International Economics Department Publications

144 results, from 121
Weitere Aufsätze

Droht der nächste Abwertungswettlauf?

In: Wirtschaftsdienst 95 (2015), 9, S. 578-579 | Lukas Menkhoff
Weitere Aufsätze

Does Financial Literacy Improve Financial Inclusion? Cross Country Evidence: Policy Research Contribution #2

In: OECD-GFLEC Global Policy Research Symposium to Advance Financial Literacy <5, 2018, Paris> , Effective Financial Education for Sustainable and Inclusive Growth
S. 17-18
Symposium Proceedings
| Antonia Grohmann, Theres Klühs, Lukas Menkhoff
Weitere Aufsätze

Breaking the Deadlock: Identifying the Political Economy Drivers of Structural Reforms

In: Too Slow for Too Long
S. 129-130
World Economic and Financial Surveys
| Jakob Miethe, Davide Furceri

Don’t Expect Too Much – High Income Expectations and Over-Indebtedness

Household indebtedness is rising worldwide. This study investigates one possible driver of this increase that is rooted in the theory of permanent income: high income expectations. We collect data from an emerging country, Thailand, as (over-) indebtedness in markets with incomplete financial infrastructure and social security can be devastating. Furthermore, our sample of rural households is exposed ...

Munich: Collaborative Research Center Transregio 190, 2019, 55 S. : Anh.
(Discussion paper / Rationality & Competition, CRC TRR 190 ; 200)
| Theres Klühs, Melanie Koch, Wiebke Stein

The Effect of Social Comparison on Debt Taking: Experimental Evidence

A number of studies show that there is a link between social comparison and high levels of household debt. However, the exact mechanisms behind this link are not yet well understood. In this paper, we perform a lab experiment designed to study the eff ects of social image concerns and peer information on consumption choices that can be financed through debt taking. We find that having to announce ...

Munich: Collaborative Research Center Transregio 190, 2019, 27, XXV S.
(Discussion paper / Rationality & Competition, CRC TRR 190 ; 227)
| Antonia Grohmann, Melanie Koch

Coupled Lotteries – A New Method to Analyze Inequality Aversion

We develop and implement a new measure for inequality aversion: two peers are endowed with identical binary lotteries and the only choice they make is whether they want to play out the lotteries independently or with perfect positive correlation (coupling). Coupling has no other e ect than preventing outcome inequality. We implement the method in a survey in rural Thailand as well as a supplemental ...

Munich: Collaborative Research Center Transregio 190, 2019, 50 .
(Discussion paper / Rationality & Competition, CRC TRR 190 ; 185)
| Melanie Koch,Lukas Menkhoff, Ulrich Schmidt

Earn More Tomorrow: Overconfident Income Expectations and Consumer Indebtedness

This paper examines whether biased income expectations due to overconfidence lead to higher levels of debt-taking. In a lab experiment, participants can purchase goods by borrowing against their future income. We exogenously manipulate income expectations by letting income depend on relative performance in hard and easy quiz tasks. We successfully generate biased income expectations and show that participants ...

Munich: Collaborative Research Center Transregio 190, 2019, 94 S.
(Discussion paper / Rationality & Competition, CRC TRR 190 ; 152)
| Antonia Grohmann, Lukas Menkhoff, Christoph Merkle, Renke Schmacker

Does Financial Literacy Improve Financial Inclusion? Cross Country Evidence

While financial inclusion is typically addressed by improving the financial infrastructure, we show that a higher degree of financial literacy also has a clear beneficial effect. We study this effect at the cross-country level, which allows us to consider institutional variation. Regarding “access to finance”, financial infrastructure and financial literacy are mainly substitutes. However, regarding ...

Munich, Germany: Collaborative Research Center Transregio 190, 2018, 94 S.
(Discussion paper / Rationality & Competition, CRC TRR 190 ; 95)
| Antonia Grohmann, Theres Klühs, Lukas Menkhoff

Systematic Intervention and Currency Risk Premia

Using data for the trades of 19 central banks intervening in currency markets, we show that leaning against the wind by individual central banks leads to "systematic intervention" in the aggregate central banking sector. This systematic intervention is driven by and impacts on the same factors that drive currency excess returns: carry, momentum, value, and a dollar factor. The sensitivity of an individual ...

SSRN, 2018, 48 S. : Anh.
(SSRN Papers)
| Marcel Fratzscher, Lukas Menkhoff, Lucio Sarno, Maik Schmeling, Tobias Stöhr

Does Financial Education Impact Financial Literacy and Financial Behavior, and if So, When?

In a meta-analysis of 126 impact evaluation studies, we find that financial education significantly impacts financial behavior and, to an even larger extent, financial literacy. These results also hold for the subsample of randomized experiments (RCTs). However, intervention impacts are highly heterogeneous: Financial education is less effective for lowincome clients as well as in low and lower-middle ...

Washington: World Bank Group, 2017, 75 S.
(Policy Research Working Paper ; 8161)
| Tim Kaiser, Lukas Menkhoff
144 results, from 121