Scandinavian Working Papers in Economics
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The Economic Research Institute, Stockholm School of Economics SSE/EFI Working Paper Series in Economics and Finance

No 327:
Markets for Risk and Openness to Trade: How are they Related?

Helena Svaleryd and Jonas Vlachos ()

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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