Ownership Of Financial Assets Research Articles

Financial Literacy and Risk Protection During the Covid-19 Pandemic

AbstractThis study documents that competent access to financial markets can smooth consumption in the face of idiosyncratic income shocks. Using household-level data on financial literacy and financial resilience in Italy during the first phase of the Covid-19 pandemic, we find that financial literacy and financial asset ownership both influenced consumption changes in theoretically sensible ways. The results are robust in specifications controlling for several socio-demographic characteristics, saving choices, public transfers, and to different estimation methods.

Can financial literacy and asset ownership affect retirement planning? Insights from the Indonesian family life survey

Research aims: In today's world, financial literacy plays a crucial role in planning for retirement. This study, therefore, investigates the connection between financial knowledge, household asset ownership, and retirement planning.Design/Methodology/Approach: The study considered variables, such as education level, age, gender, marital status, and household location, using data from the Indonesian Family Life Survey (IFLS)-5 at the household level. This study used a sample of 18,627 households spread across 13 provinces in Indonesia to represent the relationship between the variables. The Logit estimation model then examined the impact of financial literacy and household asset ownership on retirement planning.Research findings: The results suggest that individuals with higher financial knowledge are better equipped to plan for their retirement needs. Furthermore, significant asset ownership is also positively linked to retirement planning, as it indicates that an individual is better prepared to face the challenges of old age. Theoretical contribution/Originality: This study contributes to the Life Cycle Hypothesis, which states that individuals will try to keep consumption patterns/needs expenditures and ensure that individual consumption trends remain consistent/constant.Practitioner/Policy implication: This research is expected to be useful as additional information for policy actors, practitioners, and academics in the financial sector to continue actively introducing and disseminating the importance of financial knowledge to the public. Thus, people have alternative and passive income in their old age that does not require working.Research limitation/Implication: The descriptive results found a reasonably large gap between households where there are households with no savings or assets at all. The discrepancy is expected to affect the outcomes of the research.

Deoffshorization of the Financial System of the Russian Federation: The Concept, Goals, and Current Directions of Implementation

The lack of a uniform, systematic and formalized approach to understanding the process of deoffshorization of the financial system in the Russian Federation, its goals, current state and development directions leads to a decrease in the effectiveness of countering the use of offshore companies and harms public interests. At the same time, the importance of deoffshorization measures cannot be underestimated: they can significantly increase budget revenues, «saturate» the economy with monetary (including credit and investment) resources, and make transparent the system of ownership of financial and non-financial assets in the territory of the Russian Federation and abroad. However, it has to be stated that deoffshorization as a public management and regulatory activity has not been systematically understood either in official state acts or in research sources to date. The purpose of this study is to research deoffshorization as a financial and legal category and an economic phenomenon, to form a scientific definition of the term «deoffshorization,» to determine its current goals and current directions of implementation. Analytical and comparative legal methods were used in the study. As a result, from the standpoint of the science of financial law, the author gives the definition of the term «deoffshorization,» highlights its main goals (countering the use of offshore companies for tax evasion; repatriation of monetary and non-monetary assets from abroad to the Russian jurisdiction; ensuring the attractiveness of using the national currency of the Russian Federation for the purpose of accumulation/preservation of capital) and the directions of their practical implementation: 1) adjustment of double taxation agreements, as well as implementation of an international initiative to establish a global minimum corporate tax; 2) redomicilation in the Russian Federation of foreign organizations controlled by Russian beneficiaries; 3) implementation of a set of measures to ensure a stable ruble exchange rate and its use in international trade.

