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The impact of cultural characteristics of coutries on the consequences of the financial crisis of 2008-2009

Author

Listed:
  • Komarov Artemiy

    (Department of Economics, Lomonosov Moscow State University)

  • Mirzoyan Ashot

    (Department of Economics, Lomonosov Moscow State University)

Abstract

The paper examines the impact of cultural characteristics of countries on the consequences of the global financial crisis of 2008-2009.The analysis revealed, What countries, in which decisions were made quickly and smoothly, fell less than the others.., This influence was maintained in the analysis of cultural transmission mechanisms, with the addition of which there was significance in other cultural characteristics: for example, levels of individualism and autonomy negatively affected the economy during the recession, and the distance of power and the hierarchy of society led to milder consequences. When dividing countries into groups by cultural characteristics, it turned out, that countries with similar values suffered comparable damage in 2009. In addition, the dynamics of economic development in the pre-crisis period was important: collectivist countries emerged from the crisis less painfully, As opposed to individualistic.

Suggested Citation

  • Komarov Artemiy & Mirzoyan Ashot, 2024. "The impact of cultural characteristics of coutries on the consequences of the financial crisis of 2008-2009," Working Papers 0064, Moscow State University, Faculty of Economics.
    • Handle: RePEc:upa:wpaper:0064
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    More about this item

    Keywords

    socio-cultural economy; informal institutions; transfer mechanisms; great recession; financial crisis;
    All these keywords.

    JEL classification:

    • C51 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Construction and Estimation
    • E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy
    • O43 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth
    • Z13 - Other Special Topics - - Cultural Economics - - - Economic Sociology; Economic Anthropology; Language; Social and Economic Stratification

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