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Does social trust speed up reforms? The case of central-bank independence

机译:社会信任会加速改革吗?中央银行独立的情况

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摘要

Many countries have undertaken central-bank independence reforms, but the years of implementation differ. What explains such differences in timing? This is of interest more broadly, as it sheds light on factors that matter for the speed at which economic reforms come about. We study a rich set of potential determinants, both economic and political, but put special focus on a cultural factor, i.e. social trust. We find empirical support for an inverse u-shape: Countries with low and high social trust implemented their reforms earlier than countries with intermediate levels. We make use of two factors to explain this pattern: the need to undertake reform (which is more urgent in countries with low social trust) and the ability to undertake reform (which is greater in countries with high social trust). Overall, our findings imply that culture matters for institutional change.
机译:许多国家已经进行了中央银行独立性改革,但实施年限不同。是什么原因解释了这种时间差异?这更广泛地引起了人们的兴趣,因为它揭示了影响经济改革速度的因素。我们研究了一系列潜在的经济和政治决定因素,但特别关注了文化因素,即社会信任。我们找到了反U形的经验支持:社会信任程度低和高的国家比中等程度的国家更早地实施了改革。我们利用两个因素来解释这种模式:进行改革的需要(在社会信任度较低的国家更为迫切)和进行改革的能力(在社会信任度较高的国家则更为迫切)。总体而言,我们的发现暗示文化对制度变革至关重要。

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  • 来源
    《Journal of institutional economics》 |2016年第2期|395-415|共21页
  • 作者单位

    Res Inst Ind Econ IFN, Stockholm, Sweden|Univ Econ, Dept Inst Environm & Expt Econ KIE, Prague, Czech Republic;

    HUI Res, Stockholm, Sweden|Dalarna Univ, Dept Econ, Borlange, Sweden;

    Umea Univ, Umea Sch Business & Econ, Umea, Sweden;

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