Suchergebnisse

Following rapid technological advancements that have taken place throughout the late twentieth and early twenty-first centuries, this intriguing book provides a dynamic agenda for the study of artificial intelligence (AI) within finance. Through an in-depth consideration of the use of AI, it utilizes case study examples to investigate AI s effectiveness within investment and banking.Artificial Intelligence and Financial Behaviour examines to what extent AI can guide people to improve their financial wellbeing. It explores potential effects of, and problems with, specific technologies, as well as describing current regulatory considerations regarding the use of AI and machine learning. Chapters succinctly portray the impact AI may have on investor and trader behaviour. This highly informative book will be beneficial for students and researchers studying behavioural and regulatory economics. It will also be immensely useful for financial regulators who are analysing problems from contemporary points of view

Contents: Foreword by Salvatore Rossi -- Introduction / Riccardo Viale and Umberto Filotto -- PART I FINANCIAL LITERACY AND FINANCIAL EDUCATION: RECOMMENDATIONS, EVIDENCE AND POLICY IMPLICATIONS -- 1 Broadening the scope of financial literacy to incorporate self-control, budgeting and heuristics / Hersh Shefrin -- 2 How financial decisions are affected by financial literacy levels, behavioral aspects and individual propensities: an empirical analysis of Italian young adults / Gian Paolo Stella, Umberto Filotto and Enrico Maria Cervellati -- 3 From financial education to economic education for citizenship / Anna Emilia Berti -- 4 Financial education in times of digitalization and FinTech (r)evolution / Rossella Locatelli and Alessandra Tanda -- 5 Financial and demographic education effectiveness in academic and vocational high schools: a randomised experiment / Luca Maria Pesando, Francesco C. Billari, Carlo Favero and Francesco Saita -- 6 Business education: do values make a difference? / Malte Petersen, Monika Keller, Jürgen Weibler and Wasilios Hariskos -- 7 Learning to wait, be altruistic, and fair: a primary school training in economic education / Antonella Marchetti, Teresa Rinaldi, Elisabetta Lombardi, Davide Massaro and Annalisa Valle -- 8 Financial education in action for socially fragile groups / Giovanna Paladino -- 9 Enhancing financial knowledge and risk literacy through edutainment: CONSOB's experience / Nadia Linciano -- PART II RISK LITERACY AND FINANCIAL DECISION-MAKING -- 10 Boosting and nudging: two paths toward better financial decisions / Ralph Hertwig and Till Grüne-Yanoff -- 11 Cultural Finance: how is financial information received? / Barbara Alemanni and Shabnam Mousavi -- 12 Using experiments to inform consumer protection policy in financial services / Shane Timmons and Peter D. Lunn -- 13 Risk seeking or risk averse? Phenomenology and perception / Caterina Lucarelli, Mario Maggi and Pierpaolo Uberti -- 14 Old age and the decline in investment performance / Michael S. Finke and Sandra J. Huston -- 15 The need for entrepreneurs' risk literacy: evidence from Italian SMEs and a call to arms / Enrico Maria Cervellati -- 16 The effect of ex-post information in choice under ambiguity / Francesco D. Zaffuto, Mateus Joffily and Giorgio Coricelli -- 17 Financial education among Italian SMEs / Fabrizio Guelpa -- 18 Finance, technology and financial education / Cristina Giorgiantonio and Zeno Rotondi -- Index.

Contents: Salvatore Rossi -- Foreword -- Introduction / Barbara Alemanni, Umberto Filotto, Shabnam Mousavi, Riccardo Viale -- Part I -- The many faces of finance in the academia -- 1. Understanding financial behaviour for better policy making: an introduction / Riccardo Viale -- 2. Behavioral policymaking with bounded rationality / Shabnam Mousavi -- 3. A taxonomy of behavioural policies / Barbara Alemanni -- 4. Do regulators know better? / Umberto Filotto -- 5. Behavioral finance and non-conventional monetary policies / Benoit Mojon, Adrian Penalver And Adriana Lojschova -- 6. The psychology of financial choices: from classical and behavioral finance to neurofinance / Massimo Egidi And Giacomo Sillari -- 7. Behavioral re-evolution: how behavioral economics has evolved and is evolving / Enrico Maria Cervellati -- 8. Evolutionary regulation and financial behavior / Paolo Mottura -- 9. A view on recent advances in behavioural macroeconomics and their lessons for the policymaker / Giordano Zevi -- Part II Finance from the view point of psychology, banks, regulators, and the industry -- 10. The heuristics revolution: rethinking the role of uncertainty in finance / Gerd Gigerenzer -- 11. The psychology of financial incompetence: past, present and future / Denis Hilton And Caroline Attia -- 12. Behavioral finance: from financial consumer protection to financial education / Magda Bianco And Francesco Franceschi -- 13. Behavioral impact of policies for the start-up and venture capital ecosystem / Giampio Bracchi -- 14. Investors' inconsistencies and the need for better financial literacy / Gregorio De Felice -- 15. How behavioral finance can reshape financial consumer protection: Consob's first steps in the European framework / Nadia Linciano -- 16. When central bankers become humans: behavioural economics and monetary policy decisions / Donato Masciandaro -- 17. Trust the change? trust and the impact of policy making: the case of the introduction of the Mifid 2 directive in the financial advisory industry / Ugo Rigoni, Caterina Cruciani And Gloria Gardenal -- 18. CMU And role of institutional investors: investment behavior and governance of pension funds / Zeno Rotondi And Cristina Giorgiantonio -- 19. The Italian household wealth and their financial attitude: the new environment and a new approach / Alessandro Varaldo And Lorenzo Portelli -- Index.

Purpose
The purpose of this paper is to evaluate the impact of macroeconomic condition and real estate price trend on the amount of residential loan.


Design/methodology/approach
The paper using a sample of 16 European Countries for the time period 2007–2015 evaluates the impact of change in the gross domestic product (GDP) growth and the inflation rate on the amount of residential loans. The analysis is performed by using a vector autoregressive (VAR) and generalized VAR approach for the full sample and for each country considered.


Findings
For a short-term horizon, shocks to mortgages, the house price index (HPI) and the GDP have a positive effect on the GDP, a shock to the amount of mortgages has a positive effect on the mortgage supply and a shock to the GDP has a negative effect on HPI. The main results for the long-term horizon are that a GDP shock has a positive and persistent effect on the amount of mortgages, a shock to HPI has a negative and persistent effect on mortgages and a shock to the amount of mortgages seems to have no persistent effect on the GDP or the HPI. Moreover, the analysis shows that a spillover risk among countries exists and a GDP shock in a European area has an effect on the GDP, real estate prices and residential mortgages in almost all European countries.


Practical implications
Results obtained show that both macroeconomic and housing prices shocks matter for the real estate lending and the effect are different in the short- and in the medium–long-term horizon. Results are also different country by country and they are affected by the level of financial development of the country.


Originality/value
The paper studies a lending crisis period and evaluates for the European market the impact of shock on macro-variables for mortgages focusing the attention for the first time only on residential mortgages.