Mayssun El-Attar|Markus Poschke
Trust and the Choice Between Housing and Financial Assets: Evidence from Spanish Households*
IZA - Institute of Labor Economics|IZA - Institute of Labor Economics|McGill University
trusting behavior shown affect households portfolio choice risky riskfree financial assets extend analysis include dominant component households portfolios real estate using data european social survey estimate individuallevel trust applying hierarchical item response model combining estimates data spanish households financial decisions survey household finances show households less trust invest housing less financial assets particular risky ones trust thus may drive limited stock market participation also financial development generally