Borsa Istanbul Review最新文献

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The cash vs. digital Paradox: Why financial literacy matters in uncertain times 现金vs数字悖论：为什么金融知识在不确定时期很重要

IF 7.1 2区经济学 Q1 BUSINESS, FINANCE

Borsa Istanbul Review

Pub Date : 2025-10-01 DOI: 10.1016/j.bir.2025.08.001

Hicham Sadok , Zakaria Elouaourti

Although digital payment methods are designed to lessen dependence on cash, its usage has paradoxically surged in many countries during times of economic uncertainty. This study examines whether financial literacy—both basic and advanced—reduces the likelihood of reverting to cash among youth during stressful times, such as the COVID-19 pandemic. Using data from the 2022 PISA Financial Literacy module (covering over 98,000 adolescents across 79 education systems) and employing a Logit model, we construct two novel indices of financial literacy. Our analysis shows that higher financial literacy significantly increases the likelihood of choosing mobile payments over cash, even during periods of systemic uncertainty. Additionally, students living in urban areas, particularly large cities, are more inclined to use digital payments, while attendance at public schools is associated with lower adoption rates of these methods. The findings also reveal important gender and parental education effects, underscoring the need for inclusive financial education. This study highlights financial literacy as a key factor in promoting the adoption of resilient digital payments among young people.

虽然数字支付方式旨在减少对现金的依赖，但在经济不确定时期，其使用量在许多国家却出现了矛盾的激增。本研究考察了基本和高级金融知识是否会降低年轻人在2019冠状病毒病大流行等压力时期回归现金的可能性。利用2022年PISA金融素养模块（覆盖79个教育系统的98,000多名青少年）的数据，并采用Logit模型，我们构建了两个新的金融素养指数。我们的分析表明，更高的金融知识水平大大增加了选择移动支付而不是现金支付的可能性，即使在系统不确定的时期也是如此。此外，生活在城市地区，特别是大城市的学生更倾向于使用数字支付，而公立学校的出勤率与这些方法的采用率较低有关。研究结果还揭示了性别和父母教育的重要影响，强调了包容性金融教育的必要性。本研究强调，金融知识是促进年轻人采用弹性数字支付的关键因素。

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引用次数: 0

Digital financial literacy and savings behavior: A comprehensive cross-country analysis of FinTech adoption patterns and economic outcomes across 12 nations 数字金融知识和储蓄行为：对12个国家金融科技采用模式和经济成果的综合跨国分析

IF 7.1 2区经济学 Q1 BUSINESS, FINANCE

Borsa Istanbul Review

Pub Date : 2025-10-01 DOI: 10.1016/j.bir.2025.09.004

Doğan Başar , Halit Keskin , Emel Esen , Abdullah Kürşat Merter , Yavuz Selim Balcıoğlu

This study explores how financial technology (FinTech) and the level of financial literacy come together to shape savings behavior across 12 countries, spanning advanced, fast-developing, and emerging economies. Based on a large-scale survey of over 30,000 individuals, we employed a multi-level analytical approach that accounts for differences between individuals and across regions and national contexts. The findings revealed a consistent pattern: individuals who actively use FinTech tools tend to save more, particularly when supported by robust financial literacy. In fact, financial literacy played a crucial role in unlocking the full potential of digital tools, acting as a threshold condition that enhances their impact. Although urban areas generally showed higher savings rates, we found that FinTech adoption had an even stronger effect in rural areas—provided there was reliable digital infrastructure to support it. At the national level, factors like income levels, regulatory environments, and cultural traits influenced how effectively FinTech fosters better financial habits. These findings suggest that policies promoting financial education, strengthening digital infrastructure, and tailor regulations to local contexts can significantly improve savings behavior. Tailoring these efforts to a country's development stage and cultural context is key to maximizing their impact.

