Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/203279
Authors: 
Haliassos, Michalis
Jansson, Thomas
Karabulut, Yigitcan
Year of Publication: 
2015
Series/Report no.: 
SAFE Working Paper 58
Abstract: 
The Eurozone fiscal crisis has created pressure for institutional harmonization, but skeptics argue that cultural predispositions can prevent convergence in behavior. Our paper derives a robust cultural classification of European countries and utilizes unique data on natives and immigrants. Classification based on genetic distance or on Hofstede's cultural dimensions fails to identify a single 'southern' culture but points to a 'northern' culture. Our findings support the relevance of cultural predispositions for financial behavior; and convergence of behavior over time in the face of common institutions, even for countries with great cultural distance from the country that created those institutions.
Subjects: 
Household Portfolios
Household Finance
Culture and Institutions
JEL: 
Z1
G11
E21
Persistent Identifier of the first edition: 
Document Type: 
Working Paper

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