IDEAS home Printed from https://ideas.repec.org/a/eee/jcecon/v43y2015i2p371-389.html
   My bibliography  Save this article

Globalization and the transmission of social values: The case of tolerance

Author

Listed:
  • Berggren, Niclas
  • Nilsson, Therese

Abstract

Tolerance – respecting those who are different – is arguably of particular importance in an era of globalization, where a potential for economic, social and personal development is increasingly a function of interaction with others different from oneself. We investigate whether globalization induces parents to want to instill tolerance in their children, the main idea being that this quality would equip children for greater success in a more integrated world. Using a survey measure, we indeed find that globalization enhances the willingness to transmit such social values. More precisely, economic and social, but not to the same extent political, globalization has this effect, as shown by using the KOF Index of Globalization in regression analysis of up to 59 countries. Extreme bounds analysis and outlier tests indicate robustness. Overall, our results suggest that certain kinds of globalization seem able to shape values in ways considered desirable by many.

Suggested Citation

  • Berggren, Niclas & Nilsson, Therese, 2015. "Globalization and the transmission of social values: The case of tolerance," Journal of Comparative Economics, Elsevier, vol. 43(2), pages 371-389.
  • Handle: RePEc:eee:jcecon:v:43:y:2015:i:2:p:371-389
    DOI: 10.1016/j.jce.2015.02.005
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0147596715000293
    Download Restriction: Full text for ScienceDirect subscribers only

    File URL: https://libkey.io/10.1016/j.jce.2015.02.005?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to look for a different version below or search for a different version of it.

    Other versions of this item:

