Are Finance and Trade Complements or Substitutes?

淡江大學機構典藏 > 商管學院 > 經濟學系暨研究所 > 期刊論文 > Item 987654321/66328

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题名:	Are Finance and Trade Complements or Substitutes?
作者:	林淑琴;Kim, D.H.;Suen, Y.B.
贡献者:	淡江大學經濟學系
日期:	2010-02
上传时间:	2011-10-22 17:33:03 (UTC+8)
摘要:	This article studies the long- and short-run relationships between financial development and trade openness. Using the pooled mean group estimator of Pesaran, Shin, and Smith (1999) for unbalanced panel data for 87 countries over the 1960–2005 period, our empirical results indicate that long-run complementarity between financial development and trade openness coexists with short-run substitutionarity between the two policy variables. But when splitting the data into OECD and non-OECD country groups, this finding can be observed only in non-OECD countries. For OECD countries, financial development has negligible effects on trade. In addition, we find nonlinearity in the relationship in that long-run responses of trade decrease with financial development. The article further finds coexistence of negative trade effects of financial fragility and positive trade impacts of financial depth.
關聯:	Southern Economic Journal 76(3), pp. 827-845
显示于类别:	[經濟學系暨研究所] 期刊論文

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