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 seperately.
|Place of Publication||Maastricht|
|Publisher||Maastricht University, Graduate School of Business and Economics|
|Publication status||Published - 1 Jan 2013|
|Series||GSBE Research Memoranda|
de Castro Campos, M., Kool, C. J. M., & Muysken, J. (2013). Cross-country private saving heterogeneity and culture. Maastricht University, Graduate School of Business and Economics. GSBE Research Memoranda, No. 013 https://doi.org/10.26481/umagsb.2013013