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Cross-country private saving heterogeneity and culture

  • de Castro Campos, M.

    (External organisation)

  • Kool, C.J.M.

    (General Economics 2 (Macro))

  • Muysken, J.

    (General Economics 2 (Macro))

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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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: 01 Jan 2013
Handle: RePEc:unm:umagsb:2013013
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  1. Beugelsdijk,Sjoerd & Maseland,Robbert, 2014. "Culture in Economics," Cambridge Books, Cambridge University Press, number 9781107684614, October.
  2. Guido Tabellini, 2005. "Culture and Institutions: Economic Development in the Regions of Europe," CESifo Working Paper Series 1492, CESifo Group Munich.
  3. Nils Holinski & Clemens J. M. 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.
  4. 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.
  5. Fernández, Raquel, 2010. "Does Culture Matter?," CEPR Discussion Papers 7965, C.E.P.R. Discussion Papers.
  6. International Monetary Fund, 1999. "Neglected Heterogeneity and Dynamics in Cross-Country Savings Regressions," IMF Working Papers 99/128, International Monetary Fund.
  7. Lane, Philip R. & Milesi-Ferretti, Gian Maria, 2007. "The external wealth of nations mark II: Revised and extended estimates of foreign assets and liabilities, 1970-2004," Journal of International Economics, Elsevier, vol. 73(2), pages 223-250, November.
  8. Tabellini, Guido, 2007. "Culture and Institutions," CEPR Discussion Papers 6589, C.E.P.R. Discussion Papers.
  9. Loayza, N. & Schmidt, K. & Serven, L., 1999. "What Drives Private Saving Across the World?," Papers 47, Cambridge - Risk, Information & Quantity Signals.
  10. Yann Algan & Pierre Cahuc, 2007. "Social Attitudes and Economic Development : an Epidemiological Approach," Working Papers hal-01066088, HAL.
  11. Douglass C. North, 2016. "Institutions and Economic Theory," The American Economist, Omicron Delta Epsilon, vol. 61(1), pages 72-76, March.
  12. Paul R Masson & Tamim Bayoumi & Hossein Samiei, 1995. "International Evidenceon the Determinants of Private Saving," IMF Working Papers 95/51, International Monetary Fund.
  13. Schmidt-Hebbel, Klaus & Webb, Steven B. & Corsetti, Giancarlo, 1991. "Household saving in developing countries : first cross-country evidence," Policy Research Working Paper Series 575, The World Bank.
  14. Asli Demirguc-Kunt & Ross Levine (ed.), 2004. "Financial Structure and Economic Growth: A Cross-Country Comparison of Banks, Markets, and Development," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262541793, March.
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  16. Edwards, Sebastian, 1996. "Why are Latin America's savings rates so low? An international comparative analysis," Journal of Development Economics, Elsevier, vol. 51(1), pages 5-44, October.
  17. Guiso, Luigi & Sapienza, Paola & Zingales, Luigi, 2002. "People's Opium? Religion and Economic Attitudes," CEPR Discussion Papers 3588, C.E.P.R. Discussion Papers.
  18. Daron Acemoglu & Simon Johnson & James A. Robinson, 2001. "The Colonial Origins of Comparative Development: An Empirical Investigation," American Economic Review, American Economic Association, vol. 91(5), pages 1369-1401, December.
  19. Paola Sapienza & Luigi Zingales & Luigi Guiso, 2006. "Does Culture Affect Economic Outcomes?," NBER Working Papers 11999, National Bureau of Economic Research, Inc.
  20. Fernández, Raquel, 2010. "Does Culture Matter?," IZA Discussion Papers 5122, Institute for the Study of Labor (IZA).
  21. repec:spo:wpecon:info:hdl:2441/8814 is not listed on IDEAS
  22. Kessler, Denis & Perelman, Sergio & Pestieau, Pierre, 1993. "Savings Behavior in 17 OECD Countries," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 39(1), pages 37-49, March.
  23. Yann Algan & Pierre Cahuc, 2010. "Inherited Trust and Growth," Sciences Po publications info:hdl:2441/432sbils8u9, Sciences Po.
  24. Mouawiya Al-Awad & Adam Elhiraika, 2003. "Cultural Effects and Savings: Evidence from Immigrants to the United Arab Emirates," Journal of Development Studies, Taylor & Francis Journals, vol. 39(5), pages 139-151.
  25. Raquel Fernández, 2010. "Does Culture Matter?," NBER Working Papers 16277, National Bureau of Economic Research, Inc.
  26. Loayza, Norman & Schmidt-Hebbel, Klaus & Serven, Luis, 2000. "What drives private saving around the world?," Policy Research Working Paper Series 2309, The World Bank.
  27. Khaled A. Hussein & A.P. Thirlwall, 1999. "Explaining Differences in the Domestic Savings Ratio Across Countries: A Panel Data Study," Studies in Economics 9904, School of Economics, University of Kent.
  28. Esa Mangeloja, 2005. "Economic growth and religious production efficiency," Applied Economics, Taylor & Francis Journals, vol. 37(20), pages 2349-2359.
  29. Rachel M. McCleary & Robert J. Barro, 2006. "Religion and Economy," Journal of Economic Perspectives, American Economic Association, vol. 20(2), pages 49-72, Spring.
  30. 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.
  31. Robert J. Barro & Rachel McCleary, 2003. "Religion and Economic Growth," NBER Working Papers 9682, National Bureau of Economic Research, Inc.
  32. Stephen Knack & Philip Keefer, 1997. "Does Social Capital Have an Economic Payoff? A Cross-Country Investigation," The Quarterly Journal of Economics, Oxford University Press, vol. 112(4), pages 1251-1288.
  33. McCleary, Rachel & Barro, Robert, 2003. "Religion and Economic Growth across Countries," Scholarly Articles 3708464, Harvard University Department of Economics.
  34. Christopher D. Carroll & Byung-Kun Rhee & Changyong Rhee, 1994. "Are There Cultural Effects on Saving? Some Cross-Sectional Evidence," The Quarterly Journal of Economics, Oxford University Press, vol. 109(3), pages 685-699.
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