References
- Aaronson, D. (2000) A note on the benefits of homeownership, Journal of Urban Economics, 47, pp. 356–369.
- Abreu, M. & Mendes, V. (2010) Financial literacy and portfolio diversification, Quantitative Finance, 10, pp. 515–528.
- Agarwalla, S. K., Barua, S. K., Jacob, J. & Varma, J. R. (2015) Financial literacy among working young in urban India, World Development, 67, pp. 101–109.
- Aladangady, A. (2017) Housing wealth and consumption: Evidence from geographically linked microdata, American Economic Review, 107, pp. 3415–3446.
- Al-Bahrani, A., Weathers, J. & Patel, D. (2019) Racial differences in the returns to financial literacy education, Journal of Consumer Affairs, 53, pp. 572–599.
- Anderson, T. W., Naoto, K. & Yukitoshi, M. (2009) The limited information maximum likelihood estimator as an angle. CIRJE Discussion Papers, F-Series, 619.
- Arrondel, L. & Savignac, F. (2015) Risk management, housing and stockholding, Applied Economics, 47, pp. 4208–4227.
- Arrow, K. J. (1962) The economic implications of learning by doing, The Review of Economic Studies, 29, pp. 155–173.
- Atkinson, A. & Messy, F. (2012) Measuring financial literacy: Results of the OECD/International Network on Financial Education (INFE) pilot study. OECD Working Papers on Finance, Insurance and Private Pensions 15.
- Baker, H. K., Tomar, S., Kumar, S. & Verma, D. (2021) Are Indian professional women financially literate and prepared for retirement?, Journal of Consumer Affairs, 55, pp. 1416–1441.
- Beaubrun-Diant, K. E. & Maury, T. P. (2016) Home tenure, stock market participation, and composition of the household portfolio, Journal of Housing Economics, 32, pp. 1–17.
- Bernheim, B. D. (1995) Do households appreciate their financial vulnerabilities? An analysis of actions, perceptions, and public policy. in: Tax Policy and Economic Growth, pp. 1–30. (Washington, DC: American Council for Capital Formation).
- Bernheim, B. D. (1998) Financial illiteracy, education and retirement saving. in: O. Mitchell & S. Schieber (Eds) Living with Defined Contribution Pensions, pp. 38–68. (Cambridge, MA: MIT Press).
- Beverly, S. G., Hilgert, M. A. & Hogarth, J. M. (2003) Household financial management: the connection between knowledge and behaviour, Federal Reserve Bulletin, 89, pp. 309–322.
- Bucks, B. & Pence, K. (2008) Do borrowers know their mortgage terms?, Journal of Urban Economics, 64, pp. 218–233.
- Cardak, B. A. & Wilkins, R. (2009) The determinants of household risky asset holdings: Australian evidence on background risk and other factors, Journal of Banking & Finance, 33, pp. 850–860.
- Carroll, C. D., Overland, J. & Weil, D. N. (2000) Saving and growth with habit formation, American Economic Review, 90, pp. 341–355.
- Chamon, M. D. & Prasad, E. S. (2010) Why are saving rates of urban households in China rising?, American Economic Journal: Macroeconomics, 2, pp. 93–130.
- Chand, V. S. & Deshmukh, K. S. (2019) Addressing the undergraduate internship challenge in developing countries: a “learning-by-doing” project-based online internship model, Education + Training, 61, pp. 1064–1077.
- Chen, J. & Hu, M. (2019) What types of homeowners are more likely to be entrepreneurs? The evidence from China, Small Business Economics, 52, pp. 633–649.
- Chen, X. & Ji, X. (2017) The effect of house price on stock market participation in China: Evidence from the CHFS microdata, Emerging Markets Finance and Trade, 53, pp. 1030–1044.
- Chen, Z., Xu, R. & Yi, Y. (2020) A differential game of ecological compensation criterion for transboundary pollution abatement under learning by doing, Discrete Dynamics in Nature and Society, 2020, pp. 1–13.
- Chetty, R. A. J., Sándor, L. & Szeidl, A. D. A. M. (2017) The effect of housing on portfolio choice, The Journal of Finance, 72, pp. 1171–1212.
- Chu, Z., Wang, Z., Xiao, J. J. & Zhang, W. (2017) Financial literacy, portfolio choice and financial well-being, Social Indicators Research, 132, pp. 799–820.
- Cocco, J. F. (2013) Evidence on the benefits of alternative mortgage products, The Journal of Finance, 68, pp. 1663–1690.
