The poor can and do save, but often use formal or informal instruments that have high risk,
high cost, and limited functionality. This could lead to undersaving compared to a world …

This paper reviews the literature on culture and economics, focusing primarily on the
epidemiological approach. The epidemiological approach studies the variation in outcomes …

We evaluate the connection between corporate characteristics and the reaction of stock
returns to COVID-19 cases using data on more than 6,700 firms across 61 economies. The …

ABSTRACT During the 2008–2009 financial crisis, firms with high social capital, as
measured by corporate social responsibility (CSR) intensity, had stock returns that were four …

A growing body of empirical work measuring different types of cultural traits has shown that
culture matters for a variety of economic outcomes. This paper focuses on one specific …

This paper reviews, appraises, and critiques theoretical and empirical research on the
connections between the operation of the financial system and economic growth. While …

Until recently, economists have been reluctant to rely on culture as a possible determinant of
economic phenomena. Much of this reluctance stems from the very notion of culture: it is so …

Financial inclusion—defined as the use of formal accounts—can bring many benefits to
individuals. Yet, we know very little about the factors underpinning it. This paper explores the …

The state of development of the financial sector does not change monotonically over time. In
particular, by most measures, countries were more financially developed in 1913 than in …

The study examines the historical origins of existing cross-cultural differences in beliefs and
values regarding the appropriate role of women in society. We test the hypothesis that …