The Financial Assimilation of an Immigrant Group:Evidence on the Use of Checking and Savings Accounts and Currency Exchanges

摘要

This article examines the determinants of financial market participation for a particular group of immigrants: Hmong refugees in Minneapolis/St. Paul, Minnesota. Our findings indicate that controlling for income and education, Hmong immigrants are less likely to have savings accounts and credit cards and are more likely to use currency exchanges, compared to randomly selected non-Hmong households living in the same neighborhoods. However, these effects are mitigated by time spent in the US. Financial assimilation appears to take 15-20 years. These findings expand our understanding of immigrant assimilation and highlight some of the complexities associated with the process of assimilation.