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on Financial Literacy and Education |
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Issue of 2026–09–07
five papers chosen by Viviana Di Giovinazzo, Università degli Studi di Milano-Bicocca |
| By: | Abderrahim Roukaa (Faculté des Sciences juridiques, économiques et sociales – Agdal Université Mohammed V de Rabat, Maroc); Karima Ghazouani (Faculté des Sciences juridiques, économiques et sociales – Agdal Université Mohammed V de Rabat, Maroc) |
| Abstract: | Although financial technologies, or FinTech, are widely recognized for their potential to improve access to financial services in emerging markets, the structural mechanisms through which an ecosystem transforms this technological promise into effective financial inclusion remain insufficiently understood. This issue is particularly relevant in North Africa, where institutional frameworks are undergoing rapid transformation, while academic research on this topic remains relatively limited. This article addresses this gap by developing an integrative and multilevel conceptual framework that articulates six core constructs, ranging from the regulatory environment to the socio-economic impact. Drawing on a theoretical synthesis grounded in four foundational streams: the FinTech ecosystems, open innovation, financial inclusion, and ecosystem theory particularly through the contributions of Lee and Shin (2018), Chesbrough (2003), Sarma and Pais (2011), and Adner (2017), the proposed model positions open innovation as a central mediating mechanism. It represents the conceptual missing link through which the meso-level structure of the ecosystem is converted into effective technological development. Anchored in Morocco's paradoxical institutional landscape, characterized by relatively robust financial infrastructure, persistent financial exclusion, and a strong predominance of cash-based payments, the proposed framework formulates nine testable research propositions. The contribution of this article is threefold. First, it bridges two theoretical perspectives that are often examined separately: the ecosystem approach and open innovation. Second, it brings the still underexplored North African context into contemporary debates on FinTech and financial inclusion. Third, it proposes an original conceptual model that can be operationalized and empirically tested in future research, particularly through partial least squares structural equation modeling, or PLS-SEM. |
| Abstract: | Bien que les technologies financières (FinTech) soient reconnues pour leur potentiel à améliorer l'accès aux services financiers dans les marchés émergents, les mécanismes structurels par lesquels un écosystème convertit cette promesse technologique en inclusion réelle demeurent une « boîte noire ». Cette interrogation est particulièrement pertinente en Afrique du Nord, où les cadres institutionnels connaissent des transformations rapides, tandis que les travaux académiques consacrés à cette question restent relativement limités. Cet article comble ces lacunes en développant un cadre conceptuel intégrateur multiniveaux qui articule six construits cardinaux, de l'environnement réglementaire à l'impact socio-économique. Mobilisant une démarche de synthèse théorique adossée à quatre courants séminaux (Lee & Shin, 2018 ; Chesbrough, 2003 ; Sarma & Pais, 2011 ; Adner, 2017), notre modèle positionne l'innovation ouverte comme le mécanisme médiateur crucial, le chaînon manquant qui convertit la structure méso de l'écosystème en développement technologique effectif. Ancré dans le paysage institutionnel paradoxal du Maroc caractérisé par des infrastructures solides, mais une exclusion persistante et une forte prédominance de la culture de cash, le cadre formalise neuf propositions de recherche testables. La contribution de cet article est triple. Premièrement, il rapproche deux perspectives théoriques souvent traitées séparément: l'approche par les écosystèmes et celle de l'innovation ouverte. Deuxièmement, il inscrit le cas nord-africain, encore peu étudié, dans les débats contemporains sur les FinTechs et l'inclusion financière. Troisièmement, il propose un modèle conceptuel susceptible d'être testé empiriquement au moyen de la modélisation par équations structurelles selon l'approche PLS-SEM pour les futures recherches empiriques. |
| Keywords: | emerging markets., conceptual framework, financial inclusion, open innovation, FinTech ecosystem, marchés émergents, cadre conceptuel, inclusion financière, innovation ouverte, écosystème FinTech, écosystème FinTech innovation ouverte inclusion financière cadre conceptuel marchés émergents. Classification JEL : G21 G23 G28 O31 O33 O55 FinTech ecosystem open innovation financial inclusion conceptual framework emerging markets. JEL Classification: G21 G23 G28 O31 O33 O55 |
| Date: | 2026–07–08 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05691508 |
| By: | Awotade, Joshua Adeyemi; Osemeke, Monday |
