Deposit insurance a study of vietnamese households knowledge and perception

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MINISTRY OF EDUCATION AND TRAINING UNIVERSITY OF ECONOMICS HOCHIMINH CITY TRẦN THỊ HỢP DEPOSIT INSURANCE: A STUDY OF VIETNAMESE HOUSEHOLD’S KNOWLEDGE AND PERCEPTION MASTER THESIS Ho Chi Minh City – 2012 MINISTRY OF EDUCATION AND TRAINING UNIVERSITY OF ECONOMICS HOCHIMINH CITY - oOo TRẦN THỊ HỢP DEPOSIT INSURANCE: A STUDY OF VIETNAMESE HOUSEHOLD’S KNOWLEDGE AND PERCEPTION MAJOR: FINANCE-BANKING MAJOR CODE: 60.31.12 MASTER THESIS SUPERVISOR: Assoc Prof, Ph.D TRẦN HUY HOÀNG Ho Chi Minh City – 2012 ACKNOWLEDGE This dissertation would not have been able complete without the support of many people Firstly, I wish to express my deep gratitude to my supervisor, Assoc Prof, Ph.D Tran Huy Hoang for his valuable guidance and advice I would like to express my deepest gratitude to all instructors at Faculty of Finance and Banking, University of Economics Ho Chi Minh City (UEH) for their valuable knowledge during my study in UEH Special thanks to Dr Vo Xuan Vinh for his useful advice for choosing a suitable thesis’s research problem, and Master Nguyen Thanh Trung for his enthusiastic support for this study My thanks and appreciations go to all my classmates, especially Ms Pham Thi Xuan Lien and Ms Nguyen Hong Vinh for their comments in English editing I also wish to thank my friends in Techcombank, Citibank, BIDV, Maritime Bank, Agribank, my colleagues and interviewers for their great supports My thanks would also go to the households that agreed to participate in the survey Finally, I would like to express heartfelt and deepest gratitude to my beloved parents, my husband and my son who are encouragement for me to overcome all difficulties through the duration of my study i ABSTRACT During the global financial crisis, many countries sought to reassure depositors that their savings in financial institutions were safe If depositors feel unsure about the safety of their deposits, there is a great probability that they will withdraw their funds when they know insured institution encounter the unsound problems If bank runs become widespread, it can affect the overall economy Therefore, public must be well informed about the benefits and limitations of deposit insurance to build and maintain confidence in the financial system In addition, a well-designed public awareness program is essential in order to prevent a bank run The objective of this study to investigates the knowledge about existing deposit insurance organization in Vietnam and its basic features among a sample of households A study of 326 respondents was conducted in Ho Chi Minh City and two nearby provinces Statistics and logistic regression techniques were applied to test hypotheses and analyze factors impacting on the public awareness of deposit insurance The result of the paper shows that knowledge of deposit insurance is not widespread in Vietnam: about 60 percent of the households in the sample are completely unaware of its existence, 30 percent possess the basic knowledge, and only 10 percent give detailed information The findings highlight the significant determinants of deposit insurance awareness that are internet, education, and bank Keywords: Deposit insurance of Vietnam, deposit insurance, public awareness ii CONTENTS ACKNOWLEDGE i ABSTRACT ii CONTENTS iii LIST OF TABLES vi LIST OF CHARTS vii LIST OF ABBREVIATES viii CHAPTER 1: INTRODUCTION 1.1 Introduction 1.2 Research background 1.3 Research objective 1.4 Research questions 1.5 Methodology 1.6 Scope and limitation 1.7 Structure of the study CHAPTER 2: LITERATURE REVIEW 2.1 Introduction 2.2 Overview of Deposit insurance 2.2.1 The Concept of Deposit Insurance 2.2.2 Objectives and role of deposit insurance 2.2.3 Deposit