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The heterogeneous effect of finance on international trade

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Date
2014-08
Dewey
Croissance et développement économiques
Sujet
Economic model; capital; International economic relations; Intermediation (Finance); International trade
JEL code
O16; G20; F10
Journal issue
Applied Economics
Volume
46
Number
24
Publication date
08-2014
Article pages
2903-2919
Publisher
Routledge
DOI
http://dx.doi.org/10.1080/00036846.2014.916389
URI
https://basepub.dauphine.fr/handle/123456789/13379
Collections
  • LEDa : Publications
Metadata
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Author
Cezar, Rafael
Type
Article accepté pour publication ou publié
Abstract (EN)
Is the impact of financial development on international trade heterogeneous – being positive, negative or null – across manufacturing sectors? And is it dependent on the level of sectoral requirement on external finance for capital need? To examine these questions this article uses a panel trade database on 21 manufacturing sectors in 80 countries between 2000 and 2009. The analysis demonstrates that the effect of financial development on trade is indeed heterogeneous by estimating a coefficient for each sector and showing that the signs and significance levels vary across them. The article also demonstrates that sectors with strong reliance on external finance export higher volume from countries with developed financial system and that financial development reduces trade in industries with low financial dependence level.

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