Выпускная квалификационная работа (магистерская диссертация) посвящена исследованию организации потребительского кредитования, проблем и современных тенденций развития. Предметом исследования выступают экономические отношения, возникающие в процессе организации потребительского кредитования. Основной целью магистерской диссертации является разработка рекомендаций и мероприятий по развитию потребительского кредитования в ПАО «Сбербанк России». В заключении подводятся итоги проведенного исследования, делаются основные выводы. / Final qualifying work (master's thesis) is devoted to the study of the organization of consumer lending, problems and current trends. The subject of the research is the economic relations arising in the process of organization of consumer lending. The main purpose of the master's thesis is to develop recommendations and measures for the development of consumer lending in PJSC «Sberbank of Russia». In conclusion, the results of the study are summarized, the main conclusions are made.

In the early days of e-commerce, countries took to the phenomenon at very different speeds. Researchers proved the most important factors for this to be propensity for trust and the perceived risk of online purchases. Today, the use of short-term, interest-free consumer credit, also known as ‘buy now, pay later’ (BNPL), is becoming increasingly popular. This concept, too, has gained very different footing between countries. There is a gap in the research on why, but use of short-term consumer credit offline has been proved to be related to people’s trust and attitude to risk. This study reviews several macro-environmental factors previously proven to be related to technology diffusion, risk and trust, and attempts to prove their respective impact on online shopping and the use of BNPL. Data on online shopping is collected from the Global Findex Database and includes 52 countries, while data on BNPL is collected from Swedish FinTech company Klarna and includes six countries. Out of ten macro-environmental factors examined, five showed a significant positive correlation to online shopping: individualism, long-term orientation, competitiveness, ease of doing business and political stability. Two cultural factors, individualism and uncertainty avoidance, showed a promising linear relationship with BNPL use, in the opposite sign of their respective hypothesis, although only significantly for individualism. Both these cultural dimensions are documented to affect risk behaviour. These results indicate that whatever perceived risk counteracts the diffusion of online shopping, drives the use of BNPL products. We reason that BNPL cancels some of the aspects of an online purchase proven to be perceived as risky, such as card information theft. Thus, high individualism and low uncertainty avoidance means people are less bothered by the risk of online shopping, and therefore less incentivised to mitigate them using BNPL. The main limitation of this study is the sample size of the market data on the use of BNPL, as well as the included countries being too similar in many aspects. The findings are useful for FinTech’s and e-commerce companies exploring new markets for expansion, and for policymakers attempting to regulate this emerging financial industry. / När e-handeln etablerade sig tog länder till sig detta teknikfenomen i olika takt. Forskare har visat att de mest betydande faktorerna som påverkar detta är ett lands inställning till tillit samt hur riskfyllt onlinehandel anses vara. Idag blir kortsiktig, räntefri konsumentkredit, även känt som ‘buy now, pay later’ (BNPL), alltmer populärt. Även detta koncept har fått olika fäste i olika länder. Det saknas forskning på varför, men offline har användningen av kortsiktig konsumentkredit visats vara relaterad till människors tillit och attityd gentemot risk. Denna studie granskar ett antal makrofaktorer som tidigare påvisats vara relaterade till spridningen av teknik, samt risk och tillit, och försöker bevisa deras respektive påverkan på e-handel och användningen av BNPL. Data på e-handel hämtas från Global Findex Database och inkluderar 52 länder, medan data på användningen av BNPL hämtas från det svenska FinTech-bolaget Klarna, och inkluderar sex länder. Utav de tio makrofaktorer som undersöktes visade fem en signifikant positiv korrelation till e-handel: individualism, långsiktighet, konkurrenskraft, affärsreglering och politisk stabilitet. Två kulturella faktorer, individualism och osäkerhetsundvikande, visade lovande linjära förhållanden med användning av BNPL, i motsatt riktning jämfört med deras respektive hypoteser, dock enbart signifikant för individualism. Båda dessa kulturella dimensioner har tidigare visats påverkarisk beteende. Dessa resultat indikerar att den uppfattade risk som motverkar spridningen av e-hande ldriver användningen av BNPL. Vi resonerar att BNPL motverkar vissa av de aspekter hos e-handel som visat sig uppfattas som riskabla, som kortbedrägeri. Alltså innebär hög individualism och lågt osäkerhetsundvikande att konsumenter är mindre besvärade av riskerna med e-handel, och därför mindre motiverade att mildra dessa risker genom att använda BNPL. Studiens huvudsakliga begränsningar är antalet marknader i data på användning av BNPL, samt att de inkluderade länderna är för lika i många aspekter. Studiens resultat är användbara för FinTechs och e-handelsbolag som letar efter nya marknader att expandera till, och för beslutsfattare som vill reglera denna växande finansiella bransch.

