The paper investigates the missing link in the literature – whether informal institutions, or what is known as culture, can affect the level of financial development for a country? Our hypothesis stresses that the cultural dimensions of a country can have an impact on its financial set up. We...

The paper investigates the missing link in the literature – whether informal institutions, or what is known as culture, can affect the level of financial development for a country? Our hypothesis stresses that the cultural dimensions of a country can have an impact on its financial set up. We...

This paper reviews recent economics literature on culture, with an emphasis on its relation to the field of long-run growth and development. It examines the key issues debated in the new cultural economics: causal effects of culture on economic outcomes, the origins and social costs of culture,...