جستجوی مقالات مرتبط با کلیدواژه « financial openness » در نشریات گروه « اقتصاد »

Given the importance of financial development to achieve sustainable economic growth, the main objective of this study is to investigate the effect of economic openness (financial and trade openness) on financial development (with emphasis on institutional components) in two groups of oil and non-oil developing countries. In this regard, the Panel ARDL method has been used for the period 2000-2017. The estimated results indicate a positive and significant effect of financial openness on financial development in the oil developing countries and its negative and significant impact on financial development of the non-oil developing countries in the long run. Also, the results show that trade openness has a significant and positive effect on financial development in non-oil developing countries in the long run. While the relationship of trade openness with financial development is statistically meaningless in the oil developing countries. Furthermore, most of the institutional variables in the developing countries have played a positive role in promoting the financial development index in the short-term and long-term. Nevertheless, the effect of these variables on financial development in the non-oil developing countries is very limited in the short-run while it is negative in the long-run.

The process of economic growth and development depends on the extent to which the national economy interacts with the world economy and is affected by the process of globalization. In this regard, the size of the government has also undergone a great deal of change in the approach of accepting engagement with the issue of globalization and with the anomaly itself has increased the possibility of corruption, especially in developing countries. The purpose of the present study was to investigate the impact of business-financial openness on government size by emphasizing the Corruption Perceptions Index and comparing it in two groups of high-income and low-income countries over the period 2018–2006 using panel data. It is based on the FGLS approach. The findings show that improving the perception index of corruption has led to an increase in the size of government in high-income countries, while in  low-income countries it has reduced the size of government presence in the economy. Moreover, financial freedom has had a greater impact on government size in high-income countries than commercial freedom, and has resulted in a decrease in the size of government, while commercial freedom has no such effect. In the group of low-income countries, improving the perception of corruption, which indicates improved governance quality, has led to a decrease in the size of governments, but the effect of commercial and financial freedom on the size of the positive government reflects the increasing impact of globalization indicators on The size of the government. The findings indicate the asymmetric impact of commercial and financial freedom on government size in high-income countries. In spite of the asymmetric response of the government size in the two income groups to the perception of corruption index, the improvement in this index in the group of low-income countries has been associated with a larger response to the decline in government volume.

Globalization and economic openness, by raising external risks, increase the presence and interference of governments to support domestic economy. However, by integrating markets and creating competition in private sector, globalization decreases the presence of government in the economy. In this paper, under the theoretical framework of compensatory and efficiency hypotheses, the relationship between government size and economic openness in the long- and short-term is investigated for select member countries of Organization of Islamic Cooperation for period 1998-2015. The designed model is estimated by using vector autoregressive  (VAR) and the two-stage least squares (2SLS) methods. The results of vector error correction model (VECM) estimation show that in short run, government size, population and financial openness influence government size. In the long run, urbanization and population variables have the greatest impact on government size. The effect of financial openness on government size in the long run is decreasing, but the effect of the trade openness is increasing. The results of 2SLS estimation also show that the effect of efficiency hypothesis on the size of the government cannot outweight the incremental effect of the compensatory hypothesis and, as a result, with increasing economic openness in these countries, government size has become larger.

The widespread progress on capital account liberalization and the massive increase in financial flows across the borders, have stimulated a lively debate on the broad economic effects of financial openness.
This paper contributes to the debate by assessing whether financial openness facilitates per-capita income catching-up across countries in Iran and the developing countries? As the current wave of globalization has generated widespread interest among national policymakers on the factors and policies that best promote economic integration, the paper provides empirical evidence on whether financial openness should be included among such policies by focusing on the dimensions that most critically characterize the process of economic integration, namely income convergence?
The key results of the analysis can be summarized as follows:Financial openness, financial integration and internal financial development, significantly facilitates per-capita income catching-up, but the role of internal financial development are more than two other variables.

The major aim of this paper is the survey of impact of trade and financial openness on ecological footprint in selected developing countries. In this paper, it has been tried to test the effect of trade and financial openness on ecological footprint in the form of simultaneous-equation system on the base of panel data to the years from 1994 to 2014. The results show, there are several factors, which can affect the trade and financial openness and cannot be considered as exogenous variables. Considering trade and financial openness as endogenous variables and the factors influencing them, the impact of such variables on the ecological footprint index can be examined more precisely. On this basis, trade openness has positive and significant effect on ecological footprint index (negative effect on environment quality). On the other hand, according to shelter of pollution hypothesis financial openness variable has positive and significant effect on the ecological footprint index.

