Household savings in Russia during the transition

Foley, Mark C.; & Pyle, William. (2005). Household savings in Russia during the transition. Middlebury College Economics Discussion Paper NO. 05-22.

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Foley, Mark C.; & Pyle, William. (2005). Household savings in Russia during the transition. Middlebury College Economics Discussion Paper NO. 05-22.

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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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Foley, Mark C.
Pyle, William

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2005

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Middlebury College Economics Discussion Paper NO. 05-22

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1075

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Household savings in Russia during the transition