Unpacking Financial Literacy in Switzerland: Demographic Heterogeneity, Self-Perfection Gaps, and Financial Fragility. Economics of Education Working Paper Series No. 0220 (2024). Submitted, under review
Classroom rank in math, occupational choices, and labor market outcomes. Economics of Education Working Paper Series No. 0222 (2024). Submitted, under review
A, B or C? Question Format and the Gender Gap in Financial Literacy Economics of Education Working Paper Series No. 0206 (2023)
Awarded the Economics of Education Association Prize
Culture, Gender and Financial Literacy. IZA Discussion Paper No. 15054 (2022). Submitted, R&R
Awarded the BBVA EduFin Grant
Awarded the "Rising Financial Literacy Scholar Award"
Preferences, Financial Literacy, and Economic Development. IZA Discussion Paper No. 14759 (2022). Submitted, R&R
Awarded the BBVA EduFin Grant
The PISA shock, socioeconomic inequality, and school reforms in Germany. IZA Policy Paper No. 140 . (2018).
Davoli, M., & Hou, J. (2021). Financial literacy, institutions and education: Lessons from the German reunification. German Economic Review.
Awarded the M. Jesús San Segundo Prize of the Spanish Economics of Education Association
Abstract: A growing body of literature shows the importance of financial literacy in affecting house- holds’ choices. Fewer studies focus on understanding the determinants of different levels of financial literacy and our paper contributes filling this gap by analyzing a specific determinant, the educational system, to explain the heterogeneity in financial literacy scores across Germany. We suggest that the lower financial literacy observed in East Germany is partially attributed to a different institutional framework experienced during the Cold War, more specifically, to the socialist educational system experienced in East Germany, which affected specific cohorts of individuals. By exploiting the unique set-up of German reunification, we identify education as a channel through which institutions and financial literacy are related in the German context. In support of this hypothesis, we find that individuals exposed to the Eastern educational system exhibit, on average, 12% to 21% lower financial literacy scores as compared to the control group.
Davoli, M., & Rodrigúez-Planas, N. (2020). Culture and adult financial literacy: Evidence from the United States. Economics of Education Review, 78, 102013.
Abstract: Using a US nationally representative sample of over 6,000 adults from 26 countries of ancestry, we find a strong association between their financial literacy in the US and the financial literacy level in their self-reported country of ancestry. More specifically, if an individual from a country of ancestry with “average” financial literacy had instead come from a country with financial literacy one-standard deviation above the mean, his or her likelihood of answering correctly basic financial literacy questions regarding inflation, risk diversification, and interest rate in the US would have increased by 4 percentage points, a 9% increase relative to the average financial literacy in our sample of 43%. The cultural components behind this observed association include a strong emphasis on patience, long-term orientation and risk-aversion in the country of ancestry. We also find that the association is driven by financial literacy on risk diversification and interest compounding.
Book Chapters:
Addabbo, T., Davoli, M. & Murat, G. M. (2019). Is there an immigrant-gender gap in education? An empirical investigation based on PISA data from Italy. In: Palmerio, L. and Caponera, E. (Eds.). Le indagini internazionali OCSE e IEA del 2015. Contributi di approfondimento. Roma: Franco Angeli.
Davoli, M. & Entorf, H. (2019). Socioeconomics inequalities and student outcomes in German schools. In: Volante, L., Schnepf, S., Jerrim, J., and Klinger, D. (Eds.). Socioeconomic Inequality and Student Outcomes: National Trends, Policies, and Practices. Springer Press.
Davoli, M. (2016). Scelte scolastiche degli immigrati: fattori socio-economici o di identità etnica? Un’analisi dei dati PISA 2012. In: Palmerio, L. (Eds.), PISA 2012. Contributo di approfondimento. Roma: Franco Angeli.
Type of education and financial knowledge: differences across vocational and general education (first draft)
Women working part-time: a randomize information experiment (data collection, AEARCTR-0011300)
The Gender Gap in Financial Literacy and Within Household Specialization.