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“Striving for Savings” – religion and individual economic behavior

  • Anja Klaubert

    ()

    (Institute of Economics, Leuphana University of Lüneburg, Germany)

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    In the Neoclassical growth model the saving ratio and human capital might be seen as the most important factors fostering economic growth. At last since Weber [2005 (1904/05)] it seems clear, that religious beliefs and involvement shapes both social and economic human behavior. This paper tests the hypothesis whether religious belonging and believing influence a household’s economic decision-making in the USA, which was found to foster economic growth, namely the saving ratio at the individual level. Using data from the Panel Study of Income Dynamics (PSID), we find religious effects on saving. Regarding the decision to save money no large differences within the Christian religions, namely Protestants and Catholics, were found. However, large differences exist compared to non-religious people as well as to Non-Christians and Jews.

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    File URL: http://www.leuphana.de/fileadmin/user_upload/Forschungseinrichtungen/ifvwl/WorkingPapers/wp_162_Upload.pdf
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    Paper provided by University of Lüneburg, Institute of Economics in its series Working Paper Series in Economics with number 162.

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    Length: 27 pages
    Date of creation: Jan 2010
    Date of revision:
    Handle: RePEc:lue:wpaper:162
    Contact details of provider: Web page: http://leuphana.de/institute/ivwl.html

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    1. B. Douglas Bernheim & Daniel M. Garrett & Dean M. Maki, 1997. "Education and Saving: The Long-Term Effects of High School Financial Curriculum Mandates," Working Papers 97012, Stanford University, Department of Economics.
    2. Luigi Guiso & Paola Sapienza & Luigi Zingales, 2002. "People's Opium? Religion and Economic Attitudes," NBER Working Papers 9237, National Bureau of Economic Research, Inc.
    3. Kerwin Kofi Charles & Erik Hurst, 2002. "The Correlation of Welath Across Generations," NBER Working Papers 9314, National Bureau of Economic Research, Inc.
    4. Harvey S. Rosen & Stephen Wu, 2003. "Portfolio Choice and Health Status," NBER Working Papers 9453, National Bureau of Economic Research, Inc.
    5. Paola Sapienza & Luigi Zingales & Luigi Guiso, 2006. "Does Culture Affect Economic Outcomes?," NBER Working Papers 11999, National Bureau of Economic Research, Inc.
    6. repec:dgr:kubtil:2009018 is not listed on IDEAS
    7. Renneboog, L.D.R. & Spaenjers, C., 2009. "Where Angels Fear to Trade : The Role of Religion in Household Finance," Discussion Paper 2009-34, Tilburg University, Center for Economic Research.
    8. Laurence R. Iannaccone, 1998. "Introduction to the Economics of Religion," Journal of Economic Literature, American Economic Association, vol. 36(3), pages 1465-1495, September.
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