本研究探讨了金融技术（FinTech）和金融知识水平如何共同影响12个国家的储蓄行为，涵盖发达、快速发展和新兴经济体。基于对3万多人的大规模调查，我们采用了多层次的分析方法来解释个人之间、地区之间和国家背景之间的差异。研究结果揭示了一种一致的模式：积极使用金融科技工具的个人倾向于储蓄更多，尤其是在具备扎实金融知识的情况下。事实上，金融知识在释放数字工具的全部潜力方面发挥了至关重要的作用，作为增强其影响力的门槛条件。尽管城市地区的储蓄率普遍较高，但我们发现，如果有可靠的数字基础设施支持，金融科技的采用在农村地区的影响甚至更大。在国家层面，收入水平、监管环境和文化特征等因素影响了金融科技培养更好金融习惯的有效性。这些发现表明，促进金融教育、加强数字基础设施和因地制宜的监管政策可以显著改善储蓄行为。根据一个国家的发展阶段和文化背景调整这些努力是最大限度发挥其影响的关键。

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引用次数: 0

Risk perceptions and financial decision making 风险认知和财务决策

IF 7.1 2区经济学 Q1 BUSINESS, FINANCE

Borsa Istanbul Review

Pub Date : 2025-10-01 DOI: 10.1016/j.bir.2025.08.007

Aslı Togan , Murat Tiniç , Talha Cesim Giray

We examine whether training individuals about the riskiness of financial products changes their risk perception in making financial decisions. Conducting a nationwide survey in Türkiye, we first map individuals’ use of regulated and unregulated financial products in borrowing, saving, and investing. We next train a randomly selected sample of people in three regions where use of unregulated or risky products is high and test their financial preferences by asking them to take the survey after the training. With controls for observable characteristics, our results suggest that training on the riskiness of financial products helps improve individuals' risk perception, and this improvement seems to motivate them to prefer regulated financial products and to seeking professional advice about borrowing, saving, and investment.

我们研究了培训个人关于金融产品的风险是否会改变他们在做出金融决策时的风险感知。我们在日本进行了一项全国性调查，首先绘制了个人在借贷、储蓄和投资方面使用受监管和不受监管金融产品的情况。接下来，我们在三个不受监管或高风险产品使用率高的地区随机挑选样本进行培训，并要求他们在培训后接受调查，以测试他们的财务偏好。通过对可观察特征的控制，我们的研究结果表明，对金融产品风险的培训有助于提高个人的风险感知，这种改善似乎激励他们更喜欢受监管的金融产品，并在借贷、储蓄和投资方面寻求专业建议。

引用次数: 0

Financial literacy and the impact of central bank communication on consumer inflation expectations 金融知识与央行沟通对消费者通胀预期的影响

IF 7.1 2区经济学 Q1 BUSINESS, FINANCE

Borsa Istanbul Review

Pub Date : 2025-10-01 DOI: 10.1016/j.bir.2025.09.002

Michael Pedersen , Karla Pérez

This study examines how financial literacy influences the formation of household inflation expectations in response to central bank communication. Using sentiment analysis of FOMC statements and microdata from the New York Fed's Survey of Consumer Expectations, our analysis finds that individuals with higher financial literacy, particularly strong numeracy, respond more moderately to shifts in monetary policy tone. While hawkish statements are generally associated with higher inflation expectations and dovish statements with lower expectations, consistent with a Fed information effect, this relationship is significantly less pronounced among financially literate respondents. Our results suggest that numeracy, rather than general financial knowledge, explains differences in responsiveness. Our findings emphasize the role of cognitive ability in shaping how individuals interpret monetary policy signals. From a policy perspective, promoting numeracy through financial education may improve expectation formation and support more effective transmission of monetary policy.

本研究探讨金融知识如何影响家庭通胀预期的形成，以回应中央银行的沟通。通过对联邦公开市场委员会声明的情绪分析和纽约联邦储备银行消费者预期调查的微观数据，我们的分析发现，金融知识水平较高的个人，尤其是计算能力较强的个人，对货币政策基调的变化反应更为温和。虽然鹰派言论通常与较高的通胀预期有关，而鸽派言论与较低的通胀预期有关，这与美联储的信息效应是一致的，但这种关系在懂金融的受访者中明显不那么明显。我们的研究结果表明，计算能力，而不是一般的金融知识，解释了反应能力的差异。我们的研究结果强调了认知能力在塑造个人如何解释货币政策信号方面的作用。从政策角度看，通过金融教育促进计算能力可以改善预期的形成，支持更有效的货币政策传导。

