This paper investigates the association and causality between household financial knowledge and their corresponding financial behaviours in financial asset allocation and financial market participation. The 2014 data of the China Family Panel Studies (CFPS) is used to examine the financial behaviours of Chinese households. Our empirical results suggest that the level of financial knowledge is positively correlated with the number of various types of financial assets. Additionally, by utilizing a multivariate probit model with binary responses, allowing for pairwise correlations among unobservable factors, it is found that household heads with higher financial knowledge are more likely to participate in certain financial markets, such as term deposits, mutual funds and stocks. When using the instrumental variable approach, it confirms that financial knowledge has some positive impacts on the number of assets and ownership of mutual funds and stocks. We argue that financial knowledge can be a predictor of financial behaviour, but it has its limitation for market participation. The removal of institutional barriers and the improvement in information discourse in China should also be implemented to help Chinese households participate the financial market.

No abstract

No abstract

Although the GDP of the fishery sector accounts for less than 0.3% of Taiwan’s GDP, there are many secondary and tertiary industries related to fisheries that add great value to the country’s economy. Therefore, when analyzing and calculating the output value and value added of the fishery sector, the relevance of these upstream and downstream industries should be considered jointly, and the value chain of the fishery industry should be studied and analyzed in order to truly present the value added created by fishery. This study aims to do this by first analyzing not only the primary fishery industry, but the value chain of the fishery industry at different stages such as fishery production, marine fishing, aquaculture, fishery processing, retail and services, and supportive systems. Then the value added of the whole fishery value chain to Taiwan’s GDP is estimated by using the Leontief input–output model, from the perspective of industry linkages and covering the period from 2011 to 2018. The empirical results suggest that the value added created by fishery and related industries accounted for 2.96% of the GDP in 2011, which rose to 3.11% in 2014, fell to 2.87% in 2015, rose to 2.93% in 2017, and fell to 2.84% in 2018. From 2011 to 2018, the amount of value added created by fisheries and related industries rose from NT$ 422.8 billion to NT$ 520.9 billion. The primary fishery sector has the largest contribution, followed by the fishery input sector, and transportation and sale service sector, and the fishery product processing sector has the lowest contribution rate. The empirical results provide important implications and references to the policy makers.

No abstract