Financial development and international trade - Is there a link?

被引:364
作者
Beck, T [1 ]
机构
[1] World Bank, Washington, DC 20433 USA
关键词
international trade; scale economies; financial development;
D O I
10.1016/S0022-1996(01)00131-3
中图分类号
F [经济];
学科分类号
02 ;
摘要
This paper explores a possible link between financial development and trade in manufactures. The theoretical model focuses on the role of financial intermediaries in facilitating large-scale, high-return projects and shows that economies with better-developed financial sectors have a comparative advantage in manufacturing industries. We provide evidence for this hypothesis, first proposed by Kletzer and Bardhan (Journal of Development Economics 1987;27:57-70), using a 30-year panel for 65 countries. Controlling for country-specific effects and possible reverse causality, we show that financial development exerts a large causal impact on the level of both exports and the trade balance of manufactured goods. (C) 2002 Elsevier Science B.V. All rights reserved.
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页码:107 / 131
页数:25
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