From Patriarchy to Partnership: Gender Equality and Household Finance

62 Pages Posted: 17 Aug 2020 Last revised: 11 Feb 2022

See all articles by Luana Zaccaria

Luana Zaccaria

Einaudi Institute for Economics and Finance (EIEF)

Luigi Guiso

Einaudi Institute for Economics and Finance (EIEF); Einaudi Institute for Economics and Finance

Date Written: July 15, 2020

Abstract

We obtain a model-driven measure of gender norms on intra-household financial decision making by leveraging dramatic variation across Italian cohorts and regions in the gender of the household head. We use these estimates to identify the effects of gender parity on household financial decisions. More egalitarian norms increase household participation in financial markets, equity holdings, asset diversification, and returns on investments. This evidence suggests that gender roles can have large economic costs. Consistent with this view, we show that patriarchal norms began receding in the early 1990s, when a pension reform made it too costly to comply with traditional roles.

Keywords: Household Finance, Social Norms, Gender Equality

JEL Classification: D14, G11, G41

Suggested Citation

Zaccaria, Luana and Guiso, Luigi and Guiso, Luigi, From Patriarchy to Partnership: Gender Equality and Household Finance (July 15, 2020). Available at SSRN: https://ssrn.com/abstract=3652376 or http://dx.doi.org/10.2139/ssrn.3652376

Luana Zaccaria (Contact Author)

Einaudi Institute for Economics and Finance (EIEF) ( email )

Via Sallustiana, 62
Rome, 00187
Italy

Luigi Guiso

Einaudi Institute for Economics and Finance ( email )

Via Sallustiana 62
rome, 00187
Italy

Einaudi Institute for Economics and Finance (EIEF) ( email )

Via Sallustiana 62
Rome, 00187
Italy
+39 06 4792 4858 (Phone)
+39 06 4792 4872 (Fax)

HOME PAGE: http://www.eief.it/faculty-visitors/faculty-a-z/luigi-guiso/

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