It has long been argued that trade restrictions can be motivated by insurance considerations in the absence of full risk diversification. Recent literature suggests that markets for risk can alleviate resistance to reform and protectionist lobby group pressure. We empirically address the hypothesis that institutions which affect domestic risk reduction can facilitate liberal trade policy and show that there exists a robust positive relationship between openness to trade and the development of financial markets.
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Length: 36 pages Date of creation: 22 Jun 1999 Date of revision:
10 Sep 2000 Publication status: Published in Journal of International Economics, 2002, pages 396-395. Handle: RePEc:hhs:hastef:0327
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