Culture and household saving
No 2069, Working Paper Series from European Central Bank
This paper examines the role of culture in households saving decisions. Exploiting the historical language borders within Switzerland, I isolate the eﬀect of households’ exposure to certain language groups from economic, institutional, demographic and geographic factors for a homogeneous and representative sample of households. The analysis uses the Swiss Household Panel which I complement with geographic and socio-economic data. I show that low- and middle-income households located in the German-speaking part are more than 11 percentage points more likely to save than similar households in the French-speaking part. In line with the existing literature, I show that these diﬀerences across language regions are consistent with diﬀerent distributions of time preferences. By contrast, I do not ﬁnd clear evidence for risk sharing during times of ﬁnancial distress. JEL Classification: Z1, D12, E21, D91
Keywords: culture; household economics; household finance; language; saving (search for similar items in EconPapers)
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Persistent link: http://EconPapers.repec.org/RePEc:ecb:ecbwps:20172069
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