Abstract

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The Role Of Social Capital In Financial Development


Luigi Guiso


Einaudi Institute for Economics and Finance (EIEF)

Paola Sapienza


Northwestern University - Kellogg School of Management - Department of Finance; National Bureau of Economic Research (NBER); Centre for Economic Policy Research (CEPR)

Luigi Zingales


University of Chicago - Booth School of Business; National Bureau of Economic Research (NBER); Centre for Economic Policy Research (CEPR); University of Chicago - Polsky Center for Entrepreneurship; European Corporate Governance Institute (ECGI)

May 2001

Eleventh Annual Utah Winter Conference; AFA 2001 New Orleans; CRSP Working Paper No. 511

Abstract:     
To identify the effect of social capital on financial development, we exploit the well-known differences in social capital (Banfield (1958), Putnam (1993)) across different parts of Italy. In areas of the country with high levels of social capital, households invest less in cash and more in stock, are more likely to use checks, have higher access to institutional credit, and make less use of informal credit. The effect of social capital is stronger where legal enforcement is weaker and among less-educated people. These results are not driven by omitted environmental variables, since we show that the behavior of movers is still affected by the level of social capital present in the province where they were born.

Number of Pages in PDF File: 62

JEL Classification: G31, G32

working papers series


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Date posted: March 21, 2000  

Suggested Citation

Guiso, Luigi and Sapienza, Paola and Zingales, Luigi, The Role Of Social Capital In Financial Development (May 2001). Eleventh Annual Utah Winter Conference; AFA 2001 New Orleans; CRSP Working Paper No. 511. Available at SSRN: http://ssrn.com/abstract=209610 or http://dx.doi.org/10.2139/ssrn.209610

Contact Information

Luigi Guiso
Einaudi Institute for Economics and Finance (EIEF) ( email )
Via Sallustiana 62
Rome, 00187
Italy
+39 06 4792 4858 (Phone)
+39 06 4792 4872 (Fax)
HOME PAGE: http://www.eief.it/faculty-visitors/faculty-a-z/luigi-guiso/
Paola Sapienza
Northwestern University - Kellogg School of Management - Department of Finance ( email )
Evanston, IL 60208
United States
847-491-7436 (Phone)
847-491-5719 (Fax)
National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
Centre for Economic Policy Research (CEPR)
77 Bastwick Street
London, EC1V 3PZ
United Kingdom
Luigi Zingales (Contact Author)
University of Chicago - Booth School of Business ( email )
5807 S. Woodlawn Avenue
Chicago, IL 60637
United States
773-702-3196 (Phone)
773-834-2081 (Fax)

Chicago Booth School of Business Logo

National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
Centre for Economic Policy Research (CEPR)
77 Bastwick Street
London, EC1V 3PZ
United Kingdom
University of Chicago - Polsky Center for Entrepreneurship
Chicago, IL 60637
United States
European Corporate Governance Institute (ECGI)
c/o ECARES ULB CP 114
B-1050 Brussels
Belgium
HOME PAGE: http://www.ecgi.org
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References:  44
Citations:  251
Footnotes:  19

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