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The impact of national culture on systemic risk

Author

Listed:
  • Alin Marius Andries

    (UAIC - Alexandru Ioan Cuza University of Iași = Universitatea Alexandru Ioan Cuza din Iași, Romanian Academy)

  • Daniela Balutel

    (LEO - Laboratoire d'Économie d'Orleans [2022-...] - UO - Université d'Orléans - UT - Université de Tours - UCA - Université Clermont Auvergne, UAIC - Alexandru Ioan Cuza University of Iași = Universitatea Alexandru Ioan Cuza din Iași)

Abstract

We investigate the effects of national culture on systemic risk using a comprehensive dataset from global banks in 58 countries over the period 2003–2016. Our results reveal that systemic risk measures are associated with cultural values. In particular, our results show that individualism and masculinity are the main drivers of banks' contribution to systemic risk. In addition, the impact of cultural variables on the systemic risk measures is nonlinear. This variation may be driven by both information in the national cultural measures and the skewness of the systemic risk measures. The findings have implications for prudential policies: designing uniform prudential and regulatory policies in banking to avoid financial distress for countries with heterogeneous cultures might not have the desire impact; rather, they might be more effective if the type of culture in each individual country is considered.
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Alin Marius Andries & Daniela Balutel, 2022. "The impact of national culture on systemic risk," Post-Print hal-03857156, HAL.
    • Handle: RePEc:hal:journl:hal-03857156
    DOI: 10.1016/j.ecosys.2022.100972
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    Cited by:

    1. Nistor, Simona & Fărcaș, Ioana Georgiana, 2025. "Does national culture affect macroprudential policy? An international investigation of regulatory behavior on macroprudential interventions," Journal of Behavioral and Experimental Finance, Elsevier, vol. 45(C).
    2. Fraccaroli, Nicolò & Sowerbutts, Rhiannon & Whitworth, Andrew, 2025. "Does regulatory and supervisory independence affect financial stability?," Journal of Banking & Finance, Elsevier, vol. 170(C).

    More about this item

    JEL classification:

    • D85 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Network Formation
    • G01 - Financial Economics - - General - - - Financial Crises
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages

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