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Title: Culture, legal origins, and financial development
Authors: Ang, James Beng
Keywords: Culture
Financial Development
DRNTU::Social sciences::Economic development
Issue Date: 2019
Source: Ang, J. B. (2019). Culture, legal origins, and financial development. Economic Inquiry, 57(2), 1016-1037. doi:10.1111/ecin.12755
Series/Report no.: Economic Inquiry
Abstract: 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)
ISSN: 0095-2583
DOI: 10.1111/ecin.12755
Rights: © 2019 Western Economic Association International. All rights reserved.
Fulltext Permission: none
Fulltext Availability: No Fulltext
Appears in Collections:SSS Journal Articles

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