Government, openness and finance
Subtitle: past and present
By: Panicos O. Demetriades, Peter L. Rousseau
Contributors: Rousseau, Peter L.; National Bureau of Economic Research
Series: NBER working paper series -- working paper 16462; Working paper series (National Bureau of Economic Research : Online) -- working paper no. 16462.
Publisher: National Bureau of Economic Research
Published: 2010
Place of publication: Cambridge, MA
Language: eng
Format: Electronic resource
Description: "We explore the role of government in the nexus of finance and trade starting from the earliest days of organised finance in England and then broadening the analysis to 84 countries from 1960 to 2004.  For 18th century England, we find that the government expenditures and international trade did have a positive long-run effect on financial development when measured as the value of private loans issued at the Bank of England.  For the wider panel of countries and 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 for poor countries and strongly negative effects for the wealthiest ones"--National Bureau of Economic Research web site.
Notes: Title from PDF file as viewed on 3/8/2011.

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