We analyse the link between the presence of female managers and the size of the firm-level gender pay gap. We look separately at the private and public sector, basing on a large linked employer-employee dataset for Poland. Using a non-parametric and parametric decompositions, we find that higher presence of female managers is associated with more pay advantage towards women in selected types of public sector units: the ones in which remunerations of women and men are already equal, and a large share of the workforce is tertiary-educated. The effects are, however, relatively small in size. In private establishments, lower gender wage inequality is associated with higher shares of female workers, but not female managers.
{"title":"Do Female Managers Help to Lower Within-Firm Gender Pay Gaps? Public Institutions vs. Private Enterprises","authors":"I. Magda, Ewa Cukrowska�?Torzewska","doi":"10.2139/ssrn.3318800","DOIUrl":"https://doi.org/10.2139/ssrn.3318800","url":null,"abstract":"We analyse the link between the presence of female managers and the size of the firm-level gender pay gap. We look separately at the private and public sector, basing on a large linked employer-employee dataset for Poland. Using a non-parametric and parametric decompositions, we find that higher presence of female managers is associated with more pay advantage towards women in selected types of public sector units: the ones in which remunerations of women and men are already equal, and a large share of the workforce is tertiary-educated. The effects are, however, relatively small in size. In private establishments, lower gender wage inequality is associated with higher shares of female workers, but not female managers.","PeriodicalId":111949,"journal":{"name":"Econometric Modeling: Microeconometric Models of Household Behavior eJournal","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132710719","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The concentration of women in the teaching profession is widely noted and generally attributed to gender differences in preferences and social roles. Further, gender segregation exists within this profession – women make up almost all of the primary and pre-primary teaching cohorts, while men who choose to become teachers tend to specialise in secondary schooling and administrative roles. To what extent is this gender structure in teaching a response to economic incentives from the labour market? Our research addresses this question by studying the effects of wage structure on the decision to become a teacher. In particular, we ask what the most attractive choice is for a graduate given the wage structure of the previous graduate cohort. We show that the labour market, especially the relative returns to education across occupations for men and women, can explain these vocational choices in the Australian context. Women with bachelor qualifications receive higher returns as teachers, while men with bachelor qualifications receive higher returns in other occupations. In contrast, while both men and women with postgraduate qualifications earn higher returns in other occupations, the difference is consistently smaller for women than men. Women face a lower opportunity cost for becoming a teacher compared to men. A more balanced gender representation among teachers seems unlikely given the existing structure of returns to education, by gender, across professions.
{"title":"Teaching, Gender and Labour Market Incentives","authors":"David R. Carroll, Jaai Parasnis, M. Tani","doi":"10.2139/ssrn.3318801","DOIUrl":"https://doi.org/10.2139/ssrn.3318801","url":null,"abstract":"The concentration of women in the teaching profession is widely noted and generally attributed to gender differences in preferences and social roles. Further, gender segregation exists within this profession – women make up almost all of the primary and pre-primary teaching cohorts, while men who choose to become teachers tend to specialise in secondary schooling and administrative roles. To what extent is this gender structure in teaching a response to economic incentives from the labour market? Our research addresses this question by studying the effects of wage structure on the decision to become a teacher. In particular, we ask what the most attractive choice is for a graduate given the wage structure of the previous graduate cohort. We show that the labour market, especially the relative returns to education across occupations for men and women, can explain these vocational choices in the Australian context. Women with bachelor qualifications receive higher returns as teachers, while men with bachelor qualifications receive higher returns in other occupations. In contrast, while both men and women with postgraduate qualifications earn higher returns in other occupations, the difference is consistently smaller for women than men. Women face a lower opportunity cost for becoming a teacher compared to men. A more balanced gender representation among teachers seems unlikely given the existing structure of returns to education, by gender, across professions.","PeriodicalId":111949,"journal":{"name":"Econometric Modeling: Microeconometric Models of Household Behavior eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129251149","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
A key question in labor market research is how the unemployment insurance system affects unemployment rates and labor market dynamics. We revisit this old question studying the German Hartz reforms. On average, lower separation rates explain 76% of declining unemployment after the reform, a fact unexplained by existing research focusing on job finding rates. The reduction in separation rates is heterogeneous, with long-term employed, high-wage workers being most affected. We causally link our empirical findings to the reduction in long-term unemployment benefits using a heterogeneous-agent labor market search model. Absent the reform, unemployment rates would be 50% higher today.
