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Assets Research Library

CFED’s Assets Research Library provides a listing of research and resources on asset building and expanding economic opportunity. The Library is a work in progress so visit regularly for updates and new resources. For a four-page overview of asset-building research, see our research brief: Why Assets Matter.

Resources are organized by CFED’s priorities: Savings & Financial Security, Affordable Housing & Homeownership, Entrepreneurship and Economic Development. Click on a priority or a topic area below.

Savings and Financial Security

Individual Development Accounts

Accounting for the Role of Habit in Regular Saving
Cäzilia Loibl, David S. Kraybill and Sara Wackler DeMay. The Ohio State University. May 2011.

Ten-Year Impacts of Individual Development Accounts on Homeownership: Evidence from a Randomized Experiment
Michal Grinstein-Weiss, Michael Sherraden, William Gale, William M. Rohe, Mark Schreiner and Clinton Key. March 2011.

Savings Outcomes of an IDA Program for Survivors of Domestic Violence
Cynthia K. Sanders. Center for Social Development. 2010.

Weathering the Storm: Have IDAs Helped Low-Income Homebuyers Avoid Foreclosure?
Ida Rademacher and Kasey Wiedrich, CFED
Signe-Mary McKernan, Caroline Ratcliffe and Megan Gallagher, The Urban Institute. April 2010.

Learning to Save, Saving to Learn: Intermediate Impacts of the learn$ave Individual Development Accounts Project
Norm Leckie, et al. Social Research and Demonstration Corporation. March 2009.

Assets for Independence Act Evaluation: Process Study and Impact Study
Gregory Mills, et al. Abt Associates. February 2008.

The Effects of Welfare and IDA Program Rules on the Asset Holdings of Low-Income Families
Signe Mary McKernan, Caroline Ratcliffe, Yunju Nam. Urban Institute. September 2007.

Report to Congress: Assets for Independence Program, Status at the Conclusion of the Eighth Year
Office of Community Services, Administration for Children and Families, U.S. Department of Health and Human Services. 2007.

Evaluation of the American Dream Demonstration
Gregory Mills, et al. Abt Associates. August 2004.
For more research and publications on the American Dream Demonstration, please visit the Center for Social Development.

Assets and the Poor: A New American Welfare Policy
Michael Sherraden. Center for Social Development. Washington University in St. Louis. 1991.


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Children’s Savings Accounts

City and Community Innovations in CDAs: The Role of Community Based Organizations
Carl Rist and Liana Humphrey, CFED. Center for Social Development Working Papers Series. 2009.  

How America Saves for College: Sallie Mae’s National Study of College Students and Parents
Sallie Mae and Gallup. 2009.

The Human Capital Agenda: Asset Holding and Educational Attainment among African American Youth
William Elliott et al. Center for Social Development Working Papers Series. 2009.

Asset Holding and Educational Attainment among African American Youth
William Elliott III, Kevin Kim, Hyunzee Jung, Min Zhan. Preliminary Findings Presented at the Association for Public Policy Analysis and Management (APPAM) Conference. November 2009.

SEED Account Monitoring Research: Participants, Savings, and Accumulation
Lisa R. Mason, et al. Center for Social Development. March 2009.
For more research and publications on the children’s savings accounts and the SEED demonstration, please visit the Center for Social Development.

Assets and Liabilities, Educational Expectations, and Children’s College Degree Attainment
Min Zhan and Michael Sherraden. Center for Social Development. 2009. Fulfilling the Commitment: Recommendations for Reforming Federal Student Aid in Brief
Report from the Rethinking Student Aid Study Group. CollegeBoard. September 2008.

The UK Child Trust Fund: A Successful Launch
Jim Bennet, et al. Institute for Public Policy Research and the Initiative on Financial Security at the Aspen Institute. June 2008.


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Wealth and Household Financial Security

Who are Low-Asset Low-Income Families?
Mauricio Soto. The Urban Institute. September 2011.

Private Transfers, Race, and Wealth
Signe-Mary McKernan, Caroline Ratcliffe, Margaret Simms, Sisi Zhang. The Urban Institute. August 2011.

