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Center for Financial Studies (CFS), Universität Frankfurt a. M. >
CFS Working Paper Series, Universität Frankfurt a. M. >
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http://hdl.handle.net/10419/43210
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| Title: | | Openness, financial markets, and policies: Cross-country and dynamic patterns  |
| 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 |
| Document Type: | | Working Paper |
| Appears in Collections: | | CFS Working Paper Series, Universität Frankfurt a. M.
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