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on Financial Literacy and Education |
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Issue of 2026–02–23
eight papers chosen by Viviana Di Giovinazzo, Università degli Studi di Milano-Bicocca |
| By: | Baloch, Muhammad Ammar; Ali, Amjad; Audi, Marc |
| Abstract: | This study examines the connection between behavioral and digital financial literacy and investing choices, using social impact and financial position to explain these choices, within the Theory of Planned Behaviour. The results from a survey of 400 diverse professionals were analyzed with PLS-SEM. Both types of financial literacy appear to have a good effect on how people invest. The impact of behavioral literacy on investing is affected by financial circumstances and is partly reduced by peer impact. Improving behavioral knowledge allows you to manage your finances and plan for the future and being digitally literate encourages you to use online platforms to help with decision-making. How much impact your friends have can show subjective norms, while your economic situation reveals your perceived control over behavior, both of which support the theory. It improves our understanding of financial literacy by splitting the topic into behavioral and digital features. It supports the need for special strategies to raise digital and behavioral skills in individuals from disadvantaged groups. The next phase of research ought to look at lengthy studies and include more social-psychological variables. |
| Keywords: | Behavioral Financial Literacy, Digital Financial Literacy, Investment Decisions, Peer Influence, Financial Position |
| JEL: | G2 O3 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:pra:mprapa:127313 |
| By: | Jabrane Amaghouss (Cadi Ayyad University); Hanane Elmasmari (Cadi Ayyad University) |
| Abstract: | This study investigates the effects of financial inclusion on youth unemployment and mortality rates, using panel data from 17 countries in the MENA region over the period 2004-2022. Controlling for variables such as the ICT development index, economic growth, and inflation rates, the results reveal a causal relationship between financial inclusion and both youth unemployment and mortality rates. Moreover, the Fully Modified Ordinary Least Squares (FMOLS) model results support the hypothesis that an inclusive financial system contributes to reducing both youth unemployment and mortality rates in the long term. Additionally, the GMM estimates further corroborate the role of financial inclusion in achieving SDGs 3 and 8. In contrast, the control variables show that an increase in the ICT development index raises unemployment but reduces the likelihood of youth mortality. Meanwhile, economic growth and inflation rate have a relatively weak impact on both youth unemployment and mortality risk in the MENA region. |
| Date: | 2025–12–14 |
| URL: | https://d.repec.org/n?u=RePEc:erg:wpaper:1813 |
| By: | Yang ZHANG (Faculty of Business Administration, University of Macau); Ziang QIU Ziang (Faculty of Business Administration, University of Macau); Donghyun PARK (The South East Asian Central Banks (SEACEN) Research and Training Centre); Shu TIAN (Economic Research and Development Impact Department, Asian Development Bank) |
| Abstract: | This paper provides a comprehensive systematic review of the transformative impact of Artificial Intelligence (AI) on the global financial landscape. By synthesising 249 peer-reviewed studies published between 1990 and 2025, the research categorises AI’s contributions into three primary domains: asset pricing and portfolio management; financial markets and institutions; and corporate finance and governance. Furthermore, the review offers a specialised assessment of AI’s implications for financial stability within Asia. The findings reveal that while AI acts as a "stabilising intelligence" by enhancing efficiency, predictive precision, and financial inclusion, it simultaneously introduces "adaptive fragility" by concentrating market power, embedding algorithmic biases, and intensifying systemic linkages. |
| Keywords: | Artificial Intelligence, literature review, financial markets, financial stability, Asia, |
| JEL: | G10 G20 G30 M15 O33 |
| Date: | 2026–02 |
| URL: | https://d.repec.org/n?u=RePEc:sea:wpaper:wp61 |
| By: | Ozili, Peterson K |
