We examine the effects of physiology and spiritual sentiment on economic decision-making in the context of Ramadan, an entire lunar month of daily fasting and increased spiritual reflection in the Muslim faith. Using an administrative data set of bank loans originated in Turkey during 2003 to 2013, we find that small business loans originated during Ramadan are 15% more likely to default within two years of origination. Loans originated in hot Ramadans, when adverse physiological effects of fasting are greatest, and those approved by the busiest bank branches perform worse. Despite their worse performance, Ramadan loans have lower credit spreads.

中文翻译：

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生理和精神因素会影响经济决策吗？

我们研究了在斋月的背景下，生理和精神情绪对经济决策的影响，斋月是整个农历一个月的每日禁食和穆斯林信仰中增加的精神反思。使用 2003 年至 2013 年期间源自土耳其的银行贷款的行政数据集，我们发现斋月期间发起的小企业贷款在两年内违约的可能性要高 15%。贷款起源于炎热的斋月，此时禁食的不利生理影响最大，而最繁忙的银行分行批准的贷款表现更差。尽管表现较差，斋月贷款的信用利差较低。