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Analyzing the effect of financial development and trade openness on income convergence

Author

Listed:
  • Omid Ranjbar

    (Allameh Tabataba'i University and Trade promotion organization)

  • Zahra (Mila) Elmi

    (University of Mazandaran)

Abstract

In this paper, we analyze the effects of financial development and trade openness on income convergence via the application of pooled fractional probit model that developed by Papke and Wooldridge (2008). Our results confirm the hypothesis that trade openness accelerate the income convergence. Also we found financial development acts as a convergence factor only for financially middle advanced countries.

Suggested Citation

  • Omid Ranjbar & Zahra (Mila) Elmi, 2015. "Analyzing the effect of financial development and trade openness on income convergence," Economics Bulletin, AccessEcon, vol. 35(4), pages 2595-2600.
    • Handle: RePEc:ebl:ecbull:eb-15-00506
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    File URL: http://www.accessecon.com/Pubs/EB/2015/Volume35/EB-15-V35-I4-P260.pdf
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    More about this item

    Keywords

    Convergence; Fractional response; Probit; Trade openness; Financial development;
    All these keywords.

    JEL classification:

    • C2 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables
    • O4 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity

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