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The Role of social capital in financial development

Guiso, Luigi and Sapienza, Paola and Zingales, Luigi (2004) The Role of social capital in financial development. American Economic Review, Vol. 94 (3), p. 526-556. ISSN 0002-8282. Article.

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DOI: 10.1257/0002828041464498


To identify the effect of social capital on financial development, we exploit social capital differences within Italy. In high-social-capital areas, households are more likely to use checks, invest less in cash and more in stock, have higher access to institutional credit, and make less use of informal credit. The effect of social capital is stronger where legal enforcement is weaker and among less educated people. These results are not driven by omitted environmental variables, since we show that the behavior of movers is still affected by the level of social capital of the province where they were born.

Item Type:Article
ID Code:2826
Uncontrolled Keywords:Measures of social capital, financial instruments, Italy
Subjects:Area 13 - Scienze economiche e statistiche > SECS-P/01 Economia politica
Divisions:001 Università di Sassari > 01 Dipartimenti > Economia, impresa, regolamentazione
Publisher:American Economic Association
Deposited On:25 Aug 2009 18:06

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