The cultural origin of saving behavior

Publication type

Journal Article

Published in

PLoS ONE

Authors

Joan Costa-Font, Paola Giuliano and Berkay Ozcan

Publication date

Summary

Traditional economic interpretations have not been successful in explaining differences in saving rates across countries. One hypothesis is that savings respond to cultural specific social norms. The accepted view in economics so far is that culture does not have any effect on savings. We revisit this evidence using a novel dataset, which allows us to study the saving behavior of up to three generations of immigrants in the United Kingdom. Against the backdrop of existing evidence, we find that cultural preferences are an important explanation for cross-country differences in saving behavior, and their relevance persists up to three generations.

Volume

13

DOI

https://dx.doi.org/10.1371/journal.pone.0202290

Subjects

Migration, Economics, Savings And Assets, Ethnic Groups and Social Behaviour

Notes

Open Access; © 2018 Costa-Font et al.; This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.

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