Studies as described in the literature review indicate that most South Africans are highly in debt. The South African Reserve Bank’s quarterly bulletin is one of the prominent barometers for measuring household debt in the country and over the last five years has been indicating a steady decline but still very high household debt among South Africans. Studies have also shown that this relates to poor financial literacy and consumer ignorance in applying basic financial management practices. This is discussed in Chapter two of the study. The aim of the study was to determine the consumer debt level of the Department of Health public servants in Mahikeng, North West Province. This study used a consumer survey to measure consumer indebtedness among public servants in Mahikeng. The results of the study support literature in that the study found that most public servants are indebted. The findings also showed that 63% of the public servants spent more than 20% of their income in servicing debt. Thirteen per cent of the public servants taking part in the study had been served with either garnishee or emolument orders. The results of the study seem to suggest that public servants working for the Department of Health in Mahikeng and taking part in the study were indebted. / Business Management / M. Com. (Business Management)

Utveckling på kreditmarknaden har gett upphov till nya kreditformer. Ett exempel på en sådan kredit är snabblån. Snabblån utmärks av att det är kortfristiga lån på låga belopp som konsumenterna erhåller inom en kort tidsperiod. Vidare är låneprocessen enkel. Statistik från Kronofogdemyndigheten visar att antalet betalningsförelägganden med grund i snabblån har ökat (se bilaga) och regeringen hävdar på basis av statistiken att samband mellan snabblån och överskuldsättning föreligger. Lag om viss kreditgivning till konsumenter har därmed blivit antagen och ska införas. Lagen innebär att snabblångivares verksamhet blir tillståndspliktig samt omfattas av Finansinspektionens tillsyn. Förändringen innebär även att ytterligare krav ställs på snabblångivares bolagsordning, ägare och ledning samt att verksamheten bedrivs på ett sätt som är sunt. Avsikten med denna uppsats är att fastställa gällande rätt beträffande snabblångivares verksamhet. Vidare diskuteras huruvida konsumentskyddet på snabblånemarknaden är bristfälligt och om snabblångivares verksamhet därmed bör bli tillståndspliktig samt omfattas av Finansinspektionens tillsyn. Snabblångivare är finansiella institut och omfattas därmed av AnmL. Detta innebär att snabblångivare ska anmäla sin verksamhet till Finansinspektionen innan verksamhet får börja bedrivas. Finansinspektionen har begränsade ingripandemöjligheter och utför endast en kontroll över snabblångivarnas ägare och ledning. Snabblångivare omfattas även av skyldigheter som följer av KkrL såsom kravet på god kreditgivningssed, information om effektiv ränta, avgifternas utformning och kreditprövning. Snabblångivare har brustit i sina skyldigheter i KkrL vilket följer av domar från MD och flertalet viten och förelägganden från Konsumentverket. I analysen fastställs att Kronofogdemyndighetens statistik inte enskilt kan användas som grund till en förändring men i kombination med gällande rätts bristfällighet, snabblånets egenskaper och samhällets utveckling påvisas att konsumentskyddet är bristfälligt och att en förändring behövs. Vidare fastställs att systemstabiliserande regler har en indirekt inverkan på konsumentskyddet och kan införas för att förbättra denna. Efter en avvägning mellan förändringens betungande verkan för snabblångivarna och det skydd som konsumenterna erhåller ska förändringen i fråga ses som proportionerlig. Snabblångivares verksamhet bör således vara tillståndspliktig och omfattas av Finansinspektionens tillsyn. / Evolvement on the credit market has caused the rise of new forms of credits. An example of a credit of such is the payday loan. The payday loan is distinguished by its short-term, low amount and that the customers obtain the loan in a short matter of time. Furthermore, the process of obtaining the loan is simple. Statistics from the Swedish Enforcement Authority shows that the amount of injunctions to pay based on payday loans has increased (see attachment) and that the Government claims on the basis of the statistics that a connection between payday loans and overindebtness exists. A new act regarding some credits to consumers has therefore been adopted and is to be introduced. The new act means that the payday lender´s business becomes licensed and are subject to the supervision of the Swedish Financial Service Authority. The change also means additional demands on the payday lender´s articles of associtation, owners and management, and that the business is conducted in a healthy manner. The purpose of this essay is to determine the law as it exists regarding payday lender´s business. Further discussed is whether the consumer protection on the payday market is inadequate and if the payday lender´s business, thus, should be licensed and be subject to the supervision of the Swedish Financial Service Authority. Payday lenders are financial institutions and are therefore subject to the Act regarding the notification duty for some financial businesses. This means that the payday lenders shall report their business to the Swedish Financial Service Authority before operations may start. The Swedish Financial Service Authority has limited intervention possibilities and performs only a control of the owners and management. Payday lenders are also subject to obligations arising from the Consumer Credit Act such as the requirement of good creditors, information about the annual percentage rate, fees designing and credit review. Payday lenders has failed to fulfill its obligations in the Consumer Credit Act which follows from judgements from the market court and several penalties and injunctions from the Consumer Agency. In the analysis it is established that the statitistics from the Swedish Enforcement Authority alone can not be used as the basis for a change, but in combination with the existing legal deficiency, the characteristics of the payday loan and the development of the society it demonstrates that the consumer protection is inadequate and that a change is needed. Further, it is established that rules of system stabilising nature has an indirect effect on consumer protection and can be used to improve it. After striking a balance between the burdens the payday lenders suffer from the change with the increased consumer protection that the change will result in, the change in question is to be seen as proportionate. Payday lender´s business should therefore be subject to license and supervision of the Swedish Financial Service Authority.