    References listed on IDEAS

    as
    1. Jeffrey V. Butler & Paola Giuliano & Luigi Guiso, 2015. "Trust, Values, And False Consensus," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 56(3), pages 889-915, August.
    2. Alesina, Alberto & Devleeschauwer, Arnaud & Easterly, William & Kurlat, Sergio & Wacziarg, Romain, 2003. "Fractionalization," Journal of Economic Growth, Springer, vol. 8(2), pages 155-194, June.
    3. Martin Gassebner & Noel Gaston & Michael J. Lamla, 2011. "The Inverse Domino Effect: Are Economic Reforms Contagious?," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 52(1), pages 183-200, February.
    4. Sandra E. Black & Elizabeth Brainerd, 2004. "Importing Equality? The Impact of Globalization on Gender Discrimination," ILR Review, Cornell University, ILR School, vol. 57(4), pages 540-559, July.
    5. Barry Eichengreen & David Leblang, 2008. "Democracy And Globalization," Economics and Politics, Wiley Blackwell, vol. 20(3), pages 289-334, November.
    6. Gehring, Kai, 2013. "Who Benefits from Economic Freedom? Unraveling the Effect of Economic Freedom on Subjective Well-Being," World Development, Elsevier, vol. 50(C), pages 74-90.
    7. Axel Dreher & Peter Nunnenkamp & Rainer Thiele, 2008. "Does US aid buy UN general assembly votes? A disaggregated analysis," Public Choice, Springer, vol. 136(1), pages 139-164, July.
    8. Alberto Alesina & Paola Giuliano, 2010. "The power of the family," Journal of Economic Growth, Springer, vol. 15(2), pages 93-125, June.
    9. Alberto Bisin & Thierry Verdier, 2000. ""Beyond the Melting Pot": Cultural Transmission, Marriage, and the Evolution of Ethnic and Religious Traits," The Quarterly Journal of Economics, Oxford University Press, vol. 115(3), pages 955-988.
    10. Niclas Berggren & Henrik Jordahl, 2006. "Free to Trust: Economic Freedom and Social Capital," Kyklos, Wiley Blackwell, vol. 59(2), pages 141-169, May.
    11. Potrafke, Niklas & Ursprung, Heinrich W., 2012. "Globalization and gender equality in the course of development," European Journal of Political Economy, Elsevier, vol. 28(4), pages 399-413.
    12. Stefano DellaVigna & Ethan Kaplan, 2007. "The Fox News Effect: Media Bias and Voting," The Quarterly Journal of Economics, Oxford University Press, vol. 122(3), pages 1187-1234.
    13. Alberto Chong & Eliana La Ferrara, 2009. "Television and Divorce: Evidence from Brazilian Novelas," Journal of the European Economic Association, MIT Press, vol. 7(2-3), pages 458-468, 04-05.
    14. Becker, Gary S., 1971. "The Economics of Discrimination," University of Chicago Press Economics Books, University of Chicago Press, edition 2, number 9780226041162, Febrero.
    15. Christian Bjørnskov & Axel Dreher & Justina Fischer, 2008. "Cross-country determinants of life satisfaction: exploring different determinants across groups in society," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 30(1), pages 119-173, January.
    16. La Porta, Rafael & Lopez-de-Silanes, Florencio & Shleifer, Andrei & Vishny, Robert, 1999. "The Quality of Government," Journal of Law, Economics, and Organization, Oxford University Press, vol. 15(1), pages 222-279, April.
    17. Robert Jensen & Emily Oster, 2009. "The Power of TV: Cable Television and Women's Status in India," The Quarterly Journal of Economics, Oxford University Press, vol. 124(3), pages 1057-1094.
    18. Axel Dreher & Jan-Egbert Sturm & Heinrich Ursprung, 2008. "The impact of globalization on the composition of government expenditures: Evidence from panel data," Public Choice, Springer, vol. 134(3), pages 263-292, March.
    19. Guido Tabellini, 2010. "Culture and Institutions: Economic Development in the Regions of Europe," Journal of the European Economic Association, European Economic Association, vol. 8(4), pages 677-716, June.
    20. Coneus, Katja & Laucht, Manfred & Reuß, Karsten, 2012. "The role of parental investments for cognitive and noncognitive skill formation—Evidence for the first 11 years of life," Economics & Human Biology, Elsevier, vol. 10(2), pages 189-209.
    21. Axel Dreher & Jan-Egbert Sturm, 2012. "Do the IMF and the World Bank influence voting in the UN General Assembly?," Public Choice, Springer, vol. 151(1), pages 363-397, April.
