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Review of Business and Economics Studies / Вестник исследований бизнеса и экономики, 2017, том 5, № 2

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Review of Business and Economics Studies / Вестник исследований бизнеса и экономики. - Москва : Финансовый университет при Правительстве Российской Федерации, 2017. - Т. 5, № 2. - 74 с. - ISSN 2308-944X. - Текст : электронный. - URL: https://znanium.ru/catalog/product/1014601 (дата обращения: 03.07.2025). – Режим доступа: по подписке.
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Review of  
Business and 
Economics  
Studies

EDITOR-IN-CHIEF
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ISSN 2308-944X

Вестник 
исследований 
бизнеса  
и экономики

ГЛАВНЫЙ РЕДАКТОР
А.И. Ильинский, профессор, декан 
Международного финансо вого факультета Финансового университета 

ВЫПУСКАЮЩИЙ РЕДАКТОР
Збигнев Межва, д-р экон. наук

РЕДАКЦИОННЫЙ СОВЕТ

М.М. Алексанян, профессор Бизнесшколы им. Адама Смита, Университет 
Глазго (Великобритания)

К. Вонг, профессор, директор Института азиатско-тихоокеанского бизнеса 
Университета штата Калифорния, 
Лос-Анджелес (США)

К.П. Глущенко, профессор экономического факультета Новосибирского 
госуниверситета

С. Джеимангал, профессор Департамента статистики и математических финансов Университета Торонто 
(Канада)

Д. Дикинсон, профессор Департамента экономики Бирмингемской бизнесшколы, Бирмингемский университет 
(Великобритания)

Б. Каминский, профессор, 
Мэрилендский университет (США); 
Университет информационных 
технологий и менеджмента в Жешуве 
(Польша)

В.Л. Квинт, заведующий кафедрой 
финансовой стратегии Московской 
школы экономики МГУ, профессор 
Школы бизнеса Лассальского университета (США)

Г. Б. Клейнер, профессор, член-корреспондент РАН, заместитель директора Центрального экономико-математического института РАН

Э. Крочи, профессор, директор по 
научной работе Центра исследований 
в области энергетики и экономики 
окружающей среды Университета 
Боккони (Италия)

Д. Мавракис, профессор, 
директор Центра политики 
и развития энергетики 
Национального университета  
Афин (Греция)

С. Макгвайр, профессор, директор Института предпринимательства 
Университета штата Калифорния, 
Лос-Анджелес (США)

А. Мельников, профессор  
Депар та мента математических 
и ста тистических исследований 
Университета провинции Альберта 
(Канада)

Р.М. Нуреев, профессор, научный 
руководитель Департамента экономической теории Финансового 
университета

О.В. Павлов, профессор  
Депар та мента по литологии 
и полити ческих исследований 
Ворчестерского политехнического 
института (США) 

Б.Н. Порфирьев, профессор,  
член-корреспондент РАН, заместитель директора Института 
народнохозяйственного прогнозирования РАН

С. Рачев, профессор Бизнес-кол леджа 
Университета Стони Брук (США) 

Б.Б. Рубцов, профессор, заместитель 
руководителя Департамента финансовых рынков и банков по НИР 
Финансового университета

Д.Е. Сорокин, профессор, членкорреспондент РАН, научный 
руководитель Финансового 
университета

Р. Тан, профессор, проректор 
Колледжа Де Ла Саль Св. Бенильды 
(Филиппины) 

Д. Тсомокос, Оксфордский университет, старший научный сотрудник 
Лондонской школы экономики  
(Великобритания)

Ч.Т. Фан, профессор, Институт 
права в области науки и технологии, 
национальный университет Цин Хуа 
(Тайвань)

В. Фок, профессор, директор по 
исследованиям азиатского бизнеса Бизнес-колледжа Университета 
Лойола (США)

Д.Е. Халкос, профессор, Университет 
Фессалии (Греция)

К.А. Хартвелл, президент Центра 
социальных и экономических исследований CASE (Польша)

М. Чудри, профессор, Университет 
Брунеля (Великобритания)

Сун Цяокин, профессор, декан Высшей школы бизнеса Гуандунского 
университета зарубежных исследований (КНР)

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CONTENTS

Socio-Psychological Peculiarities and Level of Financial Literacy of Russian 

Debtors

Maria A. Gagarina, Anna A. Shantseva . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5

Gold, Dollar, International Trade and Monetary Integration in Us Foreign 

Policy: from the Interwar Years Through the Height of Bretton Woods

Simone Selva . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .23

Price Theory of Monies, from Global History

Dennis O. Flynn  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .36

No More Blood for Oil. How Could EU Help?

