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DIW Economic Bulletin 30/31 / 2015

School, Parents, and Financial Literacy Shape Future Financial Behavior

Why do some people make better financial decisions than others do? The level of financial literacy plays an important role: Quality schooling that also deals with financial issues likewise leads to better financial decisions. However, many studies neglect how parenting also influences financial behavior. This report shows that parents also have an indirect effect on the financial literacy of their ...

2015| Antonia Grohmann, Lukas Menkhoff
DIW aktuell 40 / 2020

Wechselkurse als Corona-Barometer: wie Währungsschwankungen die Krise spiegeln

Die Corona-Pandemie führt seit Beginn des Jahres zu einer schweren Krise der Weltwirtschaft, die sich – wie jede Krise – auch an den Devisenmärkten zeigt. Der Preis der dort gehandelten nationalen Währungen spiegelt die Stärke der jeweiligen Volkswirtschaft. Die großen Veränderungen der Wechselkurse seit Januar zeigen, wie die Volkswirtschaften in der Welt ganz unterschiedlich stark von der Krise getroffen ...

2020| Lukas Boer, Lukas Menkhoff
Vierteljahrshefte zur Wirtschaftsforschung 4 / 2017

Gute Finanzbildung braucht randomisierte Experimente

2017| Lukas Menkhoff
Diskussionspapiere 1895 / 2020

The Effectiveness of FX Interventions: A Meta-Analysis

There is ample empirical literature centering on the effectiveness of foreign exchange intervention (FXI). Given the mix of objectives and country-heterogeneity, the general lack of consensus thus far is no surprise. We shed light on this debate by conducting the first comprehensive meta-analysis in the FXI literature, with 279 reported effects that stem from 74 distinct empirical studies. We cover ...

2020| Lucía Arango-Lozano, Lukas Menkhoff, Daniela Rodríguez-Novoa, Mauricio Villamizar-Villegas
Diskussionspapiere 1864 / 2020

Financial Education Affects Financial Knowledge and Downstream Behaviors

We study the rapidly growing literature on the causal effects of financial education programs in a meta-analysis of 76 randomized experiments with a total sample size of over 160,000 individuals. The evidence shows that financial education programs have, on average, positive causal treatment effects on financial knowledge and downstream financial behaviors. Treatment effects are economically meaningful ...

2020| Tim Kaiser, Annamaria Lusardi, Lukas Menkhoff, Carly Urban
Diskussionspapiere 1854 / 2020

The Dynamic Impact of FX Interventions on Financial Markets

Evidence on the effectiveness of FX interventions is either limited to short horizons or hampered by debatable identification. We address these limitations by identifying a structural vector autoregressive model for the daily frequency with an external instrument. Generally, we find, for freely floating currencies, that FX intervention shocks significantly affect exchange rates and that this impact ...

2020| Lukas Menkhoff, Malte Rieth, Tobias Stöhr
Diskussionspapiere 1826 / 2019

Cheating and Corruption: Evidence from a Household Survey

This study tests the prediction that a corrupt government reduces ethical behavior among its citizens. We integrate a standard "cheating" experiment into a broad household survey and find clear support for this prediction: respondents who perceive corruption in state affairs are more likely to cheat. Interestingly, there is a small group of non-conformers. The main relation is robust to consideration ...

2019| Olaf Hübler, Melanie Koch, Lukas Menkhoff, Ulrich Schmidt
Diskussionspapiere 1823 / 2019

The Effect of Personalized Feedback on Small Enterprises’ Finances in Uganda

This RCT examines the effect of a new style finance training during which participants are given personalized feedback on their financial business outcomes in addition to a “rules-of-thumb” training approach. We compare this to the effects of a “rules-of-thumb” training by itself and to a control group. Targeting about 500 small and micro entrepreneurs in Kampala, Uganda, we find that the personalized ...

2019| Antonia Grohmann, Lukas Menkhoff, Helke Seitz
Diskussionspapiere 1771 / 2018

Politicians' Promotion Incentives and Bank Risk Exposure

This paper shows that politicians’ pressure to climb the career ladder increases bank risk exposure in their region. Chinese local politicians are set growth targets in their region that are relative to each other. Growth is stimulated by debt-financed programs which are mainly financed via bank loans. The stronger the performance pressure the riskier the respective local bank exposure becomes. This ...

2018| Li Wang, Lukas Menkhoff, Michael Schröder, Xian Xu
Diskussionspapiere 1743 / 2018

Active Learning Fosters Financial Behavior: Experimental Evidence

We conduct a randomized field experiment to study the effects of two financial education interventions offered to small-scale retailers in Western Uganda. The treatments contrast “active learning” with “traditional lecturing” within standardized lesson-plans. We find that active learning has a positive and economically meaningful impact on savings and investment outcomes, in contrast to insignificant ...

2018| Tim Kaiser, Lukas Menkhoff
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