财富不平等会抑制金融素养对家庭借贷行为的作用效果吗*——基于CHFS数据的经验分析

本文基于2013年中国家庭金融调查（CHFS）数据,选用工具变量法,考察了金融素养对城乡家庭借贷行为影响的差异性,并验证了财富不平等扩大会抑制金融素养对家庭借贷行为的影响。研究发现：（1）金融素养是影响家庭借贷行为的重要因素。户主金融素养水平的改善显著提高了家庭发生借贷的概率与家庭借贷规模。（2）金融素养对城乡家庭借贷行为的影响存在明显差异,金融素养的提高对信贷约束较为严重的农村家庭借贷行为的促进作用更大。（3）财富不平等对家庭借贷行为存在明显的抑制作用,财富不平等的扩大减少了家庭借贷需求,降低了家庭发生借贷的概率和家庭负债规模。（4）随着家庭财富不平等程度的扩大,金融素养对家庭借贷行为的促进作用受到抑制。基于以上结论,政府应该大力开展消费者金融素养教育,注重家庭收入分配合理性,从而推动我国消费金融市场的健康发展。     

Working Time as Gendered Time

Household-labor time and market-labor time are organized in part through the social structure of unequal gender relations. Generally, women do more household work than men, women's market work is undervalued, and the greatest rewards for market work accrue to men. The career model of employment is biased in favor of men who have few household responsibilities. Even noncareer seniority-sensitive job paths assume male incumbency with limited competition from household responsibilities. In this article we discuss the gendered underpinnings of the organization of time in contemporary Western society by critically examining household-labor time and the masculine models of career and noncareer employment. In addition to the important feminist goal of pay equity, we argue for a feminist politics of time that promotes alternative work-time arrangements for women and men to foster gender equality in the market and at home.     

Post-Earthquake Land Appropriations and the Dispossession of Rural Women in Haiti

ABSTRACT

This study examines the trajectory of rural women’s labor in the wake of post-earthquake land appropriations in Haiti. Drawing on ethnographic field research conducted between 2010 and 2013, it explores gendered access to land in Haiti in both historical and contemporary contexts, paying attention to the nature of rural gender relations and how they influence women’s access to land and their roles in petty commerce. The study describes the stratification of rural market women, their lived experience, and how losing land access will affect their traditional roles as market women. Ultimately it argues that without access to land, and a paucity of available wage work, recent dispossession will intensify existing vulnerabilities for rural women and narrow their means of household production by forcing them to depend on informal market activity in their roles as machann (market women).     

消费者情绪对通货膨胀影响的理论分析

本文基于消费者行为理论和行为经济学理论,构建了一个两期的经济模型,并通过数值模拟的方法,分别研究了消费者在不同情况下的消费者情绪与物价变动和消费的关系。结果表明:消费者情绪会影响物价和消费的波动;消费者情绪会对货币政策的效果产生影响;在制定利率政策时要考虑到居民的消费习惯;在经济周期的不同阶段,消费者情绪对物价的影响不同;在消费者异质的情况下,国家的收入分配政策会影响国家调控物价的效果。     

Tourism,Consumption and Inequality in Central America

Much research in international political economy (IPE) has been criticised for focussing on large and powerful actors in post-industrial countries, to the neglect of sites, processes and actors in the global South. This article offers a corrective to this bias in two ways: by locating the analysis in two rural Central American communities; and by exploring the social relations of consumption in these communities. In doing this, I challenge assumptions about rural places being excluded from global processes and explore the complexities and contradictions of how such communities are inserted into global circuits of production and consumption. Drawing on extensive qualitative research, the article explores the ways in which capitalist development through tourism has reconstituted the political economy of consumption in terms of habits, attitudes and behaviour in these two communities. Using the community and the household as sites of analysis, I explore the complex ways in which inequalities have been reconfigured through changing relations of consumption. Certain kinds of social hierarchies, in particular traditional gendered power relations within the household, have been challenged. However, other inequalities – such as class, ethnicity and nationality – have been reinforced by these processes.     

CAPACITY EXPANSION IN MARKETS WITH INTER‐TEMPORAL CONSUMPTION EXTERNALITIES

This paper analyses market capacity expansion in the presence of inter‐temporal consumption externalities such as consumer learning, networks and bandwagon effects. An externality leads to an endogenous shift of market demand that responds to past market capacity. Whereas market capacity grows in waves, its magnitude depends on the degree of market concentration. The competitive environment contributes to S‐shaped time patterns of market capacity expansion. On the other hand, using a low introductory price, a monopolist plans an initially larger amount of market cultivation than a competitive market capacity expansion.     

