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Policy-effective Financial Knowledge and Attitude Factors in Latin America

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  • 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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    References listed on IDEAS

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    1. Lusardi, Annamaria & Mitchell, Olivia S., 2011. "Financial literacy and retirement planning in the United States," Journal of Pension Economics and Finance, Cambridge University Press, vol. 10(4), pages 509-525, October.
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    13. Gabriel Garber & Sergio Mikio Koyama, 2016. "Policy-effective Financial Knowledge and Attitude Factors," Working Papers Series 430, Central Bank of Brazil, Research Department.
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    Cited by:

    1. Atmaningrum, Siska & Kanto, Dwi Sunu & Kisman, Zainul & Institute of Research, Asian, 2021. "Investment Decisions: The Results of Knowledge, Income, and Self-Control," OSF Preprints k4dzs, Center for Open Science.
    2. Philomina Araba Sam & Professor Siaw Frimpong & Professor Stephen Kendie, 2021. "The Antecedents of Financial Behaviour Intention among formal sector workers," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 5(09), pages 169-176, 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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