CfP Deadline Date:
October 31, 2020
Selected Papers will be presented at the SUERF/UniCredit Foundation Conference in Februrary 2021
Milano, Italy or online
SUERF and UniCredit
The Global Financial Crisis and COVID-19 crisis have, among many other things, also affected savings behaviour. Changes involve both aggregate household savingsratios, individual propensity to consume and to save, as well as portfolio choice. While the post-GFC and COVID-induced very low interest rates have likely reduced income motivesfor saving, crises put precautionary savings into the foreground. In the COVID-19 crisis, new attention was directed to savings motives, given the impossibility to consume, resulting in “forced savings”. The COVID-19 crisis also raises the question whether consumption and household savings behaviour will change more permanently, and beyond the time of the constraints imposed by the pandemic and related containment measures. Such changes would have important permanent consequences on aggregate demand, structural employment/unemployment, potential growth, the sectoral composition of output, the natural rate of interest and, as a result, theenvironment in which fiscal and monetary policies act. Content of submissionsAgainst this background, this call for papers invites original research –theoretical or empirical, academicor policy-oriented –on aspects relevant forthe understanding of the short-term and long-term effects of crises, such as the GFC and the COVID-19 crisis,on savings behaviour.Some examples for fields of research are:
Consumption and aggregate savings behavior in crisis and post-crisis periods
- How do economic and financial crises affect consumption and aggregate savings ratios in the short, medium and long run?
- Which savings motives play a role? How do these motives change as crises unfold?
- What are the differences between different crises, e.g. the GFC and COVID-19?
- What differences in long-term impact of these crises might be expected?
Crises and portfolio choice
- How do crises affect portfolio choice?
- Do households adjust portfolio choice only temporarily or more permanently in response to economic and financial crises (e.g. due to experienced large portfolio losses during crises)?
- What are differences in crisis-induced portfolio reactions depending on demographic factors (age, wealth, income, job security, employed versus self-employed, active in safe versus affected economic sectors, single versus multi-person households etc.)?
Role of financial education
- Does the level of economic and financial education affect savings behaviour in crisis and post-crisis times?
- Does the level of economic and financial education affect portfolio choice in crisis and post-crisis times?
This list is non-exhaustive, other contributions fitting into the overall topic of the call for papers are welcome.
The SUERF/UniCredit Foundation Research Prize is open to authors and co-authors who arecitizens or residents/students in the EEA, Switzerland, and other countries in which UniCredit is present (in addition to EEA countries, the latter also include Bosnia and Herzegovina, RussiaandSerbia) and born after30September 1980. Prizes ofEUR 2,500 gross will be awarded to up to two outstanding papers on topics related tothe call for papers. The winning authors agreeto present their papers at aSUERF/UniCredit Foundation Conferenceto be held in Milano(or in a webinar/e-conference)in February 2021. Winning authors agree to provide a non-technical 5-10 page policy-oriented summary of their research findings for publication as a SUERF Policy Note.Applications should be submitted through the online submission form on the UniCredit Foundation website at www.unicreditfoundation.orgin PDF format by 31October 2020, in English. Applications should be accompanied by a brief curriculum vitaeincluding the candidate’s/candidates’ date of birth and a copy of current identity documents that confirm the author’s/authors’ date(s)of birth and eligibility. The prize is open to papers that have been finalised within the last 12 monthsprior to the deadline for submissions. Full terms and conditions of entry can be downloaded from the SUERF and UniCredit Foundation websites.