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National culture and housing credit

Chrysovalantis Gaganis (), Iftekhar Hasan () and Fotios Pasiouras

Journal of Empirical Finance, 2020, vol. 56, issue C, 19-41

Abstract: Using a sample of around 30 countries over the period 2001–2015, this study provides evidence that deeply rooted cultural differences are significantly associated with the use of mortgage debt. More detailed, we find that power distance and uncertainty avoidance have a negative impact on the value of the total outstanding residential loans to GDP. This finding is robust across various specifications and the use of alternative measures of mortgage debt. In contrast, trust has a positive and robust impact on all the measures of mortgage debt. Other dimensions of national culture like long-term orientation, individualism, and indulgence, also appear to matter; however, their impact depends on the control variables and the employed measure of mortgage debt.

Keywords: Culture; Mortgage; Housing; Hofstede (search for similar items in EconPapers)
JEL-codes: E71 G21 (search for similar items in EconPapers)
Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:eee:empfin:v:56:y:2020:i:c:p:19-41

DOI: 10.1016/j.jempfin.2019.12.003

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Journal of Empirical Finance is currently edited by R. T. Baillie, F. C. Palm, Th. J. Vermaelen and C. C. P. Wolff

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