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This study analyzes the dynamic connectedness (i.e., spillovers and spillbacks) of financial stress across advanced and emerging economies. As proxy for financial stress, we reconstruct the financial stress index (FSI) for 16 advanced economies and 15 emerging economies from January 1997 to August 2020. The constructed FSIs reflect combined stress level in banking sectors, equity markets, capital markets and exchange rate markets. Using frameworks proposed by Diebold and Yilmaz (Better to give than to receive: Predictive directional measurement of volatility spillovers. International Journal of Forecasting, 28(1), 57–66) and Baruník and Křehlík (Measuring the frequency dynamics of financial connectedness and systemic risk. Journal of Financial Econometrics, 16(2), 271–296), we find that there is strong connectedness of financial stress across economies. Moreover, the connectedness of the financial stress is stronger after the global financial crisis and during the COVID-19 pandemic. Although the spillover of shocks is strongest in the short-term horizon, the spillovers in the longer-term horizons are not trivial. Our results also show that the US is the largest shock transmitter as well as one of the largest shock receivers. Our results also suggest that shocks originating in advanced economies have strong effects on other economies, but shocks originating in emerging economies also play an increasing role. Global factors such as global economic policy uncertainty and geopolitical risks influence the magnitude of the spillover of financial stress.

Context Daily variation in the thermic effect of food (TEF) is commonly reported and proposed as a contributing factor to weight gain with late eating. However, underlying circadian variability in resting metabolic rate (RMR) is an overlooked factor when calculating TEF associated with eating at different times of the day. Objective This work aimed to determine whether methodological approaches to calculating TEF contribute to the reported phenomena of daily variation in TEF. Methods Fourteen overweight to obese but otherwise healthy individuals had their resting and postprandial energy expenditure (EE) measured over 15.5 hours at a clinical research unit. TEF was calculated for breakfast, lunch, and dinner using standard methods (above a baseline and premeal RMR measure) and compared to a method incorporating a circadian RMR by which RMR was derived from a sinusoid curve model and TEF was calculated over and above the continuously changing RMR. Main outcome measures were TEF at breakfast, lunch, and dinner calculated by different methods. Results Standard methods of calculating TEF above a premeal measured RMR showed that morning TEF (60.8 kcal ± 5.6) (mean ± SEM) was 1.6 times greater than TEF at lunch (36.3 kcal ± 8.4) and 2.4 times greater than dinner TEF (25.2 kcal ± 9.6) (P = .022). However, adjusting for modeled circadian RMR nullified any differences between breakfast (54.1 kcal ± 30.8), lunch (49.5 kcal ± 29.4), and dinner (49.1 kcal ± 25.7) (P = .680). Conclusion Differences in TEF between morning and evening can be explained by the underlying circadian resting EE, which is independent of an acute effect of eating.

This paper analyzes the influence of certain factors on the demand and supply of solar modules by employing the fully modified ordinary least squares method using Japanese data. Our regression analysis shows that interest rates and money supply (M2) significantly impact the solar photovoltaic module supply, indicating that lower interest rates and more funding channels for the renewable energy sector will increase solar photovoltaic module production. Based on this finding, the paper concludes that, for Japan to increase its energy self-sufficiency rate, the Government of Japan should implement green financing policies, providing renewable energy business owners with a wider variety of funding channels with lower interest rates, and ultimately invigorating investments in solar photovoltaic installation.

Energy security, a multidimensional concept that encompasses the notion of resource availability, accessibility, environmental acceptability and cost affordability, has been widely discussed. However, the same cannot be said about energy insecurity, a concept that may not necessarily mirror energy security, but also comprises the various consequences of energy unavailability. Energy insecurity mostly affects the poorest and can lead to deepened inequalities and poor health at the household level. One solution for tackling energy insecurity could be adoption of renewable energy. Power generated from renewable sources could help in mitigating energy price fluctuations and reduce health issues, as well as encourage stable economic growth. This special issue discusses the interaction between the three concepts through careful case studies and panel analysis and proposes various policy implications for energy policymakers. This introductory paper introduces the articles selected for this special issue.

This paper argues that there is a role for regional-level institutions of banking regulation in the ASEAN region. This is particularly important in an environment of increasing financial integration and harmonization, including exposures to shocks from volatile capital flows and cross-border banking institutions. The paper examines four aspects of financial regulation: microprudential regulation, macroprudential regulation, resolution capacity and deposit insurance, and a financial safety net. The paper argues that EU regional banking regulation provides a useful reference point, but the lower degree of credit market openness in ASEAN implies that a more nuanced approach can be adopted, and makes specific recommendations.

