Financial Development and International Trade : Is There a Link?

Beck, Thorsten

World Bank, Washington, DC

关键词: ASYMMETRIC INFORMATION;    AVERAGE COSTS;    CAPITAL STOCK;    CENTRAL BANK;    CENTRAL BANKS;   

DOI  :  10.1596/1813-9450-2608
RP-ID  :  WPS2608

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

The author explores a possible linkbetween financial development and trade in manufactures. Histheoretical model focuses on the role of financialintermediaries in facilitating large-scale, high-returnprojects. Results show that economies with better developedfinancial sectors have a comparative advantage inmanufacturing industries. He provides evidence for thishypothesis, first proposed by Kletzer and Bardhan (1987),using a 30-year panel of data for 65 countries. Controllingfor country-specific effects and possible reverse causality,he shows that financial development exerts a large causalimpact on the level of both exports and the trade balance ofmanufactured goods.