Cross-Country Private Saving Heterogeneity and Culture

M. Castro Campos (), Clemens Kool and Joan Muysken ()

De Economist, 2013, vol. 161, issue 2, 120 pages

Abstract: 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 separately. Copyright Springer Science+Business Media New York 2013

Keywords: Culture; Institutions; Current account; Eurozone imbalances; O47; O30; D24; C24 (search for similar items in EconPapers)
Date: 2013
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Citations: View citations in EconPapers (8)

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Persistent link: https://EconPapers.repec.org/RePEc:kap:decono:v:161:y:2013:i:2:p:101-120

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DOI: 10.1007/s10645-013-9204-6

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