Regional Economics: Theory and Practice

Adapting households to the effects of negative macroeconomic shocks: Saving without savings

Vol. 15, Iss. 11, NOVEMBER 2017

Received: 29 August 2017

Received in revised form: 22 September 2017

Accepted: 18 October 2017

Available online: 15 November 2017


JEL Classification: E21, E63, O11, P46

Pages: 2052–2069

Murav'ev S.R. Russian Presidential Academy of National Economy and Public Administration (RANEPA), Astrakhan Branch, Astrakhan, Russian Federation

Pek T.N. Russian Presidential Academy of National Economy and Public Administration (RANEPA), Astrakhan Branch, Astrakhan, Russian Federation

Subject This article deals with the issues of consumption and saving behavior patterns of Russian households in terms of their response to the effects of negative macroeconomic shocks.
Objectives The article aims to provide a study into the consumer and financial behavior of households in order to identify the factors of relative growth in savings and assess the mechanisms for adapting the population to the negative macroeconomic shocks and prospects for restoring consumer demand.
Methods For the study, we used a comparative analysis of official statistics, household sociological surveys and expert estimates on the consumption and savings of the Russian population.
Results The article identifies factors that affect the consumption of most households, reduce the demand for credit and low levels of savings for the majority of the population. We have not confirmed the view that a typical representative of households would move to a saving behavior pattern during a recession in a context of high household differentiation in the amount of disposable resources.
Conclusions The reproduction of the specific conditions for structuring the income and expenditure patterns of the population in Russia, which is reflected in the recurrence of households' response to negative macroeconomic shocks, does not allow for the view that the need to depress aggregate demand for the effective realization of long-term development objectives, is reasonable.

Keywords: representative household, macroeconomic shock, saving behavior pattern, economy


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