Exploring the Relationship Between Asset Holding and Family Economic Strain
David W. Rothwell and Anna Goren. New America Foundation. June 2011.

Is Poverty Incompatible with Asset Accumulation?
Signe-Mary McKernan, Caroline Ratcliffe, Trina Williams Shanks. The Urban Institute. June 2011.

Financially Fragile Households: Evidence and Implications
Annamaria Lusardi, Daniel Schneider and Peter Tufano. The George Washington University School of Business, Princeton University, Harvard Business School. March 2011.

The State of Working America's Wealth, 2011
Sylvia Allegretto. Economic Policy Institute. March 2011.

Wealth Effects Revisited: 1978-2009
Karl E. Case, John M. Quigley and Robert J. Shiller. Yale University. February 2011.

Household Debt and Saving during the 2007 Recession
Rajashri Chakrabarti, Donghoon Lee, Wilbert van der Klaauw, and Basit Zafar. Federal Reserve Bank of New York. January 2011.

Building Economic Security in America's Cities: New Municipal Strategies for Asset Building and Financial Empowerment
CFED. January 2011.

Financial Inclusion and Financial Stability: Current Policy Issues
Alfred Hannig and Stefan Jansen. Asian Development Bank Institute. December 2010.

Standing on Shaky Ground: Americans' Experience with Insecurity
Jacob S. Hacker, Philipp Rehm and Mark Schlesinger. The Rockefeller Foundation. December 2010.

Recent Progress on the 12 Scorecard Policy Priorities
CFED. September 2010.

The Color of Debt: Credit Card Debt by Race and Ethnicity
Jose Garcia. Dēmos. August 2010.

The Racial Wealth Gap Increases Fourfold
Thomas M. Shapiro, Tatjana Meschede, and Laura Sullivan. Institute on Assets and Social Policy, Brandeis University. May 2010.

Assets & Opportunity Special Report: The Financial Security of Households with Children
Kasey Wiedrich, Stephen Crawford, and Leigh Tivol. CFED. May 2010.

Do Assets Help Families Cope with Adverse Events?
Signe-Mary McKernan, Caroline Ratcliffe and Katie Vinopal. Urban Institute. December 2009.

2009-2010 Assets & Opportunity Scorecard.
CFED. September 2009.

Net Worth, Wealth Inequality and Homeownership during the Bubble Years: An Assets & Opportunity Special Report
CFED. September 2008.

Return on Investment? Getting More from Federal Asset-Building Policies
Lillian Woo and David Buchholz. CFED. 2007.

Opportunity and Ownership over the Life Cycle
Signe-Mary McKernan, C. Eugene Steuerle and Serena Lei. Urban Institute. April 2010.

Do Assets Help Families Cope with Advese Events?
Signe-Mary McKernan, Caroline Ratcliffe, and Katie Vinopal. Urban Institute. November 2009.

Asset Security and Opportunity Index
Thomas M. Shapiro, Melvin L. Oliver, and Tatjana Meschede. Institution on Assets and Social Policy, Brandeis University. November 2009.

Asset Building in Low-Income Communities of Color, Part 1 and Part 2
Joint Center for Political and Economic Studies. March 2009.

Changes in U.S. Family Finances from 2004 to 2007: Evidence from the Survey of Consumer Finances
Brian K. Bucks, et al. Federal Reserve Board of Governors. February 2009.

The Effects of Holding Assets on Social and Economic Outcomes of Families: A Review of Theory and Evidence
Robert Lerman and Signe-Mary McKernan. Urban Institute. November 2008.

Determinants of Asset Building
Sondra Beverly et al. Urban Institute. March 2008.

The Balance Sheets of Low-Income Households
Adam Carasso and Signe-Mary McKernan. Urban Institute. November 2007.

Recent Trends in Household Wealth in the United States: Rising Debt and the Middle-Class Squeeze
Edward N. Wolff. Levy Economics Institute of Bard College and New York University. June 2007.


