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Cross-country private saving heterogeneity and culture

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  • Castro Campos M. de
  • Kool C.J.M.
  • Muysken J.

    (GSBE)

Abstract

Motivated by the dominant role of cross-country heterogeneity in private saving in the creation of Eurozone imbalances over the past decade, we empirically investigate the determinants of private saving for a sample of 30 OECD countries over the period 1990-2010. In addition to standard macroeconomic variables, we include three country-specific cultural indicators, derived from the World and European Value Surveys. We find these three variables - thrift, trust and religiosity - to significantly contribute to the explanation of cross-country saving heterogeneity both for the OECD group at large and for the Eurozone countries seperately.

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File URL: http://pub.maastrichtuniversity.nl/686a58bb-7d9f-48f5-9c2a-b04bdf1098a6
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Bibliographic Info

Paper provided by Maastricht University, Graduate School of Business and Economics (GSBE) in its series Research Memorandum with number 013.

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Date of creation: 2013
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Handle: RePEc:unm:umagsb:2013013

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Postal: P.O. Box 616, 6200 MD Maastricht
Phone: +31 (0)43 38 83 830
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Web page: http://www.maastrichtuniversity.nl/
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Keywords: Single Equation Models; Single Variables: Truncated and Censored Models; Switching Regression Models; Production; Cost; Capital; Capital; Total Factor; and Multifactor Productivity; Capacity; Technological Change; Research and Development; Intellectual Property Rights: General; Measurement of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence;

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  24. Knack, Stephen & Keefer, Philip, 1997. "Does Social Capital Have an Economic Payoff? A Cross-Country Investigation," The Quarterly Journal of Economics, MIT Press, vol. 112(4), pages 1251-88, November.
  25. Florian Pelgrin & Alain de Serres, 2003. "The Decline in Private Saving Rates in the 1990s in OECD Countries: How Much Can Be Explained by Non-wealth Determinants?," OECD Economic Studies, OECD Publishing, vol. 2003(1), pages 117-153.
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