Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/98698
Authors: 
Haliassos, Michalis
Jansson, Thomas
Karabulut, Yigitcan
Year of Publication: 
2014
Series/Report no.: 
SAFE Working Paper Series 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 to Sweden. Classification based on genetic distance or on Hofstede's cultural dimensions fails to identify a single 'southern' culture but points to a 'northern' culture. Significant differences in financial behavior are found across cultural groups, controlling for household characteristics. Financial behavior tends to converge with longer exposure to common institutions, but is slowed down by longer exposure to original institutions.
Subjects: 
Household Portfolios
Household Finance
Cultural Influences on Economic Behavior
JEL: 
G11
E21
Document Type: 
Working Paper

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