Financial literacy externalities

Michael Chaliasos, Thomas Jansson and Yigitcan Karabulut

No 127, IMFS Working Paper Series from Goethe University Frankfurt, Institute for Monetary and Financial Stability (IMFS)

Abstract: This paper uses unique administrative data and a quasi-field experiment of exogenous allocation in Sweden to estimate medium- and longer-run effects on financial behavior from exposure to financially literate neighbors. It contributes evidence of causal impact of exposure and of a social multiplier of financial knowledge, but also of unfavorable distributional aspects of externalities. Exposure promotes saving in private retirement accounts and stockholding, especially when neighbors have economics or business education, but only for educated households and when interaction possibilities are substantial.Findings point to transfer of knowledge rather than mere imitation or effects through labor, education, or mobility channels.

Keywords: household finance; financial literacy; social interactions; refugees (search for similar items in EconPapers)
JEL-codes: D14 E21 F22 G11 I28 (search for similar items in EconPapers)
Date: 2018
New Economics Papers: this item is included in nep-eur, nep-fle and nep-mac
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:zbw:imfswp:127

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