{"title":"What Hides Behind the German Labor Market Miracle? Unemployment Insurance Reforms and Labor Market Dynamics","authors":"Benjamin Hartung, Philip Jung, M. Kuhn","doi":"10.2139/ssrn.3301769","DOIUrl":"https://doi.org/10.2139/ssrn.3301769","url":null,"abstract":"A key question in labor market research is how the unemployment insurance system affects unemployment rates and labor market dynamics. We revisit this old question studying the German Hartz reforms. On average, lower separation rates explain 76% of declining unemployment after the reform, a fact unexplained by existing research focusing on job finding rates. The reduction in separation rates is heterogeneous, with long-term employed, high-wage workers being most affected. We causally link our empirical findings to the reduction in long-term unemployment benefits using a heterogeneous-agent labor market search model. Absent the reform, unemployment rates would be 50% higher today.","PeriodicalId":111949,"journal":{"name":"Econometric Modeling: Microeconometric Models of Household Behavior eJournal","volume":"25 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131315716","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
M. Bratti, Corinna Ghirelli, E. Havari, Giulia Santangelo
This paper evaluates the impact of a vocational training programme on the labour market outcomes of unemployed youth in Latvia. The programme is part of the Youth Guarantee scheme for the period 2014-2020, the largest action launched by the European Union to reduce youth unemployment rate and to support young people aged between 15 and 29 who are not in education, employment or training (NEETs). To estimate the causal effect of participating in the programme on the employment outcomes, we exploit a rule that gives priority for participation to unemployed people under the age of 25 using a fuzzy Regression Discontinuity Design setup. The estimated effects of the programme on the probability of being employed and monthly income up to 3.5 years after registering in the programme are positive but not statistically significant, although we find a strong positive effect of the priority rule on programme participation. This is the first evidence on the impact of a programme within the current Youth Guarantee scheme in Europe and our findings are in line with those from the literature on the evaluation of active labour market policies targeting youth.
{"title":"Vocational Training for Unemployed Youth in Latvia: Evidence from a Regression Discontinuity Design","authors":"M. Bratti, Corinna Ghirelli, E. Havari, Giulia Santangelo","doi":"10.2139/ssrn.3273709","DOIUrl":"https://doi.org/10.2139/ssrn.3273709","url":null,"abstract":"This paper evaluates the impact of a vocational training programme on the labour market outcomes of unemployed youth in Latvia. The programme is part of the Youth Guarantee scheme for the period 2014-2020, the largest action launched by the European Union to reduce youth unemployment rate and to support young people aged between 15 and 29 who are not in education, employment or training (NEETs). To estimate the causal effect of participating in the programme on the employment outcomes, we exploit a rule that gives priority for participation to unemployed people under the age of 25 using a fuzzy Regression Discontinuity Design setup. The estimated effects of the programme on the probability of being employed and monthly income up to 3.5 years after registering in the programme are positive but not statistically significant, although we find a strong positive effect of the priority rule on programme participation. This is the first evidence on the impact of a programme within the current Youth Guarantee scheme in Europe and our findings are in line with those from the literature on the evaluation of active labour market policies targeting youth.","PeriodicalId":111949,"journal":{"name":"Econometric Modeling: Microeconometric Models of Household Behavior eJournal","volume":"66 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-10-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125564054","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Parental leave policies across the globe have become much more generous than they used to be. This is also true for prenatal maternal leave. While this may be costly in the short run, little is known about the effect of maternal employment during pregnancy on newborn health. In this paper, I exploit three sharp policy changes on the duration of paid parental leave in Austria that strongly affected the share of mothers who work up to the 32nd week of pregnancy. I use administrative data from Austria on the working history of women linked to the full Austrian birth register and coupled with a regression discontinuity framework to identify the effect of prenatal employment on their offspring. Maternal employment during pregnancy with the second child reacts strongly to these policy changes. The share of employed mothers sharply declined in 1990 by 19.1 percentage points, increased in 1996 by 7.2 percentage points and declined again by 6.4 percentage points in 2000. None of these changes in prenatal employment translated into effects on newborn health measured via birth weight, gestational length, and Apgar scores. This result holds true for mothers of different socioeconomic backgrounds and across industries. The effect is precisely estimated, which suggests that prenatal employment prior to the 32nd week of pregnancy does not causally affect the fetus for measures visible at birth.
