This study investigates the influences of trade and financial openness on financial development over the period 2003-2017 from a sample of 64 developing countries, employing a Bayesian model averaging approach to take into account model uncertainty. The results demonstrate that the contribution of trade openness to financial development is important in developing economies with better institutions. However, financial openness has an insignificant positive effect on financial development. There is no evidence to support the Rajan and Zingales hypothesis that the simultaneous openness to both trade and capital flows promotes financial development. Our findings also indicate that a better institutions environment allows a developing economy to exploit the benefits of openness to financial development.

This study investigates the ex-ante impact of the proposed European Union-Vietnam Free Trade Agreement on Vietnam's footwear industry using the partial equilibrium model called Software for Market Analysis and Restrictions on Trade. From the 2015 trade and tariff database between EU and Vietnam accessed through the World Integrated Trade Solutions, the authors construct different possible scenarios under three key policies of tariff elimination, rule of origin and trade defense. The results show that the EU's tariff removal for the Vietnam's footwear exports would increase Vietnam's product export value, even under the anti-dumping policy. However, the EU's trade defense still has a negative impact on Vietnam's most important export footwear group HS Code 6403. The simulation results also indicate that there would be a remarkable shift in the export structure of the groups of products which would enjoy high tariff preference.

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AbstractThe aim of this paper is to measure the dynamic effects of listing price strategies and housing features on the probability of selling a house over the marketing period by adopting a two-stage regression analysis. In the first stage, we define the listing price strategies as the gaps between the actual listing price and expected selling price, estimated by a hedonic model. The Cox Probability Hazard models are applied in the second stage to measure the effects of listing price strategies on the probability of sales over various listing periods, such as 30-day, 90-day, 180-day and 270-day listing periods.We find that overpriced listing strategies have a significant impact on the probability of sale at any point during the first 30 days of marketing time. This effect seems to diminish and disappear after six months of marketing time. This shows that the first 30 days of the marketing time are critical and housing liquidity is strongly affected by pricing strategies. When the time on market is over 30 days, the influence of the seller’s pricing decisions on housing liquidity is diminished.

Social capital is considered as an influential factor in economic transactions, including credit access. The research aims at testing relationships between components of social capital and credit access in Vietnam’s rural areas. The testing is conducted with binary logistic and multinomial logistic regression models. The results show that formal social network reduces possibility of getting access to formal credit, and households with wider formal social networks are likelier to belong to the group with access to semi-formal credit than the group with access to formal credit. Such conflicting results may come from specific characteristics of credit market in Vietnam’s rural areas.