Tseng Li Ming . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .47

“Brexit”: What to Expect?

Elizaveta A. Kharina . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .58

Understanding How Value Added Tax (Vat) is Applied in the Democratic 

Republic of Congo

Tshibola Aimee Murphie Lubeshi  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .62

The Monetary System of the Luso-Brazilian Empire: the Changing Role 

of the ‘Provincial’ Currency in the 17th and 18th Centuries

Fernando Cerqueira Lima, Rita Martins de Sousa . . . . . . . . . . . . . . . . . . . . . . . . . . . . .68

Review of  
Business and  
Economics  
Studies

Volume 5, Number 2, 2017

Вестник 
исследований 
бизнеса  
и экономики

№ 2, 2017

CОДЕРЖАНИЕ

Социально-психологические особенности и уровень финансовой 

грамотности должников

Гагарина М. А., Шанцева А. А. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

Золото, доллар, международная торговля и валютная интеграция 

во внешней политике США: от послевоенных лет через Бреттон-Вудское 

соглашение

Симон Сельва  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23

Теория цены денег. Из всеобщей истории

Денис О. Флинн . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36

Нет нефти ценой крови. Как Евросоюз может помочь?

Тсенг Ли Минг . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47

Брексит: что следует ожидать?

Харина Елизавета Алексеевна . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58

Вопросы применения НДС в Демократической Республике Конго

Тчибола Эйми Мyрфи Лyбеши . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62

Монетарная система Португальско-Бразильской империи: меняющаяся 

роль «провинциальной» денежной системы в XVII и XVIII веках

Фернандо Серкуеира Лима, Рита Мартинс де Соуса . . . . . . . . . . . . . . . . . . . . . . . . . . 68

Review of Business and Economics Studies  
 
Volume 5, Number 2, 2017

Socio-Psychological Peculiarities and Level 
of Financial Literacy of Russian Debtors

Maria A. Gagarina
PhD, Associate professor
Department of Human Resource Management
Financial University
Moscow, Russia
MGagarina@fa.ru; MGagarina224@gmail.com

Anna A. Shantseva
student
International Finance Faculty
Financial University
Moscow, Russia
Anna.Shantseva@gmail.com

Abstract. This article is devoted to investigation of role of financial literacy and socio-psychological 
factors in borrowing and debt behavior. Topicality of the problem is caused by necessity to understand 
the causes, except economic, leading to delays in debt repayment and therefore increasing debt 
burden. This work presents the basic theoretical approaches to the problem of debtors, debt 
behavior concepts and connections between debt behavior, financial literacy, social and demographic 
characteristics and personality traits in accordance with the results of international research. Results 
of empirical investigation are presented, which reflect differences in financial literacy and sociopsychological characteristics of non-borrowers, borrowers and debtors. In conclusion, debtors do not 
differ from borrowers, who pay their bills in due course, by social and demographic characteristics, 
but there is a significant difference in their psychological characteristics. Debtors demonstrate higher 
tolerance to debts and irrationality in debt behavior and lower level of conscientiousness than nonborrowers and borrowers/payers. Non-borrowers do not differ significantly from borrowers/payers in 
psychological characteristics but differ significantly from them in socio-demographic characteristics 
and financial literacy. Results got by the authors are in agreement with the data obtained in Russian 
and foreign scientific researches.
Keywords: debtor; borrower; borrowing; debt behavior; debt repayment; financial literacy; debt 
literacy; socio-psychological characteristics; big five personality traits; locus of control; debt 
attitudes.