Cette thèse examine les discours sur la société de consommation à Montréal entre 1945 et 1975, soit pendant la période d’abondance relative surnommée les Trente Glorieuses. En s’appuyant sur des discours dont la provenance reflète la diversité des points de vue qui entrent dans les foyers et circulent dans l’espace public québécois — périodiques grand public; magazines « féminins »; publications des institutions financières, des syndicats, de groupes gravitant plus ou moins loin de l’Église catholique, d’associations de parents, du milieu communautaire; mémoires en service social; rapports des commissions d’enquête gouvernementales — elle lève le voile sur la façon dont l’entrée dans la consommation de masse et ses répercussions sur les modes de vie sont perçues par une vaste gamme de commentateurs et, dans une moindre mesure, vécues. En s’appuyant sur une analyse quantitative, elle soutient que Montréal et le Québec n’entrent dans la société de consommation qu’à partir des années 1960, même si plusieurs indicateurs économiques et la consommation domestique des ménages font état d’une prospérité caractérisant l’ensemble de la période. Elle procède ensuite à une analyse qualitative des discours sur l’état de l’économie qui met en lumière la persistance d’inquiétudes — notamment au sujet de l’inflation, pourtant bridée — tout au long des Trente Glorieuses, l’abondance semblant manifestement fragile aux yeux de plusieurs experts. Elle se tourne par après vers les réactions positives, ambivalentes, mais surtout négatives que suscite l’entrée dans la consommation de masse elle-même et la transformation des valeurs qui en découle. Puis, elle propose une analyse des discours portant sur les répercussions de l’entrée dans la société de consommation sur les pratiques financières (l’épargne et le crédit), sur les rapports familiaux et la construction des identités au foyer ainsi que sur la pauvreté. Elle pose l’hypothèse d’une réticence plus grande des experts franco-québécois à la consommation de masse par rapport à leurs collègues anglophones. Elle soutient également que l’entrée dans la société de consommation renforce le patriarcat au Québec, du moins dans les discours. Ceux-ci se déclinent par ailleurs en deux temps, le conservatisme de la période 1945-1965 cédant le pas à des prises de position imprégnées par le contexte de contestation sociale du tournant des années 1970. À partir de la fin des années 1960, des phénomènes comme l’endettement ou la pauvreté commencent à être appréhendés en lien avec le consumérisme dans le cadre d’une rhétorique socialisante, souvent assez militante, qui conçoit de plus en plus la consommation comme un problème structurel et collectif en soi. / This dissertation examines discourses on consumer society in Montreal between 1945 and 1975, during a period known as the “golden age of capitalism.” Relying on a variety of sources that reflect a diversity of perspectives — namely mainstream periodicals, “feminine” magazines, social work theses, commissions of inquiry, and publications produced by financial institutions, parent associations, unions, Catholic organizations, and community associations — this dissertation reveals how a wide array of commentators perceived the beginnings of mass consumerism in Montreal and its repercussions on lifestyles. It also explores, to an extent, how so-called ordinary people experienced these beginnings and repercussions in their everyday lives. Although economic indicators display a relative prosperity, this dissertation first offers a quantitative analysis that shows that consumer society did not truly begin in Montreal (or Quebec more generally) before the 1960s. This study then proceeds to a qualitative analysis of discourses concerning Quebec’s and Canada’s economic situation. Apprehensions surrounding the economy persisted throughout this period — most notably around inflation, despite its being under control — and several experts continued to view prosperity as fragile. This dissertation then looks at the positive, ambivalent, but more frequently negative reactions to the beginnings of mass consumerism and the changes in values it entailed. It then finally examines discourses that addressed the repercussions of consumer society on household financial practices, on familial relationships and identity construction within the home, and on poverty. This dissertation suggests that French-Québécois experts resisted mass consumerism to a greater extent than their anglophone colleagues and that the arrival of consumer society reinforced patriarchy (at least discursively). It also highlights a rupture within discourses on consumerism sometime around 1965 as the conservatism of the previous two decades gave way to ideas linked to the social unrest of the mid-to-late 1960s and early 1970s. From the mid 1960s onward, most commentators began to understand phenomena like debt and poverty as fundamentally connected to consumerism as they developed an oftentimes militant socializing rhetoric that increasingly viewed consumption itself as a structural and collective problem.

