstitut. Und immer haben wir Wert darauf gelegt, dass neben den etablierten Professoren der »wissenschaftliche Nachwuchs« zu Wort kam. ...