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Culture, Digital Assets, and the Economy: A Trans-National Perspective

In: Big Data in Finance

Author

Listed:
  • John Fan Zhang

    (Macau University of Science and Technology)

  • Zehuang Xu

    (Macau University of Science and Technology)

  • Yi Peng

    (Macau University of Science and Technology)

  • Wujin Yang

    (Macau University of Science and Technology)

  • Haorou Zhao

    (Macau University of Science and Technology)

Abstract

This chapter examines the influence of culture on the use of digital assets. Based on relevant data from the World Bank database, we examine the relationship between financial institutional development and the use of digital assets. Using four ways to measure the use of digital assets: digital payments, mobile payments, using the internet to pay bills, and online shopping, we find that financial institution development is positively related to each measure of the use of digital assets. We then investigate how national culture may play a role in digital asset use. Using Hofstede’s definitions of cultural dimensions and the World Value Survey results, we identify that the traits of “individualism” and “trust” are positively related to the increased use of digital assets. Overall, these results suggest that the use of digital assets in a country relates to the national development of financial institutions as well as national cultural traits.

Suggested Citation

  • John Fan Zhang & Zehuang Xu & Yi Peng & Wujin Yang & Haorou Zhao, 2022. "Culture, Digital Assets, and the Economy: A Trans-National Perspective," Springer Books, in: Thomas Walker & Frederick Davis & Tyler Schwartz (ed.), Big Data in Finance, pages 159-184, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-12240-8_9
    DOI: 10.1007/978-3-031-12240-8_9
    as

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