LOWER FINANCIAL LITERACY INDUCES USE OF INFORMAL LOANS

Finance literature documents associations between a family's financial literacy and its propensity to borrow. However, most studies focus exclusively on formal loan markets. Based on 2,023 observations about financial behavior of Brazilian families, we examined the impacts of financial literacy...

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Detalles Bibliográficos
Autores: Santos, Danilo Braun [UNIFESP], Mendes-Da-Silva, Wesley, Gonzalez, Lauro
Tipo de recurso: artículo
Estado:Versión publicada
Fecha de publicación:2018
País:Brasil
Institución:Universidade Federal de São Paulo (UNIFESP)
Repositorio:Repositório Institucional da UNIFESP
Idioma:inglés
OAI Identifier:oai:repositorio.unifesp.br:11600/53770
Acceso en línea:http://dx.doi.org/10.1590/S0034-759020180104
https://repositorio.unifesp.br/handle/11600/53770
Access Level:acceso abierto
Palabra clave:Loan
informal loan
financial literacy
capitalization bond
behavioral finance
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repository_id_str
spelling LOWER FINANCIAL LITERACY INDUCES USE OF INFORMAL LOANSLoaninformal loanfinancial literacycapitalization bondbehavioral financeFinance literature documents associations between a family's financial literacy and its propensity to borrow. However, most studies focus exclusively on formal loan markets. Based on 2,023 observations about financial behavior of Brazilian families, we examined the impacts of financial literacy on informal borrowing, such as loans from friends or moneylenders. Using multinomial logit models, we compared financial literacy's effects on the propensity to take informal loans between families that did not borrow at all and those who took bank loans. Financial literacy is measured by the investment in capitalization bonds, a financial instrument in the Brazilian market. The results suggest that financial literacy's relevance to informal loans may exceed that for formal credit channels.Univ Fed Sao Paulo, Escota Bautista Polit Econ & Negocios, Sao Paulo, SP, BrazilFundacao Getulio Vargas, Escala Adm Empresas Sao Paulo, Sao Paulo, SP, BrazilUniv Fed Sao Paulo, Escota Bautista Polit Econ & Negocios, Sao Paulo, SP, BrazilWeb of ScienceFundacao Getulio Vargas2020-07-02T18:51:55Z2020-07-02T18:51:55Z2018info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersion44-59application/pdfhttp://dx.doi.org/10.1590/S0034-759020180104Rae-Revista De Administracao De Empresas. Sao Paulo Sp, v. 58, n. 1, p. 44-59, 2018.10.1590/S0034-759020180104WOS000429414000004.pdf0034-7590https://repositorio.unifesp.br/handle/11600/53770WOS:000429414000004ark:/48912/001300002tqkkengRae-Revista De Administracao De EmpresasSao Paulo Spinfo:eu-repo/semantics/openAccessreponame:Repositório Institucional da UNIFESPinstname:Universidade Federal de São Paulo (UNIFESP)instacron:UNIFESPSantos, Danilo Braun [UNIFESP]Mendes-Da-Silva, WesleyGonzalez, Lauro2024-08-11T02:17:26Zoai:repositorio.unifesp.br:11600/53770Repositório InstitucionalPUBhttp://www.repositorio.unifesp.br/oai/requestbiblioteca.csp@unifesp.bropendoar:34652024-08-11T02:17:26Repositório Institucional da UNIFESP - Universidade Federal de São Paulo (UNIFESP)false
dc.title.none.fl_str_mv LOWER FINANCIAL LITERACY INDUCES USE OF INFORMAL LOANS
title LOWER FINANCIAL LITERACY INDUCES USE OF INFORMAL LOANS
spellingShingle LOWER FINANCIAL LITERACY INDUCES USE OF INFORMAL LOANS
Santos, Danilo Braun [UNIFESP]
Loan
informal loan
financial literacy
capitalization bond
behavioral finance
title_short LOWER FINANCIAL LITERACY INDUCES USE OF INFORMAL LOANS
title_full LOWER FINANCIAL LITERACY INDUCES USE OF INFORMAL LOANS
title_fullStr LOWER FINANCIAL LITERACY INDUCES USE OF INFORMAL LOANS
title_full_unstemmed LOWER FINANCIAL LITERACY INDUCES USE OF INFORMAL LOANS
title_sort LOWER FINANCIAL LITERACY INDUCES USE OF INFORMAL LOANS
dc.creator.none.fl_str_mv Santos, Danilo Braun [UNIFESP]
Mendes-Da-Silva, Wesley
Gonzalez, Lauro
author Santos, Danilo Braun [UNIFESP]
author_facet Santos, Danilo Braun [UNIFESP]
Mendes-Da-Silva, Wesley
Gonzalez, Lauro
author_role author
author2 Mendes-Da-Silva, Wesley
Gonzalez, Lauro
author2_role author
author
dc.subject.por.fl_str_mv Loan
informal loan
financial literacy
capitalization bond
behavioral finance
topic Loan
informal loan
financial literacy
capitalization bond
behavioral finance
description Finance literature documents associations between a family's financial literacy and its propensity to borrow. However, most studies focus exclusively on formal loan markets. Based on 2,023 observations about financial behavior of Brazilian families, we examined the impacts of financial literacy on informal borrowing, such as loans from friends or moneylenders. Using multinomial logit models, we compared financial literacy's effects on the propensity to take informal loans between families that did not borrow at all and those who took bank loans. Financial literacy is measured by the investment in capitalization bonds, a financial instrument in the Brazilian market. The results suggest that financial literacy's relevance to informal loans may exceed that for formal credit channels.
publishDate 2018
dc.date.none.fl_str_mv 2018
2020-07-02T18:51:55Z
2020-07-02T18:51:55Z
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://dx.doi.org/10.1590/S0034-759020180104
Rae-Revista De Administracao De Empresas. Sao Paulo Sp, v. 58, n. 1, p. 44-59, 2018.
10.1590/S0034-759020180104
WOS000429414000004.pdf
0034-7590
https://repositorio.unifesp.br/handle/11600/53770
WOS:000429414000004
dc.identifier.dark.fl_str_mv ark:/48912/001300002tqkk
url http://dx.doi.org/10.1590/S0034-759020180104
https://repositorio.unifesp.br/handle/11600/53770
identifier_str_mv Rae-Revista De Administracao De Empresas. Sao Paulo Sp, v. 58, n. 1, p. 44-59, 2018.
10.1590/S0034-759020180104
WOS000429414000004.pdf
0034-7590
WOS:000429414000004
ark:/48912/001300002tqkk
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv Rae-Revista De Administracao De Empresas
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv 44-59
application/pdf
dc.coverage.none.fl_str_mv Sao Paulo Sp
dc.publisher.none.fl_str_mv Fundacao Getulio Vargas
publisher.none.fl_str_mv Fundacao Getulio Vargas
dc.source.none.fl_str_mv reponame:Repositório Institucional da UNIFESP
instname:Universidade Federal de São Paulo (UNIFESP)
instacron:UNIFESP
instname_str Universidade Federal de São Paulo (UNIFESP)
instacron_str UNIFESP
institution UNIFESP
reponame_str Repositório Institucional da UNIFESP
collection Repositório Institucional da UNIFESP
repository.name.fl_str_mv Repositório Institucional da UNIFESP - Universidade Federal de São Paulo (UNIFESP)
repository.mail.fl_str_mv biblioteca.csp@unifesp.br
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score 15,228081

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