Employing the Pedroni co-integration technique and the GMM estimator, this paper aims at investigating the possible connection between financial development, financial openness and trade openness in twenty-nine Asian developing countries over 1994-2008. Firstly, we find a bidirectional causality...

Using cross-country data, this paper estimates the impact of the 2007 financial shock on countries’ macroeconomic developments conditional on national financial regulations before the crisis. For this purpose, the "financial reform index" developed by Abiad et al. (A New Database of Financial...