Социально-психологические особенности и уровень 
финансовой грамотности должников

Гагарина М. А.
кандидат психологических наук, доцент
Кафедра «Управление персоналом и психология»
Финансовый университет
Москва, Россия
MGagarina@fa.ru; MGagarina224@gmail.com

Review of Business and Economics Studies  
 
Volume 5, Number 2, 2017

ACKNOWLEDGMENTS
We would like to thank the Russian Foundation for 
Humanities for supporting this research through grant 
15–06–10710

INTRODUCTION

Relevance of the study

The urgency of studying the role of financial literacy and socio-psychological characteristics 
in debt behavior is underpinned by the growing 
indebtedness of the population and the need to 
determine the factors that influence its dynamics. 
The problem of borrowing and debt is not fully 
investigated on Russian sample because of two 
reasons: late emergency of credit card market 
and the wide-spread habit of borrowing from individuals (relatives and friends) which is difficult 
to study objectively. These socio-economic and 
cultural peculiarities of borrowing in our country 
do not let us simply use foreign scientific experience in debt behavior. In general, the analysis 
of debt behavior should take into account a va
riety of factors, such as the financial ability to 
meet one’s debt obligations, readiness and desire 
to perform, understanding of the mechanisms of 
debt formation, as well as individual characteristics such as integrity, conscientiousness, responsibility. Another important aspect is a person’s 
ability to see the cause-and-effect relationships 
between their actions and what is happening in 
their life.
Knowing what factors play a leading role in the 
transition from borrowing to “bad debt” behavior 
will help to develop a more effective system of 
measures to prevent the growth of debt among 
the population in the future.
Decisions on borrowing call for knowledge of 
certain financial products and familiarity with 
the fundamentals of financial calculations. There 
is good reason to believe that the higher the level 
of financial literacy, the more rational decisions, 
including the ones on borrowing, the respondents 
will take. Together with the ability to limit oneself and direct available funds to repay debt, these 
characteristics can be the basis of effective debt 
management. That is, we assume the following: 

Шанцева А. А.
студентка Международного финансового факультета Финансовый университет
Москва, Россия
Anna.Shantseva@gmail.com

Аннотация. Данная статья посвящена исследованию роли уровня финансовой грамотности и социальнопсихологических факторов в заимствующем и долговом поведении. Актуальность темы исследования 
обусловлена необходимостью понимания причин, помимо сугубо экономических, побуждающих лиц 
к несвоевременному погашению задолженности и приводящих к росту долгового бремени. В работе 
проанализированы основные теоретические подходы к определению должников и долгового поведения, 
показана связь долгового поведения с психологическими характеристиками респондентов и их 
уровнем финансовой грамотности по результатам зарубежных исследований. На основании результатов 
эмпирического исследования представлены различия по социально-психологическим характеристикам 
и уровню финансовой грамотности у лиц, не имеющих займов, заемщиков, не имеющих 
задолженности, и должников. Сделан вывод, что должники не отличаются от заемщиков, своевременно 
осуществляющих платежи по социальным и демографическим характеристикам, но отличаются от них по 
психологическим характеристикам. Должники, по сравнению с плательщиками и незаемщиками, имеют 
более нерациональное долговое поведение и более низкие показатели избегания долгов, а также более 
низкий уровень сознательности. Лица, не имеющие опыта заимствования, не отличаются от заемщиковплательщиков по психологическим характеристикам, но отличаются по социально-демографическим 
характеристикам и по финансовой грамотности. Полученные авторами результаты согласуются 
с данными других отечественных и зарубежных научных исследований.
Ключевые слова: должник; заемщик; заимствующее поведение; долговое поведение; финансовая 
грамотность; долговая грамотность; социально-психологические особенности; большая пятерка 
личностных черт; локус контроля; долговые преставления.

Review of Business and Economics Studies  
 
Volume 5, Number 2, 2017

in order not to become bad debtor, it is necessary 
to (1) gain a deep understanding of what a loan is 
and how it is to be paid; (2) be able to relate the 
resources available to those that would be required 
to repay the debt and (3) have certain psychological 
characteristics, such as emotional stability, conscientiousness, responsibility and internality for 
action to repay the loan. It is worth emphasizing 
that the problem calls for a systematic, multi-factor 
approach. Our previous studies (Gagarina, 2015; 
Smurygina, Gagarina 2016) have shown that the 
knowledge of the basic concept like «credit» and 
«loan interest» does not guarantee in itself the ability to apply this knowledge in practice and make 
the right decisions, like the ones on the order of 
loan repayment in case of multiple debts [1; 24 33]. 
However, it goes without saying that the absence 
of such knowledge adversely affects the decision.

