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Cross-Country Private Saving Heterogeneity and Culture

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  • M. de Castro Campos

    ()

  • Clemens Kool

    ()

  • J. Muysken

    ()

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 separately.

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Bibliographic Info

Paper provided by Utrecht School of Economics in its series Working Papers with number 13-02.

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Length: 24 pages
Date of creation: Mar 2013
Date of revision:
Handle: RePEc:use:tkiwps:1302

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Keywords: culture; institutions; current account; Eurozone imbalances;

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  1. Alain de Serres & Florian Pelgrin, 2002. "The Decline in Private Saving Rates in the 1990s in OECD Countries: How Much Can be Explained by Non-Wealth Determinants?," OECD Economics Department Working Papers 344, OECD Publishing.
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  17. Efendic, Adnan & Pugh, Geoff & Adnett, Nick, 2011. "Institutions and economic performance: A meta-regression analysis," European Journal of Political Economy, Elsevier, vol. 27(3), pages 586-599, September.
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  22. Carroll, Christopher D & Rhee, Byung-Kun & Rhee, Changyong, 1994. "Are There Cultural Effects on Saving? Some Cross-Sectional Evidence," The Quarterly Journal of Economics, MIT Press, vol. 109(3), pages 685-99, August.
  23. Fernández, Raquel, 2010. "Does Culture Matter?," CEPR Discussion Papers 7965, C.E.P.R. Discussion Papers.
  24. Nils Holinski & Clemens Kool & Joan Muysken, 2012. "Persistent macroeconomic imbalances in the Euro area: causes and consequences," Review, Federal Reserve Bank of St. Louis, issue Jan, pages 1-20.
  25. 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.
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