知识改变命运:金融知识与微观收入流动性

Journal of Financial Research

2016, Vol. 438

Issue (12): 111-127 DOI:

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Knowledge Changes Fate: Financial Literacy and Micro Income Mobility

WANG Zhengwei, DENG Yinghui, LIAO Li

PBC School of Finance, Tsinghua University

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Abstract Financial literacy has been widely proved to be related with various individual financial behavior and people with higher level of financial literacy tend to behave better in financial markets. In this paper, using income transition matrix and Probit model, we look at how financial literacy will eventually work on micro income mobility. Our results show that families with higher level of financial literacy possess higher probability of upward income mobility. As our daily life tends to get more and more involved with the capital markets, our findings provide a brand-new but promising angle for micro income mobility research.

Key words： Financial Literacy Income Transition Matrix Micro Income Mobility

Received: 19 January 2016 Published: 01 January 1900

JEL分类号:	D12
	D14
	G10

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	WANG Zhengwei
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Cite this article:

WANG Zhengwei,DENG Yinghui,LIAO Li. Knowledge Changes Fate: Financial Literacy and Micro Income Mobility[J]. Journal of Financial Research, 2016, 438(12): 111-127.

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http://www.jryj.org.cn/EN/ OR http://www.jryj.org.cn/EN/Y2016/V438/I12/111

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