haku: @indexterm INTERNATIONAL TRADE / yhteensä: 2170
viite: 35 / 2170
| Tekijä: | Do, Q-T. Levchenko, A.A. |
| Otsikko: | Comparative advantage, demand for external finance, and financial development |
| Lehti: | Journal of Financial Economics
2007 : DEC, VOL. 86:3, p. 796-834 |
| Asiasana: | comparative advantage finance demand international trade models |
| Vapaa asiasana: | trade patterns |
| Kieli: | eng |
| Tiivistelmä: | This paper analyzes the effect of comparative advantage (hereafter as: cmp-advg.) in international trade on a country's level of financial development (here as: fin-dev). Countries with cmp-advg. in financially intensive goods experience a higher demand for external finance (as: ext-fin.), and hence fin-dev. By contrast, fin-dev. is lower in countries primarily exporting goods which do not rely on ext-fin. Disaggregated trade data is used to develop a measure of a country's ext-fin. need of exports. This effect is empirically demonstrated. A novel instrumentation strategy based on the exogenous geographic determinants of trade patterns is developed. |
SCIMA