Religiosity and the adoption of formal financial services

Yaling Ji

Economic Modelling, 2020, vol. 89, issue C, 378-396

Abstract: Recent studies have suggested that institutional and economic factors are important drivers of financial inclusion. However, the effects of culture on the usage and adoption of formal financial services are not as widely understood. This paper explores the impact of religiosity on financial inclusiveness, utilizing aggregated data from individuals’ religious preferences and financial behaviors. The results suggest that higher levels of religiosity are negatively associated with the usage and adoption of formal financial services, both across U.S. states and across different countries. To explore possible causal implications, we exploit spatial variations in historical pathogen prevalence as the main instrument of our study.

Keywords: Religiosity; Financial inclusiveness; Pathogen prevalence (search for similar items in EconPapers)
JEL-codes: O10 O40 Z12 (search for similar items in EconPapers)
Date: 2020
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Citations: View citations in EconPapers (9)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecmode:v:89:y:2020:i:c:p:378-396

DOI: 10.1016/j.econmod.2019.11.002

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