Culture, Digital Assets, and the Economy: A Trans-National Perspective

John Zhang, Zehuang Xu, Yi Peng, Wujin Yang and Haorou Zhao
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Zehuang Xu: Macau University of Science and Technology
Yi Peng: Macau University of Science and Technology
Wujin Yang: Macau University of Science and Technology
Haorou Zhao: Macau University of Science and Technology

A chapter in Big Data in Finance, 2022, pp 159-184 from Springer

Abstract: Abstract This chapter examines the influence of culture on the use of digital assets. Based on relevant data from the World Bank database, we examine the relationship between financial institutional development and the use of digital assets. Using four ways to measure the use of digital assets: digital payments, mobile payments, using the internet to pay bills, and online shopping, we find that financial institution development is positively related to each measure of the use of digital assets. We then investigate how national culture may play a role in digital asset use. Using Hofstede’s definitions of cultural dimensions and the World Value Survey results, we identify that the traits of “individualism” and “trust” are positively related to the increased use of digital assets. Overall, these results suggest that the use of digital assets in a country relates to the national development of financial institutions as well as national cultural traits.

Keywords: National culture; Digital assets; Big data; Globalization; Z19; L86; L18; G20; F01 (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-031-12240-8_9

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DOI: 10.1007/978-3-031-12240-8_9

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