AN EMPIRICAL EVALUATION OF THE EFFECTS OF TRADE AND FINANCIAL-OPENNESS ON GOVERNMENT SIZE: AN APPLICATION OF SIMULTANEOUS EQUATION SYSTEM IN PANEL DATA

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TOHIDI AMIRHOSSIEN; SHAHNOUSHI FOROSHANI NASER; MOHAMMADI HOSEIN; ALIZADEH PARISA

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Journal: Journal of Quantitative Economics Year:2015 | Volume:11 | Issue:4 (43) Page(s): 1-19

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Title

AN EMPIRICAL EVALUATION OF THE EFFECTS OF TRADE AND FINANCIAL-OPENNESS ON GOVERNMENT SIZE: AN APPLICATION OF SIMULTANEOUS EQUATION SYSTEM IN PANEL DATA

Author(s)

TOHIDI AMIRHOSSIEN | SHAHNOUSHI FOROSHANI NASER | MOHAMMADI HOSEIN | ALIZADEH PARISA | Issue Writer Certificate

Keywords

GOVERNMENT SIZEQ2

TRADE OPENNESSQ1

FINANCIALQ1

Abstract

Globalization is one of the most important phenomenon over the last decades that has had substantial effect on many macroeconomic variables. In many countries, by increasing trade and FINANCIAL openness, the size of government has been changed. In this study, therefore, we have investigated the effects of trade and FINANCIAL openness on GOVERNMENT SIZE in member of the MENA countries during the period 2002-2013. Considering endogenous explanatory variables using instrumental variables and the Error Components Three-Stage Least-Squares (EC3SLS) estimator are distinguishing features of this study compared to previous studies. In accordance with the efficiency hypothesis, the findings indicate that FINANCIAL openness has a negative effect on the GOVERNMENT SIZE. Furthermore, based on the compensation hypothesis, the results show that the TRADE OPENNESS has a positive effect on the GOVERNMENT SIZE. Generally, the results show that the positive effect of TRADE OPENNESS on GOVERNMENT SIZE is greater than the negative impact of FINANCIAL openness. These findings indicate that economic globalization will lead to increase in GOVERNMENT SIZE in member of the MENA countries. Thus, privatization should have a more priority and government role in economy should be limited to supervising and policy-making.

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APA: Copy

TOHIDI, AMIRHOSSIEN, SHAHNOUSHI FOROSHANI, NASER, MOHAMMADI, HOSEIN, & ALIZADEH, PARISA. (2015). AN EMPIRICAL EVALUATION OF THE EFFECTS OF TRADE AND FINANCIAL-OPENNESS ON GOVERNMENT SIZE: AN APPLICATION OF SIMULTANEOUS EQUATION SYSTEM IN PANEL DATA. JOURNAL OF QUANTITATIVE ECONOMICS (QUARTERLY JOURNAL OF ECONOMICS REVIEW), 11(4 (43)), 1-19. SID. https://sid.ir/paper/110715/en

Vancouver: Copy

TOHIDI AMIRHOSSIEN, SHAHNOUSHI FOROSHANI NASER, MOHAMMADI HOSEIN, ALIZADEH PARISA. AN EMPIRICAL EVALUATION OF THE EFFECTS OF TRADE AND FINANCIAL-OPENNESS ON GOVERNMENT SIZE: AN APPLICATION OF SIMULTANEOUS EQUATION SYSTEM IN PANEL DATA. JOURNAL OF QUANTITATIVE ECONOMICS (QUARTERLY JOURNAL OF ECONOMICS REVIEW)[Internet]. 2015;11(4 (43)):1-19. Available from: https://sid.ir/paper/110715/en

IEEE: Copy

AMIRHOSSIEN TOHIDI, NASER SHAHNOUSHI FOROSHANI, HOSEIN MOHAMMADI, and PARISA ALIZADEH, “AN EMPIRICAL EVALUATION OF THE EFFECTS OF TRADE AND FINANCIAL-OPENNESS ON GOVERNMENT SIZE: AN APPLICATION OF SIMULTANEOUS EQUATION SYSTEM IN PANEL DATA,” JOURNAL OF QUANTITATIVE ECONOMICS (QUARTERLY JOURNAL OF ECONOMICS REVIEW), vol. 11, no. 4 (43), pp. 1–19, 2015, [Online]. Available: https://sid.ir/paper/110715/en

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