Culture and current account balances

Mika Nieminen, Kari Heimonen and Esa Mangeloja

Applied Economics Letters, 2015, vol. 22, issue 11, 886-890

Abstract: This article contributes to the literature of current account balances by introducing cultural variables that until now have been omitted. The World Values Survey indicates that the Roman Catholics do not consider thrift as important as others. We propose that Catholic countries tend to run current account deficits. This result remains robust even if we control for close to all of the determinants that have been included in previous studies. We find evidence that the inclination of Catholic countries to have high levels of uncertainty avoidance goes to a great length in explaining the result.

Date: 2015
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DOI: 10.1080/13504851.2014.985365

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