insurance: the facts 2.2.4 Case of Deposit insurance in Vietnam 2.3 Related literature 11 iii 2.3.1 Deposit insurance and public awareness 11 2.3.2 Other efforts to investigate the public awareness 12 2.4 Developing of empirical research hypothesis 14 CHAPTER 3: METHODOLOGY 18 3.1 Introduction 18 3.2 Research design 18 3.3 Pilot test .20 3.4 Main study 21 3.4.1 Target audience selection 21 3.4.2 Sample size 22 3.4.3 Survey method .22 3.5 Data analysis techniques 23 3.5.1 Descriptive statistics 23 3.5.2 Multivariate analysis 23 CHAPTER 4: DATA ANALYSIS AND FINDINGS 25 4.1 Introduction 25 4.2 Description of collected sample 25 4.2.1 Final sample 25 4.2.2 Characteristic of sample 26 4.3 Results and discussions 27 4.3.1 Knowledge about the Vietnam DIS 27 4.3.2 Find out determinants of awareness 32 4.3.3 The negative answers .36 iv 4.3.4 Different level of knowledge 40 4.3.5 A multivariate analysis 41 4.3.6 Review the findings of the study 45 CHAPTER 5: IMPLICATIONS AND CONCLUSION 46 5.1 Introduction 46 5.2 Implications of the research 46 5.3 Limitations of the research and further research 49 5.4 Conclusion 50 5.4.1 Summary of hypotheses 50 5.4.2 Final conclusion .51 APPENDIX - Questionnaire 53 APPENDIX - List of financial experts and depositors 59 APPENDIX - Descriptive Statistics of variables 60 REFERENCES 67 v LIST OF TABLES Table 1.1 Outline of Chapter Table 1.2 Structure of the study Table 2.1 Outline of Chapter Table 2.2 The research question and all hypotheses 16 Table 3.1 Outline of Chapter 18 Table 4.1 Outline of Chapter 25 Table 4.2 Knowledge about Vietnam deposit insurance 28 Table 4.3 In case of bank failure, are your deposits protected in Vietnam 34 Table 4.4 Omnibus Tests of Model Coefficients 42 Table 4.5 Model Summary 42 Table 4.6 Classification Table 43 Table 4.7 Variables in the Equation 43 Table 5.1 Outline of Chapter 46 Table 5.2 Summary of hypotheses 50 vi LIST OF CHARTS Chart 2.1 Numbers deposit insurance in the world to March 2011 Chart 2.2 The factors influence on the awareness 17 Chart 3.1 Research process 19 Chart 4.1 Description of collected sample 26 Chart 4.2 Gender of respondents 26 Chart 4.3 Age group of respondents 27 Chart 4.4 An international comparison 29 Chart 4.5 Isolating the “noes” from the “don’t knows”: age 36 Chart 4.6 Isolating the “noes” from the “don’t knows”: Education 37 Chart 4.7 Isolating the “noes” from the “don’t knows”: Residence 38 Chart 4.8 Isolating the “noes” from the “don’t knows”: Risk aversion 39 Chart 4.9 Isolating the “noes” from the “don’t knows”: amount of deposit 39 vii LIST OF ABBREVIATES DI: Deposit Insurance DIS: Deposit Insurance system DIV: Deposit Insurance of Vietnam FDIC: Federal Deposit Insurance Corporation MDIC: Malaysia deposit Insurance Corporation CDIC: Canada Deposit Insurance Corporation IADI: International Associate Deposit insurance DICJ: Deposit Insurance Corporation of Japan FSF: Financial Stability Forum BIDV: Bank for Investment and development Agribank: Viet Nam Bank for Agriculture and Rural Development Techcombank: Technological and Commercial Joint Stock Bank viii Other not employed/không nghề nghiệp Retired/nghỉ hưu Blue-collar worker/Công nhân Office worker/Nhân viên văn phòng Trader, business – owner, other self-employed/ thương nhân, Kinh doanh, buôn bán Manager, executive/Quản lý How much is your or the household monthly income? /Thu nhập hàng tháng bạn gia đình bạn bao nhiêu? Less than million VND / Dưới triệu đồng From to below 10 million VND / Từ đến 10 triệu đồng From 10 to below 20 million VND / Từ 10 triệu đến 20 triệu đồng From 20 million VND to over / Từ 20 triệu đồng trở lên B Financial knowledge Imagine you receive this statement from your bank; can you tell me what sum of money is available at the end of month? / hình dung bạn nhận báo cáo từ ngân hàng bạn, bạn