The Long Shadow of Socialism: Puzzling Evidence on Eastâ€ West German Differences in Financial Literacy
Tabea Bucherâ€ Koenen and
Bettina Lamlaâ€ Dietrich
Economic Notes, 2018, vol. 47, issue 2-3, 413-438
We use the German reâ€ unification as a natural experiment to understand drivers of financial literacy accumulation. We find that 20 years after reâ€ unification there is evidence for a significant financial literacy gap between East and West. While for instance women and those who have migrated from East to West have mastered to catch up with their West German peers, others did not. Decomposition of the financial literacy gap shows that most of it remains unexplained when including common factors explaining financial literacy acquisition. Thus, even if the socioâ€ demographic differences between East and West were to vanish, differences in financial literacy would remain.
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