LOWER FINANCIAL LITERACY INDUCES USE OF INFORMAL LOANS

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dc.citation.issue1
dc.citation.volume58
dc.contributor.authorSantos, Danilo Braun [UNIFESP]
dc.contributor.authorMendes-Da-Silva, Wesley
dc.contributor.authorGonzalez, Lauro
dc.coverageSao Paulo Sp
dc.date.accessioned2020-07-02T18:51:55Z
dc.date.available2020-07-02T18:51:55Z
dc.date.issued2018
dc.description.abstractFinance 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.en
dc.description.affiliationUniv Fed Sao Paulo, Escota Bautista Polit Econ & Negocios, Sao Paulo, SP, Brazil
dc.description.affiliationFundacao Getulio Vargas, Escala Adm Empresas Sao Paulo, Sao Paulo, SP, Brazil
dc.description.affiliationUnifespUniv Fed Sao Paulo, Escota Bautista Polit Econ & Negocios, Sao Paulo, SP, Brazil
dc.description.sourceWeb of Science
dc.format.extent44-59
dc.identifierhttp://dx.doi.org/10.1590/S0034-759020180104
dc.identifier.citationRae-Revista De Administracao De Empresas. Sao Paulo Sp, v. 58, n. 1, p. 44-59, 2018.
dc.identifier.doi10.1590/S0034-759020180104
dc.identifier.fileWOS000429414000004.pdf
dc.identifier.issn0034-7590
dc.identifier.urihttps://repositorio.unifesp.br/handle/11600/53770
dc.identifier.wosWOS:000429414000004
dc.language.isoeng
dc.publisherFundacao Getulio Vargas
dc.relation.ispartofRae-Revista De Administracao De Empresas
dc.rightsinfo:eu-repo/semantics/openAccess
dc.subjectLoanen
dc.subjectinformal loanen
dc.subjectfinancial literacyen
dc.subjectcapitalization bonden
dc.subjectbehavioral financeen
dc.titleLOWER FINANCIAL LITERACY INDUCES USE OF INFORMAL LOANSen
dc.typeinfo:eu-repo/semantics/article
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