Understanding economic openness: A review of existing measures
Sprache des Titels:
This paper surveys measures of economic openness, the latter being understood as the degree to which non-domestic actors can or do participate in a domestic economy. Building on the existing literature we introduce a typology of openness indicators, which distinguishes between ?real? and ?financial? openness as well as ?de-facto? and ?de-jure? measures of openness. We use data collected on these indicators to analyze trends in openness over time and to conduct a correlation analysis across indicators. Finally, we illustrate the potential consequences of employing different
openness measures within a growth regression framework.