| SEMINAR ŞTIINŢIFIC MONEDA, FINANŢE, BĂNCI – SEMINAR ȘTIINȚIFIC |
The Sticky Floor of Financial Development: Non-Linear Effects of Financial Literacy
Marți, 21 aprilie 2026 – ora 16:00 – sala 3M4 (etaj 1, clădirea Moxa)
Dan Mihai Dima
Bucharest University of Economic Studies and Institute for Economic Forecasting, Romanian Academy; dan.dima@fin.ase.ro
Abstract:
This 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.
Zoom:
https://ase.zoom.us/j/88975840175?pwd=Q0ZnbHl0TjhqcEtzVnhMUWRmdWdPQT09
Activitate de socializare: TBD
The Intelligent Skewness Factor
Marți, 28 aprilie 2026 – ora 16:00 – sala 3M4 (etaj 1, clădirea Moxa)
Alexandru Minea
University of Orléans, University Clermont Auvergne, and Carleton University; alexandru.minea@uca.fr
Abstract:
This 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.
Zoom:
https://ase.zoom.us/j/88975840175?pwd=Q0ZnbHl0TjhqcEtzVnhMUWRmdWdPQT09
Activitate de socializare: TBD
The Intelligent Skewness Factor
Marți, 5 mai 2026 – ora 16:00 – sala 3M4 (etaj 1, clădirea Moxa)
Dan Gabriel Anghel
Bucharest University of Economic Studies and Institute for Economic Forecasting, Romanian Academy; dan.anghel@fin.ase.ro
Abstract:
TBA.
Zoom:
https://ase.zoom.us/j/88975840175?pwd=Q0ZnbHl0TjhqcEtzVnhMUWRmdWdPQT09
Activitate de socializare: TBD
A Unified Framework for Anomalies based on Daily Returns
Marți, 19 mai 2026 – ora 16:00 – sala 3M4 (etaj 1, clădirea Moxa)
Adam Zaremba
MBS School of Business & Poznan University of Economics and Business & Monash University; adam.zaremba@ue.poznan.pl
Abstract:
Numerous cross-sectional equity anomalies draw on the same underlying information: the sequence of daily returns over the previous month. Using a data-driven approach, we estimate the empirical mapping from the distribution of last month’s daily returns to future performance without imposing functional forms. The resulting Daily Return Information Factor (DRIF) earns economically large premia, holds across subsamples and research designs, and remains significant after controlling for the modern factor zoo. DRIF subsumes most short-horizon and lottery-style anomalies and emerges as a key factor in asset pricing tests.
Zoom:
https://ase.zoom.us/j/88975840175?pwd=Q0ZnbHl0TjhqcEtzVnhMUWRmdWdPQT09
Activitate de socializare: TBD
TBA
Marți, 26 mai 2026 – ora 16:00 – sala 3M4 (etaj 1, clădirea Moxa)
Alexandru Todea
Facultatea de Stiinte Economice si Gestiunea Afacerilor, Universitatea Babes Bolyai; alexandru.todea@econ.ubbcluj.ro
Abstract:
TBA.
Zoom:
https://ase.zoom.us/j/88975840175?pwd=Q0ZnbHl0TjhqcEtzVnhMUWRmdWdPQT09
Activitate de socializare: TBD