Social Inequality of Russian Society in the Relationship of Investments, Household Inequality in Income, Expenditure and Consumption

The subject of the study is social inequality in Russian society, which determines the inequality of households in income, expenditure, consumption, ownership of financial assets and fulfillment of financial obligations, which requires the development of an effective state social policy to improve living standards, reduce inequality and poverty of Russian citizens. The objectives of the work are to identify the most socially vulnerable categories of the population on the basis of a sample survey of households and offer targeted social programs of state support. The study substantiates the need to strengthen the state's responsibility for the social inequality of Russian society and the adoption of economic measures to support socially vulnerable citizens. It is established that due to the lack of an adequate classification of the social hierarchy to date, the problem of social inequality and poverty is solved by supporting the most needy households in Russia. To do this, an analysis of the level and composition of available resources by socio-demographic type of households is carried out and a problematic category is identified, which currently includes large families. A gradation of households with financial difficulties in paying the payments set by them has been formed, mainly in terms of servicing consumer and mortgage loans. The measures proposed by the state to support households experiencing difficulties are given: an increase in the amount of social payments, primarily to families with children and wages for employees. The result of the social policy was a decrease in the number of poor Russian citizens. Conclusions are drawn about the need to reduce social inequality, which slows down economic growth and hinders the fight against poverty, by increasing the monetary incomes of the population, leading to a decrease in the number of citizens with incomes below the poverty line, as well as to improve citizens' personal assessment of their financial situation.

ІNCOMES AND EXPENSES OF THE RURAL POPULATION AND THEIR IMPACT ON THE STANDART OF LIVING

ІNCOMES AND EXPENSES OF THE RURAL POPULATION AND THEIR IMPACT ON THE STANDART OF LIVING

КРЕДИТНИЙ РИЗИК У СУЧАСНИХ УМОВАХ

The article carried out scientific research and investigated the problem of the correct interpretation of the concept of "credit risk". The norms of the current legislation of Ukraine regarding the definition of the concept of "credit risk (CR)", which is regulated as the amount of expected losses or damages (EL) for an asset as a result of the debtor’s (counterparty’s) default, have been analyzed. The concepts of "default" and "credit loss" are considered, the National Bank of Ukraine’s assessment of the credit portfolio due to the war is disclosed, the losses of which are estimated at the level of 30%, which poses a great threat to the banking sector. Changes to a number of regulatory documents regarding prudential credit risk assessment approaches have been analyzed: banks’ opportunities to apply simplified credit risk assessment procedures have been expanded; established temporary features of credit risk assessment to support banks in providing flexible conditions, socalled credit holidays, to borrowers in a period of uncertainty; an amendment was made to the Instruction on the Procedure for Regulating the Activities of Banks in Ukraine, which reduced the risk weight (RWA) from 150% to 100% for consumer unsecured loans. The restrictions on foreign currency exchange operations related to non-resident banks on the so-called "stop" conditions for the first group of the Foreign Currency Classifier to support the liquidity of banks have been substantiated. Innovations of the International Financial Reporting Standard IFRS (IFRS) were studied, which in the legal and economic context of the essence of credit risks provides for the concept of expected credit losses (which will always be greater than zero), which should reflect probable losses due to the ownership of financial assets. The means of reducing credit risks were analyzed, in particular, diversification: geographical and portfolio. Considering the specifics of credit risks, the specifics of credit transactions are substantiated. The criteria for assessing credit risks based on qualitative and quantitative analysis are revealed. It was concluded that the actual assessment of credit risks in financial terms is under the influence of credit risk on the financial results of business entities and banking institutions and the specifics of credit operations.

FOREIGN DIRECT INVESTMENT AND THE IMPACT ON EXPORTS AND GDP GROWTH. A BRIEF GLOBAL PERSPECTIVE

People have been moving from one area to another since ancient times in order to exchange products from one nation with those from another in order to obtain what was lacking in the nation where they resided. These were the first product-to-product trades, and the latter was placed into circulation on money as a product-to-product trade. These early types of commerce have evolved significantly, and they continue to do so now as capital flows from one country to another. This phenomenon, which has influenced worldwide economic growth and improved living standards, saw significant expansion in the twenty-first century in the form of loans used to fund economic development in many nations, as well as ownership of financial assets. In the present era, domestic capital is insufficient for countries to thrive and remain competitive in global markets. For emerging economies, foreign investments that enter the host country as debt or money are crucial financial resources. In this paper, we will discuss the data on the development of exports and FDI of 22 countries from around the world and analysed the evolution of FDI, GDP and exports over a period of 40 years to see trends and patterns of FDI and Exports and their contribution to the economic growth of countries. Broken up in groups, the paper will compare and assess certain countries/regions, grouping and pairing them with economies or countries of similar growth/stance. Corroborating this statistics with recent global events and based on the previous statistics, this paper will try to predict the future trends of FDI around the world.

