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  • 1
    Online Resource
    Online Resource
    Unpacking the Causal Chain of Financial Literacy (2011)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (36 p)
    Edition: 2011 World Bank eLibrary
    Parallel Title: Carpena, Fenella Unpacking the Causal Chain of Financial Literacy
    Abstract: A growing body of literature examines the causal impact of financial literacy on individual, household, and firm level outcomes. This paper unpacks the mechanism of impact by focusing on the first link in the causal chain. Specifically, it studies the experimental impact of financial literacy on three distinct dimensions of financial knowledge. The analysis finds that financial literacy does not immediately enable individuals to discern costs and rewards that require high numeracy skills, but it does significantly improve basic awareness of financial choices and attitudes toward financial decisions. Monetary incentives do not induce better performance, suggesting cognitive constraints rather than lack of attention are a key barrier to improving financial knowledge. These results illuminate the strengths and limitations of financial literacy training, which can inform the design and anticipated effects of such programs
    DOI: 10.1596/1813-9450-5798
    URL: Volltext  (Deutschlandweit zugänglich)
    Library Location Call Number Volume/Issue/Year Availability
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    MPI Ethno. Forsch.
  • 2
    Online Resource
    Online Resource
    Liability structure in small-scale finance : evidence from a natural experimen (2010)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (34 p)
    Edition: 2010 World Bank eLibrary
    Parallel Title: Carpena, Fenella Liability structure in small-scale finance
    Abstract: Microfinance, the provision of small individual and business loans, has witnessed dramatic growth, reaching over 150 million borrowers worldwide. Much of its success has been attributed to overcoming the challenges of information asymmetries in uncollateralized lending. Yet, very little is known about the optimal contract structure of such loans - there is substantial variation across lenders, even within a particular setting. This paper exploits a plausibly exogenous change in the liability structure offered by a microfinance program in India, which shifted from individual to group liability lending. The analysis finds compelling evidence that contract structure matters: for the same borrower, required monthly loan installments are 6 percent less likely to be missed under the group liability setting, relative to individual liability. In addition, compulsory savings deposits are 19 percent less likely to be missed under group liability contracts
    DOI: 10.1596/1813-9450-5427
    URL: Volltext  (Deutschlandweit zugänglich)
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    Online Resource
    MPI Ethno. Forsch.
  • 3
    Online Resource
    Online Resource
    The ABCs of Financial Education : Experimental Evidence on Attitudes, Behavior, and Cognitive Biases (2015)
    Washington, D.C : The World Bank
    Details
    Language: Undetermined
    Pages: 1 Online-Ressource (42 p)
    Series Statement: World Bank E-Library Archive
    Parallel Title: Erscheint auch als Carpena, Fenella The ABCs of Financial Education: Experimental Evidence on Attitudes, Behavior, and Cognitive Biases
    Abstract: This paper uses a large scale field experiment in India to study attitudinal, behavioral, and cognitive constraints that stymie the link between financial education and financial outcomes. The study complements financial education with (i) participant classroom motivation with pay for performance on a knowledge test, (ii) intensity of treatment with personalized financial counseling, and (iii) behavioral nudges with financial goal setting. The analysis finds no impact of pay for performance but significant effects of both counseling and goal setting on real financial outcomes. These results identify important complements to financial education that can bridge the gap between financial knowledge and financial behavior change
    DOI: 10.1596/1813-9450-7413
    URL: Volltext  (Deutschlandweit zugänglich)
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    Online Resource
    MPI Ethno. Forsch.
  • 4
    Online Resource
    Online Resource
    The causal mechanism of financial education : evidence from mediation analysis (2018)
    Washington, D.C. : World Bank Group, Development Economics, Development Research Group
    Details
    Language: English
    Pages: 1 Online-Ressource (circa 46 Seiten) , Illustrationen
    Series Statement: Policy research working paper 8619
    Series Statement: World Bank E-Library Archive
    Series Statement: Policy research working paper
    Parallel Title: Erscheint auch als Carpena, Fenella The Causal Mechanism of Financial Education: Evidence from Mediation Analysis
    Keywords: Finanzwissen ; Anlageverhalten ; Wirkungsanalyse ; Kausalanalyse ; Feldforschung ; Indien ; Graue Literatur
    Abstract: This paper uses a field experiment in India with multiple financial education treatments to investigate the causal mechanisms between financial education and financial behavior. Focusing on the mediating role of financial literacy, the paper proposes a broader definition of financial knowledge that includes three dimensions: numeracy skills, financial awareness, and attitudes toward personal finance. The analysis then employs causal mediation analysis to investigate the proportion of the treatment effect that can be attributed to these three channels. Strikingly, numeracy does not mediate any effects of financial education on household outcomes. For 〈italic〉simple〈/italic〉 financial actions such as budgeting, both awareness and attitudes serve as critical pathways, while for more 〈italic〉complex〈/italic〉 financial activities such as opening a savings account, attitudes play a more prominent role. These findings underscore the importance of changing perceptions about financial products and services as a vital mechanism for the success of financial education
    DOI: 10.1596/1813-9450-8619
    URL: Volltext  (Deutschlandweit zugänglich)
    URL: Deutschlandweit zugänglich
    Library Location Call Number Volume/Issue/Year Availability
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    Online Resource
    MPI Ethno. Forsch.
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