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Intra-cultural variation in individualism and credit discouragement

Author

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  • Bertrand, Jérémie
  • Febo, Valentina

Abstract

Borrower discouragement occurs when eligible firms avoid applying for credit due to anticipated rejection. Using data from the World Bank’s Enterprise Surveys and cultural measures from the World Values Survey, we show that intra-cultural variation in individualism increases discouragement, thereby advancing insights about cultural effects on economic behavior and access to credit.

Suggested Citation

  • Bertrand, Jérémie & Febo, Valentina, 2026. "Intra-cultural variation in individualism and credit discouragement," Economics Letters, Elsevier, vol. 259(C).
    • Handle: RePEc:eee:ecolet:v:259:y:2026:i:c:s0165176525006330
    DOI: 10.1016/j.econlet.2025.112796
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    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G51 - Financial Economics - - Household Finance - - - Household Savings, Borrowing, Debt, and Wealth
    • Z10 - Other Special Topics - - Cultural Economics - - - General

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