Tea smallholder livelihood development in cijulang village

Sustainability Livelihoods Approach is an approach used to measure households’ attempts to sustain their livelihoods. One of the livelihoods currently facing problems is that of tea smallholders. Tea plantations managed individually by farmers are phenomena to be found in several districts in West Java, one of which is the District of Sukabumi. As tea plantation holders the farmers also have several other livelihoods. This research aims to determine the pattern of development of livelihoods of the tea smallholders’ household by asset. The weighting of each asset the SLA is carried out based on the geography of the research location. Data collection is conducted through in-depth interviews with pre-determined informants. As households whose livelihoods come from primary economic activities, natural asset ownership is highly important. Households with high natural asset are always followed by high financial asset ownership. Meanwhile, high physical asset is followed by advantageous human asset. This enables farmers to develop various economic activities in the village in order to sustain their tea plantation production. However, tea smallholders with low natural asset face difficulties in diversifying economic activities in the village. Based on these facts, the conclusion of this research shows that the sustainability of tea plantation highly relies on ownership of natural assets in the form of the size of the plantation area.

Recovery from Sexual Victimization: Toward Developing a Recovery Capital Framework

ABSTRACT There is a need for a comprehensive theoretical framework of recovery from sexual violence (SV) that acknowledges different domains of recovery resources, variability among survivors, and multiple recovery pathways. To achieve this aim, the present paper explored the concept of recovery capital. A comprehensive review of the SV recovery literature identified resources that were classified under four domains of recovery capital: individual (e.g., coping strategies, socioemotional skills, embodied resources), tangible (e.g., ownership of financial assets or access to familial financial support), social (e.g., social support; online support; prosocial behaviors, voluntary interaction with the offender; involvement in the criminal justice system), and cultural (e.g., rejection of societal “rape myths,” spirituality). This study extends the recovery literature by presenting an integrative framework to address SV recovery as a multifaceted phenomenon, and it underscores the importance of studying the intersectionality and lack of resources in recovery from SV. This framework also delineates recovery pathways and mechanisms that reside outside of the traditional treatment services, indicating a need to enact and integrate natural recovery resources. Thus, it both suggests new avenues for empirical research concerning recovery and enriches interventions based on strategies that survivors use to recover.

Joint and Individual Savings within Families: Evidence from Bank Accounts

Are savings evenly distributed and owned within families or do partners within families differ in their wealth? In this paper we investigated the ownership of financial assets within families and how joint savings affect the individual savings of the partners. We used anonymised monthly transactional data from ING Bank from 2014 to 2016 to observe financial data on Dutch couples. We found that savings were quite equally allocated in almost half of the households, while in the other half it was common that only one partner owned an individual account. The estimations showed that joint savings contributed to a more equal division of savings since they were held equally. However, we found larger differences in individual savings among partners who shared some savings, suggesting that the use of joint savings did not lead to individual savings being more evenly distributed, but rather to the opposite. The pattern was more apparent for households in their 20s and for savings accounts. The results of the study highlight the need for a better understanding of how partners make decisions about applying the sharing rule to joint and individual savings.

UNDERSTANDING THE FACTORS INFLUENCING BANKING CUSTOMERS’ FINANCIAL ASSET OWNERSHIP

The objective of this study is to evaluate the factors which influence banking customers' financial asset ownership. Using the pyramid of Maslahah framework, the study classifies the needs of banking customers into four levels: those for basic financial services (hajjiyat); for financial assets for security or as a precaution (darruriyat); for financial assets for investment (tahsiniyah); and those for financial assets for religious purposes. To answer the research questions, a binomial logistic model was applied and the primary data were collected using a questionnaire survey with 300 respondents in Indonesia. It was found that the pattern of ownership of financial assets follows the order proposed in the theory of the pyramid of Maslahah. The study also found that financial asset ownership for transaction needs was mainly influenced by the variables of income and credit and that ownership of such assets for security or precautionary needs was largely determined by life cycle variables. In addition, ownership for investment needs was strongly influenced by the level of education, and for religious needs it was mainly determined by income levels and life cycle variables. The study findings provide important information for mapping the financial needs of Islamic banking customers.

