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A Peer-reviewed scientific articles/A1 Journal article (refereed), original research
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National culture and housing credit, Journal of Empirical Finance March (2019). Gaganis, Chrysovalantis; Hasan, Iftekhar; Pasiouras, Fotios

Category A Peer-reviewed scientific articles
Sub-category A1 Journal article (refereed), original research
auki Internal authors
All authors as text Gaganis, Chrysovalantis; Hasan, Iftekhar; Pasiouras, Fotios 
Number of authors
Status Published
Year of publication 2020 
Date 31.12.2019 
Name of article National culture and housing credit 
Name of journal Journal of Empirical Finance
Volume of issue 56 
Number of issue March 
Pages 19-41 
Abstract Using a sample of around 30 countries over the period 2001–2015, this study provides evidence that deeply rooted cultural differences are significantly associated with the use of mortgage debt. More detailed, we find that power distance and uncertainty avoidance have a negative impact on the value of the total outstanding residential loans to GDP. This finding is robust across various specifications and the use of alternative measures of mortgage debt. In contrast, trust has a positive and robust impact on all the measures of mortgage debt. Other dimensions of national culture like long-term orientation, individualism, and indulgence, also appear to matter; however, their impact depends on the control variables and the employed measure of mortgage debt.
Free text descriptor in Finnish asunnot; rahoitus; luotot; lainat; asuntolainat; kulttuurierot; tavat; kansallinen kulttuuri 
Free text descriptor in English Culture; Mortgage; Housing; Hofstede 
JEL-codes G21; E71 
ISSN / e-ISSN 0927-5398 
auki Internet addresses
Additional information Available online 31 December 2019.
Open Access Not known