{"title":"Womb at Work: The Missing Impact of Maternal Employment on Newborn Health","authors":"Caroline Chuard","doi":"10.2139/ssrn.3262796","DOIUrl":"https://doi.org/10.2139/ssrn.3262796","url":null,"abstract":"Parental leave policies across the globe have become much more generous than they used to be. This is also true for prenatal maternal leave. While this may be costly in the short run, little is known about the effect of maternal employment during pregnancy on newborn health. In this paper, I exploit three sharp policy changes on the duration of paid parental leave in Austria that strongly affected the share of mothers who work up to the 32nd week of pregnancy. I use administrative data from Austria on the working history of women linked to the full Austrian birth register and coupled with a regression discontinuity framework to identify the effect of prenatal employment on their offspring. Maternal employment during pregnancy with the second child reacts strongly to these policy changes. The share of employed mothers sharply declined in 1990 by 19.1 percentage points, increased in 1996 by 7.2 percentage points and declined again by 6.4 percentage points in 2000. None of these changes in prenatal employment translated into effects on newborn health measured via birth weight, gestational length, and Apgar scores. This result holds true for mothers of different socioeconomic backgrounds and across industries. The effect is precisely estimated, which suggests that prenatal employment prior to the 32nd week of pregnancy does not causally affect the fetus for measures visible at birth.","PeriodicalId":111949,"journal":{"name":"Econometric Modeling: Microeconometric Models of Household Behavior eJournal","volume":"255 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123680747","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper explores whether fear and safety concerns have an impact on behavior such as female labor supply in a developing country context. The effect of media reported physical and sexual assaults on urban women's labor force participation in India is investigated by combining nationally representative cross-sectional microeconomic surveys carried out between 2009 and 2012 with a novel geographically referenced data source on media reports of assaults. I find that a σ increase in lagged sexual assault reports within one's own district reduces the probability that a woman is employed outside her home by 0.44 percentage points (or 3.6% of the sample average). I find this effect despite ruling out several sources of unobserved heterogeneity. This effect is also robust to a number of sensitivity checks. Consistent with a model in which women make investments to overcome fear in the presence of economic incentives, I find that the effect of local violence on labor supply is weaker among women from poorer households. I also find this effect to be weaker among high caste Hindu women, but strong among Muslim women.