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Savings

The Effect of Providing Peer Information on Retirement Savings Decisions
John Beshears, James J. Choi, David Laibson, Brigitte C. Madrian, Katherine L. Milkman. National Bureau of Economic Research. August 2011.

Savings and Hardship Avoidance Among Households Headed by People with Disabilities: Implications for SSI
Gregory B. Mills and Sisi Zhang. Urban Institute. May 2011.

Can Savings Help Overcome Income Instability?
Gregory Mills and Joe Amick. The Urban Institute. December 2010.

Encouraging Savings Under the Earned Income Tax Credit: A Nudge in the Right Direction
Vada Waters Lindsey. Marquette University Law School. December 2010.

The Impact of 401(k) Loans on Saving
John Beshears, James J. Choi, David Laibson and Brigitte C. Madrian. NBER, Stanford University,Yale University and Harvard University. September 2010.

Early Withdrawals from Retirement Accounts
Barbara Butrica. Urban Institute. September 2010.

The Role of Earned Income Tax Credit in the Budgets of Low-Income Families
Ruby Mendenhall, et al. National Poverty Center. June 2010.

Getting to the Top of Mind: How Reminders Increase Saving
Dean Karlan, Margaret McConell, Sendhil Mullainathan and Jonathan Zinman. Yale University. April 2010.

Savings Constraints and Microenterprise Development: Evidence from a Field Experiment in Kenya
Pascaline Dupas, Jonathan Robinson. 2009.

Recent Trends in Saving and Investment among African-American and White Households: Implications for Federal Policy to Increase Saving
Charles Betsey, Margaret Simms. Preliminary Findings Presented at the Association for Public Policy Analysis and Management (APPAM) Conference. November 2009.

Save to Win: the Mid-Term Report
Doorways to Dream Fund. September 2009.

$aveNYC Account: Innovation in Asset Building
Office of Financial Empowerment, New York City Department of Consumer Affairs. August 2009.

Yes We Can: Inclusive Savings at Tax Time
Doorways to Dream (D2D) Fund. July 2009.

The Essential Role of Banks and Credit Unions in Facilitating Lower-Income Household Saving for Emergencies
Stephen Brobeck. Consumer Federation of America. June 2008.

Details Matter: The Impact of Presentation and Information on the Take-up of Financial Incentives for Retirement Saving
Emmanuel Saez. UC Berkeley. February 2008.

Using Financial Innovation to Support Savers: From Coercion to Excitement
Peter Tufano, Daniel Schneider. National Poverty Center. November 2008.

Saving Incentives for low- and middle income families: Evidence from a field experiment with H&R Block
Esther Duflo, William Gale, Jeffrey Liebman, Peter Orszag and Emmanuel Saez. The Quarterly Journal of Economics. November 2006.

Tying Odysseus to the mast: Evidence from a commitment savings product in the Philippines
Nava Ashraf, Dean Karlan and Wesley Yin.The Quarterly Journal of Economics. May 2006.

Save More Tomorrow: Using Behavioral Economics to Increase Employee Saving
Richard H. Thaler and Shlomo Benartzi. Journal of Political Economy . 2004.

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Behavioral Economics

For applied behavioral research resources, visit innovation@CFED website, Applying Behavioral Sciences in the Real World.


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Financial Products and Services

Quick Credit: The Fringe Economy, the Great Recession, and the Welfare State
David Stoesz, Virginia Commonwealth University and PolicyAmerica. New America Foundation. August 2010.

Unbanked By Choice: A Look at How Low-Income Los Angeles Households Manage the Money They Earn
The Pew Health Group. July 2010.

Research on Financial Behaviors and Use of Small-Dollar Loans and Financial Services Literature Review
Brett Theodos and Jessica F. Compton. The Urban Institute. April 2010.

And Banking for All?
Michael S. Barr, Jane Dokko,and Benjamin J. Keys. Federal Reserve Board, Washington D.C. 2009.

Fringe Banking
John P. Caskey. Russell Sage Foundation. 1994.

Information Disclosure, Cognitive Biases and Payday Borrowing
Marianne Bertrand and Adair Morse. Chicago Booth School of Business. Working paper. 2009. 

