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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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