cho tơi biết tổng số tiền có ngân hàng vào cuối tháng không? Amount in VND / Số tiền VND………… Don’t know/không biết………………… Suppose you had VND 100 million in a saving account and the interest rate is 10% per year After years, how much you think you would have in the account if you left the money to grow? Giả sử bạn có tài khoản tiết kiểm 100 triệu VND, lãi suất 10%/năm Nếu bạn để tiền để sinh lợi, sau hai năm bạn nghĩ bạn có tiền tài khoản bạn? Less than VND 110 million / Ít 110 triệu VND 55 Exactly VND 110 million / Chính xác 110 triệu VND More than VND 110 million / Nhiều 110 triệu VND If interest rates rise, what will typically happen to bond prices.? Nếu lãi suất tăng, cách điển hình việc xãy giá trái phiếu? Increase / Tăng Decrease/ Giảm Which risk aversion level would you prefer if you buying a bank products?/ Nếu bạn mua (sử dụng) sản phẩm, dịch vụ ngân hàng, mức ngại rủi ro mà bạn ưa thích? I prefer a large profits, even with high risk / Tơi thích lợi nhuận lớn chí với mức rủi ro cao I prefer good return, but also fair degree of protection/ Tôi thích lợi nhuận tốt, có mức bảo đảm vừa phải I prefer fair return, with a good degree of protection / Tơi thích lợi nhuận khá, có mức bảo đảm tốt I want low profits with no risk/ Tơi muốn lợi nhuận thấp khơng có rủi ro How much is your saving accounts in bank? Số tiền gửi bạn ngân hàng khoảng bao nhiêu? Less than 50 million VND / Dưới 50 triệu đồng From 50 to below 100 million VND / Từ 50 đến 100 triệu đồng From 100 to below 200 million VND / Từ 100 triệu đến 200 triệu đồng From 200 million VND to over / Từ 200 triệu đồng trở lên Which following types of banks you chose to deposit your money?/ Ngận hàng sau bạn chọn để gửi tiền tiết kiệm bạn ? 56 In state bank / Ở ngân hàng nhà nước In commercial joint stock bank / Ở ngân hàng thương mại cổ phần Do any members of your household use the internet at home or elsewhere? Các thành viên gia đình bạn có sử dụng internet nhà hay nơi khác khơng? Yes/Có No/Khơng Number of households’ component / Số thành viên hộ gia đình bạn or more C Knowledge about the deposit insurance system in Vietnam / Hiểu biết bảo hiểm tiền gửi Việt nam In case of bank failure, are your deposits protected in Vietnam? / Trong trường hợp ngân hàng bị đỗ vỡ, tiền gửi bạn có bảo vệ Việt Nam? Yes/Có No/Khơng Don’t know/Khơng biết Do you know about deposit insurance? / Bạn có biết (nghe nói) Bảo hiểm tiền gửi khơng? Yes/Có No/Khơng Don’t know/Khơng biết 57 Regarding your or the household’s current or savings accounts, if the bank collapsed you think that there exists a deposit insurance system refund your money? / Đối với tài khoản tiền gửi tiết kiệm, bạn gia đình bạn ngân hàng, ngân hàng bị đỗ vỡ bạn có nghĩ có tồn tổ chức bảo hiểm tiền gửi trả lại tiền cho bạn? Yes/Có No/Khơng Don’t know/Khơng biết (If yes to Q3 )Is there a maximum amount of deposits guaranteed by deposit insurance system?/ Có mức tiền gửi tối đa bảo đảm bảo hiểm tiền gửi? Yes/Có No/Khơng Don’t know/Khơng biết 5.(If yes to Q.4 )Which is the maximum amount of deposits guaranteed by deposit insurance of Vietnam? Mức tiền gửi tối đa bảo đảm Bảo hiểm tiền gửi Việt nam? VND 50 million/ 50 triệu đồng VND VND 100 million/100 triệu đồng VND Unlimited/khơng có giới hạn Thank you for taking time to complete the questionnaire / Cám ơn bạn dành thời gian để hoàn thành bảng câu hỏi 58 APPENDIX List of financial experts invited to focus discussion group No Full name Nguyễn Thị Tú Oanh Gender Female Bank Manager - Techcombank - Tan Quy branch District - Ho Chi Minh City Lê Thị Huệ Female Director transaction office No BIDV- No 2transaction center Branch Phan Duy Lăng Male Manager - Maritimebank - Ho Chi Minh City Trần Văn Nghị Male Manager Agribank – Binh Phu branch Huỳnh Công Minh Male Chief control department- Seabank List of ten depositors