provide an explanation of why small countries sometimes exclude certain goods (especially those related to culture) from trade …

Does culture have a causal effect on economic development? The data on European regions suggest that it does. Culture … individual self-determination. To isolate the exogenous variation in culture, I rely on two historical variables used as … level. The exogenous component of culture due to history is strongly correlated with current regional economic development …

According to the widely known ‘culture of honor’ hypothesis from social psychology, traditional herding practices have …

How does uncertainty affect the costs of raising finance in the bond market and via bank loans? Empirically, this paper … finds that heightened uncertainty is accompanied by an increase in corporate bond yields and a decrease in bank lending …

bias in corporate taxation. It is well known that this reform reduces bank leverage. This paper analyzes a novel …

bank credit reallocation with endogenous firm entry and exit that allows for both theoretical and quantitative analysis. By …