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1、No.2009–34WHEREANGELSFEARTOTRADE:THEROLEOFRELIGIONINHOUSEHOLDFINANCEByLucRenneboog,ChristopheSpaenjersMay2009ISSN0924-7815WHEREANGELSFEARTOTRADE:THEROLEOFRELIGIONINHOUSEHOLDFINANCE***LucRenneboogandChristopheSpaenjersAbstractAlthoughtherelationshipbetweenrelig
2、ionandeconomicdevelopmentonthemacro-levelhasbeeninvestigated,itislessclearhowreligiousbackgroundinfluenceseconomicattitudesandfinancialdecision-makingontheleveloftheindividualorhousehold,themicro-level.WeusepaneldatafromtheextensiveDNBHouseholdSurvey,coveringt
3、heperiodfrom1995to2008,toinvestigatewhether–andthroughwhichchannel–religiousdenominationaffectshouseholdfinanceintheNetherlands.Wefindevidencethat,ingeneral,religioushouseholdscaremoreaboutsaving,aremorerisk-averse,considerthemselvesmoretrusting,haveamoreexter
4、nallocusofcontrol,andhaveastrongerbequestmotive.Furthermore,CatholicsandProtestantshavelongerplanninghorizons,andProtestantsandEvangelicalsseemtohaveagreatersenseofindividualfinancialresponsibility.Mostofthesefactorsmatterforhouseholdfinancialdecision-making,a
5、lbeittodifferingdegrees.Usingourreligionvariablesasinstrumentsforeconomicattitudes(andcontrollingfordemographicandbackgroundriskcharacteristics),wedemonstratethattheabove-mentioneddifferencesineconomicbeliefsandpreferencesexplainthehigherpropensitytosavebyreli
6、gioushouseholdsingeneralandthelowerinvestmentsinriskyassetsbyCatholichouseholds.JELclassification:A1,D1,Z1.Keywords:EconomicAttitudes;Culture;Religion;Householdfinance;Portfoliochoice;Trust.*DepartmentofFinance,CentER,TilburgUniversity,P.O.Box90153,5000LETilbu
7、rg,theNetherlands.Tel:+31134663025.Fax:+31134662875.Email:Luc.Renneboog@uvt.nl**DepartmentofFinance,CentER,TilburgUniversity,P.O.Box90153,5000LETilburg,theNetherlands.Tel:+31134668760.Fax:+31134662875.Email:C.Spaenjers@uvt.nlTheauthorswouldliketothankCentERdat
8、aforhelpinthedatacollection,andFabioBraggion,MarcelDas,MichaelHaliassos,StafHellemans,DickdenHertog,TullioJappelli,BertrandMelenberg,andVeraToepoelforvaluablecommentsandsuggestions
