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Openness, Financial Markets, and Policies: Cross-Country and Dynamic Patterns

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Author Info
Bertola, Giuseppe
Lo Prete, Anna

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Abstract

We 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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Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 7048.

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Date of creation: Nov 2008
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Handle: RePEc:cpr:ceprdp:7048

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Related research
Keywords: financial development; globalization; Social policy;

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Find related papers by JEL classification:
F4 - International Economics - - Macroeconomic Aspects of International Trade and Finance

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References listed on IDEAS
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  1. Anna Maria Mayda & Kevin H. O'Rourke & Richard Sinnott, 2007. "Risk, Government and Globalization: International Survey Evidence," NBER Working Papers 13037, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  2. Jonas Agell, 2002. "On the Determinants of Labour Market Institutions: Rent Seeking vs. Social Insurance," German Economic Review, Blackwell Publishing, vol. 3(2), pages 107-135, 05. [Downloadable!] (restricted)
  3. Dani Rodrik, 1998. "Why Do More Open Economies Have Bigger Governments?," Journal of Political Economy, University of Chicago Press, vol. 106(5), pages 997-1032, October. [Downloadable!] (restricted)
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  4. Clarke, George & Xu, Lixin Colin & Zou, Heng-fu, 2003. "Finance and income inequality : test of alternative theories," Policy Research Working Paper Series 2984, The World Bank. [Downloadable!]
  5. Rafael La Porta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, 1998. "Law and Finance," Journal of Political Economy, University of Chicago Press, vol. 106(6), pages 1113-1155, December. [Downloadable!] (restricted)
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This page was last updated on 2009-11-25.

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