and Jonas Vlachos
Helena Svaleryd: Dept. of Economics, Stockholm University, Postal: Department of Economics, Stockholm University, S-106 91 Stockholm, Sweden
Jonas Vlachos: Department of Economics, Stockholm School of Economics, Postal: Department of Economics, Stockholm School of Economics, Box 6501, S-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 theoretical research suggests that markets for risk can alleviate resistance to reform and protectionist lobby group pressure. We empirically address the hypothesis that institutions reducing risk can facilitate liberal trade policy. Our results reveal a robust positive relationship between openness to trade and the development of domestic and international financial markets.
35 pages, September 10, 2000
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