This paper asks whether the sensitivity of market long-term interest rates and credit ratings is associated with cross-country differences in social trust. We note a number of theoretical mechanisms that suggest that macroeconomic shocks are more likely to be effectively dealt with in higher-trust societies. A set of panel estimates across middle- and high-income countries reveals that interest rates and credit ratings are substantially more sensitive to inflation and growth problems in low-trust countries. This finding sheds light on the differential market reactions to macroeconomic problems in seemingly comparable countries.

中文翻译：

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信任我们来偿还：社会信任、长期利率和主权信用评级

本文探讨了市场长期利率和信用评级的敏感性是否与社会信任的跨国差异有关。我们注意到一些理论机制表明，在信任度较高的社会中，宏观经济冲击更有可能得到有效处理。对中等收入和高收入国家的一组小组估计显示，低信任度国家的利率和信用评级对通货膨胀和增长问题更为敏感。这一发现揭示了在看似可比的国家中市场对宏观经济问题的不同反应。