Influence Path Analysis of Rural Household Portfolio Selection: A Empirical Study Using Structural Equation Modelling Method

The frequency of incomplete portfolios consisting of a few risk-free assets is an important issue in household portfolio selection, and its cause has not yet been satisfactorily identified. Using data from the Shaanxi Province survey of rural residents’ financial assets in China, this paper validates the influence path model of household portfolios to understand the determinants of rural household’s ownership of risky financial assets. The structural equation modelling method is used to illustrate the complex relationship between household portfolio allocation and influencing factors. The results show that holding risky financial assets is directly determined by total financial assets, risky investment intentions and financial market knowledge. Ability, desire and awareness are all indispensable for holding risky financial assets, which can explain most of the incomplete participant problem. Household wealth, financial literacy, age and education have indirect influences along different paths through these three mediation variables. In addition, a second house is separated from real estate that only includes the residential house and defined investments. A path analysis also shows that real estate (residential house, home appliances and vehicles) does not have a significant effect on holding risky financial assets, while an investment house will crowd out and substitute financial assets and have a negative influence on holding risky financial assets. The findings could help explain the fairly simple and safe structure of the typical household portfolio in rural China and other undeveloped regions and may also have important policy implications for developing risky financial markets in similar regions.

The evolution of European economic institutions during the COVID-19 crisis.

This article argues that the incomplete economic and institutional integration of the euro area has exposed the monetary union to increasing economic divergence, which could be deepened by the COVID‐19 crisis. We discuss how monetary and fiscal measures implemented at the onset of the pandemic have contributed to mitigate the economic consequences of lockdowns, but provided limited insurance to narrow economic gaps across member countries. However, EU countries agreed on July 21, 2020 to develop, for the first time, countercyclical fiscal transfers financed by common debt issuance. We discuss the potential of this instrument to contribute to improve the resilience of the eurozone.

Women's Ownership and Access: Effects on Intra-Household Decisions

We examine the effect of women’s ownership of, and access to resources (economic autonomy) on their relative decision-making power in households using an Instrumental Variable/Fixed effects approach. Neighboring women’s exposure to different forms of media is utilized as a source of exogenous variation to identify this effect. While we find strong causal impacts of greater economic autonomy on their relative position in decision-making, there is evidence of a diminishing marginal effect of autonomy. Exploring the components of relative decision-making power and autonomy further, we suggest that sole ownership of financial assets rather than physical assets are the main drivers of economic autonomy for women, resulting in changes in their bargaining positions. These effects are highlighted for older women; unemployed women; women more educated than their husbands; and in rural areas. Our results are robust to a number of econometric concerns.

Financial Asset Ownership and Political Partisanship: Liberty Bonds and Republican Electoral Success in the 1920s

We analyze the effects of ownership of liberty bonds on election outcomes in the 1920s. We find that counties with higher liberty bond ownership rates turned against the Democratic Party in the presidential elections of 1920 and 1924. This was a reaction to the depreciation of the bonds prior to the 1920 election (when the Democrats held the presidency) and the appreciation of the bonds in the early 1920s (under a Republican president), as the Federal Reserve raised and then subsequently lowered interest rates. Our analysis suggests that the liberty bond campaigns had unintended political consequences.

Can household debt influence income inequality? Evidence from Britain: 1966–2016

The various processes of financialisation widen inequalities by increasing incomes for financial sector employees and shareholders, as well as affluent households who hold the concentrated ownership of financial assets. Although interest payments provide a flow of revenue from indebted households to financial institutions, the distributional consequences of such debt-based systems of financialisation remain an under-explored research area. As the financialisation of the British economy has been driven by the widespread adoption of private debt, this econometric analysis examined the effects of changes in household debt on income inequality in Britain between 1966 and 2016. These results demonstrate household debt increases the share of income captured at the top of the income distribution, while increasing inequality between the top and the middle of the income scale. Therefore, the mundane decision to take on household debt has significant distributional consequences, specifically entrenching pre-existing disparate social relations between affluent and less-affluent households in Britain.

