Document Type

Contribution to Book

Language

eng

Format of Original

19 p.

Publication Date

2006

Publisher

Springer

Source Publication

Return to Growth in CIS Countries

Source ISSN

9783540342632

Original Item ID

doi: 10.1007/3-540-34264-8_11

Abstract

We study whether financial openness facilitates the economic integration of formerly centrally planned economies with the EU-15. Two dimensions of economic integration are considered: cross-country convergence of per-capita incomes and bilateral trade in goods and services. We find that more financially open economies effectively catch-up faster and trade more with the EU-15. These integration-enhancing effects occur over and above any effect stemming from domestic financial deepening and other factors determining growth and trade.

Comments

Published version. "The Impact of Financial Openness on Economic Integration: Evidence from Europe and the CIS," in Return to Growth in CIS Countries. Eds. Lúcio Vinhas de Souza and Oleh Havrylyshyn. Berlin: Springer, 2006: 281-299. DOI. © Springer 2006.

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