We examine the relationship between institutions, culture and cyclical fluctuations for a sample of 45 European, Middle Eastern and North African countries. Better governance is associated with shorter and less severe contractions and milder expansions. Certain cultural traits, such as lack of...

The risk perceived by investors is crucial in the decision to invest, in particular when it concerns a foreign country. The investment risk associated is a multi-faceted element given that it reflects many aspects that are relevant to (foreign) investors, such as the level of transparency,...