Increased consumption of nonrenewable energy sources may lead to more air pollution, resulting in negative health impacts in a society. The main purpose of this study is to investigate the relationship between fossil fuel energy consumption and health issues using generalized method of moments estimation technique for data from 18 Asian countries (both low- and middle-income) over the period 1991–2018. The findings demonstrate that fossil fuel energy consumption increases the risk of lung and respiratory diseases. In addition, the results demonstrate the significant effect of CO2 emissions and fossil fuel consumption on undernourishment and death rates. Furthermore, we find that increases in the gross domestic product per capita and healthcare expenditure may help reduce undernourishment and death ratio. The conclusion recommends that diversification of energy in low- and middle-income countries from too much reliance on fossil fuels to more renewable energy sources can improve energy insecurity, at the same time reduce greenhouse gas emissions and minimize the negative impacts on human health.

Regional economic integration is one of the most effective ways of fostering stability, addressing regional challenges, and increasing rates of...

This paper examines the causal effect of credit access on firm growth (measured by employment growth), using a unique micro-, small-, and medium-sized firm-level data collected every two years in Vietnam from 2005 to 2013. The results obtained from fixed-effects (FE) and FE with instrumental variable estimators show that firms with credit access experience a higher growth than firms without credit access. We also find that access to credit is positively associated with both formal and informal firm growth, but the results for formal firms seem to be driven by some high growth firms (and rapidly shrinking firms). The effect of credit access on firm growth is also heterogeneous by firm size and firm age in both types of firms.

Objectives The grant of marketing authorisation (MA) for new medicines requires comprehensive assessment by regulatory authorities. This study sought to identify ophthalmic medicines granted United Kingdom MA and consider trends in licence approvals. Methods This retrospective study reviewed published lists of products granted MA by the UK Medicines & Healthcare products Regulatory Agency between January 2001 and December 2018, inclusive. Eye drops and medicinal products intended for ophthalmic use were identified. All regulatory data sources consulted are in the public domain. Data analyses were descriptive. Results A total of 295 MAs were issued for ophthalmic products between 2001 and 2018, inclusive. Of these 229 (78%) were for single-active substances and 66 (22%) fixed-dose combination (FDC). Approvals for products with single-active substance included ocular hypotensives (115; 50%), antibiotics (48; 22%), allergy medicines (30; 13%), lubricants (18; 8%) and anti-inflammatories (11; 5%). Approvals for FDCs were predominantly ocular hypotensives (56; 85%), with timolol combined with carbonic anhydrase inhibitors (27; 48%) and prostaglandin analogues (26; 46%) accounting for the majority of glaucoma FDCs. Other FDCs were approved for antibiotic/inflammatory (5; 7.5%), pupillary mydriasis (2; 3%), allergy (2; 3%) and ocular surface lubrication (1; 1.5%) products. A median of 16 licences were approved per year (range 7 [2005] to 35 [2011]). Conclusions The majority of MAs granted were for single-agent products, particularly ocular hypotensives and antibiotic preparations. Most products were generic versions of well-established active substances. A trend for increased approvals for FDCs is evident, particularly for the treatment of raised IOP.

Morning loaded calorie intake in humans has been advocated as a dietary strategy to improve weight loss. This is also supported by animal studies suggesting time of eating can prevent weight gain. However, the underlying mechanisms through which timing of eating could promote weight loss in humans are unclear. In a randomized crossover trial (NCT03305237), 30 subjects with obesity/overweight underwent two 4-week calorie-restricted but isoenergetic weight loss diets, with morning loaded or evening loaded calories (45%:35%:20% versus 20%:35%:45% calories at breakfast, lunch, and dinner, respectively). We demonstrate no differences in total daily energy expenditure or resting metabolic rate related to the timing of calorie distribution, and no difference in weight loss. Participants consuming the morning loaded diet reported significantly lower hunger. Thus, morning loaded intake (big breakfast) may assist with compliance to weight loss regime through a greater suppression of appetite.

