What Can We Learn About Financial Access from U.S. Immigrants?

FRB of Chicago Working Paper No. 2006-25

Networks Financial Institute Working Paper No. 2008-WP-05

37 Pages Posted: 7 Dec 2006

See all articles by Anna L. Paulson

Anna L. Paulson

Federal Reserve Bank of Chicago

Una Okonkwo Osili

Indiana University - Purdue University Indianapolis (IUPUI)

Multiple version iconThere are 2 versions of this paper

Date Written: May 2008

Abstract

We find that wealthier and more educated immigrants are more likely to make use of basic banking services and other formal financial services. Holding these (and other) factors constant, we find immigrants from countries with more effective institutions are more likely to have a relationship with a bank and use formal financial markets more extensively. The impact of institutional quality affects all immigrant groups except those who have been in the United States for more than 28 years. In addition institutional quality affects all immigrants, regardless of how old they were when they migrated to the United States These findings are robust to alternative measures of institutional effectiveness and to controlling for unobserved individual characteristics.

Keywords: financial access, institutions, financial market participation, immigrants

JEL Classification: O16, J61, G11

Suggested Citation

Paulson, Anna L. and Osili, Una Okonkwo, What Can We Learn About Financial Access from U.S. Immigrants? (May 2008). FRB of Chicago Working Paper No. 2006-25; Networks Financial Institute Working Paper No. 2008-WP-05. Available at SSRN: https://ssrn.com/abstract=949941 or http://dx.doi.org/10.2139/ssrn.949941

Anna L. Paulson (Contact Author)

Federal Reserve Bank of Chicago ( email )

230 South LaSalle Street
Chicago, IL 60604
United States
312 322 2169 (Phone)

Una Okonkwo Osili

Indiana University - Purdue University Indianapolis (IUPUI) ( email )

1309 E. 10th St.
Bloomington, IN 47405
United States

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