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    Please use this identifier to cite or link to this item: http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/77270

    Title: Are Financial Development and Trade Openness Complements or Substitutes?
    Authors: Kim, Dong-hyeon;Lin, Shu-chin;Suen, Yu-bo
    Contributors: 淡江大學經濟學系
    Date: 2010-01
    Issue Date: 2012-06-14 10:13:57 (UTC+8)
    Publisher: Chattanooga: Southern Economic Association
    Abstract: 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.
    Relation: Southern Economic Journal 76(3), pp.827-845
    DOI: 10.4284/sej.2010.76.3.827
    Appears in Collections:[Graduate Institute & Department of Economics] Journal Article

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