Openness, financial markets, and policies: cross-country and dynamic patterns
- We document significant and robust empirical relationships in cross-country panel data between government size or social expenditure on the one hand, and trade and financial development indicators on the other. Across countries, deeper economic integration is associated with more intense government redistribution, but more developed financial markets weaken that relationship. Over time, controlling for country-specific effects, public social expenditure appears to be eroded by globalization trends where financial market development can more easily substitute for it.
| Author: | Giuseppe Bertola, Anna Lo Prete |
|---|---|
| URN: | urn:nbn:de:hebis:30-62348 |
| Parent Title (German): | Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 2008,55 |
| Series (Serial Number): | CFS working paper series (2008, 55) |
| Document Type: | Working Paper |
| Language: | English |
| Year of Completion: | 2008 |
| Year of first Publication: | 2008 |
| Publishing Institution: | Universitätsbibliothek Johann Christian Senckenberg |
| Release Date: | 2009/01/29 |
| Tag: | Financial Development; Globalization; Social Policy |
| GND Keyword: | Staat; Größe; Sozialausgaben; Welthandel; Finanzlage |
| HeBIS-PPN: | 210309792 |
| Institutes: | Wissenschaftliche Zentren und koordinierte Programme / Center for Financial Studies (CFS) |
| Dewey Decimal Classification: | 3 Sozialwissenschaften / 33 Wirtschaft / 330 Wirtschaft |
| Licence (German): |  Deutsches Urheberrecht |
