WP 83 | 15 The Spirit of the Law over its Letter: The Role of Culture and Social Norms in Shielding Cooperative Banks from Systemic Shocks
The macroeconomic impact of bank misconduct has deterred users of financial services from using the system, to the detriment of market integrity, and has prompted policymakers and supervisors to turn to "culture" as a tool to regain public trust. This paper addresses the definitional deficit on what "culture" is by exploring the illustrative case of cooperative banks. Read More