Cross-country private saving heterogeneity and culture

M. de Castro Campos*, C. Kool, J. Muysken

*Corresponding author for this work

Research output: Contribution to journalArticleAcademicpeer-review


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.
Original languageEnglish
Pages (from-to)101-120
Number of pages20
JournalDe Economist
Issue number2
Publication statusPublished - Jun 2013


  • Culture
  • Institutions
  • Current account
  • Eurozone imbalances

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