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
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