引用次数: 0

Decoding financial behaviour through cognitive and digital pathways: A hybrid SEM–ANN study among Indian working women 通过认知和数字途径解码金融行为：印度职业女性的SEM-ANN混合研究

IF 7.1 2区经济学 Q1 BUSINESS, FINANCE

Borsa Istanbul Review

Pub Date : 2025-10-01 DOI: 10.1016/j.bir.2025.09.007

Rekha Pillai , Parul Kumar , Neha Kumar , Mosab I. Tabash

This study investigates the influence of financial literacy on the financial behavior of female urban workers in India, with a focus on the mediating role of risk perception and the use of digital financial services (DFS). Grounded in the stimulus-organism-response (SOR) framework, financial literacy is conceptualized as a cognitive stimulus that shapes people's perceptions of risk and confidence in engaging in digital platforms, which in turn translate into various financial behaviors. We administered a structured questionnaire to 564 female workers in the Delhi National Capital Region (NCR) using purposive and snowball sampling and analyzed the data using a hybrid approach that combined partial least squares–structural equation model (PLS-SEM) and artificial neural networks (ANN). Our results confirm that financial literacy increases financial behavior both directly and indirectly through mediators such as risk perception and DFS use. This comprehensive multidimensional model contributes to the growing literature on financial literacy and offers actionable implications for creating targeted financial literacy and digital trust-building initiatives to foster women's financial empowerment in emerging economies.

本研究调查了金融素养对印度女性城市工作者金融行为的影响，重点研究了风险认知和数字金融服务（DFS）使用的中介作用。在刺激-有机体-反应（SOR）框架的基础上，金融素养被定义为一种认知刺激，它塑造了人们对参与数字平台的风险和信心的感知，进而转化为各种金融行为。本文采用目的抽样和滚雪球抽样的方法对德里国家首都地区（NCR）的564名女工进行了结构化问卷调查，并采用偏最小二乘-结构方程模型（PLS-SEM）和人工神经网络（ANN）相结合的混合方法对数据进行了分析。我们的研究结果证实，金融知识通过风险感知和DFS使用等中介直接或间接地增加了金融行为。这一全面的多维模型为越来越多的金融知识文献做出了贡献，并为制定有针对性的金融知识和数字信任建设倡议提供了可操作的启示，以促进新兴经济体妇女的金融赋权。

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引用次数: 0

A cross-country analysis of determinants of financial literacy: Evidence from 143 countries 金融素养决定因素的跨国分析：来自143个国家的证据

IF 7.1 2区经济学 Q1 BUSINESS, FINANCE

Borsa Istanbul Review

Pub Date : 2025-10-01 DOI: 10.1016/j.bir.2025.07.009

Ece Kozol

This study investigates the macrolevel determinants of financial literacy across 143 countries using data from the 2014 S&P Global Financial Literacy Survey, complemented by indicators from the World Bank and Worldwide Governance Indicators. The empirical strategy employs multiple linear regression (OLS) with robust standard errors, supported by diagnostic tests, a generalized linear model (GLM) as an alternative specification, and quantile regression to capture distributional heterogeneity. The findings indicate that higher GDP per capita, greater educational attainment, broader internet access, and higher regulatory quality are significantly correlated with increased financial literacy, whereas inflation exhibits a negative relationship. Quantile regression results show that these effects are more pronounced in countries with lower baseline literacy levels, underscoring the disproportionate benefits of structural improvements in economically and educationally disadvantaged settings. These results highlight the importance of investing in education, digital infrastructure, and institutional quality as strategic levers to enhance financial capability at the national level.

