Economic Openness and International Financial Flows

November 1969
Journal of Money, Credit & Banking (Ohio State University Press);Nov69, Vol. 1 Issue 4, p727
Academic Journal
The article discusses economic openness among nations. In contrast to economic integration, which measures the degree to which multiple nations form a frictionless market, openness for a nation refers to the extent of its interactions with the outside world. Several measures of openness are developed, with empirical data used to rank countries with respect to their openness with respect to trade flows and capital accounts. A key insight is that a nation relatively open in one regard may not be in the other.


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