Background

We start our review from the terms which are 
mentioned in the heading of the article and make 
an overview of the developments that already exist in the field of debt behavior.
Financial literacy is defined as “a combination of 
awareness, knowledge, skill, attitude and behavior 
necessary to make sound financial decisions and 
ultimately achieve individual financial wellbeing” (Organization for Economic Co-operation and 
Development (OECD)/International Network on 
Financial Education (INFE), 2012). In its projects 
aimed at improving national strategies for financial 
education, the Organization for Economic Cooperation and Development (OECD) recommends to 
consider the study of financial literacy as a multistep process that depends on financial, economic 
and social circumstances of people/households. 
The initial stage involves the acquaintance with 
such basic concepts as the characteristics and use 
of financial products, and then proceeds to more 
complex steps like the comprehension of financial 
concepts and development of skills and attitudes 
necessary for managing personal finances in the 
short and long term. As a result, all stages of development of financial literacy suggest positive 
changes in the behavioral patterns of citizens and 
households.
Research by Lusardi & Tufano (2009) suggests 
that households with low level of financial literacy 
tend to borrow money at a higher interest rate. 

They are also less likely to plan out their retirement 
savings, have a lower propensity to save, and they 
prone to experience difficulties with payment of 
mortgage loans [30].
It is not so easy to define “debt” and “debtors”. 
According to Dronova (2015), in Russian language 
the word “debt” has at least two different meanings: 
debt as something borrowed and obligated to be 
returned back (usually in terms goods or money), 
as synonym to “indebtedness” and “a loan” it can 
be met in manuscripts in XII–XIII century; and 
debt as a moral obligation (like sacred duty, filial duty or duty to the motherland), which can be 
seen in ancient text in XVI century [4]. Because 
a single word “debt” is used for both loans and 
dues, then while speaking about “debt behavior” 
we have to clarify that we actually mean borrowing. Borrowing behavior can be viewed in different 
ways. Firstly, it can be divided into institutional 
and non-institutional borrowing —  that is, borrowing from an organization or from an individual. 
This classification is often used in sociological 
research, for example, in the PhD thesis A. A. Dikiy 
(2012) and A. I. Faizullina (2007) [3; 6]. Meanwhile, 
proponents of this approach refer to this type of 
borrowing behavior as “debt behavior”. Necessity 
to distinguish between “debt” and “credit” in also 
of great concern. That is borrowing can be divided 
in accordance with the degree of repayment: those 
authors differentiate between loans (credit), outstanding debt (which is often treated as doubtful 
debt) and bad (distressed) debts. In the first case, 
we are talking about loans that can be repaid on 
time and in full; in the second case, there is a late 
payment on a loan or a payment is made not in 
full; and in the third case we are dealing with debt 
that remains unpaid because of the large size of 
the debt or because the debtor does not intend to 
pay it. These categories are applied in the works 
of Lea, S.E.G., P. Webley & R. M. Levine (1993), and 
Lea, S. E. G., Webley, P. & Walker, C.M. (1995) [27; 
28]. Consequently, we can consider “credit behavior” 
(associated with borrowing in general and credit 
paid in time and in full) and “debt behavior” (associated with debt outstanding past due date and 
bad debt). In these studies, as well as in some other 
ones, debt is seen as a forced inability to make a 
payment that needs to be made, while credit is 
a deferred payment that will be made in accordance with the contract between the borrower and 
lender. In accordance with this approach to debt, 

