We document significant and robust empirical relationships in cross-country panel data between government size or … social expenditure on the one hand, and trade and financial development indicators on the other. Across countries, deeper … economic integration is associated with more intense government redistribution, but more developed financial markets weaken …

it difficult for national governments to repress financial markets and to enforce redistribution policies that substitute … choices and interpret them structurally as reactions, shaped by country-specific characteristics, to exogenous globalization … private contractual arrangements. We analyze the trajectories since the 1980s of financial market development and policy …