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Does social capital prevent macroeconomic instability?

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Author Info
Marc Sangnier
Abstract

This paper investigates the relationship between social capital, measured as trust, and macroeconomic instability. It is shown in a cross section of countries that higher trust is associated with lower macroeconomic instability. We use the inherited trust of Americans as an instrumental variable of trust in their origin country to overcome all potential reverse causality concerns. Trust is shown to be an important determinant of macroeconomic stability.

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Paper provided by PSE (Ecole normale supérieure) in its series PSE Working Papers with number 2009-40.

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Date of creation: 2009
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Handle: RePEc:pse:psecon:2009-40

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