Wealth, Financial Literacy and Behavioral Biases in Japan: the Effects of Various Types of Financial Literacy

Shizuka Sekita, Vikas Kakkar, Masao Ogaki

研究成果: Article査読

1 被引用数 (Scopus)

抄録

This paper considers the relationship between wealth, financial literacy and several other variables using data from Japan's first large-scale survey on financial literacy. Using an instrumental variables approach to account for possible endogeneity of financial literacy, we find that financial literacy has an economically large and positive impact on wealth accumulation. We also decompose financial literacy into 5 sub-categories and find that deposits literacy, risk literacy and debt literacy have significant impacts on wealth accumulation in Japan, whereas inflation literacy and insurance literacy do not. Several variables suggested by behavioral economics, such as over-confidence, self-control, myopia and risk-aversion are also significant determinants of wealth.

本文言語English
論文番号101190
ジャーナルJournal of The Japanese and International Economies
64
DOI
出版ステータスPublished - 2022 6月

ASJC Scopus subject areas

  • 財務
  • 経済学、計量経済学
  • 政治学と国際関係論

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