transmitted through culture can help to explain this persistent saving disparity. -- Savings gap ; institutions ; race ; culture … evidence of the long-lived nature of institutions and the link between institutions and culture. In this paper, we provide an … scaffolding erected many years earlier. Using a novel within race decomposition we provide evidence that past institutions …

evidence of the long-lived nature of institutions and the link between institutions and culture. In this paper, we provide an … scaffolding erected many years earlier. Using a novel within race decomposition we provide evidence that past institutions … be attributed solely to racial discrimination but can be explained by the response of culture to institutional …

by culture and social norms by examining their saving and bequest behavior. To summarize our main findings, we find that … the Japanese are not a saving-loving people and that their saving behavior is not governed by culture and social norms …, we argue that these findings do not necessarily mean that culture and social norms do not matter. …