People and money: Incomes, Consumption and financial Behavior of the Population of the Russian Regions in 2000–2017
https://doi.org/10.31857/S2587-5566201953-17
Abstract
Macroeconomic dynamics affects incomes of regions’ population and level of poverty: positive shifts in the distribution of regions in relation to these indicators slowed down in the 2010s and were replaced by a negative shift (more apparent in poverty rate) during the crisis of 2014–2017. Income dynamics had a stronger effect on consumption structure and less on population financial behavior. The share of food expenditures is declined in all regions until the 2014 crisis; the most developed regions have the lowest percentage. Structural shift in expenditures in favor of durable goods, including housing, is far from complete in most regions. The increase in the share of expenditures for services is largely due to the growth of tariffs for public utility services. Regional differences are small, with the exception of the Far North regions. The share of spending on human capital reproduction is low and varies slightly between regions. The population of “rich” regions prefers to spend money on recreation and entertainment, but these expenses are shrunken during the last crisis. Individuals' savings behavior is mostly developed in the largest federal cities. Overdue loans are higher in underdeveloped republics and in resource-producing regions, whose population seeks to maintain the level of consumption using loans. The main factor in change structure of consumption and financial behavior is the population incomes, but demographic, settlement and institutional factors must be considered to explain regional differences.
About the Authors
N. V. Zubarevich
Lomonosov Moscow State University, Faculty of Geography; National Research University Higher School of Economics, Institute for Social Policy
Russian Federation
Russian Federation
S. G. Safronov
Lomonosov Moscow State University, Faculty of Geography
Russian Federation
Russian Federation
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Graphical Abstract
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1. Доли расходов на услуги и на покупку недвижимости в России | |
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2. Shares of expenditures on services and on purchase of real estate in Russia | |
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- The basic factor of changes in the structure of consumption and financial behaviour of people is incomes, but they are insufficient to explain the regional differences.
- Income dynamics significantly affects consumption patterns, but has a weaker influence on financial behaviour of people.
- The share of expenditures on reproduction of human capital (education, health) is low and varies slightly between regions.
- The shift in spending structure toward the purchase of durable goods, including housing, is far from complete in most regions.
- People are irrational: they tightened their belts in the first two years of the crisis, but then they increased their borrowing in order to maintain their usual level of consumption, despite the decrease in income.
Review
For citations:
Zubarevich N.V., Safronov S.G. People and money: Incomes, Consumption and financial Behavior of the Population of the Russian Regions in 2000–2017. Izvestiya Rossiiskoi Akademii Nauk. Seriya Geograficheskaya. 2019;(5):3-17. (In Russ.) https://doi.org/10.31857/S2587-5566201953-17
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