Measuring Economic Openness
By: Gräbner, Claudius.
Contributor(s): Heimberger, Philipp | Kapeller, Jakob | Springholz, Florian.
Material type:
BookSeries: wiiw Working Papers: 157Publisher: Wien : Wiener Institut für Internationale Wirtschaftsvergleiche (wiiw), 2018Description: 27 S., 9 Tables and 5 Figures, 30cm.Subject(s): economic openness | trade openness | financial openness | globalisationCountries covered: Albania | Australia | Austria | Belgium | Bulgaria | Canada | Croatia | Cyprus | Czechia | Denmark | Estonia | Finland | France | Germany | Greece | Hungary | Iceland | Ireland | Italy | Japan | Korea | Latvia | Lithuania | Luxembourg | North Macedonia | Malta | Mexico | Montenegro | Netherlands | New Zealand | Norway | Poland | Portugal | Romania | Serbia | Slovakia | Slovenia | Spain | Sweden | Switzerland | Turkey | United Kindom | USAwiiw Research Areas: International Trade, Competitiveness and FDIClassification: F00 | F40 | F60 Online resources: Click here to access online Summary: A Review of Existing Measures and Empirical Practices
This paper surveys existing measures of economic openness understood as the degree to which non-domestic actors can or do participate in a domestic economy. We introduce a typology of openness indicators which distinguishes between ‘real’ and ‘financial’ openness as well as between ‘de facto’ and ‘de jure’ measures of openness, and show that this classification indeed captures different dimensions of economic openness. The main contribution of the paper is to supply a comprehensive and novel data set of openness indicators available for interested researchers. Based on this effort, we analyse some trends in economic openness over time and provide a correlation analysis across indicators. Finally, we explore the practical implications of choosing from different openness measures within a growth regression framework and highlight that researchers should make the choice of the indicator based on explicit theoretical justifications that correspond to their specific research questions.
| Item type | Current library | Call number | Status | Date due | Barcode | |
|---|---|---|---|---|---|---|
| Paper | WIIW Library | 5.700/157 (Browse shelf(Opens below)) | Available | 1000010004741 |
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A Review of Existing Measures and Empirical Practices
This paper surveys existing measures of economic openness understood as the degree to which non-domestic actors can or do participate in a domestic economy. We introduce a typology of openness indicators which distinguishes between ‘real’ and ‘financial’ openness as well as between ‘de facto’ and ‘de jure’ measures of openness, and show that this classification indeed captures different dimensions of economic openness. The main contribution of the paper is to supply a comprehensive and novel data set of openness indicators available for interested researchers. Based on this effort, we analyse some trends in economic openness over time and provide a correlation analysis across indicators. Finally, we explore the practical implications of choosing from different openness measures within a growth regression framework and highlight that researchers should make the choice of the indicator based on explicit theoretical justifications that correspond to their specific research questions.
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