    22. Eliana La Ferrara & Alberto Chong & Suzanne Duryea, 2012. "Soap Operas and Fertility: Evidence from Brazil," American Economic Journal: Applied Economics, American Economic Association, vol. 4(4), pages 1-31, October.
    23. Bergh, Andreas & Nilsson, Therese, 2010. "Good for Living? On the Relationship between Globalization and Life Expectancy," World Development, Elsevier, vol. 38(9), pages 1191-1203, September.
    24. Alberto Chong & Eliana La Ferrara, 2009. "Television and Divorce: Evidence from Brazilian Novelas," Journal of the European Economic Association, MIT Press, vol. 7(2-3), pages 458-468, 04-05.
    25. Daniel Zerfu Gurara, 2013. "This paper presents a macroeconometric model of Rwanda. The model is constructed to analyze the macroeconomic effects of various policy interventions. It captures the supply constrained nature of the ," Working Paper Series 476, African Development Bank.
    26. Christian Bjørnskov & Pierre-Guillaume Méon, 2013. "Is trust the missing root of institutions, education, and development?," Post-Print CEB, ULB -- Universite Libre de Bruxelles, vol. 157(3-4), pages 641-669, December.
    27. Atkinson, A B, 1997. "Bringing Income Distribution in from the Cold," Economic Journal, Royal Economic Society, vol. 107(441), pages 297-321, March.
    28. Christian Bjørnskov, 2007. "Determinants of generalized trust: A cross-country comparison," Public Choice, Springer, vol. 130(1), pages 1-21, January.
    29. Wilhelm, Mark Ottoni & Brown, Eleanor & Rooney, Patrick M. & Steinberg, Richard, 2008. "The intergenerational transmission of generosity," Journal of Public Economics, Elsevier, vol. 92(10-11), pages 2146-2156, October.
    30. Niclas Berggren & Therese Nilsson, 2013. "Does Economic Freedom Foster Tolerance?," Kyklos, Wiley Blackwell, vol. 66(2), pages 177-207, May.
    31. Hessami, Zohal, 2011. "Globalization's winners and losers--Evidence from life satisfaction data, 1975-2001," Economics Letters, Elsevier, vol. 112(3), pages 250-253, September.
    32. Bergh, Andreas & Nilsson, Therese, 2010. "Do liberalization and globalization increase income inequality?," European Journal of Political Economy, Elsevier, vol. 26(4), pages 488-505, December.
    33. Niclas Berggren & Mikael Elinder, 2012. "Is tolerance good or bad for growth?," Public Choice, Springer, vol. 150(1), pages 283-308, January.
    34. Corneo, Giacomo & Jeanne, Olivier, 2009. "A theory of tolerance," Journal of Public Economics, Elsevier, vol. 93(5-6), pages 691-702, June.
    35. David Mcgranahan & Timothy Wojan, 2007. "Recasting the Creative Class to Examine Growth Processes in Rural and Urban Counties," Regional Studies, Taylor & Francis Journals, vol. 41(2), pages 197-216.
    36. Bergh, Andreas & Nilsson, Therese, 2009. "Good for Living? On the Relation between Globalization and Life Expectancy," Ratio Working Papers 136, The Ratio Institute.
    37. Licht, Amir N. & Goldschmidt, Chanan & Schwartz, Shalom H., 2007. "Culture rules: The foundations of the rule of law and other norms of governance," Journal of Comparative Economics, Elsevier, vol. 35(4), pages 659-688, December.
    38. Huisman, Janine & Smits, Jeroen, 2009. "Effects of Household- and District-Level Factors on Primary School Enrollment in 30 Developing Countries," World Development, Elsevier, vol. 37(1), pages 179-193, January.
    39. Axel Dreher & Noel Gaston, 2008. "Has Globalization Increased Inequality?," Review of International Economics, Wiley Blackwell, vol. 16(3), pages 516-536, August.
    40. Matthias Doepke & Fabrizio Zilibotti, 2017. "Parenting With Style: Altruism and Paternalism in Intergenerational Preference Transmission," Econometrica, Econometric Society, vol. 85, pages 1331-1371, September.
    41. Niklas Potrafke, 2015. "The Evidence on Globalisation," The World Economy, Wiley Blackwell, vol. 38(3), pages 509-552, March.
    42. Richard Florida & Charlotta Mellander & Kevin Stolarick, 2008. "Inside the black box of regional development: human capital, the creative class and tolerance," Journal of Economic Geography, Oxford University Press, vol. 8(5), pages 615-649, September.