| Abstract: | This study analyses how monetary entrepreneurship, multi-stakeholder governance and institutionalisation shape the inclusive-growth outcomes of digital complementary currencies in Nigeria. Adopting an interpretivist approach and a qualitative multiple-case design, the study compares three settings: the state-driven eNaira, fintech-driven platforms and community-driven financial institutions. Data were obtained from semi-structured interviews and documents and analysed using reflexive thematic analysis. The findings demonstrate that monetary entrepreneurship is a multi-actor and co-produced endeavour involving state, market and community actors operating within a particular institutional context. Multi-stakeholder governance mediates system design, coordination and adoption, while institutionalisation influences legitimacy, sustainability and long-term impact. The study concludes that inclusive growth is an ecosystem outcome arising from the interaction of innovation, governance and institutional development, rather than from technological innovation alone. It recommends coordinated governance and institutional alignment in using digital financial systems to support financial inclusion and inclusive development. |
| Date: | 2026–08–11 |
| URL: | https://d.repec.org/n?u=RePEc:osf:socarx:x6tzn_v1 |
| By: | Taha Choukhmane; Tim de Silva; Weidong Lin; Matthew Akuzawa |
| Abstract: | We ask a representative sample to write prompts seeking spending and investing advice from LLMs, then simulate the lifetime effects of following the advice under realistic asset and labor market conditions. Applying this method to GPT-5.2, we find following the advice would move respondents toward life cycle theory: broader participation in diversified equity funds, age-declining equity shares, and larger savings buffers. Recommendations vary systematically by gender, prior AI experience, and financial literacy. For gender, two-thirds of recommended equity-share differences arise from men and women writing different prompts (demand), while one-third arise from gender labels attached to otherwise identical prompts (supply). |
| JEL: | D15 G11 G5 G51 G53 |
| Date: | 2026–08 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:35574 |
| By: | Rabanal, Jean Paul (University of Stavanger); Toney, Philip (Høgskolen på Vestlandet (HVL)); Wang, Shuqi (University of Stavanger); Odegaard, Bernt Arne (University of Stavanger) |
| Abstract: | We use data on student debt repayments for all Norwegian students to study how financial sophistication influences financial decisions. Specifically, we look at the choice between fixed and variable interest rates. Individuals can regularly choose between a fixed rate over selected horizons, or a default variable rate. We construct decision rules reflecting different levels of financial understanding, and investigate switching behavior. We find that borrowers with business and economics background are better at identifying when to switch to a fixed rate, in particular for the more (financially) sophisticated decision rules. The overall take-up of fixed rates is however surprisingly low, and hard to reconcile with rational decision-making. |
| Keywords: | Household Finance; Financial Literacy; Fixed vs Floating; Student Debt |
| JEL: | G51 G53 I22 |
| Date: | 2026–08–23 |
| URL: | https://d.repec.org/n?u=RePEc:hhs:stavef:2026_001 |
| By: | Wongpit, Piya; Syphoxay, Pakaiphone |
| Abstract: | Lao People’s Democratic Republic faces increasing exposure to climate-related risks, including floods, droughts, and extreme weather events that disproportionately affect rural households and smallholder farmers. Despite these vulnerabilities, access to formal risk transfer mechanisms remains limited. This study provides a diagnostic assessment of microinsurance development in Lao PDR, focusing on supply-side constraints, demand-side barriers, and the enabling policy environment. A mixed-methods approach was employed, combining desk review, key informant interviews, and a household survey of 465 rural respondents across four provinces. The findings indicate that microinsurance penetration remains low. Key supply-side challenges include the absence of a dedicated regulatory framework, limited actuarial data, high transaction costs, and weak institutional coordination. On the demand side, low financial literacy, affordability constraints, and reliance on informal coping mechanisms hinder uptake, despite strong awareness of agricultural risks and expressed willingness to participate in insurance schemes. Existing products are largely limited to credit- and deposit-linked life insurance, with minimal development of agricultural and disaster risk coverage. The study identifies a significant protection gap and underscores the need for integrated policy reforms, digital innovation, and public–private partnerships to scale inclusive insurance solutions and enhance climate resilience. |
| Keywords: | Risk and Uncertainty |
| Date: | 2026 |
| URL: | https://d.repec.org/n?u=RePEc:ags:nccc26:409072 |