In studying the Great Depression, Galbraith asserts that the higher the transitory income the higher the corruption. For a panel of 39 countries over 13 years, 1995-2007, Galbraith's claim holds. Regression analyses also confirm that the higher the permanent income, the lower the corruption.

The percentage of Protestants 100 years ago has a more significant impact on today's level of corruption than the current percentage of Protestants within a country. This supports Williamson [Williamson, O.E., 2000. The new institutional economics: taking stock, looking ahead, Journal of...