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Which Type of Trust Matters?: Interpersonal vs. Institutional vs. Political Trust

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한국은행|2023.06|경제분석 (Economic Analysis)|제29권 제2호|pp. 94-135|DOI 10.23299/bokeri.2023.29.2.003

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참고문헌

키워드

Social CapitalInstitutional TrustInstitutions and Economic Growth
주제분류경제학

초록

Although an increasing number of studies demonstrate the importance of trust in economic growth, most of them only focus on interpersonal trust. This paper considers various types of trust including interpersonal trust (i.e., trust in most people), institutional trust (e.g., trust in the fair administration of justice, or trust in the protection of property rights), and political trust (e.g., trust in government or political parties), and investigates their impacts on growth. Using novel cross-country survey data, this paper finds that institutional trust is most robustly related to the economic growth in a cross-section of 46 countries. This paper also shows that there is a causal relationship between institutional trust and growth using panel data from those 46 countries. Hence, in contrast with the previous trust literature which focuses on trust in “people” as a “time-invariant cultural feature,” this paper stresses trust in the “social system” as an “institutions-dependent feature.”

Abstract

Although an increasing number of studies demonstrate the importance of trust in economic growth, most of them only focus on interpersonal trust. This paper considers various types of trust including interpersonal trust (i.e., trust in most people), institutional trust (e.g., trust in the fair administration of justice, or trust in the protection of property rights), and political trust (e.g., trust in government or political parties), and investigates their impacts on growth. Using novel cross-country survey data, this paper finds that institutional trust is most robustly related to the economic growth in a cross-section of 46 countries. This paper also shows that there is a causal relationship between institutional trust and growth using panel data from those 46 countries. Hence, in contrast with the previous trust literature which focuses on trust in “people” as a “time-invariant cultural feature,” this paper stresses trust in the “social system” as an “institutions-dependent feature.”

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