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Financial Development, Financial Openness and Trade Openness: New evidence

Author

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  • Pham Thi Hong Hanh

Abstract

Employing 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.

Suggested Citation

  • Pham Thi Hong Hanh, 2010. "Financial Development, Financial Openness and Trade Openness: New evidence," FIW Working Paper series 060, FIW.
    • Handle: RePEc:wsr:wpaper:y:2010:i:060
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    File URL: http://www.fiw.ac.at/fileadmin/Documents/Publikationen/Working_Paper/N_060-PHAM.pdf
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    Citations

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    Cited by:

    1. Jean-Pierre Allegret & Sana Azzabi, 2014. "Intégration financière internationale et croissance économique dans les pays émergents et en développement : le canal du développement financier," Revue d’économie du développement, De Boeck Université, vol. 22(3), pages 27-68.
    2. Abayomi Toyin Onanuga Olaronke Toyin Onanuga, 2016. "Do Financial and Trade Openness Lead to Financial Sector Development in Nigeria?," Zagreb International Review of Economics and Business, Faculty of Economics and Business, University of Zagreb, vol. 19(2), pages 57-68, November.
    3. Onanuga, Olaronke & Onanuga, Abayomi, 2016. "The Response of Banking Sector Development to Financial and Trade Openness in the presence of Global Financial Crisis in Africa," MPRA Paper 83327, University Library of Munich, Germany, revised 30 Sep 2016.

    More about this item

    Keywords

    Financial development; Financial Openness; International Trade; Financial Crisis; Developing countries; Panel Co-integration;
    All these keywords.

    JEL classification:

    • D90 - Microeconomics - - Micro-Based Behavioral Economics - - - 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, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance

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