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Submitted by Farah Diba Mary Anni Abrantes Braga (farahdiba2010@hotmail.com) on 2018-04-06T20:06:21Z No. of bitstreams: 1 Tese Versao Final 2018.pdf: 1089729 bytes, checksum: 97fc99ec7c690fe5a2013481054451ac (MD5) / Approved for entry into archive by Debora Nunes Ferreira (debora.nunes@fgv.br) on 2018-04-06T21:46:58Z (GMT) No. of bitstreams: 1 Tese Versao Final 2018.pdf: 1089729 bytes, checksum: 97fc99ec7c690fe5a2013481054451ac (MD5) / Approved for entry into archive by Suzane Guimarães (suzane.guimaraes@fgv.br) on 2018-04-09T12:55:27Z (GMT) No. of bitstreams: 1 Tese Versao Final 2018.pdf: 1089729 bytes, checksum: 97fc99ec7c690fe5a2013481054451ac (MD5) / Made available in DSpace on 2018-04-09T12:55:27Z (GMT). No. of bitstreams: 1 Tese Versao Final 2018.pdf: 1089729 bytes, checksum: 97fc99ec7c690fe5a2013481054451ac (MD5) Previous issue date: 2018-03-09 / The findings of this research bring out how relevant are personal factors (e.g., traits), buying, and financial behaviors in predicting individuals’ indebtedness and financial well-being, if compared to predictors of debt and determinants of credit limits commonly used in used in academia and the finance industry (e.g., income, debt/income ratio, past credit usage behavior, the number of credit cards, past debt behavior, gender, age, schooling, marital status). Consumer credit has undergone a tremendous increase during recent decades in both developed and emerging economies. Brazil, which has one of the highest consumer credit interest rates in the world, has also experienced a substantial credit expansion, providing credit access to consumers who had never had access to it before, notably those in the low-income group. Both previous experience and the literature associate the access to massive amounts of credit with suboptimal and destructive forms of behavior such as impulsive buying and over-indebtedness. This kind of behavior undermines the individual’s financial well-being. In the context of financial services and the emerging Brazilian economy, this research project proposes the concept of financial preparedness for emergency (FPE), defined as ‘an individual’s state of being financially prepared to cope with a financial shock. This research posits that FPE is a critical component of financial well-being and extending on previous literature framework of drivers and consequences of financial well-being, it proposes an integrative model that investigates the role of consumer credit, money attitudes, impulsive buying and indebtedness behavior, in predicting consumers’ financial preparedness for an emergency. Employing a covariance-based structural equation modeling (CB-SEM) method to test the proposed model empirically, this study finds that personal factors, buying, and financial behaviors play a key role as antecedents of individuals’ financial preparedness. The findings suggest that individuals who see their credit limits as part of their income or are anxious about money are more prone to engage in impulsive buying and risky indebtedness behavior. Consequently, by engaging in such patterns of behavior, individuals weaken their state to cope with financial shock, which in its turn might affect their financial well-being. This research further finds that the belief that credit limits serve as income does not change the risky indebtedness behavior of low-income consumers. Furthermore, the findings suggest that the number of credit cards, gender, schooling, and age does not play any role in financial preparedness nor any of the model’s relationships. An explanation of the outcomes and various of their implications is addressed in this study. Overall, the recommendations made focus on individuals, institutions, and policymakers and the responsibility of each of these players to adopt sustainable forms of behavior, such as, building credit usage awareness, adopting and regulating tools that better identify consumers’ traits and behaviors that might lead them, and eventually society as a whole, into sound financial well-being. / Os resultados desta pesquisa revelam quão importantes são os fatores pessoais (por exemplo, traços de comportamento), o comportamento de compra e crenças financeiras, na previsão do endividamento e bem-estar financeiro dos indivíduos, em comparação indicadores financeiros comumente utilizados pela a academia e indústria financeira (por exemplo, renda, relação dívida / renda, sexo, idade, escolaridade). O crédito ao consumo sofreu um tremendo aumento durante as últimas décadas, tanto em economias desenvolvidas quanto nas emergentes. O Brasil, que tem uma das maiores taxas de juros de crédito ao consumidor