本研究利用2014年标普全球金融素养调查的数据，并辅以世界银行和全球治理指标，对143个国家金融素养的宏观决定因素进行了调查。实证策略采用具有稳健标准误差的多元线性回归（OLS），由诊断测试支持，作为替代规范的广义线性模型（GLM）和分位数回归来捕获分布异质性。研究结果表明，较高的人均GDP、较高的受教育程度、更广泛的互联网接入和更高的监管质量与提高的金融知识水平显著相关，而通货膨胀则表现为负相关。分位数回归结果显示，这些影响在基线识字率较低的国家更为明显，强调了在经济和教育上处于不利地位的环境中，结构改善带来的不成比例的好处。这些结果凸显了投资教育、数字基础设施和机构质量作为提高国家财政能力的战略杠杆的重要性。

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引用次数: 0

Financial literacy, investor sentiment, and Bitcoin returns: Panel evidence from the Eurozone 金融知识，投资者情绪和比特币回报：来自欧元区的面板证据

IF 7.1 2区经济学 Q1 BUSINESS, FINANCE

Borsa Istanbul Review

Pub Date : 2025-10-01 DOI: 10.1016/j.bir.2025.09.006

Rashed Jahangir , Gülfen Tuna , Hümeyra Koç , Muhammad Hassan Abbas

This study investigates the moderating role of financial literacy in the relationship between investor sentiment and Bitcoin returns in the Eurozone context. Using monthly panel data for 15 Eurozone countries from 2012 to 2024, we focus on Bitcoin as a representative cryptocurrency alongside key macro-financial variables. A three-layered empirical approach is employed to capture long-run equilibrium relationships, country-specific short-run coefficients, and heterogeneous effects across the return distribution through pooled least squares, panel Autoregressive Distributed Lag (ARDL), and quantile regression methods. The findings primarily reveal that investor sentiment has a significant positive impact on Bitcoin returns, and financial literacy strengthens the impact of sentiment on returns in the aggregate long run and the country-specific short run. This indicates that sentiment-induced effects on cryptocurrency return are significantly stronger in more financially literate environments. Short-run dynamics show rapid error correction of Bitcoin returns. The study's novel contribution is integrating financial literacy into the sentiment–returns nexus for the cryptocurrency market.

本研究探讨了在欧元区背景下，金融素养在投资者情绪和比特币回报之间的关系中的调节作用。使用2012年至2024年15个欧元区国家的月度面板数据，我们关注比特币作为具有代表性的加密货币以及关键的宏观金融变量。采用三层经验方法，通过汇总最小二乘法、面板自回归分布滞后（ARDL）和分位数回归方法，捕捉长期均衡关系、特定国家的短期系数和整个回报分布的异质性效应。研究结果主要表明，投资者情绪对比特币回报有显著的积极影响，金融素养增强了投资者情绪对总体长期回报和特定国家短期回报的影响。这表明，在财务知识更丰富的环境中，情绪对加密货币回报的影响明显更强。短期动态显示了比特币回报的快速纠错。这项研究的新颖贡献是将金融知识融入加密货币市场的情绪回报关系中。

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引用次数: 0

The role of financial literacy in accelerating the adoption of a central bank digital currency 金融知识在加速采用央行数字货币中的作用

IF 7.1 2区经济学 Q1 BUSINESS, FINANCE

Borsa Istanbul Review

Pub Date : 2025-10-01 DOI: 10.1016/j.bir.2025.06.011

Muhammad Umar

Education plays a vital role in development and adoption of new technologies, making financial education particularly important for the advancement and acceptance of financial innovations. This study explores the impact of financial literacy on the adoption of central bank digital currencies (CBDCs), using data from 72 countries spanning 2010 to 2023. Findings from ordered logistic, ordered probit, logistic, probit, and ordinary least squares consistently reveal that higher levels of financial literacy significantly increase the likelihood of CBDC adoption. Notably, incorporating financial education into primary, secondary, and university curricula has a strong, positive impact on adopting a CBDC. Conversely, countries that have yet to implement financial literacy in public school curricula, but intend to, are currently less likely to adopt CBDCs. These results suggest that for countries planning to launch a CBDC, investment in financial literacy is critical step toward encouraging adoption.

