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Does Biological Endowment Matter for Demand for Financial Services? Evidence from Russian Household Survey

Author

Listed:
  • Irina Andrievskaya

    (National Research University Higher School of Economics)

  • Maria Semenova

    (National Research University Higher School)

Abstract

There are many studies revealing factors which influence the demand for financial services. However genetic features, determining the individual’s overall postnatal behaviour, have not been studied within this context. This paper extends the previous literature by studying to what extent individual biological endowment, proxied by prenatal testosterone (PT) (measured by the 2D:4D ratio), can determine personal demand for bank services and insurance. We use data from the Russian Longitudinal Monitoring Survey of 2011–2012. Our findings confirm the existence of the link between inherent biological variation and financial inclusion: PT affects the use of bank cards, intention to take out a loan, having a bank deposit and the consumption of insurance products

Suggested Citation

  • Irina Andrievskaya & Maria Semenova, 2016. "Does Biological Endowment Matter for Demand for Financial Services? Evidence from Russian Household Survey," HSE Working papers WP BRP 52/FE/2016, National Research University Higher School of Economics.
    • Handle: RePEc:hig:wpaper:52/fe/2016
    as

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    References listed on IDEAS

    as
    1. Claessens, Stijn, 2006. "Access to financial services: a review of the issues and public policy objectives," Journal of Financial Transformation, Capco Institute, vol. 17, pages 16-19.
    2. Antoni Bosch-Domènech & Pablo Brañas-Garza & Antonio M. Espín, 2013. "Can exposure to prenatal sex hormones (2D:4D) predict cognitive reflection?," Working Papers 698, Barcelona School of Economics.
    3. Beck, Thorsten & Demirguc-Kunt, Asli & Martinez Peria, Maria Soledad, 2007. "Reaching out: Access to and use of banking services across countries," Journal of Financial Economics, Elsevier, vol. 85(1), pages 234-266, July.
    4. Shawn Cole & Thomas Sampson & Bilal Zia, 2011. "Prices or Knowledge? What Drives Demand for Financial Services in Emerging Markets?," Journal of Finance, American Finance Association, vol. 66(6), pages 1933-1967, December.
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    6. Patrick Honohan, 2004. "Financial development, growth, and poverty: how close are the links?," Policy Research Working Paper Series 3203, The World Bank.
    7. Pablo Brañas-Garza & Aldo Rustichini, 2011. "Organizing Effects of Testosterone and Economic Behavior: Not Just Risk Taking," PLOS ONE, Public Library of Science, vol. 6(12), pages 1-8, December.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    prenatal testosterone; 2D:4D ratio; financial inclusion; household; RLMS; Russia;
    All these keywords.

    JEL classification:

    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    • P34 - Political Economy and Comparative Economic Systems - - Socialist Institutions and Their Transitions - - - Finance

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