Інвестиційна поведінка домогосподарств: світові моделі і національні особливості

Abstract

Досліджено вплив культурно-етнічних цінностей на інвестиційну поведінку домогосподарств. Розглянуто наукові погляди в теорії поведінкових фінансів на поведінку інвесторів залежно від особливостей культури, релігії чи національності. Проаналізовано структуру фінансових активів домогосподарств США, Японії, Німеччини та ЄС. Досліджено особливості інвестиційної поведінки домогосподарств в Україні. Запропоновано власну класифікацію світових моделей інвестиційної поведінки домогосподарств. Introduction. The review of investigations concerning the impact of cultural and ethnic factors on the investors’ behavior and the analysis of the investment behavior of foreign and domestic households is an actual problem in the modern financial science. Purpose is to monitor the scientific opinions on the role of cultural aspect of making investment decisions; to characterize of the world models of investors’ behavior and to estimate the investment behavior of domestic households. Results. The behavioral finance interacts with culture and explores the investors’ behavior in terms of their belonging to a particular culture. The first researcher, who showed the importance of culture and religion in the formation of economic behavior of the population, was German scientist Max Weber. The Russian scientist Y. Mirkin the following next behavior investor models: Anglo-Saxon, Islamic, German, Japanese and Russian. Each model is influenced by the traditional values and in practice is determined by the structure of household financial assets. Anglo-Saxon model features a high percentage of risky securities (shares); Islamic is characterized by almost complete lack of market bonds and insurance; German is famous for its diversifi cation and optimal combination of different financial instruments; Japanese is known for its high percentage of deposits and pension and insurance contributions, Russian is character- ized by low level of public confi dence in the financial sector. Conclusion. The investment behavior of Ukrainian household’s іs formed the under influence of religious, cultural and historical features of the country. The low level of confi dence in the financial markets, the rejection of fi nancial risk and low income are the main reasons for the investment inactivity of the population. In addition, the bankruptcy of many banks because of military operations in the East, political instability and high infl ation, have downgraded public confi dence in the financial sector.