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Cross-country private saving heterogeneity and culture

  • Castro Campos M. de
  • Kool C.J.M.
  • Muysken J.

    (GSBE)

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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File URL: http://pub.maastrichtuniversity.nl/686a58bb-7d9f-48f5-9c2a-b04bdf1098a6
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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: 2013
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Handle: RePEc:unm:umagsb:2013013
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  1. repec:cup:cbooks:9780521193009 is not listed on IDEAS
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