Norms, behaviors, beliefs, and preferences have been accepted as some of the most important determinants of financial development. In this paper, as a contribution to the literature, we ask whether patience plays a role in promoting financial development. Our cross-country empirical results show that patience is positively and significantly associated with financial development. Our results are quite robust for stock market development. However, the effect of patience on banking sector development loses its significance once the quality of institutions is controlled. Our results imply that patience has more direct and decisive effects on stock market development.

中文翻译：

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耐心和财务发展

规范、行为、信念和偏好已被公认为金融发展的一些最重要的决定因素。在本文中，作为对文献的贡献，我们询问耐心是否在促进金融发展方面发挥作用。我们的跨国实证结果表明，耐心与金融发展呈显着正相关。我们的结果对于股票市场的发展非常稳健。但是，一旦机构质量得到控制，耐心对银行业发展的影响就失去了意义。我们的研究结果表明，耐心对股市发展具有更直接和决定性的影响。