Objectives:Regulatory approval of new medicines requires a thorough assessment of the potential clinical benefits and risks. Study end-points are expected to demonstrate a clinically relevant treatment effect that will translate into direct patient benefits. This study sought to review the ophthalmic medicines with European Union–wide approval granted via the Centralised Procedure and characterise the key efficacy end-points underpinning the demonstration of clinical benefit.Methods:This study was a retrospective review of published data pertaining to the European regulatory authorisation of centrally approved ophthalmic products between 1999 and 2017, inclusive. All sources and data consulted are in the public domain. European Public Assessment Reports published by the European Medicines Agency were consulted for data concerning the pivotal clinical efficacy studies supporting the applications. Data analyses were descriptive.Results:The European Medicines Agency have authorised 30 products via the Centralised Procedure between 1999 and 2017. For these products, a total of 24 additional approvals for line extensions or additional therapeutic indications were granted. Four products have been approved for orphan indications, including one approval ‘under exceptional circumstances’ and one ‘Conditional Marketing Authorisation’. Approvals for products in retina (36%) and glaucoma (28%) indications together accounted for the majority of authorisations, with trial end-points predominantly based on visual acuity and intraocular pressure parameters, respectively. Products were also approved for indications in ocular surface disease, inflammation, optic neuropathy and surgical adjuncts, with a range of functional and anatomical end-points.Conclusion:Approvals for ophthalmic medicines have been granted for a range of clinical indications, representing a considerable portion of available major therapeutics for practitioners. Benefit–risk assessments rely on clinical trial data demonstrating a clearly relevant patient benefit.

Since the early 2000s, macroprudential policy has increasingly become part of the regulatory and supervisory framework. Likewise, the housing market has been at the center of the debate on systemic financial risk prevention. Among macroprudential tools, the purpose of the loan-to-value (LTV) ratio is to constrain mortgage loan creation. This paper is unique in that it analyzes the effectiveness of LTV on mortgage lending moderation using a large sample of more than 4000 banks from 46 countries. The analysis suggests mortgage loans have been successfully curbed in countries with a LTV policy. Size and non-performing loans are the two key characteristics to the effectiveness of LTV. When nonlinearities are considered, the average effect of LTV can be very large; however, it becomes much less effective with large banks and banks with bad loans. Our results suggest the inclusion of other macroprudential tools may have complementary effects to LTV, and for large size banks in particular.

The outbreak of the COVID-19 virus and the resulting falls in demand due both to uncertainty and policy interventions such as lockdowns, “social distancing,” and travel restrictions are having a severe impact on Asian economies and hence on Asian households. These negative impacts come through a variety of channels, including loss of employment or reduced working hours, loss of sales and income of a household business, inability to travel to work, increased need to stay at home to look after children or sick household members, higher prices and/or lack of availability of staple items, reduced access to schooling, etc. To better understand these impacts, we carried out computer-assisted telephone interviews of households in eight ADB developing member countries: Cambodia, the Lao People’s Democratic Republic, Indonesia, Malaysia, Myanmar, the Philippines, Thailand, and Viet Nam. Our empirical results suggest that various household characteristics, including household income class (before COVID-19), household demographic factors, and COVID-19-induced factors such as having at least one person who lost their job or being located in lockdown areas, all affected the likelihood of a decline in income. In all countries, having at least one person who lost their job or had reduced working time increases the likelihood of experiencing financial difficulties by 17 percentage points. About 27% of children who stopped attending school could not fully participate in online learning programs due to weak/insufficient internet connections and a lack of digital devices. Two COVID-19-related factors—having at least one person who lost their job or had working hours reduced and experiencing financial difficulties—significantly affect the intensity of online classes taken by children in an average household.

This paper analyzes panel data of micro, small, and medium-sized enterprises (MSMEs) in Vietnam, covering five two-year periods from 2003 to 2012, in order to understand how MSMEs' investments in their own productive fixed assets and in other firms' equities and real estate increased or decreased after the global financial crisis of 2007–08. It finds that MSMEs increased investments in other firms and real estates and reduced investments in their own businesses considerably after the crisis. This, along with the study's other findings, suggests that the global financial crisis marked the beginning of resource reallocation from hitherto proliferating MSMEs to rapid growth of larger firms in the Vietnamese economy., Highlights • This paper examines the investment behavior of MSMEs in emerging economies such as that in Vietnam. • The productive investment rate is significantly lower during periods of downturn. • MSMEs increased non-productive investments after the global financial crisis. • There exists heterogeneity in investment behavior by firm characteristics. • Downturn periods possibly marked the beginning of resource reallocation among firms.

