Lukas Menkhoff
Biographic Data
| ID | 1623238 |
|---|---|
| NAME | Lukas Menkhoff |
| GIVEN NAMES | Lukas |
| FAMILY NAME | Menkhoff |
| SIGNATURE | MENKHOFF L |
| AFFILIATIONS | German Institute for Economic Research |
| ORCID | 0000-0001-6735-9534 |
| VERIFIED | Yes |
| TOTAL WORKS | 19 |
| TOTAL CITATIONS | 70 |
| AUTHOR COUNT | 19 |
| EDITOR COUNT | 0 |
| FIRST PUBLICATION YEAR | 1995 |
| LATEST PUBLICATION YEAR | 2025 |
| H-INDEX | 5 |
The non-linear impact of risk tolerance on entrepreneurial profit and business survival
Entrepreneurs tend to be risk tolerant but is higher risk tolerance always better? In a sample of about 2100 small businesses, we find an inverted U-shaped relation between risk tolerance and profitability. This relationship holds in a simple bilateral regression, and even after controlling for a large set of individual and business characteristics. Apparently, one major transmission goes from risk tolerance via investments to profits. This is qu…
The multifaceted impact of US trade policy on financial markets
We study the multifaceted effects of trade policy shocks on financial markets using a structural vector autoregression identified via event day heteroskedasticity. We find that restrictive US trade policy shocks affect US and international stock prices heterogeneously, but generally negatively. They increase market uncertainty, lower US interest rates, and lead to an appreciation of the US dollar. The effects are significant for several weeks or …
Mobile Money, Financial Inclusion, and Unmet Opportunities
Mobile money is an important instrument to improve the degree of financial inclusion, especially in developing countries. However, having a mobile money account does not imply that this account is actually used. In our sample, 86% of microentrepreneurs own a mobile money account, but only 49% actively use it – the resulting gap indicates unmet opportunities. We estimate that mobile money reaches up to 40% of those without prior access to (semi-)f…
Active learning improves financial education
The Effect of Personalized Feedback on Small Enterprises' Finances in Uganda
This RCT examines the effect of a new style finance training during which participants are given personalized feedback on their financial business outcomes in addition to a “rules-of-thumb” training approach. We compare this to the effects of a “rules-of-thumb” training by itself and to a control group. Targeting about 500 small and micro entrepreneurs in Kampala, Uganda, we find that the personalized feedback training significantly improves outc…
The Dynamic Impact of FX Interventions on Financial Markets
Evidence on the effectiveness of foreign exchange (FX) interventions is either limited to short horizons or hampered by debatable identification. We address these limitations by identifying a structural vector autoregressive model for the daily frequency with an external instrument. Generally we find, for freely floating currencies, that FX intervention shocks significantly affect exchange rates and that this impact persists for months. The signa…
Corruption and cheating
Does financial literacy improve financial inclusion? Cross country evidence
Does Financial Education Impact Financial Literacy and Financial Behavior, and If So, When?
In a meta-analysis of 126 impact evaluation studies, we find that financial education significantly impacts financial behavior and, to an even larger extent, financial literacy. These results also hold for the subsample of randomized experiments (RCTs). However, intervention impacts are highly heterogeneous: financial education is less effective for low-income clients as well as in low- and lower-middle–income economies. Specific behaviors, such …
Estimating risky behavior with multiple-item risk measures
Childhood roots of financial literacy
Shocks, Individual Risk Attitude, and Vulnerability to Poverty among Rural Households in Thailand and Vietnam
Experimentally Validated Survey Evidence on Individual Risk Attitudes in Rural Thailand
This study validates a survey-based measure of general risk attitude with an incentive compatible experiment with more than 900 participants in rural Thailand. The survey measure of self-assessed risk attitude provides a useful approximation of the experimentally derived risk attitude. This is further confirmed by adding various sociodemographic control variables taken from a representative household survey that are related to risk attitude in pl…
Do Village Funds Improve Access to Finance? Evidence from Thailand
Do Women Manage Smaller Funds
Based on a sample of 467 asset managers from four countries we robustly find that women manage smaller funds than men, despite tough competition in this industry. Interestingly, the gender gap exists only for managers of smaller funds, i.e. at the lower end of the hierarchy, as quantile regressions show. This is inconsistent with the glass ceiling hypothesis. Going further, this gender gap is limited to large firms. Explanations may refer to larg…
Risk Reduction in the EMS? Evidence from Trends in Exchange Rate Properties
The performance of the European Monetary System is still being debated. On the subject of exchange rate characteristics it has been claimed that evidence from looking at the statistical properties of the exchange rate distribution indicates an increased risk for agents. Others argue that the apparent success of the EMS is illusory, as it has not performed better than other currencies over the same period. We analyse these propositions by searchin…
Bad banking in Thailand? An empirical analysis of macro indicators
It appears to be common wisdom that the basic cause of Thailand's crisis is its extraordinarily weak financial institutions. The article questions this proposition from an empirical viewpoint. It is well established that the long‐term performance of Thailand's financial system is favourable. The insight from moral hazard indicators is unexpected regarding the bad banking proposition, although not compelling. Finally, the liberalisation process pr…
Human development as statistical artifact
Spekulative Verhaltensweisen auf Devisenmärkten
Spekulative Verhaltensweisen auf Devisenmärkten
Does financial literacy improve financial inclusion? Cross country evidence
Childhood roots of financial literacy
Shocks, Individual Risk Attitude, and Vulnerability to Poverty among Rural Households in Thailand and Vietnam
Experimentally Validated Survey Evidence on Individual Risk Attitudes in Rural Thailand
