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Title:Does financial openness promote economic integration? Some evidence from Europe and the CIS PDF Logo
Authors:Carmignani, Fabrizio
Chowdhury, Abdur R.
Issue Date:2005
Series/Report no.:Research Paper, UNU-WIDER, United Nations University (UNU) 2005/74
Abstract:We study whether financial openness facilitates the economic integration of formerly centrally planned economies with the EU-15. Two dimensions of economic integration are considered: cross-country convergence of per-capita incomes and bilateral trade in goods and services. We find that more financially open economies effectively catch-up faster and trade more with the EU-15. These integration-enhancing effects occur over and above any effect stemming from domestic financial deepening and other factors determining growth and trade.
Subjects:economic integration
financial openness
gravity models
catching-up
JEL:F10
F15
F30
F36
F40
ISBN:9291907626
Document Type:Working Paper
Appears in Collections:WIDER Research Papers, United Nations University (UNU)

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