First, our geographic location is in close proximity to the largest mass consumption society in the world, which shapes our own consumption patterns. This demonstration effect is transmitted through the media, mainly  BIS central bankers’ speeches  1  television, our friends and relatives in the US and frequent visits to that country.
The second factor is the presence of a liberal democratic political system with a competitive multiparty system in which many promises are made in order to be elected. The financial system which is dominated by foreign and local commercial banks is aligned to this private sector structure by both history and practice.