Cross-Country Differences in Systemic Risk: The Role of National Culture
Francesca Battaglia, Francesco Busato, Maria Manganiello

Abstract
This paper aims to provide a summary of the state of the art of systemic risk research while focusing on its relationship with national culture. Specifically, it offers new insight into the role of national culture in the banking industry. To this end, after a discussion of main systemic risk measures, the paper suggests that there is a lack of systemic risk indicators relying on the national culture dimension, although there exists empirical evidence on the causal relationship between national culture and bank risk-taking.

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