Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/226029
Authors: 
Steffen, Nico
Year of Publication: 
2020
Series/Report no.: 
DICE Discussion Paper 354
Abstract: 
We make use of a comprehensive trade panel data set that includes intra-national ows to identify the effect of national economic preferences - patience, risk attitude, negative reciprocity and pro-social preferences from the Global Preference Survey (GPS) - on external trade in a gravity approach, while still being able to crucially control for multilateral resistances by the proper fixed effects. We use a series of further identification approaches to compare the results and to disentangle channels for the impact of economic preferences on trade. We find that especially patience and risk aversion tend to foster external trade across the board. Additionally, we formally analyze the interaction effects of preferences and institutions. Our findings suggest that preferences may act as substitutes for bad formal institutions to some extent.
Subjects: 
Trade determinants
Non-Tariff Barriers
Economic preferences
Sociocultural variation
JEL: 
F10
F14
D01
D91
Z10
ISBN: 
978-3-86304-353-7
Document Type: 
Working Paper

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