FDIC National Survey of Unbanked and Underbanked Households
Federal Deposit Insurance Corporation. December 2009.
To see data for your state or city, visit the FDIC’s accompanying website, economicinclusion.gov.

The FDIC's Small-Dollar Loan Pilot Program: A Case Study after One Year
Susan Burhouse, Rae-Ann Miller, Aileen G. Sampson. Federal Deposit Insurance Corporation. July 2009.

Phantom Demand: Short-term Due Date Generates Need for Repeat Payday Loans
Leslie Parrish and Uriah King. Center for Responsible Lending. July 2009.

A Tool for Getting By or Getting Ahead? Consumer’s Views on Prepaid Cards
Sarah Gordon, Jennifer Romich, and Eric Waithaka. Center for Financial Services Innovation. April 2009.

Banking on Wealth: America’s New Retail Banking Infrastructure and Its Wealth-Building Potential
Matt Fellowes and Mia Mabanta. The Brookings Institution. January 2008.


For more information on the underbanked check out publications from the Center for Financial Services Innovation’s Underbanked Consumer Study.


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Financial Education

Financial Education and Counseling - Still Holding Promise
J. Michael Collins and Collin O'Rourke. Center for Financial Security, University of Wisconsin-Madison. October 2010.

A Review of Financial Advice Models and the Take-up of Financial Advice
J. Michael Collins. Center for Financial Security. October 2010.

Using a Financial Coaching Approach to Help Low-Income Families Achieve Economic Success: Challenges and Opportunities for the Field.
J. Michael Collins and Karen L. Murrell. University of Wisconsin-Madison, Higher Heights Consulting for the Center for Working Families. October 2010.

Effects of Mandatory Financial Education on low-income clients
J. Michael Collins. Institute for Research on Poverty, University of Wisconsin. October 2010.

Financial Literacy, Schooling, and Wealth Accumulation
Jere R. Behrman, Olivia S. Mitchell, Cindy Soo and David Bravo. Population Aging Research Center, University of Pennsylvania. September 2010.

Teach your Children Well: Credit Outcomes and Prior Parental Teaching of Money Management
Michal Grinstein-Weiss et al. Center for Community Capital. October 2009.

Weighing the Effects of Financial Education in the Workplace
Kelly D. Edmiston, Mary C. Gillett-Fisher and Molly McGrath. The Federal Reserve Bank of Kansas City. October 2009.

Two Cheers for School-Based Financial Education
Lewis Mandell. Initiative on Financial Security at the Aspen Institute. June 2009.

Financial Capability in Children: Effects of Participation in a School-Based Financial Education and Savings Program
Margaret S. Sherraden, et al. Center for Social Development. 2009.

Increasing the Effectiveness of Financial Education in the Workplace
Annamaria Lusardi. Center for Research on Pensions and Welfare Policies (CeRP). November 2008.

Personal Finance and the Rush to Competence: Financial Literacy Education in the U.S.
Lois A. Vitt, Carol Anderson, Jamie Kent, Deanna M. Lyter, Jurg K. Siegenthaler and Jeremy Ward. Institute for Socio-Financial Studies (ISFS). 2000.

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Affordable Housing & Homeownership

Foreclosures and Foreclosure Prevention

Weathering the Storm: Have IDAs Helped Low-Income Buyers avoid Foreclosure?
Ida Rademacher, Kasey Wiedrich, Signe-Mary McKernan, Caroline Ratcliffe and Megan Gallagher. CFED and The Urban Institute. April 2010.

An Ethnographic View of Impact: Asset Stripping for People of Color
Hannah Thomas. Kirwan Institute for the Study of Race and Ethnicity, Ohio State University. February 2010.

The Foreclosure Generation: The Long-Term Impact of the Housing Crisis on Latino Children and Families
Janis Bowdler, Roberto Quercia and David Smith. October 2009.

State Anti-Predatory Lending Laws: Impact and Federal Preemption Phase 1 Descriptive Analysis
Center for Community Capital. October 2009.

