Household Finance at the Origin

Guillaume Vuillemey
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Guillaume Vuillemey: HEC Paris - Ecole des Hautes Etudes Commerciales

Working Papers from HAL

Abstract: I show that home ownership decisions across countries and individuals are shaped by a cultural heritage from agriculture. For centuries, dominant assets in pre-industrial economies were either land or cattle. Consequently, the type of farming prevailing locally shaped preferences and believes about the relative value of immovable and movable assets. This cultural heritage had long-lasting consequences. Today, individuals originating from societies with a history of crop agriculture - where the dominant asset was land - are more likely to be homeowners. For identification, I rely both on home ownership decisions of second-generation immigrants in the US and on instrumental variables.

Keywords: Homeownership; Culture; Persistence; Immovable assets; Movable assets; Agriculture; Land (search for similar items in EconPapers)
Date: 2023-02-08
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Persistent link: https://EconPapers.repec.org/RePEc:hal:wpaper:hal-04414091

DOI: 10.2139/ssrn.4351428

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