Measuring financial knowledge: a macroeconomic perspective

Francisco J. Oliver-Márquez (), Almudena Guarnido-Rueda () and Ignacio Amate-Fortes ()
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Francisco J. Oliver-Márquez: University of Almería
Almudena Guarnido-Rueda: University of Almería
Ignacio Amate-Fortes: University of Almería

International Economics and Economic Policy, 2021, vol. 18, issue 1, No 7, 177-222

Abstract: Abstract Building an indicator which measures countries’ financial knowledge allowing comparisons between them and throughout time is the objective of this paper. Currently, this is a lack in this research field, whose previous works were oriented to microeconomic analysis using survey that not only covered interviewees’ financial knowledge but also some of their individual characteristics (e.g. race, ethnic, gender, age, among others). Perhaps that is why there is empirical evidence about the effect of this knowledge on matters such as saving and retirement planning, stock market participation, product and services choice, or over-indebtedness, for example. But its effects on economic variables like development and inequality (among others) have hardly been explored. Therefore, the longitudinal design of our Financial Knowledge Index might contribute to turn definitively towards the macroeconomic perspective in this incipient research field. Our results are consistent with previous works and reveal those countries which have more robust and more mature financial system (some of them have financial matters in their school curricula) register better positions respect with the rest of them.

Keywords: Economic capacity; Educational training; Financial assets’ use; Financial knowledge index; Social contingencies’ planning (search for similar items in EconPapers)
Date: 2021
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Citations: View citations in EconPapers (3)

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DOI: 10.1007/s10368-020-00482-2

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