SSE/EFI Working Paper Series in Economics and Finance
Helena Svaleryd and Jonas Vlachos
Markets for Risk and Openness to Trade: How are they Related?
Abstract: It has long been argued that trade restrictions can be
motivated by insurance considerations in the absence of full risk
diversification. Recent literature suggests that markets for risk can
alleviate resistance to reform and protectionist lobby group pressure. We
empirically address the hypothesis that institutions which affect domestic
risk reduction can facilitate liberal trade policy and show that there
exists a robust positive relationship between openness to trade and the
development of financial markets.
Keywords: Financial markets; trade policy; (follow links to similar papers)
JEL-Codes: F13; G20; (follow links to similar papers)
36 pages, June 22, 1999, Revised August 28, 2001
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- This paper is published as:
Svaleryd, Helena and Jonas Vlachos, (2002), 'Markets for Risk and Openness to Trade: How are they Related?', Journal of International Economics, Vol. 57, August, No. 2, pages 396-395
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