The impact of cultural characteristics of coutries on the consequences of the financial crisis of 2008-2009

Artemiy Komarov () and Ashot Mirzoyan ()
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Artemiy Komarov: Department of Economics, Lomonosov Moscow State University
Ashot Mirzoyan: Department of Economics, Lomonosov Moscow State University

No 64, Working Papers from Moscow State University, Faculty of Economics

Abstract: The paper examines the impact of cultural characteristics of countries on the consequences of the global financial crisis of 2008-2009.The analysis revealed, What countries, in which decisions were made quickly and smoothly, fell less than the others.., This influence was maintained in the analysis of cultural transmission mechanisms, with the addition of which there was significance in other cultural characteristics: for example, levels of individualism and autonomy negatively affected the economy during the recession, and the distance of power and the hierarchy of society led to milder consequences. When dividing countries into groups by cultural characteristics, it turned out, that countries with similar values suffered comparable damage in 2009. In addition, the dynamics of economic development in the pre-crisis period was important: collectivist countries emerged from the crisis less painfully, As opposed to individualistic.

Keywords: socio-cultural economy; informal institutions; transfer mechanisms; great recession; financial crisis (search for similar items in EconPapers)
JEL-codes: C51 E02 O43 Z13 (search for similar items in EconPapers)
Pages: 23 pages
Date: 2024-01
New Economics Papers: this item is included in nep-cul, nep-his and nep-hme
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