{"title":"Violence and Female Labor Supply","authors":"Zahra Siddique","doi":"10.2139/ssrn.3273713","DOIUrl":"https://doi.org/10.2139/ssrn.3273713","url":null,"abstract":"This paper explores whether fear and safety concerns have an impact on behavior such as female labor supply in a developing country context. The effect of media reported physical and sexual assaults on urban women's labor force participation in India is investigated by combining nationally representative cross-sectional microeconomic surveys carried out between 2009 and 2012 with a novel geographically referenced data source on media reports of assaults. I find that a σ increase in lagged sexual assault reports within one's own district reduces the probability that a woman is employed outside her home by 0.44 percentage points (or 3.6% of the sample average). I find this effect despite ruling out several sources of unobserved heterogeneity. This effect is also robust to a number of sensitivity checks. Consistent with a model in which women make investments to overcome fear in the presence of economic incentives, I find that the effect of local violence on labor supply is weaker among women from poorer households. I also find this effect to be weaker among high caste Hindu women, but strong among Muslim women.","PeriodicalId":111949,"journal":{"name":"Econometric Modeling: Microeconometric Models of Household Behavior eJournal","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128522491","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper provides revealed preference estimates of the monetary value to workers of a lower unemployment rate at the time of job separation. By examining the decision between reenlisting and exiting the military, we find that service members would sacrifice 1.5–2 percent in earnings to avoid a 1 percentage point increase in the home-state unemployment rate during job search. Comparing these quantities to realized earnings losses for those who separate suggests that the value of nonwork time and other factors (e.g., private and public transfers) offset less than one-third of the earnings losses caused by exiting the military into a weak labor market. (JEL E24, E32, J31, J45, J64)
{"title":"Paying to Avoid Recession: Using Reenlistment to Estimate the Cost of Unemployment","authors":"Mark Borgschulte, Paco Martorell","doi":"10.1257/APP.20160257","DOIUrl":"https://doi.org/10.1257/APP.20160257","url":null,"abstract":"This paper provides revealed preference estimates of the monetary value to workers of a lower unemployment rate at the time of job separation. By examining the decision between reenlisting and exiting the military, we find that service members would sacrifice 1.5–2 percent in earnings to avoid a 1 percentage point increase in the home-state unemployment rate during job search. Comparing these quantities to realized earnings losses for those who separate suggests that the value of nonwork time and other factors (e.g., private and public transfers) offset less than one-third of the earnings losses caused by exiting the military into a weak labor market. (JEL E24, E32, J31, J45, J64)","PeriodicalId":111949,"journal":{"name":"Econometric Modeling: Microeconometric Models of Household Behavior eJournal","volume":"231 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128604124","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract This paper examines peer effects in consumption in context of a less developed country. Specifically, the question that I seek to answer is whether consumption expenditure of a household is influenced by that of its peers in a less developed country. To examine this question, I use newly available household level data from India. I define a household’s peer group as other households living in its village/neighborhood. In assessing the influences of peers in this context, there are two key empirical challenges including shared group-level unobservables, and simultaneity of peer influences. I address these issues by using an instrumental variables/fixed effects approach that compares households in the same district but different villages/neighborhoods who are thus exposed to different sets of peers. In particular, I use plausibly exogenous variation in idiosyncratic expenditure shocks – which are accidental and negative in nature – faced by peers as instruments for peers’ consumption expenditure. Preferred specification suggests that a one standard deviation increase in average consumption expenditure of a household’s peers causes the household’s own consumption expenditure to increase by 0.42 standard deviations. Falsification tests and robustness checks support the validity of my results. My findings suggest that policies that influence a household’s consumption will also affect the consumption of the household’s peers through social interactions. This implies traditional analyses of consumption intervention programs that do not take into account such spillover effects will understate the total social impact of the programs, and hence lead to inaccurate evaluation of cost-effectiveness of such programs.
{"title":"Peer Effects in Consumption in India: An Instrumental Variables Approach Using Negative Idiosyncratic Shocks","authors":"Punarjit Roychowdhury","doi":"10.2139/ssrn.3200841","DOIUrl":"https://doi.org/10.2139/ssrn.3200841","url":null,"abstract":"Abstract This paper examines peer effects in consumption in context of a less developed country. Specifically, the question that I seek to answer is whether consumption expenditure of a household is influenced by that of its peers in a less developed country. To examine this question, I use newly available household level data from India. I define a household’s peer group as other households living in its village/neighborhood. In assessing the influences of peers in this context, there are two key empirical challenges including shared group-level unobservables, and simultaneity of peer influences. I address these issues by using an instrumental variables/fixed effects approach that compares households in the same district but different villages/neighborhoods who are thus exposed to different sets of peers. In particular, I use plausibly exogenous variation in idiosyncratic expenditure shocks – which are accidental and negative in nature – faced by peers as instruments for peers’ consumption expenditure. Preferred specification suggests that a one standard deviation increase in average consumption expenditure of a household’s peers causes the household’s own consumption expenditure to increase by 0.42 standard deviations. Falsification tests and robustness checks support the validity of my results. My findings suggest that policies that influence a household’s consumption will also affect the consumption of the household’s peers through social interactions. This implies traditional analyses of consumption intervention programs that do not take into account such spillover effects will understate the total social impact of the programs, and hence lead to inaccurate evaluation of cost-effectiveness of such programs.","PeriodicalId":111949,"journal":{"name":"Econometric Modeling: Microeconometric Models of Household Behavior eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-06-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116911656","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper examines whether effects of labor demand shocks on housing prices vary across time and space. Using data on 321 US metropolitan statistical areas, we estimate the medium- and long-run effects of increases in metropolitan statistical area-level employment and total labor income on housing prices. Instrumental variable estimates for different time periods, and also for coastal, non-coastal, large, and small metropolitan statistical areas are obtained using the shift-share instrument. Results suggest that labor demand shocks have positive effects on housing prices. However, these effects appear to vary across time periods and across different types of metropolitan statistical areas.
