Openness, Financial Markets, and Policies: Cross-Country and Dynamic Patterns
AbstractWe document significant and robust empirical relationships in cross-country panel data between government size or social expenditure on the one hand, and trade and financial development indicators on the other. Across countries, deeper economic integration is associated with more intense government redistribution, but more developed financial markets weaken that relationship. Over time, controlling for country-specific effects, public social expenditure appears to be eroded by globalization trends where financial market development can more easily substitute for it.
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Bibliographic InfoPaper provided by Czech National Bank, Research Department in its series Working Papers with number 2008/13.
Date of creation: Dec 2008
Date of revision:
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Financial markets; economic integration; government redistribution; panel data; globalization.;
Other versions of this item:
- Giuseppe BERTOLA & Anna LO PRETE, 2009. "Openness, Financial Markets and Policies: Cross-Country and Dynamic Patterns," Annales d'Economie et de Statistique, ENSAE, issue 95-96, pages 167-182.
- Bertola, Giuseppe & Lo Prete, Anna, 2008. "Openness, Financial Markets, and Policies: Cross-Country and Dynamic Patterns," CEPR Discussion Papers 7048, C.E.P.R. Discussion Papers.
- Bertola, Giuseppe & Lo Prete, Anna, 2008. "Openness, financial markets, and policies: Cross-country and dynamic patterns," CFS Working Paper Series 2008/55, Center for Financial Studies (CFS).
- F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
- G1 - Financial Economics - - General Financial Markets
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