Country culture and shadow banking
研究了个人主义和不确定性规避这两种国家文化如何影响全球影子银行的发展，发现高个人主义和低不确定性规避的国家影子银行活动更活跃，且民主程度会强化个人主义的作用。
Abstract We explore the impact of country culture of individualism and uncertainty avoidance on the development of shadow banking throughout the world. We find that countries with high individualism and low uncertainty avoidance have higher shadow banking activities. Our results are robust to alternative and time‐varying culture measures, alternative measures for shadow banking, different model specifications and endogeneity concerns. In addition, level of democracy in a country has a significantly positive moderating role in determining the relation between individualism and shadow banking.