who is clients of BIDV – No 2-transaction center invited to interview No Full name Gender Note Huỳnh N.Huyền Trân Female Understand all questions of questionnaire Nguyễn Minh Phương Female Understand all questions of questionnaire Bùi Nhật Đức Male Understand all questions of questionnaire Lê Khắc Thịnh Male Understand all questions of questionnaire Trần Anh Túc Male Understand all questions of questionnaire Hứa Hữu Mai Chi Female Understand all questions of questionnaire Nguyễn T Diễm Thu Female Understand all questions of questionnaire Phùng Thị Kỳ Female Understand all questions of questionnaire Bùi Anh Phương Male Understand all questions of questionnaire 10 Đào Văn Vững Male Understand all questions of questionnaire 59 APPENDIX Despriptive statistics of variables Frequencies Statistics Gender N Valid Missing Age Area Education Working Income Finance1 Bank Internet People Finance2 326 326 326 326 326 326 326 326 326 326 326 326 0 0 0 0 0 0 Gender Frequency Percent Valid Percent Cumulative Percent 170 52.1 52.1 52.1 156 47.9 47.9 100.0 Total 326 100.0 100.0 Gender Frequency Valid Deposit 326 Frequency Table Valid Risk Percent Valid Percent Cumulative Percent 170 52.1 52.1 52.1 156 47.9 47.9 100.0 Total 326 100.0 100.0 60 Age Frequency Valid Percent Valid Percent Cumulative Percent 91 27.9 27.9 27.9 76 23.3 23.3 51.2 68 20.9 20.9 72.1 91 27.9 27.9 100.0 326 100.0 100.0 Total Area Frequency Valid Percent Valid Percent Cumulative Percent 139 42.6 42.6 42.6 93 28.5 28.5 71.2 94 28.8 28.8 100.0 61 Total 326 100.0 100.0 Education Frequency Valid Percent Valid Percent Cumulative Percent 11 3.4 3.4 3.4 34 10.4 10.4 13.8 42 12.9 12.9 26.7 136 41.7 41.7 68.4 103 31.6 31.6 100.0 Total 326 100.0 100.0 Working Frequency Valid Percent Valid Percent Cumulative Percent 18 5.5 5.5 5.5 47 14.4 14.4 19.9 69 21.2 21.2 41.1 76 23.3 23.3 64.4 66 20.2 20.2 84.7 50 15.3 15.3 100.0 326 100.0 100.0 Total Income Frequency Valid Percent Valid Percent Cumulative Percent 108 33.1 33.1 33.1 112 34.4 34.4 67.5 62 19.0 19.0 86.5 44 13.5 13.5 100.0 62 Income Frequency Valid Percent Valid Percent Cumulative Percent 108 33.1 33.1 33.1 112 34.4 34.4 67.5 62 19.0 19.0 86.5 44 13.5 13.5 100.0 326 100.0 100.0 Total Finance1 Frequency Valid Percent Valid Percent Cumulative Percent 114 35.0 35.0 35.0 212 65.0 65.0 100.0 Total 326 100.0 100.0 Risk Frequency Valid Percent Valid Percent Cumulative Percent 31 9.5 9.5 9.5 99 30.4 30.4 39.9 146 44.8 44.8 84.7 50 15.3 15.3 100.0 326 100.0 100.0 Total Deposit Frequency Valid Percent Valid Percent Cumulative Percent 129 39.6 39.6 39.6 89 27.3 27.3 66.9 65 19.9 19.9 86.8 43 13.2 13.2 100.0 63 Deposit Frequency Valid Percent Valid Percent Cumulative Percent 129 39.6 39.6 39.6 89 27.3 27.3 66.9 65 19.9 19.9 86.8 43 13.2 13.2 100.0 326 100.0 100.0 Total Bank Frequency Valid Percent Valid Percent Cumulative Percent 187 57.4 57.4 57.4 139 42.6 42.6 100.0 Total 326 100.0 100.0 Internet Frequency Valid Percent Valid Percent Cumulative Percent 200 61.3 61.3 61.3 126 38.7 38.7 100.0 Total 326 100.0 100.0 People Frequency Valid Percent Valid Percent Cumulative Percent 13 4.0 4.0 4.0 80 24.5 24.5 28.5 82 25.2 25.2 53.7 107 32.8 32.8 86.5 44 13.5 13.5 100.0 326 100.0 100.0 Total 64 Finance2 Frequency Valid Percent Valid Percent Cumulative Percent 256 78.5 78.5 78.5 70 21.5 21.5 100.0 326 100.0 100.0 Total Logistic Regression Case Processing Summary Unweighted Casesa Selected Cases N Included in Analysis Missing Cases Total Unselected Cases Total Percent 326 100.0 0 326 100.0 0 326 100.0 a If weight is in effect, see classification table for the total number of cases Dependent Variable Encoding Original Value Internal Value 0 1 65 Block 0: Beginning Block Classification Tablea,b Predicted Awareness Observed Step Awareness Percentage Correct 175 100.0 151 0 Overall