Abstract
ABSTRACT Using the dataset of the 2015 wave of the China Household Finance Survey (CHFS), this paper examines how urbanization influences individuals’ financial literacy. We demonstrate that the financial knowledge of urban natives spills to rural–urban migrants in the process of urbanization and urban agglomeration. We address the potential endogeneity issue by taking advantage of China’s land expropriation policy. Our results are robust to identification regressions and a series of robustness checks. Further mechanism analysis shows that the financial literacy spillover effect works mainly through social networks.
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