文章基本信息

标题：Who lost the most? Financial literacy, cognitive abilities, and the financial crisis
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作者：Tabea Bucher-Koenen ; Michael Ziegelmeyer
期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2011
出版社：European Central Bank
摘要：We study how and to what extent private households are aected by the recent nancial crisis and how their nancial decisions are in uenced by this shock. Our analysis reveals that individuals with low levels of nancial literacy are less likely to have invested in the stock market and thus are less likely to report losses in wealth. Yet, individuals with low nancial literacy are more likely to sell their assets which lost in value (realize losses). This reaction to short-term losses has potential longterm consequences if individuals do not participate in markets' recovery and face lower returns in the long run.
关键词：nancial literacy; cognitive ability; nancial crisis; life-cycle savings; saving;behavior; portfolio choice