教育在新技术的开发和采用中起着至关重要的作用，因此金融教育对于推进和接受金融创新尤为重要。本研究利用2010年至2023年72个国家的数据，探讨了金融知识对央行数字货币（cbdc）采用的影响。有序逻辑、有序probit、logistic、probit和普通最小二乘的研究结果一致表明，较高的金融知识水平显著增加了采用CBDC的可能性。值得注意的是，将金融教育纳入小学、中学和大学课程，对采用CBDC具有强大的积极影响。相反，那些尚未在公立学校课程中实施金融知识的国家，目前不太可能采用cbdc。这些结果表明，对于计划推出CBDC的国家来说，投资金融知识是鼓励采用CBDC的关键一步。

引用次数: 0

Financial literacy overconfidence, poor financial behaviour, and loan-taking propensity: The mediating role of financial fragility 金融知识、过度自信、不良金融行为和贷款倾向：金融脆弱性的中介作用

IF 7.1 2区经济学 Q1 BUSINESS, FINANCE

Borsa Istanbul Review

Pub Date : 2025-10-01 DOI: 10.1016/j.bir.2025.07.004

Muhammad S. Tahir

Using a large and reliable dataset from the European Union, this study aims to find if financial literacy overconfidence and poor financial behaviour are associated with loan-taking propensity, along with investigating the mediation of financial fragility. By employing probit regression, the findings indicate that both financial literacy overconfidence and poor financial behaviour are positively associated with loan-taking propensity. Other results posit that financial fragility is a strong mediator as it completely mediates the first path and partially mediates the second path. The findings remain consistent after conducting endogeneity checks. The results substantiate the arguments of the dual process theory by showing how heuristic-driven thinking (Type I) forms an overconfidence bias, leading to financial fragility and sub-optimal borrowing decisions. Overall, the results add to the growing literature on overconfidence, financial vulnerability, and debt accumulation. Finally, a range of theoretical and practical implications are discussed along with proposing future research directions.

本研究使用来自欧盟的大型可靠数据集，旨在发现金融知识、过度自信和不良金融行为是否与贷款倾向有关，同时调查金融脆弱性的中介作用。通过probit回归，研究结果表明，金融知识、过度自信和不良金融行为与贷款倾向呈正相关。其他研究结果认为，金融脆弱性是一个强中介，因为它完全中介了第一种路径，部分中介了第二种路径。在进行内生性检查后，结果保持一致。研究结果证实了双过程理论的论点，显示了启发式驱动思维（I型）如何形成过度自信偏见，导致金融脆弱性和次优借款决策。总的来说，这些结果为越来越多的关于过度自信、金融脆弱性和债务积累的文献提供了佐证。最后，讨论了一系列理论和实践意义，并提出了未来的研究方向。

引用次数: 0

Can financial literacy training improve financially responsible behavior? Experimental evidence from Turkish undergraduates 金融知识培训能提高财务负责行为吗？来自土耳其本科生的实验证据

IF 7.1 2区经济学 Q1 BUSINESS, FINANCE

Borsa Istanbul Review

Pub Date : 2025-09-13 DOI: 10.1016/j.bir.2025.08.004

Metin İlbasmış , Hakan Altın , Büşra Yılmaz

This study examines the causal impact of financial literacy education on financially responsible behavior using a quasi-experimental design among 125 undergraduate students in Türkiye. The study compares outcomes between a treatment group that received structured financial literacy training and a control group that did not. The results show that even a brief educational intervention significantly enhances objective financial literacy and leads to more prudent financial behaviors, including budgeting, saving, purchasing insurance, and investment planning. By addressing endogeneity concerns and targeting individuals at a critical decision-making stage of life, this study provides empirical evidence of the effectiveness of financial education, offering valuable insights for policy development in emerging market contexts.

本研究采用准实验设计，考察了金融素养教育对财务负责行为的因果影响。该研究比较了接受结构化金融知识培训的治疗组和未接受培训的对照组的结果。结果表明，即使是短暂的教育干预也能显著提高客观财务素养，并导致更谨慎的财务行为，包括预算、储蓄、购买保险和投资计划。通过解决内生性问题并针对处于人生关键决策阶段的个人，本研究提供了金融教育有效性的实证证据，为新兴市场背景下的政策制定提供了有价值的见解。

引用次数: 0

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