Risky Borrowers or Risky Mortgages: Disaggregating Effects Using Propensity Score Models
Lei Ding, Roberto Quercia, Janneke Ratcliffe. Center for Community Capital. December 2008.

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Homeownership

Homeownership Education and Counseling: Do we know what works?
J. Michael Collins and Collin O'rourke. Research Institute for Housing America. April 2011.

Navigating the Housing Downturn and Financial Crisis: Home Appreciation and Equity Accumulation Among Community Reinvestment Homeowners.
Sarah F. Riley, Allison Freeman, Roberto G. Quercia. Center for Community Capital. November 2009.

Friends and Neighbors: Homeownership and Social Capital Among Low- to Moderate-Income Families
Kimberly Manturuk et al. Center for Community Capital. November 2009.

Homeownership Done Right
David M. Abromowitz and Janneke Ratcliffe. Center for American Progress. April 2010.

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Manufactured Housing

For manufactured housing research and resources, see CFED’s manufactured housing initiatives.

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Shared Equity Homeownership

Balancing Affordability and Opportunity: An Evaluation of Affordable Homeownership Programs with Long-term Affordability Controls
Kenneth Temkin, Brett Theodos and David Price. Urban Institute. October 2010.

The Asset Building Potential of Shared Equity Homeownership
Rick Jacobus and John Emmeus Davis. New America Foundation. January 2010.


For more information on shared equity homeownership, visit the Center for Housing Policy.


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Entrepreneurship

Who Creates Jobs? Small vs. Large vs. Young
John C. Haltiwanger, Ron S. Jarmin, and Javier Miranda. National Bureau of Economic Research. August 2010.

Self-Employment Tax Initiative: Tax Preparation and Assets Formation Practices of Self-Employed Vermonters
Michele C. Schmidt. Center for Rural Studies, University of Vermont. July 2009.

Older Workers on the Move: Recareering in Later Life
Richard W. Johnson, et al. The Urban Institute and AARP Public Policy Institute. April 2009.

Self-Employment and Economic Mobility
Signe-Mary McKernan and Hall Salzman, Urban Institute. April 2008.

Work and Well-Being Among the Self-Employed at Older Ages
Julie Zissimopoulos and Lynn A. Karoly. AARP Public Policy Institute. February 2007.

The Illusions of Entrepreneurship
Scott Shane. Yale University Press. 2007.

Opening Opportunities, Building Ownership: Fulfilling the Promise of Microenterprise in the United States
Elaine Edgcomb, Joyce Klein. FIELD at the Aspen Institute. February 2005.

For more research and publications on Entrepreneurship, please see the publications by FIELD, research by the Kauffman Foundation and publications from the U.S. Small Business Administration’s Office of Advocacy.


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Economic Development

Desktop Study: Small and Medium Enterprises (SMEs) and Poverty Reduction
Genevieve Melford and Michael Torrens. CFED. February 2008.

Development Report Card for the States.
CFED. 1987-2007

Development Finance and Regional Economic Development.
Andrea Levere, Bill Schweke and Beadsie Woo. CFED. July 2006.

Promising Practices to Assist Dislocated Workers.
William Schweke. CFED. September 2004.

A Prosperity Grid for North Carolina - Connecting Households and Communities to Economic Opportunity.
North Carolina Assets Alliance. June 2009.

State of Working Connecticut
Joachim Hero and Tamara Kramer. Connecticut Voices for Children. September 2009.

Beyond Paycheck to Paycheck: Wealth-Building Strategies for Venture Capital Funds to Use With Portfolio Companies and Their Employees.
Anne Claire Broughton, assisted by Elizabeth Irons, Jessica Thomas and Jennifer Pawlowski. SJF Advisory Services. 2004.

Taking Stock: CDFI’s Look Ahead After 25 Years of Community Development Finance.
Mark Pinsky. Prepared for the Brookings Institution and Harvard Joint Center for Housing Studies. National Community Capital Association. December 2001.

For more information on the CDFI industry, visit the CDFI Data Project at Opportunity Finance Network.

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