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Discussion Paper Details

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Title: Financial Literacy Externalities

Author(s): Michael Haliassos, Thomas Jansson and Yigitcan Karabulut

Publication Date: June 2017

Keyword(s): financial literacy, household finance, Refugees and Social interactions

Programme Area(s): Financial Economics

Abstract: This paper uses unique administrative data and a quasi-field experiment of exogenous allocation 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 exposure and of a social multiplier of financial knowledge, but also of unfavorable distributional aspects of externalities. Exposure promotes saving in private retirement accounts and stockholding, especially when neighbors have economics or business education, but only for educated households and when interaction possibilities are substantial. Findings point to transfer of knowledge rather than mere imitation or effects through labor, education, or mobility channels.

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Bibliographic Reference

Haliassos, M, Jansson, T and Karabulut, Y. 2017. 'Financial Literacy Externalities'. London, Centre for Economic Policy Research. https://cepr.org/active/publications/discussion_papers/dp.php?dpno=12100