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| Financial Literacy and Households’ Financial Exclusion in China:Evidence from CHFS Data |
| ZHANG Haodong, YIN Zhichao
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School of Finance,Southwestern University of Finance and Economics;
School of Finance,Capital University of Economics and Business |
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Abstract Based on China Household Finance Survey data in 2013, by choosing Instrumental Variable and using Maximum Likelihood estimation, this paper finds financial literacy can significantly reduce the probability of households’ financial exclusion in China. Furtherly, the paper finds that financial literacy has significantly negative effect on households’ investment products’ exclusion and households’ financing products’ exclusion. In addition, the effect of financial literacy on households’ investment products’ exclusion is greater than that of households’ financing products’ exclusion. The paper also finds households obtaining financial and economic information, learning financial course, strengthening financial calculation ability, and improving expected level can effectively release households’ financial demand and then significantly reduce the probability of households’ financial exclusion. The policy implication is that strengthening financial knowledge education and skills’ training and popularizing financial literacy can alleviate households’ financial exclusion and promote financial inclusion eventually.
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Received: 23 September 2015
Published: 16 April 2018
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