| Abstract: | Sustainable digital finance is a topic of growing interest among sustainability advocates who are seeking ways to influence digital financial services providers to offer sustainability-oriented digital financial services. This study defines sustainable digital finance, identifies some characteristics of the emerging sustainable digital finance sector and forecasts what sustainable digital finance should be in the future. The study shows the emergence of digitalisation policies, digital finance policies, sustainability and climate change policies, a low interest in sustainable digital finance, a general reluctance towards sustainable digital finance, the rise of green washing by digital finance providers, and the growing interest in sustainable digital finance information among members of the public. The study also shows what sustainable digital finance should be in the future. It forecasts a future where there are environmental, social and governance (ESG)-compliant digital finance laws and regulations, a well-developed sustainable digital finance sandbox to develop sustainability-oriented digital financial services, the emergence of international standards for sustainable digital finance, an ecosystem where digital finance tools are used to promote environmental sustainability, and a self-regulatory environment where the industry takes the lead in developing sustainable digital finance initiatives. |
| Keywords: | sustainable digital finance, digital finance, sustainability, sustainable development, Fintech, ESG, digital technology |
| JEL: | O1 O3 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:pra:mprapa:127372 |
| By: | Menon, Purnima |
| Abstract: | Gender dynamics within food systems illustrate deep-seated structural inequalities that impede progress toward economic, social, nutritional, and environmental objectives. This presentation explores the progression from key concepts to measurement and solutions, underscoring the influence of gender across the food system and the strategies required to reshape these dynamics. A range of methodologies now exist that can be used to examine and highlight how gender dynamics in society affects food system transformation. Evidence-based solutions addressing structural inequality—such as cash transfers, community-based initiatives, and gender-sensitive financial inclusion in agriculture—are emerging in rural contexts and provide promising models of change. Transformative laws, national programs, and policy frameworks play a critical role in reinforcing and scaling such community driven efforts. Altogether, this presentation builds a conceptual, empirical, and rights-based argument for sustained investment in social transformation—through measurement, targeted solutions, and policy innovation—to advance global food system goals. |
| Keywords: | Consumer/Household Economics |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:ags:cfcp25:391431 |
| By: | Philibert Andriamanantena (Lycée Jean RALAIMONGO, Ankofafa Andrefana, 301 Fianarantsoa,); Abdou Issouf, (Université des Comores, BP 2585, Moroni, rue de la Corniche Comores); Mamy Raoul Ravelomanana (Université d’Antananarivo, Faculté de Droit, d’Economie, de Gestion et de Sociologie Ankatso, 101 Madagascar); Rakotozafy Rivo, (Université de Fianarantsoa) |
| Abstract: | In this article, we apply the double social sanction for generalized credit granting models in microfinance. These generalized models are the basis of a Markov chain and allow the consideration of a certain number of states of nature whether in the case of an individual loan contract or a group loan contract. which are among others: the initial state $A^1$, the states $B_1$, $B_2$, $B_3$, $I$, $I_1$ and $I_2$ of being a beneficiary including financial inclusion and the excluded states $A^T$ \ldots $A^2$ representing the ($T- 1$) states of financial exclusion. In relation to these states, the application of social sanctions allows the institution to implicitly discriminate between borrowers and to find a compromised balance from the choice point of view and from the repayment point of view. For a social sanction considered too strong, the least risky borrowers will prefer the individual loan contract. Thus, they do not have to suffer any possible social sanction and do not have to possibly pay the transfer charge of the joint responsibility. On the other hand, with low social sanctions, borrowers will lean towards the group loan contract. |
| Abstract: | Dans cet article, nous appliquons la double sanction sociale pour les modèles généralisés d'octroi de crédit en microfinance. Ces modèles généralisés sont à la base d'une chaîne de Markov et permettent la considération d'un certain nombre d'états de la nature que ce soit dans le cas d'un contrat de prêt individuel ou d'un contrat de prêt de groupe qui sont entre autre : l'état initial A 1 , les états B 1 , B 2 , B 3 , I, I 1 et I 2 d'être bénéficiaire incluant l'inclusion financière et les états d'exclus A T. .. A 2 représentant les (T − 1) états d'exclusion financière. Par rapport à ces états, l'application de sanction sociale permet à l'institution de discriminer implicitement les emprunteurs et de trouver un équilibre compromis du point de vue choix et du point de vue remboursement. Pour une sanction sociale jugée trop forte, les emprunteurs les moins risqués préféreront le contrat de prêt individuel. Ainsi, ils ne sont pas à subir une éventuelle sanction sociale et n'ont pas à payer éventuellement la charge de transfert de la