{"title":"Labor Demand Shocks and Housing Prices Across the Us: Does One Size Fit All?","authors":"Michael J. Osei, John V. Winters","doi":"10.2139/ssrn.3209733","DOIUrl":"https://doi.org/10.2139/ssrn.3209733","url":null,"abstract":"This paper examines whether effects of labor demand shocks on housing prices vary across time and space. Using data on 321 US metropolitan statistical areas, we estimate the medium- and long-run effects of increases in metropolitan statistical area-level employment and total labor income on housing prices. Instrumental variable estimates for different time periods, and also for coastal, non-coastal, large, and small metropolitan statistical areas are obtained using the shift-share instrument. Results suggest that labor demand shocks have positive effects on housing prices. However, these effects appear to vary across time periods and across different types of metropolitan statistical areas.","PeriodicalId":111949,"journal":{"name":"Econometric Modeling: Microeconometric Models of Household Behavior eJournal","volume":"46 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124641892","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Korean Abstract: 가계는 재무목표를 달성하기 위하여 다양한 재무행동을 수행하고 각기 다른 포트폴리오를 보유한다. 구체적이고 장기적인 재무목표는 바람직한 재무적 의사결정의 토대가 된다는 점에서 심층적인 연구가 필요한 분야이다. 본 연구에서는 재무목표를 ‘가계의 재무적 안정과 성장을 위한 재무설계 및 재무행동의 기준’으로 정의하고, 가계가 재무목표를 어떻게 설정하고 있는지를 검토하는 한편 가계 재무상태 평가지표를 활용하여 재무목표의 적절성을 규명함으로써 바람직한 재무목표 설정에 유의미한 시사점을 제공하고자 하였다. 연구결과 첫째, 재무목표 적절성 평가를 위해 각 재무상태 평가지표의 충족여부와 재무목표 설정여부에 따라 가계를 4가지 유형으로 구분했을 때, ‘충분한 노후자금 마련’과 ‘계획적 부채상환’ 외 나머지 유형에서는 재무목표를 설정하지 않은 가계의 비중이 높게 나타났다. 이는 가계 재무목표를 적절하게 설정하지 못한 가계가 상당함을 의미한다. 둘째, 가계의 재무목표 설정에 있어 소득․지출 평가와 정기적 저축여부 등의 재무행동이 유의한 변수로 나타났다. 재무목표를 달성하기 위해서는 기본적으로 가계수지를 충족하고 미래를 위한 준비가 필요하다는 점에서 지출관리행동과 저축행동을 바탕으로 재무적 안정과 성장을 갖춰나가는 가계의 노력이 필요하다고 할 수 있다. 본 연구를 통해 가계의 특성을 고려한 재무목표를 설정하고 체계적인 재무설계와 재무행동을 유도하고 재무적 안정과 성장을 달성하는 재무 포트폴리오 구성을 위한 재무교육의 중요성이 강조될 수 있다. 금융기관에서는 가계의 다양한 재무목표를 고려하여 이를 달성할 수 있도록 돕는 금융상품을 제공하고, 학계 및 실무에서는 가계가 설정한 재무목표에 맞는 재무교육을 시행하는 데 참고자료로 활용할 수 있을 것이다. English Abstract: Households carry out a variety of financial actions and hold different portfolios to achieve their financial goals. Therefore, the financial goal setting of the household warrants further study because it is the basis for financial decision making. In this study, we defined financial goals as "financial planning and financial behavior standards for financial stability and growth of households" and examine how households set financial goals for financial stability and growth. The purpose of this study was to identify the appropriateness of financial targets by using condition indicators and providing significant implications for setting desirable financial targets. The study results are as follows. First, to evaluate the appropriateness of financial objectives, households were classified into four types according to the satisfaction of each financial condition index and financial goal setting. In the other types, except for 'sufficient retirement funding' and 'planned debt repayment,' households that do not set financial targets have a high share, indicating that households that fail to set appropriate household financial targets are significant. Second, financial variables such as income and expenditure evaluation and regular saving were significant in setting financial