Transactions,credit, and central banking in a model of segmented markets

A segmented markets model is constructed in which transactions are conducted using credit and currency. Goods market segmentation plays an important role, in addition to the role played by conventional segmentation of asset markets. An important novelty of the paper is to show how the nonneutralities of money and their persistence depend on the nature of goods market transactions and on the arrangements for clearing and settlement of consumer credit. The model permits open market operations, daylight overdrafts, reserve-holding, and overnight lending and borrowing, allowing the consideration of a rich array of central banking arrangements and their implications.     

CREDIT CONSTRAINTS IN THE MARKET FOR CONSUMER DURABLES: EVIDENCE FROM MICRO DATA ON CAR LOANS*

We investigate the significance of borrowing constraints in the market for consumer loans. Using data from the Consumer Expenditure Survey on auto loan contracts we estimate the elasticities of loan demand with respect to interest rate and maturity. We find that, with the exception of high income households, consumers are very responsive to maturity and less responsive to interest rate changes. Both elasticities vary with household income, with the maturity elasticity decreasing and the interest rate elasticity increasing with income. We argue that these results are consistent with the presence of binding credit constraints in the auto loan market.     

The effects of competitors on new product launch and market expansion in the hybrid car market

This paper evaluates the effect of competitors on automakers’ new product launch and market expansion decisions in the hybrid car market. Using data from the entire history in US hybrid car market from 2000 to 2014, this paper estimates a Poisson model with endogeneous switching to account for the initial launch and the following expansion decisions. The results indicate that the presence of competing brands’ hybrid vehicle models has a net positive effect on a brand’s initial launch and expansion decisions. This suggests that demand expansion and market learning from competitors’ hybrid model launch and consumer cultivation are very important for this relatively new technology. Further, I find that the impact of competitors varies over time, vehicle origins, and classes.     

Land Grabs,Power, and Gender in East and Southern Africa: So,What's New?

When land grabs are viewed from a gendered and historical lens, critical questions arise concerning three domains of inquiry about what is arguably “new,” “foreign,” and “large-scale?” They highlight historical continuities from the colonial past elite and male capture and gendered micro-political land grabs unabated over long periods of time, which once aggregated across Sub-Saharan Africa, are large-scale in themselves. This contribution reflects on feminist political-ecological research on gender and land in Kenya, Mozambique, and Madagascar and provides windows into negotiations and contestations in processes of land grabs. It analyzes what is new, while considering relations of power and knowledge that shape different ways land grabs are named and, therefore, the kinds of actions that are subsequently prescribed. Land grabs are occurring in spite of strong laws and policies, illustrating the critical role of power relations in shaping them.     

"All Decisions Are Top-Down:" Engendering Public Expenditure in Vietnam

Between October 1999 and June 2000 a joint government-donor working group undertook a public expenditure review in Vietnam that was supposed to use "gender issues" as a cross-cutting theme. The article discusses ways in which a gender analysis could have been incorporated into a review of public expenditure, and examines why this did not happen in the end. Flaws in the process reduced the scope of gender analysis. Institutional constraints on the part of both the government and the World Bank weakened the commitment to a gender analysis. More fundamentally, however, it is argued that the methodological approach of the World Bank rendered it incapable of investigating possibly unquantifiable macrostructural and mesoinstitutional determinants of individual behavior. It is further argued that the conceptualization of social institutions offered by the World Bank with regard to gender relations fails to adequately express the extent to which social institutions are gendered.     

关于拓展我国农村消费信贷的思考

拓展农村消费信贷是建立现代农村金融制度的客观需要,约束我国农村消费信贷发展的因素主要是消费信贷的配套服务机制缺失、农村金融业不发达、农民收入不稳定等。因此,转变消费观念、改善消费信贷环境、增加消费信贷品种、健全社会保障制度、建立现代农村金融制度是拓展我国农村消费信贷的有效对策。     

A Macro-Level Account of Money and Credit to Explain Gendered Financialization

ABSTRACT

The paper intervenes in the debate on macroeconomics, money, gender, and financialization. Generally, there is an omission in gender studies on gender-specific effects of monetary policy. Not only is there a blind-spot about the role of monetary policy in feminist political economy, there is equally a blind-spot in meso-level analysis which focus on the social construction of institutional mechanisms and the predatory market power of oligopolistic banks. Yet, monetary policy is neither neutral in the short-term nor long-term. Such policies have gender-differentiated effects on employment, income, consumption, savings which in turn have feed-back effects on economic growth. My intent is to focus on the changing role of monetary policy and highlight the omission in gender studies on financialization, as well as argue that the shift of the credit cycle to fictitious capital (future revenue) is one of the central explanatory variables in the predatory banking model of subprime lending. Yet, the financial crisis of 2007 did not usher in a normalisation of the credit and finance system. Exactly the opposite happened. Unconventional monetary policy continues to facilitate a credit system based on future claims which has gendered distributional effects, in the process increasing the wealth inequality on a global scale.     

