In this paper, we examine the impact of trade and financial openness on bank loan pricing. Using data from 35 emerging economies, we first document that higher trade and financial openness lower interest rates on gross bank loans using country-specific measures for trade and financial openness. We then confirm our findings using firm-specific measures for trade and financial openness and individual loan spread. Exploiting the accession to World Trade Organization (WTO) as a quasi-natural experiment, we observe loan interest rates declined in countries after joining the WTO. Overall, we imply that openness is beneficial for financial development in emerging economies.

在本文中，我们研究了贸易和金融开放对银行贷款定价的影响。使用来自 35 个新兴经济体的数据，我们首先记录了贸易和金融开放程度越高，使用国家特定的贸易和金融开放措施，银行贷款总额的利率就越低。然后，我们使用特定于公司的贸易和金融开放度以及个人贷款利差的措施来确认我们的发现。我们将加入世界贸易组织（WTO）视为一种准自然实验，我们观察到加入 WTO 后各国的贷款利率下降。总体而言，我们认为开放有利于新兴经济体的金融发展。