robustly established that remittances and trust matter for financial development. …

"The authors explore the relationship between transaction costs and generalized trust. Using panel data from 2 … construction), there is an increase in generalized trust. Consistent with the argument that generalized trust is built through … repeated interactions, the authors find that the individuals most likely to engage in exchange exhibit an increase in trust …

Institutions are important for proper economic performance, but are replaceable by trust or other social norms. We show … that when proper institutions and trust are missing, integrity of the individuals can replace them. We construct a model of …) trust, or (3) integrity, foster economic growth. We construct data of economic performance of social groups in Lebanon …