Government, Openness And Finance: Past And Present
AbstractWe 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 made by 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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Bibliographic InfoArticle provided by University of Manchester in its journal The Manchester School.
Volume (Year): 79 (2011)
Issue (Month): s2 (09)
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Other versions of this item:
- Panicos O. Demetriades & Peter L. Rousseau, 2010. "Government, Openness and Finance: Past and Present," NBER Working Papers 16462, National Bureau of Economic Research, Inc.
- Panicos Demetriades & Peter Rousseau, 2010. "Government, Openness and Finance: Past and Present," Discussion Papers in Economics 11/03, Department of Economics, University of Leicester, revised Oct 2010.
- N23 - Economic History - - Financial Markets and Institutions - - - Europe: Pre-1913
- O16 - Economic Development, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- 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.
- 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.
- Bordo, Michael D. & Rousseau, Peter L., 2012. "Historical evidence on the finance-trade-growth nexus," Journal of Banking & Finance, Elsevier, vol. 36(4), pages 1236-1243.
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