Like other researchers, they sought to distil the impact of financial openness by straining out the influence of other factors that might lift growth such as financial depth, institutional strength and macroeconomic stability.

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What they found: countries with higher income, higher educational attainment, greater openness, more complete financial systems, better developed supply chains and decentralized governments experience fewer losses in the long run.

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The US has, in contrast, been more open to promoting greater openness, transparency, accountability and meritocracy in the international financial institutions.

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ASEAN, the main issues are long-term: how eagerly will its members press for greater openness and co-operation in trade, investment and financial regulation?

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Many financial and trading organizations say that unimpeded participation in the energy sector creates more liquidity and openness.

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