Implications of financial market imperfections for wealth and debt accumulation in the household sector

金融市场不完善对家庭部门财富和债务积累的影响

• 批准号: 202633940
• 负责人: Professor Michael Haliassos, Ph.D.
• 金额: --
• 依托单位: School of Social Sciences
• 依托单位国家: 德国
• 项目类别: Priority Programmes
• 财政年份: 2012
• 资助国家: 德国
• 起止时间: 2011-12-31 至 2017-12-31
• 项目状态: 已结题
• 来源: https://gepris.dfg.de/gepris/projekt/202633940?language=en
• 关键词: Implications; financial; market; imperfections; wealth

Our goal is to shed light on the role of limited information and social interactions for asset and debt accumulation in the household sector. The recent financial crisis is a vivid example of how limited information and knowledge about financial products, and multiplicative effects through social interactions can spread suboptimal practices. In the first phase, we pursued three questions. The first studied the effect of social interactions on the tendency of households to borrow and run into financial distress. The second focused on the role of previous familiarity with a financial instrument in asset and debt participation. The third focused on cultural predispositions in household financial behavior and on how exposure to common (or exogenously harmonized) institutions could contribute to harmonization of financial practices. In the proposed extension to the project, we plan to undertake three papers. One will focus on how social interactions can shape household expectations and ultimately financial behavior with emphasis on mortgage debt. This will involve addition of a module to a pioneering Hybrid Data Set on household finances undertaken by the Center SAFE. The second will examine the effects on household financial behavior of interacting with more financially literate neighbors. We will exploit a unique Swedish field experiment that makes allocation to a neighborhood exogenous and thus not subject to the thorny econometric problem of endogenous neighborhood selection. The third paper will focus on stock trading behavior of households and on the extent to which this is influenced by transactions/opportunity costs versus inattention/information costs. It will use unique administrative data from a widely-based German commercial bank and will shed light on the role of imperfections that can be important for the liquidity and stability of financial markets.

我们的目标是阐明有限的信息和社会互动对家庭部门资产和债务积累的作用。最近的金融危机是一个生动的例子，说明有关金融产品的有限信息和知识，以及通过社会互动产生的乘数效应，可以传播不太理想的做法。在第一阶段，我们提出了三个问题。首先，研究了社会互动对家庭借贷和陷入财务困境的倾向的影响。第二个重点是先前对金融工具的熟悉在资产和债务参与中的作用。第三个重点是家庭金融行为中的文化倾向，以及对共同(或外部协调的)机构的风险敞口如何有助于协调金融做法。在这项计划的拟议扩展部分，我们计划进行三项研究。其中一个重点是社会互动如何影响家庭预期，并最终影响金融行为，重点是抵押贷款债务。这将涉及在由外管局中心承担的关于家庭财务的开创性混合数据集中增加一个模块。第二项研究将考察与更懂金融知识的邻居互动对家庭财务行为的影响。我们将利用一个独特的瑞典实地实验，使分配给一个社区的外生性，从而不受内生社区选择的棘手计量经济学问题的影响。第三篇论文将侧重于家庭的股票交易行为，以及交易/机会成本与注意力/信息成本对这一行为的影响程度。它将使用来自一家总部广泛的德国商业银行的独特管理数据，并将阐明缺陷的作用，这些缺陷可能对金融市场的流动性和稳定性至关重要。