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DTSTART:20250101T000000
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BEGIN:VEVENT
DTSTART;TZID=UTC:20260421T160000
DTEND;TZID=UTC:20260421T200000
DTSTAMP:20260407T110415Z
CREATED:20260407T110415Z
LAST-MODIFIED:20260407T110415Z
UID:7589-1776787200-1776801600@fabbv.ase.ro
SUMMARY:The Sticky Floor of Financial Development: Non-Linear Effects of Financial Literacy
DESCRIPTION:Dan Mihai Dima\nBucharest University of Economic Studies and Institute for Economic Forecasting\, Romanian Academy; dan.dima@fin.ase.ro \nAbstract:\nThis study investigates distributional heterogeneity in the relationship between financial literacy and demand-side financial development across Europe. Using microdata from Eurobarometer Flash Survey 525 (N = 24\,356)\, we construct a latent household-level financial development variable via Polychoric Principal Component Analysis and Item Response Theory\, then apply conditional quantile regression to estimate how the effect of financial literacy varies across the full distribution of household financial engagement. We document a structural „sticky floor”: below the 20th percentile\, financial literacy has no statistically discernible effect on financial development\, reflecting a non-responsive zone driven by supply-side barriers rather than knowledge deficits. Above this zone\, the marginal effect of financial literacy increases monotonically through the upper-middle quantiles before attenuating at the top – consistent with product saturation. A comparative analysis of Eastern and Western European subsamples reveals that this non-responsive zone extends significantly deeper in transition economies\, where literacy effects remain statistically dormant until approximately the 40th percentile. These findings challenge the universalist framing of financial education policy and argue for sequenced interventions that prioritize structural access before broad-based literacy campaigns. \nZoom:\nhttps://ase.zoom.us/j/88975840175?pwd=Q0ZnbHl0TjhqcEtzVnhMUWRmdWdPQT09 \nActivitate de socializare: TBD
URL:https://fabbv.ase.ro/event/the-sticky-floor-of-financial-development-non-linear-effects-of-financial-literacy/
LOCATION:Sala 3M4\, Clădirea Moxa\, Str.Mihail Moxa nr 5-7\, București\, Romania
CATEGORIES:Seminar științific
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BEGIN:VEVENT
DTSTART;TZID=UTC:20260428T160000
DTEND;TZID=UTC:20260428T200000
DTSTAMP:20260407T110938Z
CREATED:20260407T110938Z
LAST-MODIFIED:20260407T110938Z
UID:7596-1777392000-1777406400@fabbv.ase.ro
SUMMARY:The Intelligent Skewness Factor
DESCRIPTION:Alexandru Minea \nUniversity of Orléans\, University Clermont Auvergne\, and Carleton University; alexandru.minea@uca.fr \nAbstract: \nThis paper introduces a fiscal feedback rule (FFR) in an endogenous growth model with public debt dynamics. We assume that part of the debt burden is covered by tax increases (we name this “sterilization”)\, while the remaining part is financed by issuing new debt. We show that while low sterilization does not ensure the existence of a long-run steady state\, high sterilization can lead to multiple steady states and aggregate instability in the form of local and global indeterminacy\, potentially condemning the economy to a low-growth/high-debt trap steady state and long-lasting public debt cycles. By combining econometric estimations and a calibration exercise on developed economies\, we highlight that these various perils can occur for empirically plausible values of the sterilization coefficient. \nZoom:\nhttps://ase.zoom.us/j/88975840175?pwd=Q0ZnbHl0TjhqcEtzVnhMUWRmdWdPQT09 \nActivitate de socializare: TBD
URL:https://fabbv.ase.ro/event/the-intelligent-skewness-factor/
LOCATION:Sala 3M4\, Clădirea Moxa\, Str.Mihail Moxa nr 5-7\, București\, Romania
CATEGORIES:Seminar științific
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