谁损失最多?金融素养、认知能力与金融危机

Tabea Bucher-Koenen, Michael Ziegelmeyer
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引用次数: 103

摘要

最近的金融危机对私人财富造成了冲击。金融知识水平低的家庭不太可能直接拥有风险资产。因此,报告经济损失的人较少。更重要的是,不懂理财的家庭更倾向于出售已经贬值的资产。因此,损失成为永久性的,而这些家庭不会参与市场的复苏。这种对风险资产的逃离是持续的——金融危机可能会被证明是一种创伤性的经历,它会影响投资行为,并产生严重的分配后果,因为金融知识水平较低的家庭在长期内面临较低的回报。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Who Lost the Most? Financial Literacy, Cognitive Abilities, and the Financial Crisis
The recent financial crisis caused a shock to private wealth. Households with low financial literacy are less likely to own risky assets directly. Therefore, fewer of them report financial losses. More importantly, financially illiterate households are more prone to sell assets that have lost in value. Thereby losses become permanent, and these households do not participate in markets’ resurgence. This flight from risky assets is persistent—the financial crisis may prove to be a traumatic experience that shapes investment behavior and gives rise to serious distributional consequences, as households with lower financial literacy face lower returns in the long run.
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