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Cultural differences and institutional integration
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Guiso, Luigi, Herrera, Helios and Morelli, Massimo (2016) Cultural differences and institutional integration. Journal of International Economics, 99 (Supplement 1). S97-S113. doi:10.1016/j.jinteco.2015.11.005 ISSN 0022-1996.
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Official URL: http://dx.doi.org/10.1016/j.jinteco.2015.11.005
Abstract
If citizens of different countries belonging to an economic union adhere to different and deeply rooted cultural norms, when these countries interact they may find it impossible to agree on efficient policies, especially in hard times. Political leaders are bound to follow policies that do not violate their country's cultural norms. This paper provides a simple positive theory and a compelling case study of the Euro area crisis to highlight the importance of cultural clashes when economies integrate. We also provide a normative argument about the desirability of institutional integration: a political union, with a common enforcement agency, is the more beneficial the greater is cultural diversity in an economic union.
Item Type: | Journal Article | ||||||||||
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Subjects: | H Social Sciences > HC Economic History and Conditions J Political Science > JN Political institutions (Europe) |
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Divisions: | Faculty of Social Sciences > Economics | ||||||||||
Library of Congress Subject Headings (LCSH): | Eurozone, European Union countries, Europe -- Economic integration | ||||||||||
Journal or Publication Title: | Journal of International Economics | ||||||||||
Publisher: | Elsevier BV | ||||||||||
ISSN: | 0022-1996 | ||||||||||
Official Date: | March 2016 | ||||||||||
Dates: |
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Volume: | 99 | ||||||||||
Number: | Supplement 1 | ||||||||||
Page Range: | S97-S113 | ||||||||||
DOI: | 10.1016/j.jinteco.2015.11.005 | ||||||||||
Status: | Peer Reviewed | ||||||||||
Publication Status: | Published | ||||||||||
Access rights to Published version: | Restricted or Subscription Access | ||||||||||
Date of first compliant deposit: | 20 September 2016 | ||||||||||
Date of first compliant Open Access: | 18 May 2017 |
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