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Cross-Country Private Saving Heterogeneity and Culture

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

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 theWorld 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 separately.

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File URL: http://dspace.library.uu.nl/bitstream/handle/1874/290084/13-02.pdf
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Paper provided by Utrecht School of Economics in its series Working Papers with number 13-02.

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Date of creation: 2013
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Handle: RePEc:use:tkiwps:1302
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  1. Nils Holinski & Clemens 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.
  2. Philip R. Lane & Gian Maria Milesi-Ferretti, 2006. "The External Wealth of Nations Mark II: Revised and Extended Estimates of Foreign Assets and Liabilities,1970–2004," The Institute for International Integration Studies Discussion Paper Series iiisdp126, IIIS.
  3. Fernández, Raquel, 2010. "Does Culture Matter?," CEPR Discussion Papers 7965, C.E.P.R. Discussion Papers.
  4. Robert J. Barro & Rachel McCleary, 2003. "Religion and Economic Growth," NBER Working Papers 9682, National Bureau of Economic Research, Inc.
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  6. Florian Pelgrin & Alain de Serres, 2003. "The Decline in Private Saving Rates in the 1990s in OECD Countries: How Much Can Be Explained by Non-wealth Determinants?," OECD Economic Studies, OECD Publishing, vol. 2003(1), pages 117-153.
  7. 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.
  8. Guido Tabellini, 2005. "Culture and Institutions: economic development in the regions of Europe," Working Papers 292, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
  9. 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.
  10. 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.
  11. Yann Algan & Pierre Cahuc, 2010. "Inherited Trust and Growth," American Economic Review, American Economic Association, vol. 100(5), pages 2060-92, December.
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  16. repec:cup:cbooks:9780521193009 is not listed on IDEAS
  17. Masson, Paul R & Bayoumi, Tamim & Samiei, Hossein, 1998. "International Evidence on the Determinants of Private Saving," World Bank Economic Review, World Bank Group, vol. 12(3), pages 483-501, September.
  18. Fernández, Raquel, 2010. "Does Culture Matter?," IZA Discussion Papers 5122, Institute for the Study of Labor (IZA).
  19. Rachel M. McCleary & Robert J. Barro, 2006. "Religion and Economy," Journal of Economic Perspectives, American Economic Association, vol. 20(2), pages 49-72, Spring.
  20. Tabellini, Guido, 2007. "Culture and Institutions," CEPR Discussion Papers 6589, C.E.P.R. Discussion Papers.
  21. International Monetary Fund, 1999. "Neglected Heterogeneity and Dynamics in Cross-Country Savings Regressions," IMF Working Papers 99/128, International Monetary Fund.
  22. KESSLER, Denis & PERELMAN, Sergio & PESTIEAU, Pierre, . "Savings behavior in 17 OECD countries," CORE Discussion Papers RP -1045, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  23. Haque, N. U. & Pesaran, M. H. & Sharma, Sunil, 1999. "Neglected Heterogeneity and Dynamics in Cross-country Savings Regressions," Cambridge Working Papers in Economics 9904, Faculty of Economics, University of Cambridge.
  24. Raquel Fernández, 2010. "Does Culture Matter?," NBER Working Papers 16277, National Bureau of Economic Research, Inc.
  25. 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.
  26. Knack, Stephen & Keefer, Philip, 1997. "Does Social Capital Have an Economic Payoff? A Cross-Country Investigation," The Quarterly Journal of Economics, MIT Press, vol. 112(4), pages 1251-88, November.
  27. Carroll, Christopher D & Rhee, Byung-Kun & Rhee, Changyong, 1994. "Are There Cultural Effects on Saving? Some Cross-Sectional Evidence," The Quarterly Journal of Economics, MIT Press, vol. 109(3), pages 685-99, August.
  28. McCleary, Rachel & Barro, Robert, 2003. "Religion and Economic Growth across Countries," Scholarly Articles 3708464, Harvard University Department of Economics.
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