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GOVERNMENT, OPENNESS AND FINANCE: PAST AND PRESENT

机译:政府,开放性和财政:过去和现在

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摘要

We explore the role of government in the nexus of finance and trade starting from the earliest days of organized finance in England and then broadening the analysis to 84 countries from 1960 to 2004. For 18th century England, we find that government expenditures and interna-tional trade did have a positive effect on financial development when measured as the value of private loans issued at the Bank of England. For the wider panel of countries with more recent data, we find that govern-ment expenditures and trade have positive effects on financial develop-ment for countries that are in the mid-ranges of economic development as measured by their per capita incomes, but have little effect in poor countries and strongly negative effects for the wealthiest ones.
机译:我们从英国的有组织金融的最早时期开始,就探索政府在金融和贸易关系中的作用,然后从1960年至2004年将分析范围扩大到84个国家。对于18世纪的英国,我们发现政府支出和国际以英格兰银行发行的私人贷款价值衡量,贸易确实对金融发展产生了积极影响。对于具有更近期数据的更广泛的国家/地区小组,我们发现政府支出和贸易对以人均收入衡量的处于经济发展中期的国家对金融发展具有积极影响。在穷国的影响很小,而对最富有的国家的负面影响很大。

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