A Dynamic Gender Analysis of Spain's Pension Reforms of 2011

Abstract

Gender differences in the labor market have been widely studied and discussed in terms of both research and public policy. One of the contributions of feminist economics has been to analyze and demonstrate links between gendered labor market experience and retirement incomes. This paper presents a methodology to study the dynamics of gender differences among retirees in Spain. The study provides a way to predict the effects of government policies proposed in 2011 that change the institutional framework of social security systems in an effort to address the fiscal challenges of an aging population.     

产品市场竞争和债务期限结构——基于国有上市公司和民营上市公司的比较

本文以我国国有上市公司和民营上市公司为研究样本,利用其2004—2006年的数据对产品市场竞争与债务期限结构之间的关系进行了对比研究。研究结果表明:我国民营上市公司的长期借款比率显著低于国有上市公司,短期借款比率则显著高于国有上市公司;国有上市公司的产品市场竞争度和长、短期借款比率、全部借款比率均正相关;民营上市公司的产品市场竞争度和长期借款比率正相关,和短期借款比率负相关,和全部借款比率的相关性不显著。     

How do consumers respond to house price declines?

Movements in house prices and consumer spending are closely correlated in many developed nations. Much debate exists on whether this relationship is causal arising from either wealth effects or via borrowing constraints. This paper uses a unique survey question on consumer responses to house price falls to explain the relationship between house price movements and consumer spending among households in the United Kingdom. 30% of households report they would cut back consumption as a direct response to house price falls. Households who reported they were borrowing constrained were much more likely to report they would cut consumption.     

Is Racial Exclusion Gendered? The Role of Residential Segregation in the Employment Status of Black Women and Men in the US

This paper explores one angle of the race/gender/class intersection by examining the effect of residential segregation on black women and men's employment status in the US. Do the exclusionary mechanisms embedded in racially-based residential segregation affect black women and men's economic outcomes similarly, or are their employment outcomes differentiated by their different gender statuses? This paper lays out a theoretical framework for understanding the role residential segregation may play in shaping black men and women's labor market outcomes, outlining key mechanisms that link residential segregation to labor market inequality, highlighting the ways in which many of these mechanisms are gendered as well as racialized. This paper also offers an analytic design to test the hypotheses developed in this exploration.     

A case for water utilities as cooperatives and the UK experience

This article explores the creation of consumer cooperatives as a means of privatizing water utilities. The first section examines the structure of ownership and sets out Hansmann's theoretical basis for determining which category of persons is most efficiently assigned ownership. The section extends the discussion of market contracting costs by considering the externalities and social costs associated with a water utility. The heart of the paper is the second section which applies the theory of efficiently assigned ownership to the case of water utilities. The third section briefly reviews the literature on the relative efficiency of private and public utilities and also succinctly applies the theory of the firm to the question of vertical integration in the case of water utilities. The fourth section discusses the UK's experience with water utilities. The final section draws together the paper's conclusions.   The application of Hansmann's general theoretical scheme for assigning ownership leads to the conclusion that water utilities should be consumer cooperatives. Consumer-owned utilities would confront lower market contracting and ownership costs, than would investor-owned utilities. Additionally, the social costs and externalities that are particular to water are better left to consumers who are more prone to take them into account in their decisions.     

Household Management Systems and Women’s Decision Making Within the Family in Europe

ABSTRACT

This paper analyzes household management systems and their effect on intrahousehold gender differences in decision making in thirty European countries. The study considers five domains that reflect two types of decisions – time-consuming and frequent decisions like everyday shopping versus infrequent but important decisions like borrowing money or purchasing consumer durables. In time-consuming activities, the gender gap favors women in each system; for infrequent decisions, the gender gap is dependent on the way money is managed and the biggest gap is found in systems where resources are not pooled. This paper also investigates the role of distribution factors in shaping decision-making behavior. For time-consuming decisions, the higher the income (and education) of the woman compared to the man, the less likely she is to make the decisions. For infrequent activities, the higher the income of the woman compared to the man, the more likely she is to make the decisions.     

股票财富、信号传递与中国城镇居民消费

本文尝试在消费者最优选择模型基础上,通过引入居民的借贷约束和预防性储蓄,推导出能够检验股市的财富效应、信号传递效应和不对称效应的实证分析框架,并利用中国的季度数据考察中国股市变动对居民消费的影响。与国内相关文献所得结论不同,本文的研究表明:如果不仅考虑股票价格变动的财富效应,而且考虑其信号传递效应,那么中国股票市场对城镇居民消费存在着较为明显的影响。分析也表明,如果用工资而不是人均可支配收入度量人力资本回报,中国股票市场同样存在正的财富效应,且这种财富效应具有明显的不对称性,反映经济基本面变化的股价变动对中国居民消费具有长期影响,投机因素引起的股价变动对中国居民消费的影响甚微。