Does Cultural Origin Affect Saving Behavior? Evidence from Immigrants

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Abstract
Because eorts to explain international saving dierentials using tranditional eco- nomic variables have not been very successful (Bosworth, 1993), some economists have proposed that national saving dierences reect cultural dierences. We at- tempt to test that hypothesis by using data from the US Census to examine whether immigrants to the US from high-saving countries tend to save more than immigrants from low-saving countries. While we do nd highly statistically signicant dier- ences in immigrants' saving behavior by country of origin, those dierences do not match up with the dierences in national saving rates. In particular, immigrants from high-saving Asian countries do not save more than other immigrants.

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