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Full-Text Articles in Social and Behavioral Sciences
Working Paper No. 30, On The Origins Of Laissez-Faire, Thomas Breaden
Working Paper No. 30, On The Origins Of Laissez-Faire, Thomas Breaden
Working Papers in Economics
This paper traces laissez-faire back to its French roots, and in particular, to its origins as a political philosophy evoking an economic approach. Related to his visit to France in the 1760s and his personal contacts, we suggest that Adam Smith serves as the link between selected French thinkers and what after Smith’s Inquiry would be widely accepted as a quintessentially Anglo-Saxon tradition in economics. Exploring doctrine, we offer linkages between F. Quesnay, A. Turgot, J.J. Rousseau, and Smith’s ideas. Similarities in Smith’s understanding and the French exponents regarding economic activity vis-a- vis a public sector are presented, along with …
Financial Development And Financial Liberalization In Asia: Thresholds, Institutions And The Sequence Of Liberalization, Hiro Ito
Economics Faculty Publications and Presentations
I investigate whether financial openness leads to financial development after controlling for the level of legal/institutional development, and whether trade opening is a precondition for financial opening, focusing on Asia. Utilizing a panel encompassing 87 less developed countries over the period 1980 to 2000, I find that a higher level of financial openness spurs equity market development only if a threshold level of legal development has been attained, a condition prevalent particularly among emerging market Asian countries. On the issue of sequencing, trade openness is found to be a prerequisite for successful inducement of financial development via capital account liberalization.
What Matters For Financial Development? Capital Controls, Institutions, And Interactions, Menzie David Chinn, Hiro Ito
What Matters For Financial Development? Capital Controls, Institutions, And Interactions, Menzie David Chinn, Hiro Ito
Economics Faculty Publications and Presentations
We extend our earlier work, focusing on the links between capital account liberalization, legal and institutional development, and financial development, especially that in equity markets. In a panel data analysis encompassing 108 countries and twenty years ranging from 1980 to 2000, we explore several dimensions of the financial sector. First, we test whether financial openness can lead to equity market development when we control for the level of legal and institutional development. Then, we examine whether the opening of the goods sector is a precondition for financial opening. Finally, we investigate whether a well-developed banking sector is a precondition for …