Openness, financial markets, and policies: Cross-country and dynamic patterns

Arbeitspapier

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.

Object Details

• Language: Englisch

References and Relationships

• Bibliographic citation: Series: CFS Working Paper ; No. 2008/55

Classification and Topics

• Classification: Wirtschaft
• Subject: Financial Development ; Globalization ; Social Policy ; Globalisierung ; Offene Volkswirtschaft ; Wirtschaftsintegration ; Sozialpolitik ; Kapitalmarktliberalisierung ; Arbeitsmarktpolitik ; Welt

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Bertola, Giuseppe ; Lo Prete, Anna
• Event: Veröffentlichung
• (who): Goethe University Frankfurt, Center for Financial Studies (CFS)
• (where): Frankfurt a. M.
• (when): 2008

Further information

• Handle: http://hdl.handle.net/10419/43210
• URN: urn:nbn:de:hebis:30-62348
• Last update: 10.03.2025, 11:44 AM CET