Journal
JOURNAL OF BANKING & FINANCE
Volume 36, Issue 12, Pages 3399-3414Publisher
ELSEVIER
DOI: 10.1016/j.jbankfin.2012.07.028
Keywords
Financial literacy; Social interaction; Social networks; Indian caste system
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This paper empirically investigates the relevance of social interaction and caste affiliation for individual awareness of financial instruments and investment behavior of households in India. The results of our empirical analysis, which is based on a large scale survey on saving patterns of Indians, suggest a positive relationship between financial literacy and social interaction. However, especially backward caste people living in regions with a large fraction of backward castes have a lower probability of being aware of various financial instruments. In contrast, we find only weak empirical evidence for a direct effect of caste affiliation and social interaction on investment behavior. (C) 2012 Elsevier B.V. All rights reserved.
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