The Role of Financial Knowledge in Life

Simple item page
dc.creatorMurodovna, Mukhammedova Zarina
dc.creatoroʻgʻli, Abdurohmanov Diyor Rustam
dc.date2022-06-24
dc.date.accessioned2023-08-21T04:49:32Z
dc.date.available2023-08-21T04:49:32Z
dc.descriptionWe show that financial knowledge is a key determinant of wealth inequality in a stochastic life cycle model with endogenous financial knowledge accumulation, where financial knowledge enables individuals to better allocate lifetime resources in a world of uncertainty and imperfect insurance. Moreover, because of how the US social insurance system works, better-educated individuals have most to gain from investing in financial knowledge. Our parsimonious specification generates substantial wealth inequality relative to a one-asset saving model and one in which returns on wealth depend on portfolio composition alone. We estimate that 30–40 percent of retirement wealth inequality is accounted for by financial knowledge.en-US
dc.formatapplication/pdf
dc.identifierhttps://emjms.academicjournal.io/index.php/emjms/article/view/658
dc.identifier.urihttp://dspace.umsida.ac.id/handle/123456789/8365
dc.languageeng
dc.publisherAcademic Journal Incorporationsen-US
dc.relationhttps://emjms.academicjournal.io/index.php/emjms/article/view/658/794
dc.sourceEuropean Multidisciplinary Journal of Modern Science; 2022: Special Issue "Academic Integration of Technology and Human Capital"; 10-11en-US
dc.source2750-6274
dc.subjectfinancial knowledgeen-US
dc.subjectfinanceen-US
dc.subjecteconomic growthen-US
dc.subjectfinancial literacyen-US
dc.titleThe Role of Financial Knowledge in Lifeen-US
dc.typeinfo:eu-repo/semantics/article
dc.typeinfo:eu-repo/semantics/publishedVersion
dc.typePeer-reviewed Articleen-US
Files
Collections
European Multidisciplinary Journal of Modern Science (ISSN 2750-6274)