Review of Business and Economics Studies  
 
Volume 5, Number 2, 2017

we distinguish among the borrowers those who 
are “non-debtors”, “minor debtors” and “serious 
debtors” (Lea, S. E. G., Webley, P. & Walker, C.M. 
(1995)) [28].
Thus, we face the question: who should be kept 
in mind by the term “debtor”? Firstly, it was proved 
by Dearden, C., Goode J., Whitfield, G. & Cox, L. 
(2010) that economists and ordinary people understand this in different ways [15, p. 11]. Objective 
measures are those derived from legal and statistical measures and often use quantitative indicators, 
while subjective definitions are more qualitative 
and self-declared by nature. Secondly, one can be 
a debtor, but not a borrower —  how are we to deal 
with this case?
After analyzing the characteristics of the respondents described in various English-language 
articles, the title of which included the words “debt”, 
“debt behavior” and “indebtedness”, we found out 
that Achtziger, A., Hubert, M., Kenning, P., Raab, 
G. & Reisch, L. (2015); Dunn, L. F. & Mirzaie, I. A. 
(2011); Harrison, N., Agnew, S. & Serido, J. (2015); 
Jenkins, R., Bhugra, D., Bebbington, P., Brugha, T., 
Farrell, M., Coid, J. Fryers, T., Weich, S., Singleton, 
N. & Meltzer, H. (2008) apply the term “debtor” to 
people who just have mortgages, credit cards, auto 
loans and education loans [7; 18; 22; 25]; Brown, 
Taylor, Price (2005) use these works interchangeably [12] and Gathergood, J. (2012); Gathergood, J. 
& Weber J. (2014); Lusardi, A., and Tufano, P. (2009) 
apply debt to those who have late payments and 
arrears on loans [20; 19; 30]. To talk about bad 
debts, in addition to the term “problem debt” that 
reflects the inability and/or unwillingness to repay 
the loan or pay for goods and services on time and 
in full used in Jones, L.E., Loibl, C. & Tennyson, S. 
(2015)) [26], another term (not used in Russian 
language) “over-indebtedness”, which implies overdue loans and a subjective definition of borrowing 
as conjugate with financial problems applied in 
works of Dunn, L. F. & Mirzaie, I. A. (2011) and 
Harrison, N., Agnew, S. & Serido, J. (2015) [18, 22].
All in all, in our survey, we distinguished between borrowers/payers (those having loan of any 
type or borrowing from individuals) and debtors 
(borrowers with overdue loans and missed payments) and non-borrows.
Debt behavior and borrowing behavior can be 
analyzed with a focus on their causes. That type of 
works is devoted to the search of predictors of debt 
behavior, which include, for instance, self-control 

and time perspective, like in the study by Webley & Nyhus (2001) [34]. However, it is not always 
possible to distinguish a sound cause-and-effect 
relationship between individual characteristics 
and debt accumulation. For example, Gathergood’s 
works (2012) state that a low level of self-control 
leads to higher debt, as respondents with weak selfcontrol often use short-term but expensive loans, 
and the increase in debt is due to low self-control, 
not financial literacy [20]. Meanwhile, Achtziger, A., 
Hubert, M., Kenning, P., Raab, G. & Reisch, L. argue 
in their research (2015) that the link between low 
self-control and a high level of debt is mediated, and 
it is related to the inability (or reduced ability) to 
monitor and control the need to make purchases [7].
Due to the inability to detect cause-and-effect 
relationships, many works are basically devoted to 
identification of various characteristics (personal, 
behavioral, and so on) of debtors and their differences from borrowers and from people who don’t 
borrow at all.
Relatively well developed is the problem of the 
connection between attitudes and debt behaviors. 
In their work, Davies, E., Lea, S. E. G. (1995) discovered the relationship between pro- and anti-debt 
attitudes in students with the amounts of debt 
outstanding and their readiness to spend money 
on maintaining certain living standards. Pro-debt 
attitudes turned out to be positively correlated 
with the larger amounts of arrears [14]. Besides, 
there are studies that confirm the link between 
personality traits and financial decision-making 
such as unsecure debt and financial assets. Brown, S. 
& Taylor (2014) have shown that extraversion and 
agreeableness have a significant positive correlation 
with the amount of debt, while conscientiousness 
has a negative correlation with it. The only personality trait that does not give any meaningful 
correlation neither with the size of the debt, nor 
with the ownership of assets, is neuroticism [11]. 
These conclusions contradict the results obtained 
by other researchers; according to Webley & Nyhus 
(2001), for example, emotional instability is a positive predictor of debt [34].
Many studies focus on the (generally negative) 
influence of debts on physical and mental health 
of debtors. A number of epidemiological studies, 
like the ones by Gathergood (2012) or Hojman et 
al. (2013) [20; 23], have shown that the existence 
of outstanding debt is a significant predictor of 
depression.