Financial Development, Trade Openness and Growth in the First Wave of Globalization

Alexandra D’Onofrio () and Peter Rousseau
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Alexandra D’Onofrio: Luiss Guido Carli University
Authors registered in the RePEc Author Service: Alexandra D'Onofrio

Comparative Economic Studies, 2018, vol. 60, issue 1, No 9, 105-114

Abstract: Abstract Did financial development and international trade reinforce each other and drive economic growth more than a century ago? We investigate these linkages among 17 countries during the first wave of economic globalization (1850–1929). Cross-country dynamic panels as well as VARs and VECMs for individual countries indicate that financial development led both trade and growth at this time, while trade largely responded to financial development.

Keywords: Finance-growth nexus; Nineteenth century commerce; Panel VAR (search for similar items in EconPapers)
Date: 2018
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DOI: 10.1057/s41294-017-0048-y

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