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Endogenous financial literacy, saving and stock market participation

Luca Spataro () and Lorenzo Corsini ()

MPRA Paper from University Library of Munich, Germany

Abstract: There is a consolidated empirical literature providing evidence of the fact that financial literacy, human capital, savings and stock market participation are interconnected decisions. However, to the best of our knowledge, a theoretical explanation of such connections is missing. In this paper we aim at filling this gap, by building a framework that includes all these decisions in an encompassing model. The results of our model provide a theoretical foundation for the role and the determinants of financial literacy and are able to explain several stylized facts on literacy and stock market participation.

Keywords: financial literacy; human capital; savings; stock market participation (search for similar items in EconPapers)
JEL-codes: D14 D91 G11 J24 (search for similar items in EconPapers)
Date: 2013-02
New Economics Papers: this item is included in nep-hrm
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Journal Article: Endogenous Financial Literacy, Saving, and Stock Market Participation (2017) Downloads
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