Culture, legal origins, and financial development
This study proposes that countries with a cultural orientation toward individualism tend to enjoy a higher level of financial development. Estimates based on cross‐country data lend strong support to this hypothesis. Specifically, the results indicate that existing disparity in the level of financia...
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sg-ntu-dr.10356-1053932019-12-10T13:27:36Z Culture, legal origins, and financial development Ang, James Beng School of Social Sciences Culture Financial Development DRNTU::Social sciences::Economic development This study proposes that countries with a cultural orientation toward individualism tend to enjoy a higher level of financial development. Estimates based on cross‐country data lend strong support to this hypothesis. Specifically, the results indicate that existing disparity in the level of financial development is significantly correlated with variation in the extent of individualism across countries, where a one standard deviation increase in individualism is associated with 0.631 standard deviations improvement in the level of financial development. The results are robust to a number of considerations. Additional results provide some support to the notion that individualistic culture and legal origin may serve as complements rather than substitutes to each other. (JEL O40, O50, Z10) 2019-06-12T06:29:48Z 2019-12-06T21:50:32Z 2019-06-12T06:29:48Z 2019-12-06T21:50:32Z 2019 Journal Article Ang, J. B. (2019). Culture, legal origins, and financial development. Economic Inquiry, 57(2), 1016-1037. doi:10.1111/ecin.12755 0095-2583 https://hdl.handle.net/10356/105393 http://hdl.handle.net/10220/48677 http://dx.doi.org/10.1111/ecin.12755 en Economic Inquiry © 2019 Western Economic Association International. All rights reserved. |
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Culture Financial Development DRNTU::Social sciences::Economic development Ang, James Beng Culture, legal origins, and financial development |
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This study proposes that countries with a cultural orientation toward individualism tend to enjoy a higher level of financial development. Estimates based on cross‐country data lend strong support to this hypothesis. Specifically, the results indicate that existing disparity in the level of financial development is significantly correlated with variation in the extent of individualism across countries, where a one standard deviation increase in individualism is associated with 0.631 standard deviations improvement in the level of financial development. The results are robust to a number of considerations. Additional results provide some support to the notion that individualistic culture and legal origin may serve as complements rather than substitutes to each other. (JEL O40, O50, Z10) |
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School of Social Sciences |
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School of Social Sciences Ang, James Beng |
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Ang, James Beng |
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Ang, James Beng |
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Culture, legal origins, and financial development |
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Culture, legal origins, and financial development |
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Culture, legal origins, and financial development |
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Culture, legal origins, and financial development |
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Culture, legal origins, and financial development |
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culture, legal origins, and financial development |
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2019 |
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https://hdl.handle.net/10356/105393 http://hdl.handle.net/10220/48677 http://dx.doi.org/10.1111/ecin.12755 |
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