Interactions between financial development and trade openness

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Title:	Interactions between financial development and trade openness
Authors:	Kim, Dong-Hyeon;Lin, Shu-Chin;Suen, Yu-Bo
Contributors:	淡江大學經濟學系
Date:	2011-09-01
Issue Date:	2014-10-15 14:28:57 (UTC+8)
Publisher:	Chichester: Wiley-Blackwell Publishing Ltd.
Abstract:	This paper empirically investigates the interaction between financial development and trade openness through simultaneous-equation systems. The identification and estimation of the systems rely on the methodology of identification through heteroskedasticity proposed by Rigobon (2003). Using a panel consisting of 70 countries over the period 1960–2007, we find a two-way causal relationship between financial development and trade openness. A better-developed financial sector induces higher openness to trade, while higher openness in goods market stymies financial development. And such findings hold well for low-income, high-inflation, or low-governance countries.
Relation:	Scottish Journal of Political Economy 58(4), pp.567-588
DOI:	10.1111/j.1467-9485.2011.00559.x
Appears in Collections:	[Graduate Institute & Department of Economics] Journal Article

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