| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP9338 |
| DP9338 Finance, Governments, and Trade | |
| Giuseppe Bertola; Anna Lo Prete | |
| 发表日期 | 2013-02-10 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 摘要 | We study how financial transactions may respond to exogenous variation in trade opportunities not only directly, but also through policy channels. In more open economies, governments may find it more difficult to fund and enforce public policies that substitute private financial transactions, and more appealing to deregulate financial markets. We propose a simple theoretical model of such policy-mediated relationships between trade and financial development. Empirically, we document in a country panel dataset that, before the 2007-08 crisis, financial market volumes were robustly and negatively related to the share of government consumption in GDP in regressions that also include indicators of financial regulation and trade openness, and we seek support for a causal interpretation of this result in instrumental variable specifications. |
| 主题 | Financial Economics ; International Macroeconomics ; Public Economics |
| 关键词 | Financial reforms Government size Openness Private credit |
| URL | https://cepr.org/publications/dp9338 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/538174 |
| 推荐引用方式 GB/T 7714 | Giuseppe Bertola,Anna Lo Prete. DP9338 Finance, Governments, and Trade. 2013. |
| 条目包含的文件 | 条目无相关文件。 | |||||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