targets of households. Households need to ensure financial stability and growth based on expenditure management behavior and to follow saving behavior to meet the household balance and prepare for the future. This study emphasizes the importance of financial education capable of establishing financial goals with consideration for household characteristics, systematic financial design, inducing financial behavior, and constructing a financial portfolio that achieves financial stability and growth. Financial institutions will be able to plan and launch financial products to help households achieve various financial goals and to utilize them as reference materials for financial education by the financial goals.
Korean Abstract:家庭为了达到财务目标，执行多样的财务行动，拥有各自不同的有价证券组合。具体而长期的财务目标可以成为理想的财务决策基础，因此是需要进行深层研究的领域。本研究中对“家庭财务目标的财务稳定和成长为财务设计和财务行动的标准”,家庭财务目标定义为讨论如何配置正在利用评价指标的同时,家庭财务状况,查明财务目标的适当性,良好的财务目标设定对那些欲提供意义的启示。研究结果为第一,财务目标适当性评估评价指标是否满足各财务状况和财务目标设定是否按照家庭分为4种类型时,“制定充分的养老资金”和“有计划的负债偿还”外,其余类型未在财务目标的家庭的比重出现了。这意味着没有适当设定家庭财务目标的家庭相当多。第二，在设定家庭财务目标时，收入、支出评价和是否定期储蓄等财务行为是值得注意的变数。要想实现财务目标，基本上需要满足家庭收支，并为未来做准备。从这一点看，家庭需要以支出管理行动和储蓄行动为基础，努力实现财务上的稳定和增长。通过本研究，可以强调财务教育的重要性，以设定考虑家庭特性的财务目标，引导系统的财务设计和财务行动，实现财务上的稳定和成长。金融机关将考虑到家庭的多种财务目标，提供帮助其实现的金融商品，学界及实务则可以作为实施符合家庭设定的财务目标的财务教育的参考资料使用。英语Abstract: Households carry out a variety of financial actions and hold different portfolios to achieve their financial goals。Therefore, the financial goal setting of the household warrants further study because it is the basis for financial decision making。in this study,我们defined financial goals as "financial planning and financial behavior standards for financial stability and growth of households" and examine how households set financial goals for financialstability and growth。The purpose of this study was to identify The appropriateness of financial targets by using condition indicators and providing significant implications for setting desirable financial targets。The study results are as follows。First, to evaluate the appropriateness of financial objectives, households were classified into four types according to the satisfaction of each financial condition index and financial goal setting。In the other types, except for 'sufficient retirement funding' and 'planned debt repayment ' households that do not set financial targets have a high share，indicating that households that fail to set appropriate household financial targets are significant。Second, financial variables such as income and expenditure evaluation and regular saving were significant in setting financial targets of households。Households need to ensure financial stability and growth based on expenditure management behavior and to follow saving behavior to meet the household balance and prepare for the future。This study emphasizes the importance of financial education capable of establishing financial goals with consideration for household characteristics, systematic financial design，inducing financial behavior, and constructing a financial portfolio that achieves financial stability and growth。金融institutions will be able to plan and launch Financial products to help households achieve various Financial goals and to utilize them reference materials for Financial education by thefinancial goals。
