Financial Development, Financial Openness and Trade Openness: New evidence
AbstractEmploying the Pedroni co-integration technique and the GMM estimator, this paper aims at investigating the possible connection between financial development, financial openness and trade openness in twenty-nine Asian developing countries over 1994-2008. Firstly, we find a bidirectional causality between trade openness and financial development/openness. Secondly, the relationship between financial development and financial openness is heterogeneous across different measures. Finally, this paper provides a complementary contribution to earlier studies as asking for the question of whether the inclusion of financial crisis in estimated models can change the nature of the relationship between financial development and both types of openness.
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Bibliographic InfoPaper provided by FIW in its series FIW Working Paper series with number 060.
Date of creation: Nov 2010
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Postal: FIW Project Office Austrian Institute of Economic Research Arsenal Objekt 20 A-1030 Vienna
Find related papers by JEL classification:
- D90 - Microeconomics - - Intertemporal Choice - - - General
- F14 - International Economics - - Trade - - - Empirical Studies of Trade
- F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
- G01 - Financial Economics - - General - - - Financial Crises
- O16 - Economic Development, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
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