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|a This paper shows that individual beliefs on the effectiveness of formal and informal sources of risk sharing determine financial precautionary behavior. We present empirical evidence demonstrating that higher trust in public insurance systems reduces net liquid wealth while higher trust in communal insurance increases it. This dichotomy is consistent with theories on access to private risk sharing networks. Moreover, we find that both types of trust associate positively with the probability to take on financial risk for the purpose of becoming a homeowner and the related loan-to-value ratio. Our findings are robust across a wide range of econometric controls and specifications.
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Fleck, Johannes, Monninger, Adrian |
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This paper shows that individual beliefs on the effectiveness of formal and informal sources of risk sharing determine financial precautionary behavior. We present empirical evidence demonstrating that higher trust in public insurance systems reduces net liquid wealth while higher trust in communal insurance increases it. This dichotomy is consistent with theories on access to private risk sharing networks. Moreover, we find that both types of trust associate positively with the probability to take on financial risk for the purpose of becoming a homeowner and the related loan-to-value ratio. Our findings are robust across a wide range of econometric controls and specifications. |
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Europäische Zentralbank: Working paper series |
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Frankfurt am Main, Germany, European Central Bank, [2020] |
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Frankfurt am Main, Germany: European Central Bank, [2020] |
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DE-D117, DE-105, LFER, DE-Ch1, DE-15, DE-14, DE-L242, DE-Zwi2 |
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Culture and portfolios: trust, precautionary savings and home ownership |
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Fleck, Johannes VerfasserIn (DE-588)1216648115 (DE-627)1727889126 aut, Culture and portfolios trust, precautionary savings and home ownership Johannes Fleck, Adrian Monninger, Frankfurt am Main, Germany European Central Bank [2020], 1 Online-Ressource (circa 71 Seiten) Illustrationen, Text txt rdacontent, Computermedien c rdamedia, Online-Ressource cr rdacarrier, Working paper series / European Central Bank no 2457 (August 2020), This paper shows that individual beliefs on the effectiveness of formal and informal sources of risk sharing determine financial precautionary behavior. We present empirical evidence demonstrating that higher trust in public insurance systems reduces net liquid wealth while higher trust in communal insurance increases it. This dichotomy is consistent with theories on access to private risk sharing networks. Moreover, we find that both types of trust associate positively with the probability to take on financial risk for the purpose of becoming a homeowner and the related loan-to-value ratio. Our findings are robust across a wide range of econometric controls and specifications., Monninger, Adrian VerfasserIn aut, Europäische Zentralbank Working paper series no 2457 (August 2020) 2457 (DE-627)372370322 (DE-576)108090442 (DE-600)2123559-4 1725-2806, https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2457~f88451401b.en.pdf?b2990d0ecb0d8d2360e3c908a16f3264 Verlag kostenfrei, https://doi.org/10.2866/988878 Resolving-System kostenfrei, http://hdl.handle.net/10419/229071 Resolving-System kostenfrei, https://doi.org/10.2866/988878 LFER, https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2457~f88451401b.en.pdf?b2990d0ecb0d8d2360e3c908a16f3264 LFER, LFER 2020-09-18T01:41:32Z |
| spellingShingle |
Fleck, Johannes, Monninger, Adrian, Culture and portfolios: trust, precautionary savings and home ownership, Europäische Zentralbank, Working paper series, no 2457 (August 2020), This paper shows that individual beliefs on the effectiveness of formal and informal sources of risk sharing determine financial precautionary behavior. We present empirical evidence demonstrating that higher trust in public insurance systems reduces net liquid wealth while higher trust in communal insurance increases it. This dichotomy is consistent with theories on access to private risk sharing networks. Moreover, we find that both types of trust associate positively with the probability to take on financial risk for the purpose of becoming a homeowner and the related loan-to-value ratio. Our findings are robust across a wide range of econometric controls and specifications. |
| title |
Culture and portfolios: trust, precautionary savings and home ownership |
| title_auth |
Culture and portfolios trust, precautionary savings and home ownership |
| title_full |
Culture and portfolios trust, precautionary savings and home ownership Johannes Fleck, Adrian Monninger |
| title_fullStr |
Culture and portfolios trust, precautionary savings and home ownership Johannes Fleck, Adrian Monninger |
| title_full_unstemmed |
Culture and portfolios trust, precautionary savings and home ownership Johannes Fleck, Adrian Monninger |
| title_in_hierarchy |
no 2457 (August 2020). Culture and portfolios: trust, precautionary savings and home ownership ([2020]) |
| title_short |
Culture and portfolios |
| title_sort |
culture and portfolios trust precautionary savings and home ownership |
| title_sub |
trust, precautionary savings and home ownership |
| url |
https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2457~f88451401b.en.pdf?b2990d0ecb0d8d2360e3c908a16f3264, https://doi.org/10.2866/988878, http://hdl.handle.net/10419/229071 |