Circadian rhythms play a critical role in the physiological processes involved in energy metabolism and energy balance (EB). A large array of metabolic processes, including the expression of many energy-regulating endocrine hormones, display temporal rhythms that are driven by both the circadian clock and food intake. Mealtime has been shown to be a compelling zeitgeber in peripheral tissue rhythms. Inconsistent signalling to the periphery, because of mismatched input from the central clock vs time of eating, results in circadian disruption in which central and/or peripheral rhythms are asynchronously time shifted or their amplitudes reduced. A growing body of evidence supports the negative health effects of circadian disruption, with strong evidence in murine models that mealtime-induced circadian disruption results in various metabolic consequences, including energy imbalance and weight gain. Increased weight gain has been reported to occur even without differences in energy intake, indicating an effect of circadian disruption on energy expenditure. However, the translation of these findings to humans is not well established because the ability to undertake rigorously controlled dietary studies that explore the chronic effects on energy regulation is challenging. Establishing the neuroendocrine changes in response to both acute and chronic variations in mealtime, along with observations in populations with routinely abnormal mealtimes, may provide greater insight into underlying mechanisms that influence long-term weight management under different meal patterns. Human studies should explore mechanisms through relevant biomarkers; for example, cortisol, leptin, ghrelin and other energy-regulating neuroendocrine factors. Mistiming between aggregate hormonal signals, or between hormones with their receptors, may cause reduced signalling intensity and hormonal resistance. Understanding how mealtimes may impact on the coordination of endocrine factors is essential for untangling the complex regulation of EB. Here a review is provided on current evidence of the impacts of mealtime on energy metabolism and the underlying neuroendocrine mechanisms, with a specific focus on human research.

Tanycytes are glial cells whose cell soma are embedded in the ependymal layer surrounding the ventral region of the third ventricle in the hypothalamus. They send projections into the surrounding hypothalamus, with processes terminating in the neuropil of the hypothalamus, or extended to contact portal blood vessels in the median eminence or the surrounding pars tuberalis. Photoperiodic regulation of gene expression occurs in tanycytes through local signals emanating in the pars tuberalis. Of considerable importance across vertebrate taxa is photoperiodic regulation of type II (Dio2) and type III (Dio3) deiodinase enzyme gene expression in tanycytes as these regulate local thyroid hormone availability. This chapter explores the evidence for photoperiodic regulation of thyroid hormone and retinoic acid signalling by tanycytes, and considers this in relation to their other key functions, including their potential as a stem cell niche in the adult brain, their role as part of the blood brain barrier in transporting nutrients and hormones into the brain, and their role in regulating neuroendocrine secretion in the median eminence by virtue of their anatomical proximity to neuronal terminals.

Investments in human capital (education) are as important as investments in physical capital (plant and equipment, housing and infrastructure) in bringing about economic growth and development. At ...

Developing economies are seeking to promote financial inclusion, i.e., greater access to financial services for low-income households and firms. This raises the question of whether greater financial inclusion tends to increase or decrease financial stability. A number of studies have suggested both positive and negative impacts on financial stability, but very few empirical studies have been made. This study focuses on the implications of greater financial inclusion for small and medium-sized enterprises (SMEs) for financial stability. It estimates the effects of measures of the share of bank lending to SMEs on two measures of financial stability — bank nonperforming loans and bank Z scores. We find some evidence that an increased share of lending to SMEs aids financial stability by reducing non-performing loans (NPLs) and the probability of default by financial institutions.

We estimated the effect of the share of mortgage lending by individual banks (together with some control variables) on two measures of financial stability — the bank Z-score and the non-performing loan ratio — for a sample of 397 banks in 19 emerging Asian economies for the period 2003–2014 from the Bankscope database. We find evidence that an increased share of mortgage lending is positive for financial stability, specifically by lowering the probability of default by financial institutions and reducing the non-performing loan ratio, at least in non-crisis periods, for levels of mortgage shares up to 23–65%. For higher levels of mortgage lending shares, there is some evidence that the impact on financial stability turns negative. We also find that the share of mortgage lending can be a useful measure of both financial development and financial inclusion. This finding most likely reflects the effect of a higher share of mortgage lending in diversifying the mix of banks’ assets and thereby reducing overall risk. However, if the share of mortgage lending is too high, then the diversification effect diminishes. Therefore, the challenge is to balance the expected improvement in financial stability due to asset diversification against negative impacts that might result from easier lending standards or too rapid increases in mortgage lending that could trigger a bubble in the housing market. This highlights the need for prudent monetary policy and macroprudential policy measures to forestall the development of such bubbles.

