Essays in International Trade and Financial Development.

Trade;Intellectual Property Rights;Financial Development;Financial Stability;Economics;Business and Economics;Economics

Lin, Jenny X.Stolyarov, Dmitriy L. ;

University of Michigan

关键词: Trade;    Intellectual Property Rights;    Financial Development;    Financial Stability;    Economics;    Business and Economics;    Economics;   

Others  :  https://deepblue.lib.umich.edu/bitstream/handle/2027.42/109004/jenxlin_1.pdf?sequence=1&isAllowed=y

瑞士|英语

来源: The Illinois Digital Environment for Access to Learning and Scholarship

【 摘 要 】

In the first chapter, I explore the effect of intellectual property rights (IPRs) on the composition of international trade. The model allows a new channel by which IPRs may affect welfare such that cross-country incentives are aligned even in the short run: the composition of trade. Because products are associated with different profit potential, firms make asymmetric export decisions when faced with the threat of imitation and its spillover effects into the home market. Cross-country incentives can be aligned as product imitators trade off gains from lower prices with losses due to less access to inelastically demanded varieties. The predictions of the model find empirical support in the data, where it is shown that a greater proportion of higher profit goods are exported to stronger relative to weaker IPR destinations.In the second chapter, we ask: how do IPR policies affect international trade? We consider two central results from the model in Chapter I: (i) that IPR reforms should expand the range of goods exported through the extensive trade margin and (ii) firms with more newly developed products should be more sensitive to IPR policies. Building the first comprehensive matched firm-level data set on destination-specific exports and patents, we first document a number of facts on the relationship between trade and innovation. We then document a significant positive relationship between whether a firm has a patent and its sensitivity to IPR policies in terms of its exports. Firms with more newly developed patents show a larger sensitivity to IPRs.Finally, in the third chapter, we analyze financial development in Sub-Saharan Africa. The financial sectors of Middle-Income Countries (MICs) in Sub-Saharan Africa (SSA) continue to evolve. Thus, this chapter investigates two questions: (1) how does financial inclusion compare to that of emerging economies and (2) how does financial inclusion impact financial stability? Our findings suggest: (i) individual financial access in SSA is comparable to EMs while SME financial access lags behind; (ii) SME financial access and/or individual savings enhances financial stability while individual credit-oriented financial inclusion undermines stability; and (iii) a more equity and deposit based funding structure enhances financial stability.