- Dietz, R. D. & Haurin, D. R. (2003) The social and private micro-level consequences of homeownership, Journal of Urban Economics, 54, pp. 401–450.
- Disney, R. & Gathergood, J. (2013) Financial literacy and consumer credit portfolios, Journal of Banking & Finance, 37, pp. 2246–2254.
- Dujardin, C. & Goffette-Nagot, F. (2009) Does public housing occupancy increase unemployment?, Journal of Economic Geography, 9, pp. 823–851.
- Dvorak, T. & Hanley, H. (2010) Financial literacy and the design of retirement plans, The Journal of Socio-Economics, 39, pp. 645–652.
- Fairlie, R. & Krashinsky, H. (2012) Liquidity constraints, household wealth, and entrepreneurship revisited, Review of Income and Wealth, 58, pp. 279–306.
- Fratantoni, M. (2001) Homeownership, committed expenditure risk, and the stockholding puzzle, Oxford Economic Papers, 53, pp. 241–259.
- Frijns, B., Gilbert, A. & Tourani-Rad, A. (2014) Learning by doing: the role of financial experience in financial literacy, Journal of Public Policy, 34, pp. 123–154.
- Gathergood, J. & Weber, J. (2017) Financial literacy: a barrier to home ownership for the young?, Journal of Urban Economics, 99, pp. 62–78.
- Gathergood, J. (2012) Self-control, financial literacy and consumer over-indebtedness, Journal of Economic Psychology, 33, pp. 590–602.
- Gerardi, K., Goette, L. & Meier, S. (2013) Numerical ability predicts mortgage default, Proceedings of the National Academy of Sciences of the United States of America, 110, pp. 11267–11271.
- Grossman, S. J. & Laroque, G. (1990) Asset pricing and optimal portfolio choice in the presence of illiquid durable consumption goods, Econometrica, 58, pp. 25–51.
- He, Y. & Ahunov, M. (2022) Financia literacy: the case of China, China & World Economy, 30, pp. 75–101.
- He, Z., Shi, X., Lu, X. & Li, F. (2019) Home equity and household portfolio choice: Evidence from China, International Review of Economics & Finance, 60, pp. 149–164.
- Holupka, S. & Newman, S. J. (2012) The effects of homeownership on children’s outcomes: Real effects or self-selection?, Real Estate Economics, 40, pp. 566–602.
- Institute of Social Science Survey (ISSS). (2015) China Family Panel Studies (CFPS). Peking University Open Research Data Platform, V42.
- Jiang, J., Liao, L., Wang, Z. & Xiang, H. (2020) Financial literacy and retail investors’ financial welfare: Evidence from mutual fund investment outcomes in China, Pacific-Basin Finance Journal, 59, pp. 101242.
- Karaa, I. E. & Kuğu, T. D. (2016) Determining advanced and basic financial literacy relations and overconfidence, and informative social media association of university students in Turkey, Educational Sciences: Theory & Practice, 16, pp. 1865–1891.
- Leuvensteijn, M. V. & Koning, P. (2004) The effect of home-ownership on labor mobility in The Netherlands, Journal of Urban Economics, 55, pp. 580–596.
- Li, J., Li, Q. & Wei, X. (2020) Financial literacy, household portfolio choice and investment return, Pacific-Basin Finance Journal, 62, pp. 101370.
- Li, L. & Wu, X. (2014) Housing price and entrepreneurship in China, Journal of Comparative Economics, 42, pp. 436–449.
- Liang, W., Lu, M. & Zhang, H. (2016) Housing prices raise wages: Estimating the unexpected effects of land supply regulation in China, Journal of Housing Economics, 33, pp. 70–81.
- Liao, L., Xiao, J. J., Zhang, W. & Zhou, C. (2017) Financial literacy and risky asset holdings: Evidence from China, Accounting & Finance, 57, pp. 1383–1415.
- Lu, Z. (2020) Homeownership attainment of adult children in urban China: Parental attributes and financial support, Housing Studies, 36, pp. 1–33.
- Lusardi, A. & Mitchell, O. S. (2005) Financial literacy and planning: Implications for retirement wellbeing, Cerp Working Papers, 42, pp. 34–37.
- Lusardi, A. & Mitchell, O. S. (2011a) Financial literacy and planning: Implications for retirement wellbeing. National Bureau of Economic Research (No. w17078).
