Culture also plays a role in financial development, which is germane to economic growth. Specifically, a strong correlation is found between uncertainty avoidance and the financial development of a country
Cultural characterisations
Most studies employ cultural characterisations of individualism and collectivism by Hofstede (2001), autonomy and embeddedness by Schwartz (1994), and trust and equality by Inglehart (2000). Individualism, autonomy, egalitarianism, trust and tolerance have been found
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