This article examines the effect of openness on financial development pertaining to the Rajan and Zingales (2003) hypothesis, namely that simultaneous openness of trade and capital flows has a positive influence on financial development.They hypothesise that when a country's borders are open to...

Moment conditions are derived for dynamic linear panel data models with linear individual specific effects in the mean and multiplicative individual effects in the conditional ARCH type variance function. The relation and correlation between the linear and multiplicative effects are...

The recent enlargement of the European Union has led to a relatively significant increase in the size of the internal market. This has once again shifted attention to the issue whether the anticipated positive growth effects of economic integration are related to the scale of the integrated...

This paper develops a general method for conducting exact small-sample inference in models which allow the estimator of the (scalar) parameter of interest to be expressed as the root of an estimating function, and which is particularly simple to implement for linear models with a covariance...