TY  - UNPD
A1  - Davoli, Maddalena
A1  - Hou, Jia
T1  - Financial literacy and socialist education: lessons from the german reunification
T2  - SAFE working paper series ; No. 217
N2  - A growing body of literature shows the importance of financial literacy in households' financial decisions. However, fewer studies focus on understanding the determinants of financial literacy. Our paper fills this gap by analyzing a specific determinant, the educational system, to explain the heterogeneity in financial literacy scores across Germany. We suggest that the lower financial literacy observed in East Germany is partially caused by a different institutional framework experienced during the Cold War, more specifically, by the socialist educational system of the GDR which affected specific cohorts of individuals. By exploiting the unique set-up of the German reunification, we identify education as a channel through which institutions and financial literacy are related in the German context.
T3  - SAFE working paper - 217 
KW  - financial literacy determinants
KW  - socialist education
KW  - German reunification
KW  - DiD
Y1  - 2018
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/46327
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30:3-463279
UR  - https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3224207
PB  - SAFE
CY  - Frankfurt am Main
ER  -