A Pandemic Risk Perception Scale.

We propose a Pandemic Risk Perception Scale. Our scale comprises two constructs, Dread Risk and Personal Exposure, divided into five dimensions: Infection Risk, Emotional Health Risk, Health System Risk,Financial Risk, and Alimentary Risk. Using multidimensional item response theory, confirmatory factor analysis, and structural equation modeling on two samples of respondents, our results show that Alimentary Risk, Health System Risk, and Emotional Health Risk are the main dimensions of risk perception for the COVID-19 pandemic. Furthermore, Infection Risk has a minor impact on the pandemic's risk perception, suggesting the presence of different dynamics between personal and general risk perceptions for the COVID-19 pandemic.

Perda de Bem-Estar Financeiro na Pandemia Covid-19: evidências preliminares de um Websurvey / Loss of Financial Well-Being in the Covid-19 Pandemic: first evidences from a Websurvey

Avaliar a perda de Bem-Estar Financeiro em virtude da pandemia. Foi realizado um websurvey com cidadãos brasileiros e os dados foram analisados a partir de estatísticas descritivas e testes de diferença de média. Os resultados indicam a perda de Bem-Estar Financeiro principalmente para os indivíduos que tiveram uma diminuição ou uma perda total da renda desde a pandemia. Os indivíduos com maiores quedas são os que possuem dependentes, sem estabilidade empregatícia, com menores rendas e que não possuíam reservas financeiras antes da pandemia. A perda de Bem-Estar Financeiro é um problema de saúde pública na medida em que se relaciona com outros aspectos da vida, como níveis de bem-estar geral, felicidade, satisfação, relacionamento social e qualidade de vida, e pode estar associado com aumento da ansiedade e depressão.

To assess the loss of Financial Well-being due to the pandemic. A websurvey was conducted with Brazilian citizens and the data were analyzed using descriptive statistics and tests of mean difference. The results indicate the loss of Financial Well-Being occurs mainly for individuals who have had a decrease or a total loss of income since the pandemic. Individuals with the greatest falls in the level of financial Well-being are those who have dependents, have no job stability, with lower incomes and that did not have financial reserves before the pandemic. The loss of Financial Well-being is a public health problem once it relates to other aspects of life such as levels of general Well-Being, happiness, satisfaction, social relationship and quality of life, and may be associated with increased anxiety and depression.

Loss of financial well-being in the COVID-19 pandemic: Does job stability make a difference?

This article aims to assess the loss of financial well-being in the COVID-19 pandemic. The developed theoretical model identifies the impacts of the perception of financial risk and financial anxiety on financial well-being. It also seeks, through a comparative analysis, to assess whether public servants, due to their status of job stability in Brazil, are less likely to have the effects of the pandemic than private employees. A survey was carried out on 1222 Brazilians with structural equation modeling and multi-group invariance tests. The results indicate that lower financial well-being is influenced by the level of financial anxiety and financial risk. Public servants perceive fewer losses in financial well-being, anxiety and risks than other professions. In the pandemic context, where the risks of unemployment and loss of income are increased, job stability works like an insurance, allowing public servants greater financial security and then minor losses of financial well-being. Evidence indicates that in countries where a large percentage of workers have temporary or informal jobs, the challenge of reducing the financial impacts of the pandemic will be great. Interventions to alleviating anxiety and public policies of income transfer and reduction of unemployment are instruments to reduce the loss of financial well-being.

