Financial Literacy and the Financial Crisis

The ability of consumers to make informed financial decisions improves their chances of having sound personal finance. This paper uses a panel dataset from Russia, where consumer loans grew at an astounding rate -- from about US$10 billion in 2003...

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Bibliographic Details
Main Authors:	Klapper, Leora, Lusardi, Annamaria, Panos, Georgios A.
Format:	Policy Research Working Paper
Language:	English
Published:	2012
Subjects:	ABILITY OF CONSUMERS ACCOUNT CREDITOR ACCOUNT OWNERSHIP ACCOUNTING ADMINISTRATIVE DATA ANNUAL INTEREST RATE ASSET MARKETS AVAILABILITY OF CREDIT BALANCE SHEET BANK ACCOUNT BANK ACCOUNTS BANK CREDIT BANK LOANS BANKING PRODUCTS BANKING RELATIONSHIPS BANKING SECTOR BANKING SERVICES BANKING SUPERVISIONS BANKING SYSTEM BASIC FINANCIAL LITERACY BORROWER BORROWER BEHAVIOR BORROWING BUSINESS SCHOOL CALCULATION CALCULATIONS CAPITAL FORMATION CENTRAL BANK CHECKING ACCOUNT CHECKS COGNITIVE FUNCTIONS CONSUMER CONSUMER CREDIT CONSUMER DEBT CONSUMER FINANCE CONSUMER LOANS CONTRIBUTION CREDIT CARD CREDIT CARD DEBT CREDIT INFORMATION CREDITOR CURRICULUM DEBIT CARD DEBIT CARDS DEBT CONTRACTS DEBT LOADS DEBT MANAGEMENT DEFINED CONTRIBUTION PENSIONS DELINQUENCY DEMOGRAPHIC CHARACTERISTICS DEMOGRAPHIC GROUPS DEPOSITS DEVELOPING FINANCIAL MARKETS DOMESTIC CREDIT DUMMY VARIABLE DUMMY VARIABLES DURABLE DURABLE GOODS EARNINGS ECONOMIC ACTIVITY ECONOMIC DECISIONS ECONOMIC DEVELOPMENT ECONOMIC GROWTH EDUCATION LEVEL EDUCATION LEVELS EDUCATIONAL ATTAINMENT EMERGING MARKETS EMPLOYEE EMPLOYER ENTREPRENEUR ENTREPRENEURS ETHNIC MINORITIES FAMILY INCOME FAMILY MEMBERS FEDERAL RESERVE FEDERAL RESERVE BANK FINANCES FINANCIAL ASSISTANCE FINANCIAL BEHAVIOR FINANCIAL CONSEQUENCES FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL DECISION FINANCIAL DISTRESS FINANCIAL EDUCATION FINANCIAL EDUCATION PROGRAMS FINANCIAL EXPERIENCES FINANCIAL FRAGILITY FINANCIAL ILLITERACY FINANCIAL INFORMATION FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL ISSUES FINANCIAL KNOWLEDGE FINANCIAL LITERACY FINANCIAL LITERACY TRAINING FINANCIAL MANAGEMENT FINANCIAL MARKETPLACE FINANCIAL MARKETS FINANCIAL MATTERS FINANCIAL OUTCOMES FINANCIAL PENETRATION FINANCIAL PRODUCTS FINANCIAL RESOURCES FINANCIAL SECTOR FINANCIAL SERVICES FINANCIAL SOPHISTICATION FINANCIAL STABILITY FORMAL BANK FORMAL BANKING FORMAL BANKING SYSTEM FORMAL CREDIT FORMAL FINANCIAL INSTITUTION FORMAL FINANCIAL MARKETS FRAUD GENDER GENERAL POPULATION HIGH SCHOOL HIGH SCHOOL FINANCIAL LITERACY HIGHER EDUCATION HOUSEHOLD APPLIANCES HOUSEHOLD DEBT HOUSEHOLD FINANCE HOUSEHOLD FINANCIAL MANAGEMENT HOUSEHOLDS ID INCOME INCOME SHOCKS INDEBTEDNESS INFLATION INFORMAL BORROWING INFORMAL CREDIT INFORMATION SHARING INFORMED CONSUMERS INFORMED FINANCIAL DECISIONS INSTALLMENT INSTRUMENT INTEREST PAYMENT INTEREST PAYMENTS INTEREST RATE INTEREST RATES INTERNATIONAL BANK INTERNATIONAL STANDARDS INVESTMENT CLIMATE LESS FINANCIALLY LITERATE LEVELS OF LITERACY LIABILITY LIABILITY SIDE LITERACY COURSES LITERACY DATA LITERATE INDIVIDUALS LIVING STANDARD LIVING STANDARDS LOAN LOW EDUCATIONAL ATTAINMENT LOW FINANCIAL LITERACY LOW INCOME LOW LEVELS OF EDUCATION LOWER INCOME LOWER INCOMES MACROECONOMIC STABILITY MONTHLY INCOME MONTHLY PAYMENTS MORTGAGE MORTGAGES MUTUAL FUNDS NEGATIVE INCOME SHOCK NEW BANK ACCOUNTS NUMERACY OCCUPATIONS OLDER INDIVIDUALS PENSION PENSIONER PERSONAL BANKING PERSONAL FINANCE PORTFOLIO PORTFOLIO CHOICE PROBABILITY PUBLIC ECONOMICS PUBLIC POLICY PURCHASING POWER RAPID GROWTH REPAYMENT REPAYMENT PERIODS RESEARCH ASSISTANCE RESERVE BANK RETAIL PRICE RETIREMENT RETIREMENT PLAN RETIREMENT PLANNING RETIREMENT PLANS RETIREMENT READINESS RETIREMENT SAVING RETIREMENT SECURITY SALARIES SALARY SALE SALES SAVING BEHAVIOR SCHOOLING SECONDARY EDUCATION SECONDARY SCHOOL SINGLE PERSON SOCIAL PROTECTION SOCIOECONOMIC STATUS STATE BANKS STATE UNIVERSITY STOCK MARKET STOCKS TECHNICAL EDUCATION TRANSPARENCY UNDERSTANDING PENSIONS UNEMPLOYED UNEMPLOYMENT UNEMPLOYMENT RATE UNIVERSITIES VALUABLE VULNERABLE CONSUMERS
Online Access:	http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20120229095430 http://hdl.handle.net/10986/3266