The Impact of Dollarization on Consumption and Savings Behavior in Dili Timor-Leste (Case Study: Permanent Civil Servants)
Keywords:
Dollarization, consumption behavior, saving behavior, mental accounting, self-control.
Abstract
Dollarization is adopting the U.S. dollar as the currency of choice in a foreign country. A small nominal value of the dollar pushed the price in the market becomes more expensive. Coupled with the community of Dili, Timor-Leste that the behavior of consumption is very high because it always gives more priority to their culture. Saving behavior of Timorese people affect by three factors: the low price (using U.S dollar), income and culture. Therefore, this research aims to identified the effect of dollarization on consumption behavior and saving behavior of permanent civil servants in Dili, Timor-Leste. We use 315 samples in our research and the data collection through questionnaires. SMART-PLS 3.0 was used to test hypothesis. The result showed that dollarization has the positive and significant effect on the consumption behavior of permanent civil servants in Dili, Timor-Leste. Therefore, dollarization has positive and significant effect on saving behavior of permanent civil servants in Dili, Timor-Leste.
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References
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Bajtelsmit, V. L., & Bernasek, A. (1996). Why do women invest differently than men?. Financial counseling and planning, 7.
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Bărbuță-Mișu, N., Güleç, T. C., Duramaz, S., & Virlanuta, F. O. (2020). Determinants of Dollarization of Savings in the Turkish Economy. Sustainability, 12(15), 6141.
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Bisin, A., Patacchini, E., Verdier, T., & Zenou, Y. (2008). Are Muslim immigrants different in terms of cultural integration? Journal of the European Economic Association, 6(2-3), 445-456.
Bisin, A., Topa, G., & Verdier, T. (2004). Religious intermarriage and socialization in the United States. Journal of political Economy, 112(3), 615-664.
Bisin, A., & Verdier, T. (2000). “Beyond the melting pot”: cultural transmission, marriage, and the evolution of ethnic and religious traits. The Quarterly Journal of Economics, 115(3), 955-988.
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Wicaksono, B., 2010. Analisis Faktor-Faktor Yang Mempengaruhi Konsumsi Masyarakat Di Indonesia Tahun 1976-2007 (Doctoral dissertation, Universitas Muhammadiyah Yogyakarta).
Browning, M., & Crossley, T. F. (2001). The life-cycle model of consumption and saving. Journal of Economic Perspectives, 15(3), 3-22.
Catão, M. L., & Terrones, M. M. (2016). Financial de-dollarization: A global perspective and the Peruvian experience. International Monetary Fund.
Cepeda-Carrion, G., Cegarra-Navarro, J. G. and Cillo, V. (2019) ‘Tips to use partial least squares structural equation modelling (PLS-SEM) in knowledge management’, Journal of Knowledge Management, 23(1), pp. 67–89.
Chaffin, C. R. (2013). The financial planning competency handbook. Canada: John Wiley& Sons, Inc.
Chlond, B. (2018). Costs and benefits of using the Rand as common currency in southern Africa.
Chukurna, О. (2021). Methods of assessing the impact of dollarization on economic development. VUZF Review, 6(1), 12-25.
Clark, R., d’Ambrosio, M., McDermed, A., & Sawant, K. (2004). Sex differences, financial education and retirement goals. Pension design and structure: New lessons from behavioral finance, 185-206.
Cleveland, M., & Laroche, M. (2007). Acculturaton to the global consumer culture: Scale development and research paradigm. Journal of business research, 60(3), 249-259.
Cohen, B. J. (2003). Dollarization, rest in peace. International Journal of Political Economy, 33(1), 4-20.
Conroy, J. (2005). Timor Leste: Access to Finance for Investment and Working Capital.
Croson, R., & Gneezy, U. (2009). Gender differences in preferences. Journal of Economic literature, 47(2), 448-74.
de Carvalho,
F. J. C. (2016). On the nature and role of financial systems in Keynes’s entrepreneurial economies. Journal of Post Keynesian Economics, 39(3), 287-307.
