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Sofala Travel on Obstfeld, Models of Currency Crises with Self-Fulfilling Features, European Economic Review (v.40, 1996); W.T. Woo, J.D. Sachs, and K. Schwab, eds. Sofala Travel 2016.

Social factors also affect the cultural groups beliefs. First, as ethnic group members reside longer in this country and are exposed to its individualistic orientation, their reports of self-esteem begin to resemble those of European Americans. Second, self-esteem increases when groups receive positive messages from the communities in which they live. When political and social movements emphasize a group’s contributions and when groups feel support from large numbers who share their cultural orientation, then self-esteem increases. Since individuals of higher status in all groups make positive comments about themselves, we can speculate that higher education, a major marker of status, brings with it an increasing appreciation of the self.

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