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Social Capital as Good Culture

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Author Info
Luigi Guiso
Paola Sapienza
Luigi Zingales

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Abstract

To explain the extremely long-term persistence (more than 500 years) of positive historical experiences of cooperation (Putnam 1993), we model the intergenerational transmission of priors about the trustworthiness of others. We show that this transmission tends to be biased toward excessively conservative priors. As a result, societies can be trapped in a low-trust equilibrium. In this context, a temporary shock to the return to trusting can have a permanent effect on the level of trust. We validate the model by testing its predictions on the World Values Survey data and the German Socio Economic Panel. We also present some anecdotal evidence that differences in priors across regions are reflected in the spirit of the novels that originate from those regions.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 13712.

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Date of creation: Dec 2007
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Handle: RePEc:nbr:nberwo:13712

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E0 - Macroeconomics and Monetary Economics - - General

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Luigi Guiso & Paola Sapienza & Luigi Zingales, 2006. "Does Culture Affect Economic Outcomes?," Journal of Economic Perspectives, American Economic Association, vol. 20(2), pages 23-48, Spring.
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  2. Oliver E. Williamson, 2000. "The New Institutional Economics: Taking Stock, Looking Ahead," Journal of Economic Literature, American Economic Association, vol. 38(3), pages 595-613, September. [Downloadable!] (restricted)
  3. Luigi Guiso & Paola Sapienza & Luigi Zingales, 2004. "The Role of Social Capital in Financial Development," American Economic Review, American Economic Association, vol. 94(3), pages 526-556, June. [Downloadable!]
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  4. La Porta, Rafael, et al, 1997. "Trust in Large Organizations," American Economic Review, American Economic Association, vol. 87(2), pages 333-38, May. [Downloadable!] (restricted)
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  5. Alberto Bisin & Thierry Verdier, 2000. ""Beyond The Melting Pot": Cultural Transmission, Marriage, And The Evolution Of Ethnic And Religious Traits," The Quarterly Journal of Economics, MIT Press, vol. 115(3), pages 955-988, August. [Downloadable!] (restricted)
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  6. Luigi Guiso & Paola Sapienza & Luigi Zingales, 2005. "Trusting the Stock Market," NBER Working Papers 11648, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  7. Guido Tabellini, 2005. "Culture and Institutions: Economic Development in the Regions of Europe," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
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  8. Jürgen Schupp & Gert G. Wagner, 2002. "Maintenance of and Innovation in Long-Term Panel Studies: The Case of the German Socio-Economic Panel (GSOEP)," Discussion Papers of DIW Berlin 276, DIW Berlin, German Institute for Economic Research. [Downloadable!]
  9. Alberto Alesina & Paola Giuliano, 2007. "The Power of the Family," IZA Discussion Papers 2750, Institute for the Study of Labor (IZA). [Downloadable!]
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  10. Edward L. Glaeser & David I. Laibson & José A. Scheinkman & Christine L. Soutter, 2000. "Measuring Trust," The Quarterly Journal of Economics, MIT Press, vol. 115(3), pages 811-846, August. [Downloadable!] (restricted)
  11. Guido Tabellini, 2007. "The Scope of Cooperation: Norms and Incentives," Levine's Working Paper Archive 321307000000000866, David K. Levine. [Downloadable!]
  12. Monica Paiella & Luigi Guiso, 2004. "Risk Aversion, Wealth and Background Risk," 2004 Meeting Papers 525, Society for Economic Dynamics. [Downloadable!]
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  13. Luigi Guiso & Paola Sapienza, 2005. "Cultural Biases in Economic Exchange," 2005 Meeting Papers 234, Society for Economic Dynamics. [Downloadable!]
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  14. Alesina, Alberto & La Ferrara, Eliana, 2002. "Who trusts others?," Journal of Public Economics, Elsevier, vol. 85(2), pages 207-234, August. [Downloadable!] (restricted)
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  15. Bisin, A. & Verdier, T., 1997. "The Economics of Cultural Transmission and the Dynamics of Preferences," DELTA Working Papers 97-03, DELTA (Ecole normale supérieure).
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  16. Guiso, Luigi & Sapienza, Paola & Zingales, Luigi, 2003. "People's opium? Religion and economic attitudes," Journal of Monetary Economics, Elsevier, vol. 50(1), pages 225-282, January. [Downloadable!] (restricted)
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  17. Luigi Guiso & Paola Sapienza & Luigi Zingales, 2008. "Long Term Persistence," NBER Working Papers 14278, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  18. Berg Joyce & Dickhaut John & McCabe Kevin, 1995. "Trust, Reciprocity, and Social History," Games and Economic Behavior, Elsevier, vol. 10(1), pages 122-142, July. [Downloadable!] (restricted)
Full references

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Guido Tabellini, 2007. "Institutions and Culture," Working Papers 330, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University. [Downloadable!]
  2. Guido Tabellini, 2008. "The Scope of Cooperation: Values and Incentives," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
    Other versions:
  3. Philippe Aghion & Yann Algan & Pierre Cahuc & Andrei Shleifer, 2009. "Regulation and Distrust," Working Papers hal-00396268_v1, HAL. [Downloadable!]
    Other versions:
  4. Aghion, Philippe & Algan, Yann & Cahuc, Pierre, 2008. "Can Policy Interact with Culture? Minimum Wage and the Quality of Labor Relations," IZA Discussion Papers 3680, Institute for the Study of Labor (IZA). [Downloadable!]
    Other versions:
  5. Hiroe Ishihara & Unai Pascual, 2008. "Social Capital and Collective Action in Environmental Governance Revisited," Environmental Economy and Policy Research Working Papers 38.2008, University of Cambridge, Department of Land Economics, revised 2008. [Downloadable!]
  6. Alberto F. Alesina & Francesca Lotti & Paolo Emilio Mistrulli, 2008. "Do Women Pay More for Credit? Evidence from Italy," NBER Working Papers 14202, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  7. David, Antonio C. & Li, Carmen A., 2008. "Exploring the links between HIV/AIDS, social capital, and development," Policy Research Working Paper Series 4679, The World Bank. [Downloadable!]
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