- Lusardi, A. & Mitchell, O. S. (2011b) Financial literacy around the world: an overview, Journal of Pension Economics & Finance, 10, pp. 497–508.
- Lusardi, A. & Mitchell, O. S. (2014) The economic importance of financial literacy: Theory and evidence, Journal of Economic Literature, 52, pp. 5–44.
- Mandell, L. (2008) The Financial literacy of young American adults: Results of the 2008 National Jump$tart Coalition Survey of High School Seniors and College Students. Seattle, WA: University of Washington and the Aspen Institute.
- Merkle, C. (2017) Financial overconfidence over time-foresight, hindsight, and insight of investors, Journal of Banking & Finance, 84, pp. 68–87.
- Morgan, P. J. & Long, T. Q. (2020) Financial literacy, financial inclusion, and savings behaviour in laos, Journal of Asian Economics, 68, pp. 101197.
- Murray, M. P. (2006) Avoiding invalid instruments and coping with weak instruments, Journal of Economic Perspectives, 20, pp. 111–132.
- Niu, G., Zhou, Y. & Gan, H. (2020) Financial literacy and retirement preparation in China, Pacific-Basin Finance Journal, 59, pp. 101262.
- OECD. (2014) Students’ experience, attitudes and behaviour, and their performance in financial literacy.
- OECD. (2016a) OECD/INFE International Survey of Adult Financial Literacy Competencies (Paris: OECD).
- OECD. (2016b) PISA 2015 Assessment and Analytical Framework: Science, Reading, Mathematic and Financial Literacy (Paris: PISA, OECD Publishing).
- Pinto, L. E. (2013) When politics trump evidence: Financial literacy education narratives following the global financial crisis, Journal of Education Policy, 28, pp. 95–120.
- Prasad, S., Kiran, R. & Sharma, R. K. (2021) Influence of financial literacy on retail investors’ decisions in relation to return, risk and market analysis, International Journal of Finance & Economics, 26, pp. 2548–2559.
- Price, F., Beckers, B. & Cava, G. L. (2019) The effect of mortgage debt on consumer spending: evidence from household-level data. RBA Research Discussion Papers from Reserve Bank of Australia.
- Rooij, M. V., Lusardi, A. & Alessie, R. (2011) Financial literacy and stock market participation, Journal of Financial Economics, 101, pp. 449–472.
- Rooij, M. V., Lusardi, A. & Alessie, R. J. (2012) Financial literacy, retirement planning and household wealth, The Economic Journal, 122, pp. 449–478.
- Sabri, M. F., Macdonald, M., Hira, T. K. & Masud, J. (2010) Childhood consumer experience and the financial literacy of college students in Malaysia, Family and Consumer Sciences Research Journal, 38, pp. 455–467.
- Sargan, J. D. (1958) The estimation of economic relationships with instrumental variables, Econometrica, 26, pp. 393–415.
- Southwestern University of Finance and Economics. (2012) The Chinese Household Finance Report (Chengdu, China).
- Southwestern University of Finance and Economics. (2018) China Urban Household Wealth Health Report (Chengdu, China).
- Stock, J. H., Jonathan, H. W. & Motohiro, Y. (2002) A survey of weak instruments and weak identification in generalized method of moments, Journal of Business & Economic Statistics, 20, pp. 518–529.
- Turbull, G. K. & Vlist, A. J. (2014) Financial literacy, homebuying and foreclosures. In the American Real Estate and Urban Economics Association (AREUEA) Conference, Boston.
- Wang, S. Y. (2012) Credit constraints, job mobility, and entrepreneurship: Evidence from a property reform in China, Review of Economics and Statistics, 94, pp. 532–551.
- Wu, G., Feng, Q. & Li, P. (2015) Does local governments’ budget deficit push up housing prices in China?, China Economic Review, 35, pp. 183–196.
- Zhang, Y., Jia, Q. & Chen, C. (2021) Risk attitude, financial literacy and household consumption: Evidence from stock market crash in China, Economic Modelling, 94, pp. 995–1006.
- Zhu, W., Zhu, Y., Lin, H. & Yu, Y. (2021) Technology progress bias, industrial structure adjustment, and regional industrial economic growth motivation: Research on regional industrial transformation and upgrading based on the effect of learning by doing, Technological Forecasting and Social Change, 170, pp. 120928.
- Zou, J. & Deng, X. (2019) Financial literacy, housing value and household financial market participation: Evidence from urban China, China Economic Review, 55, pp. 52–66.