    43. Rebekka Christopoulou & Ahmed Jaber & Dean R. Lillard, 2013. "The Inter-generational and Social Transmission of Cultural Traits: Theory and Evidence from Smoking Behavior," NBER Working Papers 19304, National Bureau of Economic Research, Inc.
    44. Klasing, Mariko J., 2013. "Cultural dimensions, collective values and their importance for institutions," Journal of Comparative Economics, Elsevier, vol. 41(2), pages 447-467.
    45. Michelle A. Mendez & Barry M. Popkin, 2004. "Globalization, Urbanization and Nutritional Change in the Developing World," The Electronic Journal of Agricultural and Development Economics, Food and Agriculture Organization of the United Nations, vol. 1(2), pages 220-241.
    46. Stanley Fischer, 2003. "Globalization and Its Challenges," American Economic Review, American Economic Association, vol. 93(2), pages 1-30, May.
    47. Stephanie Meinhard & Niklas Potrafke, 2012. "The Globalization–Welfare State Nexus Reconsidered," Review of International Economics, Wiley Blackwell, vol. 20(2), pages 271-287, May.
    48. Ermisch, John & Gambetta, Diego, 2010. "Do strong family ties inhibit trust?," Journal of Economic Behavior & Organization, Elsevier, vol. 75(3), pages 365-376, September.
    49. Heather Congdon Fors, 2014. "Social Globalization and Child Labor: A Cross-country Analysis," The Developing Economies, Institute of Developing Economies, vol. 52(2), pages 125-153, June.
    50. Harminder Battu & Yves Zenou, 2010. "Oppositional Identities and Employment for Ethnic Minorities: Evidence from England," Economic Journal, Royal Economic Society, vol. 120(542), pages 52-71, February.
    51. Gianmarco I.P. Ottaviano & Giovanni Peri, 2021. "The economic value of cultural diversity: evidence from US cities," World Scientific Book Chapters, in: Firms and Workers in a Globalized World Larger Markets, Tougher Competition, chapter 7, pages 187-222, World Scientific Publishing Co. Pte. Ltd..
    52. Bisin, Alberto & Verdier, Thierry, 2001. "The Economics of Cultural Transmission and the Dynamics of Preferences," Journal of Economic Theory, Elsevier, vol. 97(2), pages 298-319, April.
    53. Barro, Robert J. & Lee, Jong Wha, 2013. "A new data set of educational attainment in the world, 1950–2010," Journal of Development Economics, Elsevier, vol. 104(C), pages 184-198.
    54. Axel Dreher, 2006. "Does globalization affect growth? Evidence from a new index of globalization," Applied Economics, Taylor & Francis Journals, vol. 38(10), pages 1091-1110.
    55. Luigi Guiso & Paola Sapienza & Luigi Zingales, 2009. "Cultural Biases in Economic Exchange?," The Quarterly Journal of Economics, Oxford University Press, vol. 124(3), pages 1095-1131.
    56. Thomas Dohmen & Armin Falk & David Huffman & Uwe Sunde, 2012. "The Intergenerational Transmission of Risk and Trust Attitudes," Review of Economic Studies, Oxford University Press, vol. 79(2), pages 645-677.
    57. Berggren, Niclas & Bjørnskov, Christian, 2011. "Is the importance of religion in daily life related to social trust? Cross-country and cross-state comparisons," Journal of Economic Behavior & Organization, Elsevier, vol. 80(3), pages 459-480.
    58. Indra de Soysa & Krishna Chaitanya Vadlamannati, 2011. "Does Being Bound Together Suffocate, or Liberate? The Effects of Economic, Social, and Political Globalization on Human Rights, 1981–2005," Kyklos, Wiley Blackwell, vol. 64(1), pages 20-53, February.
    59. Andreas Bergh & Martin Karlsson, 2010. "Government size and growth: Accounting for economic freedom and globalization," Public Choice, Springer, vol. 142(1), pages 195-213, January.
    60. Joseph Henrich & Robert Boyd & Samuel Bowles & Colin Camerer & Ernst Fehr & Herbert Gintis & Richard McElreath, 2001. "Cooperation, Reciprocity and Punishment in Fifteen Small-scale Societies," Working Papers 01-01-007, Santa Fe Institute.
    61. Alain Kabundi, 2012. "Working Paper 152 - Dynamics of Inflation in Uganda," Working Paper Series 401, African Development Bank.
