CULTURAL BIASES IN ECONOMIC EXCHANGE?

• 成果类型: Article
• 署名作者: Guiso, Luigi; Sapienza, Paola; Zingales, Luigi
• 署名单位: European University Institute; Northwestern University; National Bureau of Economic Research; University of Chicago
• 刊物名称: QUARTERLY JOURNAL OF ECONOMICS
• ISSN/ISSBN: 0033-5533
• DOI: 10.1162/qjec.2009.124.3.1095
• 发表日期: 2009
• 页码: 1095-1131
• 关键词: trade; determinants; religion; pattern; trust; LAW

摘要

How much do cultural biases affect economic exchange? We answer this question by using data on bilateral trust between European countries. We document that this trust is affected not only by the characteristics of the country being trusted, but also by cultural aspects of the match between trusting country and trusted country, such as their history of conflicts and their religious, genetic, and somatic similarities. We then find that lower bilateral trust leads to less trade between two countries, less portfolio investment, and less direct investment, even after controlling for the characteristics of the two countries. This effect is stronger for goods that are more trust intensive. Our results suggest that perceptions rooted in culture are important ( and generally omitted) determinants of economic exchange.