World Bank Policy Research Working Papers
Опубликовано на портале: 16-12-2003Thorsten Beck World Bank Policy Research Working Papers. 2000. No. 2609.
Does financial development translate into a comparative advantage in industries that use more external finance? Yes, it does. Using industry-level data on firms’ dependence on external finance—data for 36 industries and 56 countries—Beck 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 attributable to reverse causality or simultaneity bias.