{"title":"The impact of the openness of trade and finance on financial development: Evidence from emerging markets","authors":"Liang Yinghao, Yan Jiajia","doi":"10.1016/j.ememar.2025.101261","DOIUrl":null,"url":null,"abstract":"<div><div>In this paper, we utilize panel data encompassing 44 emerging market countries from 1996 to 2020 to investigate the impact of openness on financial development and rethink the interrelationship between trade openness and financial openness. Our findings indicate that openness contributes to the promotion of financial development. Furthermore, this paper extends and refines the classification of open relationships by considering three distinct types of policymakers: prudent, radical, and discretionary. Through this categorization, we shed light on the ambiguity of the marginal effects of trade and financial opening policies.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"65 ","pages":"Article 101261"},"PeriodicalIF":5.6000,"publicationDate":"2025-02-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Emerging Markets Review","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S156601412500010X","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
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Abstract
In this paper, we utilize panel data encompassing 44 emerging market countries from 1996 to 2020 to investigate the impact of openness on financial development and rethink the interrelationship between trade openness and financial openness. Our findings indicate that openness contributes to the promotion of financial development. Furthermore, this paper extends and refines the classification of open relationships by considering three distinct types of policymakers: prudent, radical, and discretionary. Through this categorization, we shed light on the ambiguity of the marginal effects of trade and financial opening policies.
期刊介绍：
The intent of the editors is to consolidate Emerging Markets Review as the premier vehicle for publishing high impact empirical and theoretical studies in emerging markets finance. Preference will be given to comparative studies that take global and regional perspectives, detailed single country studies that address critical policy issues and have significant global and regional implications, and papers that address the interactions of national and international financial architecture. We especially welcome papers that take institutional as well as financial perspectives.
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