Michio Yamaoka

Gender Effects in Assessment of Economic Knowledge and Understanding: Differences Among Undergraduate Business and Economics Students in Germany, Japan, and the United States

Gender effects in large-scale assessments have become an increasingly important research area within and across countries. Yet few studies have linked differences in assessment results of male and female students in higher education to construct-relevant features of the target construct. This paper examines gender effects on students’ economic content knowledge with a focus on construct-relevant explanations. Moreover, we compare gender effects cross-nationally between Germany, Japan, and the United States. To assess economic content knowledge of higher education students, we used translated, adapted, and validated versions of the Test of Understanding in College Economics (TUCE, 4th ed.), an instrument that is commonly used internationally. We found gender effects on test scores in all three countries; effects were larger in Germany and the United States than in Japan. Gender effects were generally more pronounced on the numeracy subscale than on the literacy subscale, that is, male students had a greater edge over female students when items required calculations. In our conclusion, we discuss how numeracy and literacy items may tap different abilities.

Macroeconomic knowledge of higher education students in Germany and Japan – a multilevel analysis of contextual and personal effects

Recent trends towards harmonising and internationalising business and economics studies in higher education are affecting the structure and content of programmes and courses, and necessitate more transparent and comparable information on students’ economic knowledge and skills. In this study, we examine by linear multilevel regression modelling the current state of macroeconomic knowledge of higher education students in Germany and Japan, while controlling for the effects of key study-related aspects such as study progress and completion of economics courses. We assess macroeconomic knowledge using the internationally established Test of Understanding in College Economics, which has been adapted and validated for use in Germany and Japan. We found a significant positive correlation between students’ level of knowledge and study progress in both countries, as well as varied gender-related and country-specific differences. Implications for assessment practices and future research are discussed.

Personal Financial Literacy among High School Students in New Zealand, Japan and the USA

Personal financial literacy is becoming increasingly important in the modern world, especially for young people. In this article, the authors compare the financial literacy of high school students in Hamilton, New Zealand, with samples from Japan and the USA. The authors compare not only overall financial literacy, but also literacy across five dimensions (or ‘themes’) of financial literacy and across three cognitive levels. They find that financial literacy is poor overall in all three countries, but is substantially worse in New Zealand and the USA than in Japan. The performance is similar across themes and cognitive levels for US and New Zealand students, but Japanese students perform better mostly in terms of their greater knowledge of terminology and definitions, rather than better comprehension and ability to apply their knowledge. This suggests that all three countries should work harder to develop the financial literacy of their high school students.

The Present State of Economic Education in Japan

The authors describe the present state of economic education in Japan. There is a larger number of undergraduate students who major in economics, but their purpose of studying economics and their economic literacy differ. Precollege economic education is regulated by the course of study and limited by the poor ability of teachers to teach the economics content.