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Financial dependence and international trade
 
Author:Beck, Thorsten; Collection Title:Policy, Research working paper ; WPS 2609
Country:World; Date Stored:2004/01/29
Document Date:2001/05/01Document Type:Policy Research Working Paper
SubTopics:Environmental Economics & Policies; International Terrorism & Counterterrorism; Economic Theory & Research; Payment Systems & Infrastructure; Banks & Banking Reform; Free Trade; Financial EconomicsLanguage:English
Region:The World RegionReport Number:WPS2609
Volume No:1 of 1  

Summary: Does financial development translate into a comparative advantage in industries that use more external finance? The author uses industry-level data on firms' dependence on external finance for 36 industries and 56 countries to examine this question. The author shows that countries with better-developed financial systems have higher export shares and trade balances in industries that use more external finance. These results are robust to the use of alternative measures of external dependence and financial development and are not due to reverse causality or simultaneity bias.

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