Over the past few decades, globalization has affected most economic indicators. In this regard, one of the most important questions raised by economists is that how much does globalization affect government spending?
A large body of literature deals with the economic determinants of government size, have put forward two hypotheses:1. Country size emerges from a trade-off between the economies of scale in supplying public goods in large countries, and the costs of cultural and ethnic heterogeneity, which may be increasing in the size of countries. This result hinges critically on the assumption that, when you can share the costs of partially or completely non-rival public goods over larger populations, per capita expenditure on these goods is lower.
2. To the extent that market size influences productivity, large countries can afford to be closed, while small countries face stronger incentives to remain open; conversely, as trade liberalizes, regional and cultural minorities can afford to split because political borders do not identify the size of the market; therefore, smaller countries can enjoy the benefits of cultural homogeneity without suffering the costs associated with small markets. This hypothesis points toward a negative relationship between country size and the degree of globalization.
In this paper, we examined the composition of public expenditures rather than the overall level. Economic theory suggests different kinds of government expenditures to react differently to globalization. According to the disciplining hypothesis, globalization restrains governments by inducing increased budgetary pressure. As a consequence, governments shift their expenditures in favor of transfers and subsidies and away from capital expenditures. The efficiency/disciplining effect is thus expected to reduce the share of capital expenditures.
To measure globalization, we employ various proxies, the first is openness to trade measured as the sum of imports and exports as a share of GDP. The second indicator of globalization is the sum of the absolute values of inflows and outflows of foreign direct investment (as a share of GDP), and the third refers to KOF Index of Globalization. The index captures the three main dimensions of globalization – economic integration, political integration and social integration. It is based on a large number of variables that relate to the three main dimensions of globalization. These variables have been combined to form six groups: actual flows of trade and investment, restrictions of international transactions, variables measuring the degree of political integration, variables quantifying the extent of personal contacts with people living in foreign countries, variables measuring trans-border flows of information, and a proxy for cultural integration. These six groups are combined to form the three sub-indices and one overall index of globalization with the help of an objective statistical method. We employ the overall index and the three sub-indices.
The purpose of this paper is to test the effectiveness and compensatory hypothesis in examining the effect of globalization on the productive and unproductive expenditures of the Iranian government over the period of 1368-94. Government expenditures are initially divided into capital and consumed expenditures and then it divided into productive and unproductive components, then relationship between the globalization indicators and these components expenditures is analyzed in the form of an econometric model using instrumental variables and the two-stage least squares method (2SLS).
The results indicate that the KOF index and its economic and social indicators and trade openness (with a coefficient of .27) have a positive and significant effect on government consumption expenditures. Also, financial openness (with a coefficient of -4.44) has a negative effect on the government's capital expenditures, but trade openness (with a coefficient of 23.2) has a positive effect on it. In this way, according to the efficiency hypothesis, globalization has led to a reduction in government's capital expenditures.
Based on trade and financial openness effect on productive and unproductive government expenditures, this study finds a consistent result that favors the efficiency hypothesis over the compensatory hypothesis.

For the sustainable success of "globalization", it is important to investigate how expanding its aspects affect poverty. To determine the dimensions of this subject, in this study we hypothesize negative relationship between poverty and financial or trade openness, using the model by Dollar and Kraay. We employ a panel data method using data for the years 1960-2012 on 31 countries. We have also categorized countries into two parts including developed and developing ones and identified a significant difference in the impact of policies. Because of data limitations we only use the two variables “ratio of exports and imports to GDP”, and “foreign direct investment relative to GDP”, as the two criteria of various aspects of globalization. The results show that while the posit ive effect of trade openness in developing countries on increment of average income of the poor cannot be rejected; on the other side, effects of financial openness in developed and developing countries are different. So that it negatively, affects the income of the poor in the developing countries. This result suggests that to achieve sustainable success of financial and trade openness in developing countries, the latter should precede the former.

During recent years, globalization has been a substantial growth in different countries, and this event has been effective on many macroeconomic variables. In many countries, by increasing trade and financial openness, the size of government has been changed. Therefore, in this study, we have investigated the effects of trade and financial openness on government size in member countries of the MENA during the period 2002-2013. Considering endogenous explanatory variables using instrumental variables and using the error components three-stage least-squares (EC3SLS) estimator are distinguishing features of this study relative to previous studies. In accordance with the efficiency hypothesis, the study findings indicated that financial openness has a negative effect on the government size. Also, based on the compensation hypothesis, the results showed that trade openness has a positive effect on the government size. Generally, the results showed that the positive effect of trade openness on government size is greater than the negative impact of financial openness. These findings indicate that the government size in member countries of the MENA will increase in the face of economic globalization. Therefore, it is recommended that perform the privatization of the economy be implemented more quickly, and the role of government be changed from outsourcing to regulatory and policy-making.

In recent decades one of the important discussions among economists is explanation mutual relationship trade openness, financial openness and government size because in this field, there are many divergence of views. Analysis effect trade and financial openness on the government size is necessary.Therefore, in this article to explain effects trade and financial openness on the government size in selection of OIC members in fromework two compensation hypothesis and efficiency hypothesis. For gaining access to purpose using cross-sectional time-cerise context in during period 1999-2009 and GLS estimator. It is worth noting, to obtain more accurat results this countries based on per capital income in three groups are classified. Estimation results indicate indexes trade and financial openness are significant in lower middle incom. Countries and low incom countries.Also these indexes are not significant in upper middle incom countries. It is worth noting, impact trade openness is more than impact financial openness on the government size.