Autori
Bertola, Giuseppe
Lo Prete, Anna

Titolo
Financial Literacy and Risk Protection During the Covid-19 Pandemic.
Periodico
Università degli studi di Torino. Dip. Di Economia e Statistica Cognetti de Martiis. Working paper series
Anno: 2023 - Volume: 9 - Fascicolo: 25 - Pagina iniziale: 1 - Pagina finale: 31

Financial markets cannot protect from aggregate shocks but can help smooth their idiosyncratic implications across individuals. In reality, of course, markets are incomplete and may not be accessible or be used appropriately. Thus, aggregate shocks that impact individual incomes differently can be associated with idiosyncratic welfare effects through poor diversification or random mistakes. Empirical analysis of data from Italy during the first phase of the Covid-19 pandemic documents that, across households, the relationship between income and consumption shocks indeed depended in theoretically sensible ways on financial asset ownership, financial literacy, and saving choices as well as on public transfers.



Testo completo: https://www.est.unito.it/do/home.pl/Download?doc=/allegati/wp2023dip/wp_25_2023.pdf

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