INTERACTIONS BETWEEN FINANCIAL DEVELOPMENT AND TRADE OPENNESS

被引：11

作者：

Kim, Dong-Hyeon ^{[1
]}

Lin, Shu-Chin ^{[2
]}

Suen, Yu-Bo ^{[3
]}

机构：

[1] Sungshin Womens Univ, Seoul, South Korea

[2] Tamkang Univ, Taipei, Taiwan

[3] Aletheia Univ, Taipei, Taiwan

来源：

SCOTTISH JOURNAL OF POLITICAL ECONOMY | 2011年 / 58卷 / 04期

关键词：

COMPARATIVE ADVANTAGE; MONETARY-POLICY; STOCK MARKETS; GROWTH; INFLATION; BANKS; INTERMEDIATION; IDENTIFICATION; ALLOCATION; CAUSALITY;

D O I：

10.1111/j.1467-9485.2011.00559.x

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

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.

引用

页码：567 / 588

页数：22

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