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Title:Openness, financial markets, and policies: Cross-country and dynamic patterns PDF Logo
Authors:Bertola, Giuseppe
Lo Prete, Anna
Issue Date:2008
Series/Report no.:CFS Working Paper 2008/55
Abstract: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.
Subjects:Financial Development
Globalization
Social Policy
JEL:F4
Persistent Identifier of the first edition:urn:nbn:de:hebis:30-62348
Document Type:Working Paper
Appears in Collections:CFS Working Paper Series, Universität Frankfurt a. M.

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