This study validates a survey-based measure of general risk attitude with an incentive compatible experiment with more than 900 participants in rural Thailand. The survey measure of self-assessed risk attitude provides a useful approximation of the experimentally derived risk attitude. This is further confirmed by adding various sociodemographic control variables taken from a representative household survey that are related to risk attitude in pl…
Do Village Funds Improve Access to Finance? Evidence from Thailand
Human development as statistical artifact
Estimating risky behavior with multiple-item risk measures
Corruption and cheating
Active learning improves financial education
Spekulative Verhaltensweisen auf Devisenmärkten
Spekulative Verhaltensweisen auf Devisenmärkten
Human development as statistical artifact
Bad banking in Thailand? An empirical analysis of macro indicators
It appears to be common wisdom that the basic cause of Thailand's crisis is its extraordinarily weak financial institutions. The article questions this proposition from an empirical viewpoint. It is well established that the long‐term performance of Thailand's financial system is favourable. The insight from moral hazard indicators is unexpected regarding the bad banking proposition, although not compelling. Finally, the liberalisation process pr…
Risk Reduction in the EMS? Evidence from Trends in Exchange Rate Properties
The performance of the European Monetary System is still being debated. On the subject of exchange rate characteristics it has been claimed that evidence from looking at the statistical properties of the exchange rate distribution indicates an increased risk for agents. Others argue that the apparent success of the EMS is illusory, as it has not performed better than other currencies over the same period. We analyse these propositions by searchin…
Do Village Funds Improve Access to Finance? Evidence from Thailand
Do Women Manage Smaller Funds
Based on a sample of 467 asset managers from four countries we robustly find that women manage smaller funds than men, despite tough competition in this industry. Interestingly, the gender gap exists only for managers of smaller funds, i.e. at the lower end of the hierarchy, as quantile regressions show. This is inconsistent with the glass ceiling hypothesis. Going further, this gender gap is limited to large firms. Explanations may refer to larg…
Shocks, Individual Risk Attitude, and Vulnerability to Poverty among Rural Households in Thailand and Vietnam
Experimentally Validated Survey Evidence on Individual Risk Attitudes in Rural Thailand
This study validates a survey-based measure of general risk attitude with an incentive compatible experiment with more than 900 participants in rural Thailand. The survey measure of self-assessed risk attitude provides a useful approximation of the experimentally derived risk attitude. This is further confirmed by adding various sociodemographic control variables taken from a representative household survey that are related to risk attitude in pl…
Childhood roots of financial literacy
Does Financial Education Impact Financial Literacy and Financial Behavior, and If So, When?
In a meta-analysis of 126 impact evaluation studies, we find that financial education significantly impacts financial behavior and, to an even larger extent, financial literacy. These results also hold for the subsample of randomized experiments (RCTs). However, intervention impacts are highly heterogeneous: financial education is less effective for low-income clients as well as in low- and lower-middle–income economies. Specific behaviors, such …
Estimating risky behavior with multiple-item risk measures
Does financial literacy improve financial inclusion? Cross country evidence
The Dynamic Impact of FX Interventions on Financial Markets
Evidence on the effectiveness of foreign exchange (FX) interventions is either limited to short horizons or hampered by debatable identification. We address these limitations by identifying a structural vector autoregressive model for the daily frequency with an external instrument. Generally we find, for freely floating currencies, that FX intervention shocks significantly affect exchange rates and that this impact persists for months. The signa…
Corruption and cheating
Mobile Money, Financial Inclusion, and Unmet Opportunities
Mobile money is an important instrument to improve the degree of financial inclusion, especially in developing countries. However, having a mobile money account does not imply that this account is actually used. In our sample, 86% of microentrepreneurs own a mobile money account, but only 49% actively use it – the resulting gap indicates unmet opportunities. We estimate that mobile money reaches up to 40% of those without prior access to (semi-)f…
Active learning improves financial education
The Effect of Personalized Feedback on Small Enterprises' Finances in Uganda
This RCT examines the effect of a new style finance training during which participants are given personalized feedback on their financial business outcomes in addition to a “rules-of-thumb” training approach. We compare this to the effects of a “rules-of-thumb” training by itself and to a control group. Targeting about 500 small and micro entrepreneurs in Kampala, Uganda, we find that the personalized feedback training significantly improves outc…
The multifaceted impact of US trade policy on financial markets
We study the multifaceted effects of trade policy shocks on financial markets using a structural vector autoregression identified via event day heteroskedasticity. We find that restrictive US trade policy shocks affect US and international stock prices heterogeneously, but generally negatively. They increase market uncertainty, lower US interest rates, and lead to an appreciation of the US dollar. The effects are significant for several weeks or …
The non-linear impact of risk tolerance on entrepreneurial profit and business survival
Entrepreneurs tend to be risk tolerant but is higher risk tolerance always better? In a sample of about 2100 small businesses, we find an inverted U-shaped relation between risk tolerance and profitability. This relationship holds in a simple bilateral regression, and even after controlling for a large set of individual and business characteristics. Apparently, one major transmission goes from risk tolerance via investments to profits. This is qu…
Economics (17 works) · Business (13 works) · Finance (8 works) · Psychology (7 works) · Economic growth (6 works) · Financial Literacy, Pension, Retirement Analysis (6 works) · Microfinance and Financial Inclusion (6 works) · Econometrics (5 works) · Monetary economics (5 works) · Financial system (4 works)