{"title":"가계 재무목표 설정의 적절성에 관한 연구 - 가계재무상태 평가지표의 활용 (The Appropriateness of Household Financial Goal Setting)","authors":"Ji Yun Lee, Minjung Kim, Hyuncha Choe","doi":"10.2139/ssrn.3204141","DOIUrl":"https://doi.org/10.2139/ssrn.3204141","url":null,"abstract":"<b>Korean Abstract:</b> 가계는 재무목표를 달성하기 위하여 다양한 재무행동을 수행하고 각기 다른 포트폴리오를 보유한다. 구체적이고 장기적인 재무목표는 바람직한 재무적 의사결정의 토대가 된다는 점에서 심층적인 연구가 필요한 분야이다. 본 연구에서는 재무목표를 ‘가계의 재무적 안정과 성장을 위한 재무설계 및 재무행동의 기준’으로 정의하고, 가계가 재무목표를 어떻게 설정하고 있는지를 검토하는 한편 가계 재무상태 평가지표를 활용하여 재무목표의 적절성을 규명함으로써 바람직한 재무목표 설정에 유의미한 시사점을 제공하고자 하였다. 연구결과 첫째, 재무목표 적절성 평가를 위해 각 재무상태 평가지표의 충족여부와 재무목표 설정여부에 따라 가계를 4가지 유형으로 구분했을 때, ‘충분한 노후자금 마련’과 ‘계획적 부채상환’ 외 나머지 유형에서는 재무목표를 설정하지 않은 가계의 비중이 높게 나타났다. 이는 가계 재무목표를 적절하게 설정하지 못한 가계가 상당함을 의미한다. 둘째, 가계의 재무목표 설정에 있어 소득․지출 평가와 정기적 저축여부 등의 재무행동이 유의한 변수로 나타났다. 재무목표를 달성하기 위해서는 기본적으로 가계수지를 충족하고 미래를 위한 준비가 필요하다는 점에서 지출관리행동과 저축행동을 바탕으로 재무적 안정과 성장을 갖춰나가는 가계의 노력이 필요하다고 할 수 있다. 본 연구를 통해 가계의 특성을 고려한 재무목표를 설정하고 체계적인 재무설계와 재무행동을 유도하고 재무적 안정과 성장을 달성하는 재무 포트폴리오 구성을 위한 재무교육의 중요성이 강조될 수 있다. 금융기관에서는 가계의 다양한 재무목표를 고려하여 이를 달성할 수 있도록 돕는 금융상품을 제공하고, 학계 및 실무에서는 가계가 설정한 재무목표에 맞는 재무교육을 시행하는 데 참고자료로 활용할 수 있을 것이다. <b>English Abstract:</b> Households carry out a variety of financial actions and hold different portfolios to achieve their financial goals. Therefore, the financial goal setting of the household warrants further study because it is the basis for financial decision making. In this study, we defined financial goals as \"financial planning and financial behavior standards for financial stability and growth of households\" and examine how households set financial goals for financial stability and growth. The purpose of this study was to identify the appropriateness of financial targets by using condition indicators and providing significant implications for setting desirable financial targets. The study results are as follows. First, to evaluate the appropriateness of financial objectives, households were classified into four types according to the satisfaction of each financial condition index and financial goal setting. In the other types, except for 'sufficient retirement funding' and 'planned debt repayment,' households that do not set financial targets have a high share, indicating that households that fail to set appropriate household financial targets are significant. Second, financial variables such as income and expenditure evaluation and regular saving were significant in setting financial targets of households. Households need to ensure financial stability and growth based on expenditure management behavior and to follow saving behavior to meet the household balance and prepare for the future. This study emphasizes the importance of financial education capable of establishing financial goals with consideration for household characteristics, systematic financial design, inducing financial behavior, and constructing a financial portfolio that achieves financial stability and growth. Financial institutions will be able to plan and launch financial products to help households achieve various financial goals and to utilize them as reference materials for financial education by the financial goals.","PeriodicalId":111949,"journal":{"name":"Econometric Modeling: Microeconometric Models of Household Behavior eJournal","volume":"33 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132610573","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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