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  2. 2017
  3. November
  4. Financial Literacy Externalities

Nov

08

Wednesday

Financial Literacy Externalities

4.00pm

Seminars

Public

This seminar is part of the Department of Economics Seminar Series 2017-18. The seminars are open to all - no registration necessary. If you would like to receive email notification of the Department’s seminars, please send your request to Kim.Edmunds.1@city.ac.uk.

Abstract

Speaker: Professor Michael Haliassos (Goethe University Frankfurt)

This paper uses unique administrative data and a quasi-field experiment of exogenous allocation to apartments 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 financial literacy and points to a social multiplier of effective programs to enhance it. Exposure promotes saving in private retirement accounts and stockholding, especially when neighbors have economics or business education, but only for educated or male-headed households.

Findings point to relevant knowledge transfer through social interactions rather than to labor market or other channels linked to local economic conditions.

Financial Literacy Externalities paper [PDF]

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When & where

4.00pm - 5.30pmWednesday 8th November 2017

D111 Rhind Building City, University of London St. John Street London EC1R 0JD United Kingdom