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Government, Openness And Finance: Past And Present

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  • PANICOS O. DEMETRIADES
  • PETER L. ROUSSEAU

Abstract

We explore the role of government in the nexus of finance and trade starting from the earliest days of organised finance in England and then broadening the analysis to 84 countries from 1960 to 2004. For 18th century England, we find that the government expenditures and international trade did have a positive long-run effect on financial development when measured as the value of private loans issued at the Bank of England. For the wider panel of countries and more recent data, we find that government expenditures and trade have positive effects on financial development for countries that are in the mid-ranges of economic development as measured by their per capita incomes, but have little effect for poor countries and strongly negative effects for the wealthiest ones.

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File URL: http://hdl.handle.net/10.1111/j.1467-9957.2011.02268.x
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Bibliographic Info

Article provided by University of Manchester in its journal The Manchester School.

Volume (Year): 79 (2011)
Issue (Month): s2 (09)
Pages: 98-115

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Handle: RePEc:bla:manchs:v:79:y:2011:i:s2:p:98-115

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  1. Ben-David, Dan, 1993. "Equalizing Exchange: Trade Liberalization and Income Convergence," The Quarterly Journal of Economics, MIT Press, vol. 108(3), pages 653-79, August.
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Cited by:
  1. Ben Jelili, Riadh & Abdmoulah, Walid, 2013. "Access to Finance Thresholds and the Finance-Growth Nexus," MPRA Paper 52221, University Library of Munich, Germany, revised 2012.
  2. Michael D. Bordo & Peter L. Rousseau, 2011. "Historical Evidence on the Finance-Trade-Growth Nexus," NBER Working Papers 17024, National Bureau of Economic Research, Inc.

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