nep-fle New Economics Papers
on Financial Literacy and Education
Issue of 2023‒03‒13
four papers chosen by
Viviana Di Giovinazzo
Università degli Studi di Milano-Bicocca

  1. Household portfolios and financial literacy: The flight to delegation By Sarah Brown; Alexandros Kontonikas; Alberto Montagnoli; Harry Pickard; Karl Taylor
  2. Fintech Payments in Public Financial Management: Benefits and Risks By Ms. Naomi N Griffin; Gerardo Uña; Majid Bazarbash; Alok Verma
  3. Inclusion des usagers et des citoyens dans le cadre de co-construction des politiques publiques : entre réalités et limites By Claire OLLIER
  4. Digital inclusion in Caribbean digital transformation frameworks and initiatives: a review By Alexander, Dale; Døhl Diouf, Lika; Prescod, Kwesi

  1. By: Sarah Brown (Department of Economics, University of Sheffield, UK; and IZA Bonn); Alexandros Kontonikas (Essex Business School, University of Essex); Alberto Montagnoli (Department of Economics, University of Sheffield, UK); Harry Pickard (Newcastle University Business School, Newcastle University); Karl Taylor (Department of Economics, University of Sheffield; and IZA Bonn)
    Abstract: In this paper we analyse the asset allocation of European households, focusing on developments during the period that followed the recent twin financial crises. We examine whether “search for yield” materialises outside financial institutions and whether the degree of financial literacy plays a role. We consider a wider set of alternatives to the safe assets by incorporating mutual funds to the standard set of stocks and bonds. We provide novel evidence which suggests that the “search for yield” during the post-crisis period of low interest rates took place not by raising the direct holdings of stocks and bonds, but rather indirectly through higher mutual funds’ holdings, in line with a “flight to delegation”. Importantly, this behaviour is strongly linked to the level of financial literacy, with the most literate households displaying significantly higher use of mutual funds.
    Keywords: Asset allocation; Financial literacy; Delegation
    JEL: E2 E44 G11 G51
    Date: 2023–02
  2. By: Ms. Naomi N Griffin; Gerardo Uña; Majid Bazarbash; Alok Verma
    Abstract: Fintech payments leverage large digital platforms to fill gaps in the traditional payment system. They have made great strides in increasing access to payment services in several countries around the globe. At the same time, like any innovation, the new payment models are exposed to risks in their operating environment. We review the main fintech payment models (mobile money, internet-based fintech payment, and digital money) and discuss operational and financial risks as well as challenges they face. We then explore how public financial management (PFM), especially treasury payments and non-tax revenue collections, could benefit from fintech payments by providing examples of early fintech applications in different countries and discuss the challenges of integrating them into the public sector. The use of fintech in public finance could bring various benefits—including strengthening fiscal transparency, improving budget planning and execution, and upgrading cash management—if public sector institutional and technological capacities are strengthened and risks are adequately mitigated.
    Keywords: financial technology; fintech; public financial management; payments; budget systems; financial management information system
    Date: 2023–02–03
  3. By: Claire OLLIER (CERGAM - Centre d'Études et de Recherche en Gestion d'Aix-Marseille - AMU - Aix Marseille Université - UTLN - Université de Toulon, AMU IMPGT - Institut de management public et de gouvernance territoriale - AMU - Aix Marseille Université, AMU - Aix Marseille Université)
    Keywords: démocratie participative, co-construction des politiques publiques, instruments/outils participatifs, inclusion des usagers dans les démarches participatives, limites à la participation citoyenne, institutionnalisation
    Date: 2022–09–05
  4. By: Alexander, Dale; Døhl Diouf, Lika; Prescod, Kwesi
    Abstract: This study evaluates the extent to which digital inclusion is considered in Caribbean digital transformation frameworks. Digital inclusion considers the ways in which digital divides are created as the digital transformation of society progresses, and how societal inequalities affect and are affected by digital technologies. As such, digital inclusion is a lens through which the effects of the digital transformation can be assessed. The study assesses the digital transformation policies of 11 countries and territories of the Caribbean and complements this analysis with qualitative data gathered through surveys and interviews from ICT focal points and policymakers in the region.
    Date: 2023–01–10

This nep-fle issue is ©2023 by Viviana Di Giovinazzo. It is provided as is without any express or implied warranty. It may be freely redistributed in whole or in part for any purpose. If distributed in part, please include this notice.
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