Calcagno, Riccardo; Brancati, Maria Cesira Urzì - Collegio Carlo Alberto, Università degli Studi di Torino - 2013
of the degree of households’ financial literacy on their portfolio imbalance towards housing investment. We find that … households with higher levels of financial literacy hold a relatively lower share of illiquid wealth, and the results are more … robust to different specifications of the dependent variable and potential endogeneity of financial literacy. …