| SEMINAR ŞTIINŢIFIC MONEDA, FINANŢE, BĂNCI – SEMINAR ȘTIINȚIFIC |
Financial literacy and financial well-being: Empirical evidence from Romania
Marți, 9 decembrie 2025 – ora 16:30 – sala 3M4 (etaj 1, clădirea Moxa)
Maria Anghel
Facultatea de Stiinte Economice si Gestiunea Afacerilor, Universitatea Babes Bolyai; maria.anghel@econ.ubbcluj.ro
Abstract:
This paper examines the relationship between financial literacy and financial well-being using nationally representative data from Romania. Employing the ordinary least squares method, the analysis reveals a robust and positive association between the two variables. The findings indicate that individuals with higher levels of financial literacy tend to report greater financial well-being. The association is particularly strong for basic financial literacy, underscoring the importance of foundational financial knowledge for individuals’ well-being. This relationship remains significant across various sociodemographic groups. Overall, the results provide valuable insights for designing targeted financial education programs and highlight the importance of enhancing basic financial skills in achieving meaningful improvements in individual well-being.
Zoom:
https://ase.zoom.us/j/88975840175?pwd=Q0ZnbHl0TjhqcEtzVnhMUWRmdWdPQT09
Activitate de socializare: TBD
Heterogeneous Expectations and Wealth Inequality
Marți, 16 decembrie 2025 – ora 16:30 – sala 3M4 (etaj 1, clădirea Moxa)
Adrian Ifrim
European Commission; adrian.ifrim@barcelonagse.eu
Abstract:
Using microdata, we document substantial heterogeneity in households’ stock return expectations that persists over time and correlates strongly with wealth. We develop a rich heterogeneous agent model where this belief dispersion arises endogenously through learning from experience, creating a feedback loop between expectations and portfolio choices. The model matches key features of the joint distribution of expectations, portfolio returns, and wealth in the data. Belief heterogeneity amplifies wealth concentration through two channels: optimistic households both save more and choose riskier portfolios, generating higher realized returns that further reinforce their optimistic beliefs. Relative to a homogeneous-beliefs benchmark, heterogeneous expectations increase the wealth share of the top 10% by 50%. Methodologically, we show that Internal Rationality -where households learn about prices directly rather than needing to forecast entire distributions – makes heterogeneous agent models with aggregate risk both more realistic and more tractable.
Zoom:
https://ase.zoom.us/j/88975840175?pwd=Q0ZnbHl0TjhqcEtzVnhMUWRmdWdPQT09
Activitate de socializare: TBD
Above and Beyond Interest Rates: Risk-taking and Large Central Bank Balance Sheets
Marți, 13 ianuarie 2026 – ora 16:30 – sala 3M4 (etaj 1, clădirea Moxa)
Radu Cristea
International Monetary Fund and University of Cambridge; cristea.raduc@gmail.com
Abstract:
This paper documents how the yield curve alone may not be a sufficient statistic to gauge how financial markets internalize monetary policy announcements. Analyzing the high-frequency reaction of riskier asset prices around central bank announcements in the US and UK, above and beyond yield curve surprises, this paper highlights the multi-faceted nature of the risk-taking channel of monetary policy. Risk-on channels associated with conventional monetary policy could be linked to the search for yield and low economic uncertainty, but during the era of unconventional monetary policy, strong evidence links an additional risk-taking channel to excess liquidity and portfolio rebalance. More broadly, these results suggest unconventional monetary policies have been more effective than previously estimated.
Zoom:
https://ase.zoom.us/j/88975840175?pwd=Q0ZnbHl0TjhqcEtzVnhMUWRmdWdPQT09
Activitate de socializare: TBD