    62. Samuel Bowles, 1998. "Endogenous Preferences: The Cultural Consequences of Markets and Other Economic Institutions," Journal of Economic Literature, American Economic Association, vol. 36(1), pages 75-111, March.
    63. Satoshi Machida, 2012. "Does Globalization Render People More Ethnocentric? Globalization and People's Views on Cultures," American Journal of Economics and Sociology, Wiley Blackwell, vol. 71(2), pages 436-469, April.
    64. Axel Dreher & Martin Gassebner & Lars-H. R. Siemers, 2012. "Globalization, Economic Freedom, and Human Rights," Journal of Conflict Resolution, Peace Science Society (International), vol. 56(3), pages 516-546, June.
    65. David Cesarini & Christopher T. Dawes & Magnus Johannesson & Paul Lichtenstein & Björn Wallace, 2009. "Genetic Variation in Preferences for Giving and Risk Taking," The Quarterly Journal of Economics, Oxford University Press, vol. 124(2), pages 809-842.
    66. Kenneth Scheve & Matthew J. Slaughter, 2004. "Economic Insecurity and the Globalization of Production," American Journal of Political Science, John Wiley & Sons, vol. 48(4), pages 662-674, October.
    67. World Bank, 2011. "World Development Indicators 2011," World Bank Publications - Books, The World Bank Group, number 2315, December.
    68. Congdon Fors, Heather, 2012. "Social Globalization and Child Labor," Working Papers in Economics 533, University of Gothenburg, Department of Economics.
    69. Coneus, Katja & Sprietsma, Maresa, 2009. "Intergenerational transmission of human capital in early childhood," ZEW Discussion Papers 09-038, ZEW - Leibniz Centre for European Economic Research.
    70. Seo-Young Cho, 2012. "Integrating Equality: Globalization, Women's Rights, and Human Trafficking," Economics of Security Working Paper Series 69, DIW Berlin, German Institute for Economic Research.
    71. Adrienne Armstrong, 1981. "The Political Consequences of Economic Dependence," Journal of Conflict Resolution, Peace Science Society (International), vol. 25(3), pages 401-428, September.
    72. Bergh , Andreas & Nilsson, Therese, 2008. "Do economic liberalization and globalization increase income inequality?," Working Papers 2008:12, Lund University, Department of Economics.
    73. repec:hrv:faseco:30747160 is not listed on IDEAS
    74. Martin Ljunge, 2011. "Trust Issues: Evidence from Second Generation Immigrants," Discussion Papers 11-31, University of Copenhagen. Department of Economics.
    75. Robert Andersen & Tina Fetner, 2008. "Economic Inequality and Intolerance: Attitudes toward Homosexuality in 35 Democracies," American Journal of Political Science, John Wiley & Sons, vol. 52(4), pages 942-958, October.
    76. Sandholtz, Wayne & Gray, Mark M., 2003. "International Integration and National Corruption," International Organization, Cambridge University Press, vol. 57(4), pages 761-800, October.
    77. Jagdish N. Bhagwati, 2004. "In Defense of Globalization: It Has a Human Face," Rivista di Politica Economica, SIPI Spa, vol. 94(6), pages 9-20, November-.
    78. Raquel Fernández & Alessandra Fogli & Claudia Olivetti, 2004. "Mothers and Sons: Preference Formation and Female Labor Force Dynamics," The Quarterly Journal of Economics, Oxford University Press, vol. 119(4), pages 1249-1299.
    79. Ljunge, Martin, 2014. "Trust issues: Evidence on the intergenerational trust transmission among children of immigrants," Journal of Economic Behavior & Organization, Elsevier, vol. 106(C), pages 175-196.
    80. Alli D. Mukasa & Emelly Mutambatsere & Yannis Arvanitis & Thouraya Triki, 2013. "Working Paper 170 - Development of Wind Energy in Africa," Working Paper Series 449, African Development Bank.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Niclas Berggren & Therese Nilsson, 2013. "Does Economic Freedom Foster Tolerance?," Kyklos, Wiley Blackwell, vol. 66(2), pages 177-207, May.
    2. Björn Kauder & Niklas Potrafke, 2015. "Globalization and social justice in OECD countries," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 151(2), pages 353-376, May.
    3. Johansson, Alva & Berggren, Niclas & Nilsson, Therese, 2021. "Intolerance Predicts Climate Skepticism," Working Paper Series 1416, Research Institute of Industrial Economics.
