期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2013
出版社：European Central Bank
摘要：In this paper, we address the question of whether cross-country di erences in civic capital, notably interpersonal trust, have contributed to the build-up of macroeconomic imbalances over the last three decades. We analyse the link between a stylised index of economic imbalances (a combination of the government budget balance, the in
ation rate and the current account balance) and interpersonal trust, alongside other measures of civic and cultural capital, obtained from value survey data for 65 advanced and emerging countries. For the whole set of countries, we nd robust empirical evidence for a negative and signi cant relationship between trust and macroeconomic imbalances which may therefore partly re
ect underlying heterogeneity in civic capital. Within the euro area, di erences in trust exist although they are not particularly large from an international perspective. With the nexus between trust and macroeonomic imbalances being equally robust we can attribute one fth of the variation in intra-euro area imbalances to di erences in interpersonal trust. Euro area membership and EU scal rules do not appear to have weakened the link between the two variables.
关键词：Macroeconomic imbalances; trust; culture; euro area.