do mundo, também experimentou uma substancial expansão de crédito, proporcionando acesso ao crédito a consumidores que nunca tiveram acesso a ele antes, notadamente aqueles do grupo de baixa renda. A literatura e experiência de outros países associam o acesso a enormes quantidades de crédito a comportamentos não ideias e ou destrutivos, como, a compra impulsiva e o superendividamento. Esse tipo de comportamento prejudica o bem-estar financeiro do indivíduo. No contexto dos serviços financeiros e da economia brasileira emergente, este projeto de pesquisa propõe o conceito de ‘preparação financeira para emergências’ (FPE), definido como 'o estado de um indivíduo estar financeiramente preparado para lidar com um choque financeiro'. Esta pesquisa postula que FPE é um componente crítico do bem-estar financeiro, e empregando a literatura existente propõe um modelo integrativo de causas e consequências do bem-estar financeiro. Esse modelo investiga o papel do crédito ao consumidor, atitudes monetárias, comportamento impulsivo de compra e endividamento, na previsão da preparação financeira dos consumidores para uma emergência. Empregando um método de modelagem de equações estruturais baseado em covariância (CB-SEM) para testar o modelo proposto empiricamente, este estudo descobriu que fatores pessoais, compras e comportamentos financeiros desempenham um papel fundamental como antecedentes da preparação financeira dos indivíduos. As descobertas sugerem que indivíduos que veem seus limites de crédito como parte de sua renda ou estão ansiosos em relação ao dinheiro são mais propensos a se engajar em comportamentos impulsivos de compra e endividamento. Consequentemente, ao se envolver em tais padrões de comportamento, os indivíduos enfraquecem seu estado para lidar com o choque financeiro, o que, por sua vez, pode afetar seu bem-estar financeiro. Esta pesquisa revela ainda que a crença de que os limites de crédito servem como renda não altera o comportamento arriscado de endividamento dos consumidores de baixa renda. Além disso, os resultados sugerem que o número de cartões de crédito, sexo, escolaridade e idade não desempenha nenhum papel na preparação financeira nem em nenhum dos relacionamentos do modelo. Uma explicação dos resultados e várias de suas implicações é abordada neste estudo. No geral, as recomendações focaram nos indivíduos, instituições e formuladores de políticas e na responsabilidade de cada um deles em adotar formas sustentáveis de comportamento, tais como conscientizar o uso do crédito, adotar e regular ferramentas que identifiquem melhor os traços e comportamentos dos consumidores que possam levá-los, e eventualmente a sociedade como um todo, a um bem-estar financeiro sólido.

Studies as described in the literature review indicate that most South Africans are highly in debt. The South African Reserve Bank’s quarterly bulletin is one of the prominent barometers for measuring household debt in the country and over the last five years has been indicating a steady decline but still very high household debt among South Africans. Studies have also shown that this relates to poor financial literacy and consumer ignorance in applying basic financial management practices. This is discussed in Chapter two of the study. The aim of the study was to determine the consumer debt level of the Department of Health public servants in Mahikeng, North West Province. This study used a consumer survey to measure consumer indebtedness among public servants in Mahikeng. The results of the study support literature in that the study found that most public servants are indebted. The findings also showed that 63% of the public servants spent more than 20% of their income in servicing debt. Thirteen per cent of the public servants taking part in the study had been served with either garnishee or emolument orders. The results of the study seem to suggest that public servants working for the Department of Health in Mahikeng and taking part in the study were indebted. / Business Management / M. Com. (Business Management)

The purpose of this thesis is to provide advice to potential applicants for consumer credit on how to navigate in a wide range of loans on the financial market. A potential candidate for a loan was identified as well as an appropriate methodology to be used for comparison of non-purpose loans and then I analyzed the offers of five selected institutions (3 banking and 2 non-banking). The next purpose of this thesis was to design qualifying questionnaire survey focused on consumer loans and confirm the hypothesis that there is no difference between the candidates with lower or higher income with which institutions they apply for a credit.