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Title: Government, Openness and Finance: Past and Present
Authors: Demetriades, Panicos O.
Rousseau, Peter L.
First Published: 1-Sep-2011
Publisher: Blackwell Publishing Ltd. on behalf of the University of Manchester
Citation: The Manchester School, 2011, 79 (s2), pp. 98-115.
Abstract: We explore the role of government in the nexus of finance and trade starting from the earliest days of organized finance in England and then broadening the analysis to 84 countries from 1960 to 2004. For 18th century England, we find that government expenditures and international trade did have a positive effect on financial development when measured as the value of private loans issued at the Bank of England. For the wider panel of countries with more recent data, we find that government expenditures and trade have positive effects on financial development for countries that are in the mid-ranges of economic development as measured by their per capita incomes, but have little effect in poor countries and strongly negative effects for the wealthiest ones.
DOI Link: 10.1111/j.1467-9957.2011.02268.x
ISSN: 1463-6786
eISSN: 1467-9957
Version: Post-print
Status: Peer-reviewed
Type: Article
Rights: © 2011 The Authors. The Manchester School © 2011 Blackwell Publishing Ltd and The University of Manchester.
Appears in Collections:Published Articles, Dept. of Economics

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