Percentage 53.7 a Constant is included in the model b The cut value is 500 Variables in the Equation B Step Constant S.E -.148 Wald 111 df 1.764 Sig 184 Variables not in the Equation Score Step Variables Gender df Sig .692 405 Age 3.740 053 Area 024 878 Education 23.212 000 Working 24.808 000 Income 18.467 000 220 639 19.287 000 7.735 005 Internet 39.742 000 People 7.942 005 Finance2 2.275 131 79.501 12 000 Risk Deposit Bank Overall Statistics 66 Exp(B) 863 REFERENCES Vietnamese: Hoàng Trọng – Chu Nguyễn Mộng Ngọc (2008), “Thống kê ứng dụng kinh tế xã hội, NXB Thống kê” Nguyễn Thị Kim Oanh (2004), “Bảo hiểm tiền gửi: Nguyên lý thực tiễn” English: Annamaria Lusardi and Olivia S Mitchell (2011), “Financial Literacy around the World” BIS(2011), “Guidance for developing effective deposit insurance systems” Bowen , F., (2002) “Financial knowledge of teens and their parents Financial counseling and Planning Journal, 13, 93-101” Banca d’Italia (2010), “Household income and Wealth in 2008” Thomas L.Harnisch (2010), “Boosting Financial literacy in American: A role for state colleges and univesities” CDIC (2010), “Annual report” Choi J.B (2000), “Structuring a deposit insurance system from the Asian Perspective” Canava, R Y., Delahaye, B L., & Sekaran, U (2001), “Applied business research: Qualitative and quantitative methods John Wiley & Sons Australia, Ltd Australia” 67 Diamond D.W., Dybvig P.H (1983), “Bank runs, deposit insurance and liquidity”, 10 Demirgiic-Kunt and Kane (2002), “Deposit insurance around the world” 11 DIV (2009), “Annual report” 12 Donald R.C & Pamela S.S.(2003), “Business research methods 8th Ed., Mc Graw-Hill/Irwin, New York” 13 Economic Development October 2008 14 Financial Stability Forum, 2001, “Guidance for developing effective deposit insurance systems Technical report, working group on deposit insurance” 15 Garcia G.(2000), “Deposit insurance: a survey of actual and best practices” 16 Inakura N., Shimizutani S., Paprzycki R (2005), “Deposit insurance and depositor discipline: direct evidence on bank switching behaviour in Japan” 17 IADI (2009), “Public awareness of deposit insurance system” 18 Kinssinger T.L (2003), “An analysis of the 2003 FDIC awareness survey data” FDIC 19 Laura Bartiloro, (2008), “Is your money safe? What Italian know about deposit insurance” 20 MDIC (2010), “Annual report” 21 Nguyen Thi Kim Oanh and Michael Oborn (2006), “Deposit insurance of Vietnam: Are there implications for Australia” 68 22 Okan Veli Safakli and Erdal Guryay (2007), “A research on designing an effective deposit insurance scheme for TRNC with particular emphasis on Public awareness” 23 Straeter et al (2008), “Deposit insurance: An empirical study of private investors’ knowledge and perception” 24 Steiger D.M., Simon A., Montgomery R.(2001), “Household survey on deposit insurance awareness” FDIC 25 Zikmund, W.G (1997), “Business Research Methodology Fort Worth, TX: The Dryden Press” 26 Van Rooij, M., Lusardi, A., and Alessie, R., (2007), “Financial Literacy and stock market participation Technical report, NBER Working paper Series” Website: www.div.gov.vn www.iadi.org www.fdic.gov www.articles.bussinessinsider.com 69 ... deposit Insurance Corporation CDIC: Canada Deposit Insurance Corporation IADI: International Associate Deposit insurance DICJ: Deposit Insurance Corporation of Japan FSF: Financial Stability... Related literature 2.3.1 Deposit insurance and public awareness A moderate amount of research related to public awareness of deposit insurance such as the study group on Deposit insurance of. .. significant determinants of deposit insurance awareness that are internet, education, and bank Keywords: Deposit insurance of Vietnam, deposit insurance, public awareness ii CONTENTS ACKNOWLEDGE
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