Abstract
Financial markets in most developed economies were open to foreign investors before 1980, yet these countries continued to reform their financial systems dramatically in subsequent decades. During the same time period, high-skill industries become increasingly important; for example, in the US high-skill business services now account for over 20% of GDP, more than double their share in the late 1970s. I link the domestic financial reforms of the 1980s and 1990s to the growth of high-skill industries in a broad sample of countries and unveil a previously unexplored channel linking financial reform to growth in already financially open and developed economies.
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