The Federal Reserve Bank of New York works to promote sound and well-functioning financial systems and markets through its provision of industry and payment services, advancement of infrastructure reform in key markets and training and educational support to international institutions.
Regional & Community Outreach connects the Bank to Main Street via structured dialogues and two-way conversations on small business, mortgages, and household credit.
Economic Education improves public knowledge about the Federal Reserve System, monetary policy implementation, and promoting financial stability through the Museum and programs for K-16 students and educators, and the community.
Little is known about the behavior of Madrassa (Islamic religious seminaries) students, how Madrassas shape their behavior, and how other groups in their communities interact with them. To investigate this, we use experimental data that we collected from students pursuing bachelor’s-equivalent degrees in Madrassas and other educational institutions of distinct religious tendencies and socioeconomic background in Pakistan. First, we find that Madrassa students are the most trusting, exhibit the highest level of other-regarding behavior, and expect others to be the most trustworthy. Second, there is a high level of trust among all groups. Third, within each institution group, we fail to find evidence of in-group bias or systematic out-group bias either in trust or tastes. Fourth, we find that students from certain backgrounds underestimate the trustworthiness of Madrassa students.