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Most existing studies on the regional distribution of financial literacy overlook the cross-regional variation over time and its determinants. Therefore, this paper chooses spatial Durbin model with panel data to… Click to show full abstract
Most existing studies on the regional distribution of financial literacy overlook the cross-regional variation over time and its determinants. Therefore, this paper chooses spatial Durbin model with panel data to account for spatial dependence of financial literacy across US in 2009, 2012 and 2015. Our empirical findings support that financial literacy of an individual state is associated with the characteristics of its neighbors. Specifically, we find support for the spatial spillover perspective in which per capita real GDP and unemployment rate are positively, and Gini coefficient is negatively associated with the financial literacy in neighboring states.
Journal Title: Finance Research Letters
Year Published: 2017
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