淡江大學機構典藏:Item 987654321/100571
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    Please use this identifier to cite or link to this item: https://tkuir.lib.tku.edu.tw/dspace/handle/987654321/100571


    Title: The simultaneous evolution of economic growth, financial development, and trade openness
    Authors: Kim, Dong-hyeon;Lin, Shu-chin;Suen, Yu-bo
    Contributors: 淡江大學經濟學系
    Keywords: economic growth;financial development;trade openness;identification through heteroskedasticity;C33;G21;O16
    Date: 2011-03
    Issue Date: 2015-03-06 10:08:50 (UTC+8)
    Publisher: Abingdon: Routledge
    Abstract: This article empirically investigates the interactions among economic growth, financial development, and trade openness through simultaneous equation systems. The identification and estimation of the systems rely on the methodology of identification through heteroskedasticity. The empirical results show that each of the three variables interacts in important ways. When controlling for the reverse causation, trade promotes economic growth in high-income, low-inflation, and nonagricultural countries but has a negative impact on growth in countries with the opposite attributes. Similarly, when accounting for the feedbacks from growth, banks and stock markets have different impacts on economic growth. While banking development is detrimental to output growth, stock market development is more favorable to growth in high-income, low-inflation, and nonagricultural countries. The data also reveal coexistence of a positive effect of financial development on trade and a negative effect of trade on financial development in poorer countries. In richer countries, financial development stimulates trade openness whereas trade has an ambiguous impact on financial development.
    Relation: The Journal of International Trade & Economic Development 21(4), pp.513-537
    DOI: 10.1080/09638199.2010.497933
    Appears in Collections:[Graduate Institute & Department of Economics] Journal Article

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