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宏观经济学workshop: Financial Shocks and Porfolio Preferences: Evidence from the Failure of the Freedmen's Savings Bank
发布日期：2024-03-08 12:00 来源：
题目: Financial Shocks and Porfolio Preferences: Evidence from the Failure of the Freedmen's Savings Bank
主讲人：Gary Richardson (University of California at Irving)
摘要：This paper examines the long-term impact on portfolio preferences for individuals who experience financial shocks. The Freedmen's Savings Bank was the first financial intitution in which most Black Americans invested. It held the deposits of most recently freed slaves. Ten years after emancipation, the FSB failed, trapping the savings of most recently freed Black Americans, who eventually lost almost half of their savings. Our difference-in-difference methods show that men and women who lost funds in the Freedmen's bank collapse deposited fewer funds in banks in the future and instead shifted their savings towards a competing financial product issued by life insurance companies. Impacted individuals retained these preferences throughout their lives, even after moving to new locations far from where they had been enslaved or lost their desposits. They also passed these preferences to their childrens and, after migration, may have passed them to their new neighbors.
时间：2024年3月8日 上午10:00 – 11:30
地点：承泽园131教室
主讲人简介：Gary Richardson is currently Professor at the Department of Economics, University of California at Irvine.He received his Ph.D. in Economics from University of California at Berkeley at 1999. He is currently faculty research associate at the National Bureau of Economic Research. His research focuses on economic history, financial markets and macroeconomics. His research has been published in the Journal of Political Economy, Journal of Economic History and many other top journals.
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宏观经济学workshop: Financial Shocks and Porfolio Preferences: Evidence from the Failure of the Freedmen's Savings Bank
发布日期：2024-03-08 12:00 来源：
题目: Financial Shocks and Porfolio Preferences: Evidence from the Failure of the Freedmen's Savings Bank
主讲人：Gary Richardson (University of California at Irving)
摘要：This paper examines the long-term impact on portfolio preferences for individuals who experience financial shocks. The Freedmen's Savings Bank was the first financial intitution in which most Black Americans invested. It held the deposits of most recently freed slaves. Ten years after emancipation, the FSB failed, trapping the savings of most recently freed Black Americans, who eventually lost almost half of their savings. Our difference-in-difference methods show that men and women who lost funds in the Freedmen's bank collapse deposited fewer funds in banks in the future and instead shifted their savings towards a competing financial product issued by life insurance companies. Impacted individuals retained these preferences throughout their lives, even after moving to new locations far from where they had been enslaved or lost their desposits. They also passed these preferences to their childrens and, after migration, may have passed them to their new neighbors.
时间：2024年3月8日 上午10:00 – 11:30
地点：承泽园131教室
主讲人简介：Gary Richardson is currently Professor at the Department of Economics, University of California at Irvine.He received his Ph.D. in Economics from University of California at Berkeley at 1999. He is currently faculty research associate at the National Bureau of Economic Research. His research focuses on economic history, financial markets and macroeconomics. His research has been published in the Journal of Political Economy, Journal of Economic History and many other top journals.
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