The Impacts of Financial Reforms on Households’ Savings Behavior
AUTHORS
Misu Kim,Hankuk University of Foreign Studies
ABSTRACT
The impact of financial sector reforms is that households tend to invest in risky assets, such as shares and debentures and UTI fund, and they are reluctant to invest in less-risky assets, such as provident and pension funds, as estimation by standard deviation shows. Generally risk decreases during the financial sector reforms, on the other hand, in the case of India, risk increases in financial assets except for life insurance fund and provident and pension fund. Estimation result of dummy variables is somewhat different from that of standard deviation.
KEYWORDS
Households, Financial Savings, India, Financial Reforms
REFERENCES
[1] B.B. Bhattacharya, “Financial Reforms and Financial Development in India”, Ghaziabad: Institute of Management Technology, (1998).
[2] R. Jha, and I. Longjam, “Structure of Financial Savings during Indian Economic Reforms”, Working Paper, Australia South Asia Research Center, Division of Economics, Australian National University, [Web: Internet] Accessed August 27, (2007), URL: http://papers.ssrn.com /sol3/papers.cfm?abstract_id=397180. (2003).
[3] L.R. Nair, “Financial Sector Liberalization and Household Saving in India”, Conference on at 9th Capital Market Conference, Indian Institute of Capital Market, (2005).
[4] B.V. Pathak, “Indian Financial System”, Delhi: Dorling Kindersley (India) Pvt. Ltd., (2006).
[5] H. Sadhak, Economic and Political Weekly, March 18. (2006).
[6] S. Sahu, and A. Virmani, “Structure of the Household Sector Asset Portfolio in India”, ICRIER Working Paper No. 15, New Delhi: Indian Council for Research on International Economic Relations, (2005).
[7] A. Salam, and U. Kulsum, “Saving Behviour in India: An Empirical Study”, The Indian Economic Journal, Vol. 50, No. 3, pp. 77-80, (2005). [Online: Web] Accessed August 16, 2005, URL: http://unpan1.un.org/intradoc/groups/public/documents/APCITY/UNPAN 0197 46.pdf (Unknown)
[8] G. Subrahmanyam, and S.B. Swami, Indian Economic Review, Vol. 15, No. 3, pp. 265-274, (1995).
[9] The Reserve Bank of India, “The Report on Currency and Finance”, Mumbai: The Reserve Bank of India, (2003).