NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Panicos O. Demetriades

Department of Economics
University of Leicester
University Road
Leicester LE1 7RH
United Kingdom

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NBER Working Papers and Publications

October 2010Government, Openness and Finance: Past and Present
with Peter L. Rousseau: w16462
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.

Published: Panicos O. Demetriades & Peter L. Rousseau, 2011. "Government, Openness And Finance: Past And Present," Manchester School, University of Manchester, vol. 79(s2), pages 98-115, 09. citation courtesy of

 
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