Satisfação Global de Vida e Bem-estar Financeiro: desvendando a percepção de beneficiários do Programa Bolsa Família / Satisfacción Global de Vida y Bienestar Financiero: descubriendo la percepción de beneficiarios del Programa Bolsa Familia / Overall Life Satisfaction and Financial Well-Being: Revealing the Perceptions of the Beneficiaries of the Bolsa Família Program

Resumo O estudo teve como objetivo analisar a Satisfação Global de Vida (SGV) e o Bem-estar Financeiro (BEF) de indivíduos de baixa renda. Para isso, foram investigados 595 beneficiários do Programa Bolsa Família (PBF), mediante um questionário. A análise dos dados se deu por meio da estatística descritiva, modelagem de equações estruturais e cluster. Os principais resultados apontam que a amostra está satisfeita de maneira global com a vida, mas preocupa-se e sente-se desconfortável com a quantia que deve, o que minimiza o BEF. Ratificando esse resultado, o cluster de maior representatividade é formado pelos beneficiários com alta SGV e baixo BEF, os quais apresentam condições financeiras precárias, contas em atraso, nome vinculado a um cadastro negativo e restrição orçamentária que não permite a realização de poupança, nem o consumo de coisas extras.

Resumen El estudio tuvo como objetivo analizar la Satisfacción Global de Vida (SGV) y el Bienestar Financiero (BEF) de individuos de baja renta. Para eso, fueron investigados 595 beneficiarios del Programa Bolsa Familia (PBF) a través de un cuestionario. El análisis de los datos se realizó por medio de estadística descriptiva, modelaje de ecuaciones estructurales y cluster. Los principales resultados apuntan que la muestra está satisfecha de manera global con la vida, pero se preocupan y se sienten incómodos con el monto que deben, lo que minimiza el BEF. Ratificando este resultado, el cluster de mayor representatividad es formado por beneficiarios con alta SGV y baja BEF, los cuales presentan condiciones financieras precarias, cuentas atrasadas, nombre vinculado a un catastro negativo y restricción presupuestal que no permite la realización de ahorro ni el consumo de cosas extras.

Abstract The study aims to analyze overall life satisfaction (OLS) and the financial well-being (FWB) of low income individuals by investigating 595 beneficiaries of the Bolsa Família Program through a questionnaire. The data analysis includes descriptive statistics, structural equation modeling, and clustering. The main results show that the people in this sample are satisfied overall with life, but are worried about and feel uncomfortable with the amount they owe, which lowers FWB. Confirming this result, the most representative cluster is made up of beneficiaries with high OLS and low FWB, who have precarious financial conditions, past due accounts and negative credit records as well as budget constraints that mean they cannot accumulate savings and cannot afford extra consumption.

Causality and cointegration analysis between macroeconomic variables and the Bovespa.

The aim of this study is to analyze the causality relationship among a set of macroeconomic variables, represented by the exchange rate, interest rate, inflation (CPI), industrial production index as a proxy for gross domestic product in relation to the index of the São Paulo Stock Exchange (Bovespa). The period of analysis corresponded to the months from January 1995 to December 2010, making a total of 192 observations for each variable. Johansen tests, through the statistics of the trace and of the maximum eigenvalue, indicated the existence of at least one cointegration vector. In the analysis of Granger (1988) causality tests via error correction, it was found that a short-term causality existed between the CPI and the Bovespa. Regarding the Granger (1988) long-term causality, the results indicated a long-term behaviour among the macroeconomic variables with the BOVESPA. The results of the long-term normalized vector for the Bovespa variable showed that most signals of the cointegration equation parameters are in accordance with what is suggested by the economic theory. In other words, there was a positive behaviour of the GDP and a negative behaviour of the inflation and of the exchange rate (expected to be a positive relationship) in relation to the Bovespa, with the exception of the Selic rate, which was not significant with that index. The variance of the Bovespa was explained by itself in over 90% at the twelfth month, followed by the country risk, with less than 5%.

Liquidity spillover in international stock markets through distinct time scales.

This paper identifies liquidity spillovers through different time scales based on a wavelet multiscaling method. We decompose daily data from U.S., British, Brazilian and Hong Kong stock markets indices in order to calculate the scale correlation between their illiquidities. The sample is divided in order to consider non-crisis, sub-prime crisis and Eurozone crisis. We find that there are changes in correlations of distinct scales and different periods. Association in finest scales is smaller than in coarse scales. There is a rise on associations in periods of crisis. In frequencies, there is predominance for significant distinctions involving the coarsest scale, while for crises periods there is predominance for distinctions on the finest scale.