PENGARUH BID ASK SPREAD, VARIANS RETURN, VOLUME PERDAGANGAN , DAN HARGA SAHAM TERHADAP HOLDING PERIOD SAHAM

The capital market or stock market is a container to bring together sellers and buyers of financial instruments with investment objectives. The existence of the capital market provides a role for various parties such as companies, investors, and even for the national economy. The correct information about the company's shares in the stock market is needed by investors as a decision to buy and sell shares and also for the decision to hold or release ownership of financial assets. The purpose of this study is to analyze and provide empirical evidence about the effect of bid ask spread, return variance, trading volume, and stock price on the holding period of shares in companies listed on the Indonesia Indonesia Stock Exchange which are categorized as LQ45 companies. The research sample was 45 samples in the form of companies listed on the Indonesia Indonesia Stock Exchange which included the LQ45 company category in 2017. Hypothesis testing was done by path analysis using SPSS version 22. The results of the study were bid ask spread, variance return, trading volume, and stock price does not affect the holding period.

Effects of Economic Inequality on Obesity

Studies in developed countries suggest a link between socioeconomic status with individual weights. In Ghana, the rate of reduction in poverty continues to decline as the gap in poverty between urban and rural areas increase. However, the impact of such an economic inequality on obesity in Ghana has not yet been studied. As such, the goal of the current study is to explain the link between poverty and obesity in Ghana. Data collected by the Ghana Statistical Service from a randomly selected participants (N = 12,328) from a nationwide household survey (GLSS7) designed to generate information on living conditions in Ghana were used for the analyses. The GLSS7 collected detailed information from households, including their socioeconomic characteristics, health, access to financial services and asset ownership. Bivariate probit model was used to estimate the impact of poverty on participants' weight measured by BMI. Our results suggest a strong negative relationship between poverty and overweight/obesity (p<0.00). The variables that cause obesity and poverty were found to be inter-linked. In addition, the impact of poverty on obesity varied among different weight groups mediated by different socioeconomic factors. Different policies should be targeted at the poor and rich segments of the society when formulating policies that aim to reduce obesity. Funding Statement: The authors state: No funding was received to support the writing of this paper. Declaration of Interests: The authors declare they have no competing or conflicting interests. Ethics Approval Statement: The authors declare: Ethical approval was not required for this work as no new empirical data were collected.

FINANCIAL MANAGEMENT AND ASSETS OWNERSHIP TOWARD SUBJECTIVE WELL-BEING ON ENTREPRENEURIAL FAMILY

This study aims to analyze the effect of financial management and asset ownership on subjective well-being on entrepreneurial families. This research was conducted on 90 families who had a business in Babakan Village, Dramaga District, Bogor Regency. The sampling method was using the purposive technique. Respondents in this study are husband or wife who owns and manage their business. Data analyzed descriptively and inferential statistics using multiple linear regression test. According to the research, entrepreneurial families have a low financial management index. Most families have assets at least three types. The level of subjective well-being of the entrepreneurial family is classified as moderate. Income and financial management have a significant positive effect on the subjective well-being of families. Asset ownership does not have a significant effect on subjective family well-being.

Traumatic Life Events and Financial Risk-Taking: The Enduring Impact of Hunger

Do traumatic past life events - such as experiencing hunger - influence financial risk-taking in older age and what is the mechanism underlying this link? To answer these questions, we use micro data from 13 European countries and investigate the decision to own risky financial assets, defined both narrowly (i.e., consisting of stocks, mutual funds and IRAs) and more widely (i.e., including whole life insurance). We address the potential endogeneity of food deprivation episodes by employing non-parametric partial identification methods that bound its causal effect on the ownership of risky financial assets while making very weak assumptions. We find that experiencing hunger has a decidedly negative effect on owning risky assets. When investigating the mechanism behind these findings, we find a significant adverse causal impact of hunger on one’s willingness to take financial risks.