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Stimulating managerial capital in emerging markets : the impact of business and financial literacy for young entrepreneurs

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Author Info

  • Bruhn, Miriam
  • Zia, Bilal

Abstract

Identifying the determinants of entrepreneurship is an important research and policy goal, especially in emerging market economies where lack of capital and supporting infrastructure often imposes stringent constraints on business growth. This paper studies the impact of a comprehensive business and financial literacy program on firm outcomes of young entrepreneurs in an emerging post-conflict economy, Bosnia and Herzegovina. The authors conduct a randomized control trial and find that while the training program did not influence business survival, it significantly improved business practices, investments, and loan terms for surviving businesses. Entrepreneurs with higher ex-ante financial literacy further exhibited some improvements in business performance and sales.

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Bibliographic Info

Paper provided by The World Bank in its series Policy Research Working Paper Series with number 5642.

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Date of creation: 01 Apr 2011
Date of revision:
Handle: RePEc:wbk:wbrwps:5642

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Related research

Keywords: Financial Literacy; Access to Finance; Business in Development; Competitiveness and Competition Policy; Business Environment;

This paper has been announced in the following NEP Reports:

References

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  1. Bruhn, Miriam & Love, Inessa, 2009. "The economic impact of banking the unbanked : evidence from Mexico," Policy Research Working Paper Series 4981, The World Bank.
  2. Bruhn, Miriam & McKenzie, David, 2008. "In pursuit of balance : randomization in practice in development field experiments," Policy Research Working Paper Series 4752, The World Bank.
  3. Shawn Cole & Thomas Sampson & Bilal Zia, 2011. "Prices or Knowledge? What Drives Demand for Financial Services in Emerging Markets?," Journal of Finance, American Finance Association, vol. 66(6), pages 1933-1967, December.
  4. Miriam Bruhn & Dean Karlan & Antoinette Schoar, 2010. "What Capital Is Missing in Developing Countries?," American Economic Review, American Economic Association, vol. 100(2), pages 629-33, May.
  5. Milo Bianchi & Matteo Bobba, 2010. "Liquidity, risk and occupational choices," PSE Working Papers halshs-00564918, HAL.
  6. repec:pse:psecon:2010-29 is not listed on IDEAS
  7. Klapper, Leora & Lusardi, Annamaria & Panos, Georgios A., 2012. "Financial literacy and the financial crisis," Policy Research Working Paper Series 5980, The World Bank.
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Citations

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Cited by:
  1. Karlan, Dean & Knight, Ryan & Udry, Christopher, 2012. "Hoping to Win, Expected to Lose: Theory and Lessons on Micro Enterprise Development," Working Papers 105, Yale University, Department of Economics.
  2. Lührmann, Melanie & Serra-Garcia, Marta & Winter, Joachim, 2012. "Teaching teenagers in finance: does it work?," Discussion Papers in Economics 14101, University of Munich, Department of Economics.
  3. Christopher B. Bumcrot & Judy Lin & Annamaria Lusardi, 2011. "The Geography of Financial Literacy," Working Papers 893, RAND Corporation Publications Department.
  4. Xu, Lisa & Zia, Bilal, 2012. "Financial literacy around the world : an overview of the evidence with practical suggestions for the way forward," Policy Research Working Paper Series 6107, The World Bank.
  5. Bruhn, Miriam & Karlan, Dean & Schoar, Antoinette, 2012. "The Impact of Consulting Services on Small and Medium Enterprises: Evidence from a Randomized Trial in Mexico," Working Papers 100, Yale University, Department of Economics.
  6. Cho, Yoon Y. & Kalomba, Davie & Mobarak, Ahmed Mushfiq & Orozco, Victor, 2013. "Gender Differences in the Effects of Vocational Training: Constraints on Women and Drop-Out Behavior," IZA Discussion Papers 7408, Institute for the Study of Labor (IZA).
  7. Gabriela Calderón & Jesse M. Cunha & Giacomo De Giorgi, 2013. "Business Literacy and Development: Evidence From a Randomized Controlled Trial in Rural Mexico," Working Papers 742, Barcelona Graduate School of Economics.
  8. Britta Augsburg & Ralph De Haas & Heike Harmgart & Costas Meghir, 2012. "Microfinance at the margin: Experimental evidence from Bosnia and Herzegovina," IFS Working Papers W12/15, Institute for Fiscal Studies.
  9. Jessica Schicks, 2012. "Over-Indebtedness in Microfinance – An Empirical Analysis of Related Factors on the Borrower Level," Working Papers CEB 12-017, ULB -- Universite Libre de Bruxelles.
  10. Wim Naudé, 2011. "Foreign Aid for Innovation: The Missing Ingredient in Private Sector Development?," Working Papers 2011/35, Maastricht School of Management.
  11. Dean Karlan, Aishwarya Lakshmi Ratan, Jonathan Zinman, 2013. "Savings by and for the Poor: A Research Review and Agenda-Working Paper 346," Working Papers 346, Center for Global Development.

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