De Nardi, M., French, E., & Jones, J. B. (2010). Why do the elderly save? The role of medical expenses. Journal of political economy, 118(1), 39-75.
Edy-Ewoh, U., & Binuyo, B. (2019). The Prospect of Dollarization in Nigeria: An Empirical.
Embrey, L. L., & Fox, J. J. (1997). Gender differences in the investment decision-making process. Financial Counseling and Planning, 8(2), 33-40.
Faff, R., Mulino, D., & Chai, D. (2008). On the linkage between financial risk tolerance and risk aversion. Journal of financial research, 31(1), 1-23.
Feige, E. L. (2003). Dynamics of currency substitution, asset substitution and de facto dollarisation and euroisation in transition countries. comparative economic Studies, 45(3), 358-383.
Fernandez, A. C., Mello, M. T. D., Tufik, S., Castro, P. M. D., & Fisberg, M. (2004). Influência do treinamento aeróbio e anaeróbio na massa de gordura corporal de adolescentes obesos. Revista Brasileira de Medicina do Esporte, 10, 152-158.
Fikri, M., Amir, A., & Achmad, E. (2014). Analisis konsumsi masyarakat Indonesia sebelum dan setelah krisis ekonomi. Jurnal Perspektif Pembiayaan dan Pembangunan Daerah, 1(3), 165-165.
Friedman, M. (1957). The permanent income hypothesis. In A theory of the consumption function (pp. 20-37). Princeton University Press.
Grable, J. E. (2000). Financial risk tolerance and additional factors that affect risk taking in everyday money matters. Journal of business and psychology, 14(4), 625-630.
Grinblatt, M., & Han, B. (2005). Prospect theory, mental accounting, and momentum. Journal of financial economics, 78(2), 311-339.
Hair, J. F., Bush, R. P., & Ortinau, D. J. (2014). Marketing research (Vol. 2). Australia: McGraw-Hill Education.
Hair, J. Hollingsworth, C. L., Randolph, A. B., and Chong, A. Y. L. (2017) ‘An updated and expanded assessment of PLS-SEM in information systems research’, Industrial Management & Data Systems, 117(3), pp. 442–458.
Hallahan, T. A., Faff, R. W., & McKenzie, M. D. (2004). An empirical investigation of personal financial risk tolerance. Financial Services Review-greenwich-, 13(1), 57-78.
Hanum, N. (2017). Analisis Pengaruh Pendapatan Terhadap Perilaku Konsumsi Mahasiswa Universitas Samudra di Kota Langsa. Jurnal Samudra Ekonomika, 1(2), 107-116.
Harris, M. N., Loundes, J., & Webster, E. (2002). Determinants of household saving in Australia. Economic Record, 78(241), 207-223.
Henseler, J., Ringle, C. M., & Sarstedt, M. (2015). A new criterion for assessing discriminant validity in variance-based structural equation modeling. Journal of the academy of marketing science, 43(1), 115-135.
Hinz, R. P., McCarthy, D. D., & Turner, J. A. (1996). Are women conservative investors? Gender differences in participant-directed pension investments.
Horioka, C. Y., & Watanabe, W. (1997). Why do people save? A micro‐analysis of motives for household saving in Japan. The Economic Journal, 107(442), 537-552.
Housen, T. (2014). Migration patterns and the impact of internal transfers on consumption and human capital in Timor-Leste (Doctoral dissertation, Curtin University).
Imam, P. A., Kpodar, K. R., & Kramarenko, V. (2010). Islamic banking: how has it diffused?. IMF Working Papers, 2010(195).
Jácome, M. L. I., & Lönnberg, Å. (2010). Implementing official dollarization. International Monetary Fund.
Johnson, P. J. (1999). Saving practices of new Canadians from Vietnam and Laos. Journal of consumer affairs, 33(1), 48-75.
Juster, F. T., Lupton, J. P., Smith, J. P., & Stafford, F. (2006). The decline in household saving and the wealth effect. Review of Economics and statistics, 88(1), 20-27.
Katona, G. (1975). Psychological economics. New York: Elsevier.
Kahneman, D. (1984). Changing views of attention and automaticity. Varieties of attention.
