and Jonas Vlachos
Helena Svaleryd: Department of Economics, Postal: Stockholm University, SE-106 91 Stockholm, Sweden
Jonas Vlachos: Dept. of Economics, Stockholm School of Economics, Postal: P.O. Box 6501, SE-113 83 Stockholm, Sweden
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.
36 pages, First version: June 22, 1999. Revised: August 28, 2001. Earlier revisions: September 10, 2000.
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