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Prospects for immigrant-native wealth assimilation: evidence from financial market participation

  • Una Okonkwo Osili
  • Anna Paulson

Because financial transactions are important for wealth accumulation, and rely on trust and confidence in institutions, the financial market behavior of immigrants can provide important insights into the assimilation process. Compared to the native-born, immigrants are less likely to own savings and checking accounts and these differences tend to persist over time. Our results suggest that a large share of the immigrant-native gap in financial market participation is driven by group differences in education, income, and geographic location. For a given immigrant, the likelihood of financial market participation decreases with higher levels of ethnic concentration in the metropolitan area.

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Paper provided by Federal Reserve Bank of Chicago in its series Working Paper Series with number WP-04-18.

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Date of creation: 2004
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Handle: RePEc:fip:fedhwp:wp-04-18
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  1. Fairlie, Robert, 2014. "The Absence of the African-American Owned Business: An Analysis of the Dynamics of Self-Employment," Santa Cruz Department of Economics, Working Paper Series qt49c4n0fg, Department of Economics, UC Santa Cruz.
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