Summary: Evidence suggests that altered gut microbiota composition may be involved in the development of obesity. Studies using mice made obese with refined high-fat diets have supported this; however, these have commonly used chow as a control diet, introducing confounding factors from differences in dietary composition that have a key role in shaping microbiota composition. We compared the effects of feeding a refined high-fat diet with those of feeding either a refined low-fat diet or a chow diet on gut microbiota composition and host physiology. Feeding both refined low- or high-fat diets resulted in large alterations in the gut microbiota composition, intestinal fermentation, and gut morphology, compared to a chow diet. However, body weight, body fat, and glucose intolerance only increased in mice fed the refined high-fat diet. The choice of control diet can dissociate broad changes in microbiota composition from obesity, raising questions about the previously proposed relationship between gut microbiota and obesity. : Dalby et al. show that high-fat-diet-induced changes in gut microbiota composition and cecal fermentation can be dissociated from obesity and glucose intolerance in mice by using a nutritionally more appropriate control diet. This highlights the importance of the control diet in interpreting microbiota studies. Keywords: energy harvest, microbiome, microbiota, obesity, SCFA, high-fat diet, chow, gut, glucose intolerance

Our paper investigates the relationship between financial stability and mortgage lending. We estimated the effect of the share of mortgage lending by individual banks (together with some control variables) on two measures of financial stability—the bank Z-score and the non-performing loan ratio—for a sample of 1889 banks in 65 advanced and emerging economies for the period 1987–2014 from the Bankscope database. We specifically compared the behavior of banks in Europe and Asia. We find evidence that an increased share of mortgage lending is positive for financial stability, specifically by lowering the probability of default by financial institutions and reducing the non-performing loan ratio, at least in non-crisis periods, for levels of mortgage shares up to 49–68%. For higher levels of mortgage lending shares, the impact on financial stability turns negative. Also, the occurrence of a banking crisis reduces the diversification benefits associated with mortgage lending. Compared with the base sample, Asian banks show greater financial stability during non-crisis periods, but are more negatively affected by a higher mortgage ratio during crisis periods, while European banks show greater financial stability during non-crisis periods, but are less negatively affected during crisis periods. Finally, a higher level of regulatory quality improves both financial stability measures, but the effects of macroprudential measures are found to be mixed.

Highlights • Seasonal changes in rat trigger change in hypothalamic histone deacetylases (HDACs). • NF-κB is an inflammatory regulator under seasonal control in the hypothalamus. • These HDACs may control hypothalamic inflammatory and nuclear receptor pathways., Seasonal animals undergo changes in physiology and behavior between summer and winter conditions. These changes are in part driven by a switch in a series of hypothalamic genes under transcriptional control by hormones and, of recent interest, inflammatory factors. Crucial to the control of transcription are histone deacetylases (HDACs), generally acting to repress transcription by local histone modification. Seasonal changes in hypothalamic HDAC transcripts were investigated in photoperiod-sensitive F344 rats by altering the day-length (photoperiod). HDAC4, 6 and 9 were found to change in expression. The potential influence of HDACs on two hypothalamic signaling pathways that regulate transcription, inflammatory and nuclear receptor signaling, was investigated. For inflammatory signaling the focus was on NF-κB because of the novel finding made that its expression is seasonally regulated in the rat hypothalamus. For nuclear receptor signaling it was discovered that expression of retinoic acid receptor beta was regulated seasonally. HDAC modulation of NF-κB-induced pathways was examined in a hypothalamic neuronal cell line and primary hypothalamic tanycytes. HDAC4/5/6 inhibition altered the control of gene expression (Fos, Prkca, Prkcd and Ptp1b) by inducers of NF-κB that activate inflammation. These inhibitors also modified the action of nuclear receptor ligands thyroid hormone and retinoic acid. Thus seasonal changes in HDAC4 and 6 have the potential to epigenetically modify multiple gene regulatory pathways in the hypothalamus that could act to limit inflammatory pathways in the hypothalamus during long-day summer-like conditions.

