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Externe Monographien
We develop and implement a new measure for inequality aversion: two peers are endowed with identical binary lotteries and the only choice they make is whether they want to play out the lotteries independently or with perfect positive correlation (coupling). Coupling has no other effect than preventing outcome inequality. We implement the method in a survey in rural Thailand as well as a supplemental ...
Munich:
Collaborative Research Center Transregio 190,
2019,
50 S.
(Discussion paper / Rationality & Competition, CRC TRR 190 ; 185)
| Melanie Koch,Lukas Menkhoff, Ulrich Schmidt
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Externe Monographien
This paper examines whether biased income expectations due to overconfidence lead to higher levels of debt-taking. In a lab experiment, participants can purchase goods by borrowing against their future income. We exogenously manipulate income expectations by letting income depend on relative performance in hard and easy quiz tasks. We successfully generate biased income expectations and show that participants ...
Munich:
Collaborative Research Center Transregio 190,
2019,
94 S.
(Discussion paper / Rationality & Competition, CRC TRR 190 ; 152)
| Antonia Grohmann, Lukas Menkhoff, Christoph Merkle, Renke Schmacker
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Externe Monographien
We study the literature on school financial education programs for children and youth via aquantitative meta-analysis of 37 (quasi-) experiments. We find that financial education treatmenthas, on average, a significant and sizeable impact on financial knowledge (+0.25 SD), similar toeducational interventions in other domains. Additionally, we document small but still significanteffects on financial ...
München:
CESifo,
2018,
35 S.
(CESifo Working Papers ; 7395)
| Tim Kaier, Lukas Menkhoff
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Externe Monographien
While financial inclusion is typically addressed by improving the financial infrastructure, we show that a higher degree of financial literacy also has a clear beneficial effect. We study this effect at the cross-country level, which allows us to consider institutional variation. Regarding “access to finance”, financial infrastructure and financial literacy are mainly substitutes. However, regarding ...
Munich, Germany:
Collaborative Research Center Transregio 190,
2018,
94 S.
(Discussion paper / Rationality & Competition, CRC TRR 190 ; 95)
| Antonia Grohmann, Theres Klühs, Lukas Menkhoff
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Externe Monographien
We conduct a randomized field experiment to study the effects of two financial education interventions offered to small-scale retailers in Uganda. The treatments contrast "active learning" with "traditional lecturing" within standardized lesson-plans. We find that active learning has a positive and economically meaningful impact on savings and investment outcomes, in contrast to insignificant impacts ...
Berlin:
ResearchGate,
2018,
73 S.
| Tim Kaiser, Lukas Menkhoff
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Externe Monographien
Using data for the trades of 19 central banks intervening in currency markets, we show that leaning against the wind by individual central banks leads to "systematic intervention" in the aggregate central banking sector. This systematic intervention is driven by and impacts on the same factors that drive currency excess returns: carry, momentum, value, and a dollar factor. The sensitivity of an individual ...
SSRN,
2018,
48 S. : Anh.
(SSRN Papers)
| Marcel Fratzscher, Lukas Menkhoff, Lucio Sarno, Maik Schmeling, Tobias Stöhr
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Externe Monographien
In a meta-analysis of 126 impact evaluation studies, we find that financial education significantly impacts financial behavior and, to an even larger extent, financial literacy. These results also hold for the subsample of randomized experiments (RCTs). However, intervention impacts are highly heterogeneous: Financial education is less effective for lowincome clients as well as in low and lower-middle ...
Washington:
World Bank Group,
2017,
75 S.
(Policy Research Working Paper ; 8161)
| Tim Kaiser, Lukas Menkhoff
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Externe Monographien
This paper examines foreign exchange intervention based on novel daily data covering 33 countries from 1995 to 2011. We find that intervention is widely used and an effective policy tool, with a success rate in excess of 80 percent under somecriteria. The policy works well in terms of smoothing the path of exchange rates, and in stabilizing the exchange rate in countries with narrow band regimes. Moving ...
London:
CEPR,
2017,
64 S.
(Discussion Paper Series / Centre for Economic Policy Research ; 12510)
| Marcel Fratzscher, Oliver Gloede, Lukas Menkhoff, Lucio Sarno,Tobias Stöhr
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Externe Monographien
In a meta-analysis of 126 impact evaluation studies, we find that financial education significantly impacts financial behavior and, to an even larger extent, financial literacy. These results also hold for the subsample of randomized experiments (RCTs). However, intervention impacts are highly heterogeneous: Financial education is less effective for low-income clients as well as in low and lower-middle ...
Munich, Germany:
Collaborative Research Center Transregio 190,
2017,
89 S.
(Discussion paper / Rationality & Competition, CRC TRR 190 ; 37)
| Tim Kaiser, Lukas Menkhoff
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Externe Monographien
We assess the properties of currency value strategies based on real exchange rates. We find that real exchange rates have predictive power for the cross-section of currency excess returns. However, adjusting real exchange rates for key country-specific fundamentals (productivity, the quality of export goods, net foreign assets, and output gaps) better isolates information related to the currency risk ...
London:
CEPR,
2016,
51 S.
(Discussion Paper Series / Centre for Economic Policy Research ; 11324)
| Lukas Menkhoff, Lucio Sarno, Maik Schmeling, Andreas Schrimpf