| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP8220 |
| DP8220 Investment in Financial Literacy and Saving Decisions | |
| Tullio Jappelli; Mario Padula | |
| 发表日期 | 2011-02-01 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | We present an intertemporal consumption model of consumer investment in financial literacy. Consumers benefit from such investment because their stock of financial literacy allows them to increase the returns on their wealth. Since literacy depreciates over time and has a cost in terms of current consumption, the model determines an optimal investment in literacy. The model shows that financial literacy and wealth are determined jointly, and are positively correlated over the life cycle. Empirically, the model leads to an instrumental variables approach, in which the initial stock of financial literacy (as measured by math performance in school) is used as an instrument for the current stock of literacy. Using microeconomic and aggregate data, we find a strong effect of financial literacy on wealth accumulation and national saving, and also show that ordinary least squares estimates understate the impact of financial literacy on saving. |
| 主题 | Financial Economics ; International Macroeconomics |
| 关键词 | Financial literacy Human capital Saving |
| URL | https://cepr.org/publications/dp8220 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/537057 |
| 推荐引用方式 GB/T 7714 | Tullio Jappelli,Mario Padula. DP8220 Investment in Financial Literacy and Saving Decisions. 2011. |
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