The Financial Crisis of 2008

Frank, Howard A.

doi:10.2753/atp1084-1806310310

Cited by 8 publications

(3 citation statements)

References 5 publications

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“…Furthermore, the housing market collapse demonstrated that consumers either had no intention of paying their mortgages or lacked the financial knowledge to understand that their mortgages were beyond their means [8]. Some scholars suggest that the housing market crash could have been caused by low levels of financial literacy [11,12]. Moreover, predatory mortgage lending may have contributed to the housing collapse, which could have been prevented with the regulation from The Federal Reserve [12,13].…”

Section: Introductionmentioning

confidence: 99%

“…Some scholars suggest that the housing market crash could have been caused by low levels of financial literacy [11,12]. Moreover, predatory mortgage lending may have contributed to the housing collapse, which could have been prevented with the regulation from The Federal Reserve [12,13]. With the missteps of banks in predatory lending and the Federal Reserve not taking action, the housing market crash highlights the low levels of financial literacy amongst U.S citizens, which is further demonstrated by the lack of loan comprehension.…”

Section: Introductionmentioning

confidence: 99%

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Managing Personal Finance Literacy in the United States: A Case Study

Beck

Garris

2019

Education Sciences

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This study investigates the perspectives and impact that personal finance education had on participants in Western Pennsylvania. The researchers begin with a literature review of personal finance courses in the United States (U.S.). The U.S. housing market collapse is also discussed as a key component of the financial crisis that is often overlooked and can be partly attributed to the lack of financial literacy. The findings of this study indicate that participants want personal finance courses offered in K-12 schools and at the collegiate level. They also want personal finance elements to be co-curricular in the K-12 setting. A recommendation based on responses from participants is that co-curricular teaching of personal finance should be tied in with math courses. The participants of this study either have benefited from personal finance lessons themselves or are a strong advocate for the teaching of personal finance in the future. The financial future does also bring worry to the different generations. Generation X is more worried about the financial choices of the upcoming generations, while Millennials and Generation Z are concerned about the future of the economy and how this will affect them.

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Section: Introductionmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

Managing Personal Finance Literacy in the United States: A Case Study

Beck

Garris

2019

Education Sciences

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“…We know that financial literacy is positively correlated with educational achievement and negatively correlated with non-White status (Lusardi & Mitchell, 2007;Frank, 2009;Frank, Condon, Rothman & Dunlop, 2000). We suspect that white, college-educated homeowners have greater awareness of the existence of the portability provision.…”

Section: Discussion and Limitationsmentioning

confidence: 94%

Portability, an innovative property tax relief whose time hasn’t come

Guo

Frank²

2015

Journal of Public Budgeting, Accounting &Amp; Financial Management

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The Florida electorate passed Amendment One on January 29th, 2008. The portability provision of this Amendment allows homestead owners to transfer the difference between assessed value and estimated market value of their current homestead property to their new property. Since passage, there has been limited and declining utilization of the portability provision. This paper explores whether the accrued tax savings due to the property assessment limit provide sufficient incentive for homesteaders to move by examining aggregated utilization of the portability provision among counties. Based on a panel regression using 67 counties from 2008 to 2012, our findings indicate the portability provision has had limited impact on Florida's depressed housing market and only a small number of well-educated and white homesteaders have availed themselves of this mechanism.

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Estimating the capital gap for small businesses in New York city

Servon

Visser

Fairlie

2011

Journal of Public Budgeting, Accounting &Amp; Financial Management

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Previous research suggests that inefficiencies in the small business market exist surrounding the availability of capital by Small and Microenterprises (SMMEs). Using data from the 1992 Characteristics of Business Owners Survey (CBO), the 2002 Survey of Business Owners (SBO), and the 2003 Survey of Small Business Finance (SSBF) this paper empirically estimates the "capital gap"- that is the unmet capital demand for business by SMMEs. We find that there is in fact a capital gap as the supply of capital available in the SMME market is not large enough to meet market demand. Given the importance of small businesses to economic vitality, growth, and recovery of the United States economy, the research provides critical and timely findings for policymakers and public finance managers seeking economic development and recovery

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The Financial Crisis of 2008

Cited by 8 publications

References 5 publications

Managing Personal Finance Literacy in the United States: A Case Study

Managing Personal Finance Literacy in the United States: A Case Study

Portability, an innovative property tax relief whose time hasn’t come

Estimating the capital gap for small businesses in New York city

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