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TERRA ECONOMICUS

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  • Consumer lending as the factor for sustainable growth and household welfare in depressed areas (literature review)

Consumer lending as the factor for sustainable growth and household welfare in depressed areas (literature review)

TERRA ECONOMICUS, , Vol. 11 (no. 4.2),
p. 175-181

Patterns of households borrowing behavior for the most part result from common patterns of consumer behavior. In depressive areas of Russia, which are underdeveloped ones, credit resources are used mainly for conspicuous consumption, that is, imitation of consumer patterns prevailing at the most developed regions. However, if prevailing, such patterns do not affect positively the household welfare in depressed areas in the long period, and may cause negative effect on the stability of the economy of the region in whole. Sustainable development of local communities as the research paradigm is closely related to sustainable consumer lending patterns implying priority of the long-term purpose loans that are to be used as the endogenous source of local area development. Future research directions are proposed to include: assessment and analysis of the microlevel decisions concerning the use of households finance as the factor for coping with the economic problems of the depressive territories they live in; development and implementation of purpose lending programs to activate households’ finance and transform it into the source of economic growth of depressed areas; study of the regional and municipal authorities activities to coordinate interactions between the agents in consumer lending, as well as to popularize successful practices of sustainable household lending.


Keywords: consumer loan; depressive areas; local communities; economic growth; sustainable lending; household welfare; regional and municipal authorities

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Publisher: Southern Federal University
Founder: Southern Federal University
ISSN: 2073-6606