    4. Niklas Potrafke, 2015. "The Evidence on Globalisation," The World Economy, Wiley Blackwell, vol. 38(3), pages 509-552, March.
    5. Berggren, Niclas & Nilsson, Therese, 2016. "Tolerance in the United States: Does economic freedom transform racial, religious, political and sexual attitudes?," European Journal of Political Economy, Elsevier, vol. 45(S), pages 53-70.
    6. Potrafke, Niklas & Ursprung, Heinrich W., 2012. "Globalization and gender equality in the course of development," European Journal of Political Economy, Elsevier, vol. 28(4), pages 399-413.
    7. Alberto Bisin & Thierry Verdier, 2010. "The Economics of Cultural Transmission and Socialization," Post-Print halshs-00754788, HAL.
    8. Muhammad Tariq Majeed & Shamsa Kanwal, 2019. "The Global Integration and Transmission of Social Values: A Case of Family Ties," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 141(2), pages 703-729, January.
    9. Ljunge, Martin, 2014. "Trust issues: Evidence on the intergenerational trust transmission among children of immigrants," Journal of Economic Behavior & Organization, Elsevier, vol. 106(C), pages 175-196.
    10. Niklas Potrafke, 2016. "Policies against human trafficking: the role of religion and political institutions," Economics of Governance, Springer, vol. 17(4), pages 353-386, November.
    11. Potrafke, Niklas, 2013. "Globalization and labor market institutions: International empirical evidence," Journal of Comparative Economics, Elsevier, vol. 41(3), pages 829-842.
    12. Zubair, Maria & Khanum, Ayesha & Nasir, Marjan, 2018. "Transfer Of Behavioral Traits From Parents To Children: An Experimental Approach," MPRA Paper 92121, University Library of Munich, Germany.
    13. Durante, Ruben, 2009. "Risk, Cooperation and the Economic Origins of Social Trust: an Empirical Investigation," MPRA Paper 25887, University Library of Munich, Germany.
    14. Niclas Berggren & Mikael Elinder, 2012. "Is tolerance good or bad for growth?," Public Choice, Springer, vol. 150(1), pages 283-308, January.
    15. Niklas Potrafke & Heinrich Ursprung, 2011. "Globalization and Gender Equality in Developing Countries," Working Paper Series of the Department of Economics, University of Konstanz 2011-33, Department of Economics, University of Konstanz.
    16. Young, Andrew T. & Tackett, Maria Y., 2018. "Globalization and the decline in labor shares: Exploring the relationship beyond trade and financial flows," European Journal of Political Economy, Elsevier, vol. 52(C), pages 18-35.
    17. Castellani, Marco, 2019. "Does culture matter for the economic performance of countries? An overview of the literature," Journal of Policy Modeling, Elsevier, vol. 41(4), pages 700-717.
    18. Niklas Potrafke, 2019. "The globalisation–welfare state nexus: Evidence from Asia," The World Economy, Wiley Blackwell, vol. 42(3), pages 959-974, March.
    19. Durante, Ruben & Labartino, Giovanna & Perotti, Roberto, 2011. "Academic Dynasties: Decentralization and Familism in the Italian Academia," CEPR Discussion Papers 8645, C.E.P.R. Discussion Papers.
    20. Bredtmann, Julia & Höckel, Lisa Sofie & Otten, Sebastian, 2020. "The intergenerational transmission of gender role attitudes: Evidence from immigrant mothers-in-law," Journal of Economic Behavior & Organization, Elsevier, vol. 179(C), pages 101-115.

    More about this item

    Keywords

    Globalization; Tolerance; Social values; Children; Transmission;
    All these keywords.

    JEL classification:

    • F01 - International Economics - - General - - - Global Outlook
    • F10 - International Economics - - Trade - - - General
    • P45 - Economic Systems - - Other Economic Systems - - - International Linkages
    • Z13 - Other Special Topics - - Cultural Economics - - - Economic Sociology; Economic Anthropology; Language; Social and Economic Stratification

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:jcecon:v:43:y:2015:i:2:p:371-389. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: . General contact details of provider: http://www.elsevier.com/locate/inca/622864 .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/inca/622864 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.