Knoef, M., Been, J., Alessie, R., Caminada, K., Goudswaard, K., & Kalwij, A. (2016). Measuring retirement savings adequacy: Developing a multi-pillar approach in the Netherlands. Journal of Pension Economics & Finance, 15(1), 55-89.
Kotlikoff, L. J. (1989). What determines savings?. MIT Press Books, 1.
Keynes J.M, (1936). The General Theory of Employment Interest and Money. Harcourt, Brace and Company, New York.
Levin, L. (1998). Are assets fungible?: Testing the behavioral theory of life-cycle savings. Journal of Economic Behavior & Organization, 36(1), 59-83.
Levy Yeyati, E. and F. Sturzenegger, (2003). Dollarization: A Primer in Levy Yeyati, E. and F. Sturzenegger Eds. Dollarization: Debates and Policy Alternatives. MIT Press, Cambridge, Massachusetts.
Lusardi, A., Skinner, J., & Venti, S. (2001). Saving puzzles and saving policies in the United States. Oxford Review of Economic Policy, 17(1), 95-115.
Lusardi, A. (2003). Planning and saving for retirement. Working paper. Dartmouth College.
Madrian, B. C., & Shea, D. F. (2001). The power of suggestion: Inertia in 401 (k) participation and savings behavior. The Quarterly journal of economics, 116(4), 1149-1187.
Manurung, M., & Rahardja, P. (2004). Uang, perbankan, dan ekonomi moneter. Jakarta: FEUI.
McCracken, G. (1986). Culture and consumption: A theoretical account of the structure and movement of the cultural meaning of consumer goods. Journal of consumer research, 13(1), 71-84.
Mecagni, M. M., Corrales, M. J. S., Dridi, M. J., Garcia-Verdu, M. R., Imam, P. A., Matz, M. J., ... & Yehoue, M. E. B. (2015). Dollarization in Sub-Saharan Africa: Experiences and Lessons. International Monetary Fund.
Meyer, D. E. (2000). As mamas como constituintes da maternidade: uma história do passado?. Educação & Realidade, 25(2).
Modigliani, F., & Brumberg, R. (1954). Utility analysis and the consumption function: An interpretation of cross-section data. Franco Modigliani, 1(1), 388-436.
Naceur, M. S. B., Hosny, A., & Hadjian, G. (2015). How to de-dollarize financial systems in the Caucasus and Central Asia?. International Monetary Fund.
Neelakantan, U. (2010). Estimation and impact of gender differences in risk tolerance. Economic inquiry, 48(1), 228-233.
Nurhayati, S. F., & Rachman, M. (2017). Analisis Faktor-faktor Yang Mempengaruhi Fungsi Konsumsi Masyararat Di Propinsi Jawa Tengah Pada Tahun 2000. Jurnal Ekonomi Pembangunan: Kajian Masalah Ekonomi dan Pembangunan, 4(1), 35-46.
Pepić, M., Marinković, S., Radović, O., & Malović, M. (2015). Determinants of currency substitution in Southeast European countries. Economic Themes, 53(2), 162-184.
Ogden, D. T., Ogden, J. R., & Schau, H. J. (2004). Exploring the impact of culture and acculturation on consumer purchase decisions: Toward a microcultural perspective. Academy of Marketing Science Review, 3(1), 1-22.
Rajagopal, P., & Rha, J. Y. (2009). The mental accounting of time. Journal of Economic Psychology, 30(5), 772-781.
Reilly, S. G. (2020). Hyperinflation in Venezuela: How to address the problem (Doctoral dissertation).
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Internet: www.macrotrends.net/countries/TLS/timor-leste/g dp-gross-domestic-product
Published
2023-05-09
How to Cite
Belo, T., Freitas, J., Monteiro, A., Kana Djo, L. and Marques, D. (2023) “The Impact of Dollarization on Consumption and Savings Behavior in Dili Timor-Leste (Case Study: Permanent Civil Servants)”, Timor Leste Journal of Business and Management, 5, pp. 32-48. doi: 10.51703/bm.v5i0.116.
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