A multi-dimensional strategy to tackle the global obesity epidemic requires an in-depth understanding of the mechanisms that underlie this complex condition. Much of the current mechanistic knowledge has arisen from preclinical research performed mostly, but not exclusively, in laboratory mouse and rat strains. These experimental models mimic certain aspects of the human condition and its root causes, particularly the over-consumption of calories and unbalanced diets. As with human obesity, obesity in rodents is the result of complex gene–environment interactions. Here, we review the traditional monogenic models of obesity, their contemporary optogenetic and chemogenetic successors, and the use of dietary manipulations and meal-feeding regimes to recapitulate the complexity of human obesity. We critically appraise the strengths and weaknesses of these different models to explore the underlying mechanisms, including the neural circuits that drive behaviours such as appetite control. We also discuss the use of these models for testing and screening anti-obesity drugs, beneficial bio-actives, and nutritional strategies, with the goal of ultimately translating these findings for the treatment of human obesity., Summary: We review genetic models of obesity, their optogenetic and chemogenetic successors, and the use of dietary manipulations and meal-feeding regimes.

After more than three decades of unprecedented high growth at an average rate of nearly 10% per annum, China's economy has been slowing down since 2010, dropping to 6.9% in 2015, the lowest annual growth rate since 1990. As the world's largest economy in PPP terms and the second largest in terms of nominal exchange rates, such a slowdown has profound implications. The whole world is asking if the Chinese economy will continue to slow or be trapped in low growth. This paper presents a rather optimistic outlook for the Chinese economy, concluding that a reacceleration to 8% in the medium run is possible under favorable conditions. We argue that the main factors that led to the slowdown since 2010 are external and cyclical. Nevertheless, structural and institutional obstacles to the re-acceleration of growth are also discussed, together with policy suggestions.

There are contradictory reports on the role of the serine/threonine kinase isoform glycogen synthase kinase-3&beta, (GSK3&beta, ) after injury to the central nervous system (CNS). Some report that GSK3 activity promotes axonal growth or myelin disinhibition, whilst others report that GSK3 activity prevents axon regeneration. In this study, we sought to clarify if suppression of GSK3&beta, alone and in combination with the cellular-stress-induced factor RTP801 (also known as REDD1: regulated in development and DNA damage response protein), using translationally relevant siRNAs, promotes retinal ganglion cell (RGC) survival and neurite outgrowth/axon regeneration. Adult mixed retinal cell cultures, prepared from rats at five days after optic nerve crush (ONC) to activate retinal glia, were treated with siRNA to GSK3&beta, (siGSK3&beta, ) alone or in combination with siRTP801 and RGC survival and neurite outgrowth were quantified in the presence and absence of Rapamycin or inhibitory Nogo-A peptides. In in vivo experiments, either siGSK3&beta, alone or in combination with siRTP801 were intravitreally injected every eight days after ONC and RGC survival and axon regeneration was assessed at 24 days. Optimal doses of siGSK3&beta, alone promoted significant RGC survival, increasing the number of RGC with neurites without affecting neurite length, an effect that was sensitive to Rapamycin. In addition, knockdown of GSK3&beta, overcame Nogo-A-mediated neurite growth inhibition. Knockdown of GSK3&beta, after ONC in vivo enhanced RGC survival but not axon number or length, without potentiating glial activation. Knockdown of RTP801 increased both RGC survival and axon regeneration, whilst the combined knockdown of GSK3&beta, and RTP801 significantly increased RGC survival, neurite outgrowth, and axon regeneration over and above that observed for siGSK3&beta, or siRTP801 alone. These results suggest that GSK3&beta, suppression promotes RGC survival and axon initiation whilst, when in combination with RTP801, it also enhanced disinhibited axon elongation.

A growing literature has examined the role of financial literacy in an individual’s income, saving behavior and the use of various financial products. However, so far, no one has examined the relationship between financial literacy and the awareness and adoption of financial technology (fintech) products, i.e., financial products provided via internet-based and mobile-based platforms. This paper examines this relationship in a developing country, the Lao People’s Democratic Republic (PDR). We use information collected in the Lao PDR using the standardized questionnaire developed by the Organization for Economic Cooperation and Development International Network on Financial Education (OECD/INFE) to calculate our financial literacy. We find that a higher level of financial literacy has strong and positive effects on an individual’s awareness of fintech products. This result still holds when we use a set of instrumental variables for the financial literacy variable. However, there is insufficient data to find a significant relationship between financial literacy and the use of fintech products.