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Do institutions and culture matter for business cycles?

Sumru Altug () and Fabio Canova ()

Economics Working Papers from Department of Economics and Business, Universitat Pompeu Fabra

Abstract: We examine the relationship between institutions, culture and cyclical fluctuations for a sample of 45 European, Middle Eastern and North African countries. Better governance is associated with shorter and less severe contractions and milder expansions. Certain cultural traits, such as lack of acceptance of power distance and individualism, are also linked business cycle features. Business cycle synchronization is tightly related to similarities in the institutional environment. Mediterranean countries conform to these general tendencies.

Keywords: Business cycles; institutions; culture; Mediterranean countries; synchronization. (search for similar items in EconPapers)
JEL-codes: C32 E32 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-ara, nep-bec, nep-cul, nep-cwa, nep-mac and nep-soc
Date: 2012-04
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Related works:
Journal Article: Do Institutions and Culture Matter for Business Cycles? (2014) Downloads
Working Paper: Do Institutions and Culture Matter for Business Cycles? (2013) Downloads
Working Paper: Do Institutions and Culture Matter for Business Cycles? (2012) Downloads
Working Paper: Do Institutions and Culture Matter for Business Cycles? (2012) Downloads
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