TY - JOUR TI - Financial Development and International Trade: Is There a Link? T2 - World Bank Policy Research Working Papers IS - 2608 KW - глобализация KW - международная торговля KW - сравнительное преимущество KW - экономическая интеграция AB - Economies with better developed financial sectors have a comparative advantage in manufacturing industries. A two-sector model shows the sector with large scale economies profiting more than the other from a well-developed financial sector. In countries with higher levels of financial development, manufactured exports represent a higher share of GDP and of merchandise exports—and those countries have a higher trade balance in manufactured goods. Beck explores a possible link between financial development and trade in manufactures. His theoretical model focuses on the role of financial intermediaries in facilitating large-scale, high-return projects. Results show that economies with better developed financial sectors have a comparative advantage in manufacturing industries. He provides evidence for this hypothesis, first proposed by Kletzer and Bardhan (1987), using a 30-year panel of data for 65 countries. Controlling for country-specific effects and possible reverse causality, he shows that financial development exerts a large causal impact on the level of both exports and the trade balance of manufactured goods. AU - Beck, Thorsten UR - http://ecsocman.hse.ru/text/18068012/ PY - 2001 SP - M2 - VL - SN - N1 - LA - EN CY - PB - M3 - LB - VL - ER -