responsabilité jointe. Par contre, à sanction sociale faible, les emprunteurs se pencheront vers le contrat de prêt groupé ABSTRACT. In this article, we apply the double social sanction for generalized credit granting models in microfinance. These generalized models are the basis of a Markov chain and allow the consideration of a certain number of states of nature whether in the case of an individual loan contract or a group loan contract. which are among others: the initial state A 1 , the states B 1 , B 2 , B 3 , I, I 1 and I 2 of being a beneficiary including financial inclusion and the excluded states A T. .. A 2 representing the (T − 1) states of financial exclusion. In relation to these states, the application of social sanctions allows the institution to implicitly discriminate between borrowers and to find a compromised balance from the choice point of view and from the repayment point of view. For a social sanction considered too strong, the least risky borrowers will prefer the individual loan contract. Thus, they do not have to suffer any possible social sanction and do not have to possibly pay the transfer charge of the joint responsibility. On the other hand, with low social sanctions, borrowers will lean towards the group loan contract |
| Keywords: | microfinance, Group loan, individual loan, social capital, double social sanction, double sanction sociale, capital social, capital social Group loan, prêt individuel, Prêt de groupe |
| Date: | 2025–10–14 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-04214309 |
| By: | Milo Bianchi (TSE-R - Toulouse School of Economics - UT Capitole - Université Toulouse Capitole - Comue de Toulouse - Communauté d'universités et établissements de Toulouse - EHESS - École des hautes études en sciences sociales - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, TSM - Toulouse School of Management Research - UT Capitole - Université Toulouse Capitole - Comue de Toulouse - Communauté d'universités et établissements de Toulouse - CNRS - Centre National de la Recherche Scientifique - TSM - Toulouse School of Management - UT Capitole - Université Toulouse Capitole - Comue de Toulouse - Communauté d'universités et établissements de Toulouse); Marie Brière |
| Abstract: | We study the introduction of robo-advising on a large set of Employee Saving Plans. Differently from many services that fully automate portfolio decisions, our robo-advisor proposes investment and rebalancing strategies, leaving investors free to follow or ignore them. The resulting human-robot interactions occur both at the time of the subscription and over time, as the robot sends alerts when the investor's portfolio gets too far from the target allocation. We show that the robo-service is associated with an increase in investors' attention and trading activities. Following the robot's alerts, investors change their rebalancing behaviors so as to stay closer to their target allocation, which results in larger portfolio returns. Counterfactual returns induced by automatic rebalancing by the robot would be only slightly higher, suggesting that on average the financial cost of letting investors retain control is not large. |
| Keywords: | Robo-Advising, Human-robot Interaction, Financial Inclusion, Portfolio Dynamics, Long-Term Investment |
| Date: | 2026–01 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05492345 |
| By: | Kurukulasuriya, Pradeep |
| Abstract: | This paper explores the catalytic role of the United Nations Capital Development Fund (UNCDF) in addressing the $4 trillion financing gap for the Sustainable Development Goals (SDGs), particularly in the world's 46 Least Developed Countries (LDCs). It argues that traditional development finance institutions (DFIs) and grant-making bodies have failed to mobilize sufficient capital in high-risk, underserved markets due to structural limitations and risk aversion. UNCDF's unique positioning - non-credit rated, impact-driven, and flexible in capital deployment - enables it to operate in frontier markets where others cannot. Through instruments such as blended finance, local currency loans, guarantees, and performance-based payments, UNCDF demonstrates how targeted, concessional investments can unlock domestic capital, crowd in private finance, and build resilient financial ecosystems. Case studies from Tanzania, Afghanistan, Zimbabwe, Rwanda, and Peru illustrate UNCDF's market-creating function and its capacity to serve the "missing middle" in development finance. The paper concludes by advocating for a recalibration of global risk models and a scaling of UNCDF's approach to transform fiscal constraints into engines of inclusive and sustainable growth. |
| Keywords: | Blended Finance, Development Finance Architecture, Least Developed Countries (LDCs), Catalytic Capital, Financial Inclusion and Resilience |
| JEL: | F35 G23 O16 O19 Q01 H81 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:iedlwp:336685 |