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Policy-effective Financial Knowledge and Attitude Factors in Latin America

Author

Listed:
  • Gabriel Garber
  • Sergio Mikio Koyama

Abstract

In this paper we implement a technique that produces measures of financial knowledge and attitudes by combining variables with weights that capture their impact on financial behavior variables, thus providing guidance to policy design. We use data gathered by CAF-Development Bank of Latin America in Bolivia, Colombia, Ecuador, and Peru. It is the first time that this technique has been used in a cross-country setting. We show that the composition and the weight vary from one country to another. However, the importance of attitude variables stands out in all countries, especially regarding the setting of long-term goals by individuals.

Suggested Citation

  • Gabriel Garber & Sergio Mikio Koyama, 2017. "Policy-effective Financial Knowledge and Attitude Factors in Latin America," Working Papers Series 469, Central Bank of Brazil, Research Department.
  • Handle: RePEc:bcb:wpaper:469
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    File URL: https://www.bcb.gov.br/pec/wps/ingl/wps469.pdf
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    References listed on IDEAS

    as
    1. Annamaria Lusardi & Olivia S. Mitchell, 2014. "The Economic Importance of Financial Literacy: Theory and Evidence," Journal of Economic Literature, American Economic Association, vol. 52(1), pages 5-44, March.
    2. Gabriel Garber & Sergio Mikio Koyama, 2016. "Policy-effective Financial Knowledge and Attitude Factors," Working Papers Series 430, Central Bank of Brazil, Research Department.
    3. Jere R. Behrman & Olivia S. Mitchell & Cindy K. Soo & David Bravo, 2012. "How Financial Literacy Affects Household Wealth Accumulation," American Economic Review, American Economic Association, vol. 102(3), pages 300-304, May.
    4. Sandra J. Huston & Michael S. Finke & Hyrum Smith, 2012. "A financial sophistication proxy for the Survey of Consumer Finances," Applied Economics Letters, Taylor & Francis Journals, vol. 19(13), pages 1275-1278, September.
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    More about this item

    JEL classification:

    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
    • G29 - Financial Economics - - Financial Institutions and Services - - - Other
    • A20 - General Economics and Teaching - - Economic Education and Teaching of Economics - - - General
    • D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis
    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • I28 - Health, Education, and Welfare - - Education - - - Government Policy

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