Financial system architecture and the patterns of international trade

被引：3

作者：

Amissah, Emmanuel ^{[1
]}

Bougheas, Spiros ^{[2
]}

Defever, Fabrice ^{[3
,4
,5
]}

Falvey, Rod ^{[6
]}

机构：

[1] Nottingham Trent Univ, Burton St, Nottingham NG1 4BU, England

[2] Univ Nottingham, Univ Pk, Nottingham NG7 2RD, England

[3] Univ Lille, Cite Sci, Lille Econ Management UMR 9221, Batiment SH2,Cite Sci, F-59650 Villeneuve Dascq, France

[4] City Univ London, CESifo, London, England

[5] City Univ London, CEP LSE, London, England

[6] Bond Univ, Gold Coast, Qld 4229, Australia

来源：

EUROPEAN ECONOMIC REVIEW | 2021年 / 136卷

关键词：

Financial systems; Trade patterns; Banks; Direct finance; COMPARATIVE ADVANTAGE; RELATIONSHIP-SPECIFICITY; MARKET EQUILIBRIUM; CREDIT CONSTRAINTS; BANK LOANS; CHOICE; INTERMEDIATION; INFORMATION; EQUITY; DEBT;

D O I：

10.1016/j.euroecorev.2021.103751

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Countries differ in the extent to which their financial systems rely on banks or on financial markets. We offer a model featuring a complex relationship between countries' financial system architecture and their comparative advantage. Countries with capital markets that are relatively more efficient than their banking systems gain comparative advantage in sec-tors with strong dependence on market finance. Moreover, countries specializing in sectors that depend on market finance develop their capital markets more than their banking sys-tems. To empirically investigate these links, we construct a measure of sector bank depen-dence and establish a bi-directional relationship between countries' comparative advantage and their financial systems architecture. (c) 2021 Elsevier B.V. All rights reserved.

引用

页数：28

共 50 条

[31] The International Economic Order and Trade Architecture
Reyes, Javier
Garcia, Martina
Lattimore, Ralph
SPATIAL ECONOMIC ANALYSIS, 2009, 4 (01) : 73 - 102
[32] Toward a new international financial architecture
Bhaduri, A
TRIMESTRE ECONOMICO, 2002, 69 (276): : 445 - 454
[33] RISKS OF INTERNATIONAL BANKING SYSTEM IN THE CONDITIONS OF DEVELOPMENT OF THE NEW WORLD FINANCIAL ARCHITECTURE
Polaykova, I. A.
TERRA ECONOMICUS, 2010, 8 (03): : 220 - 225
[34] Financial imperfections, product quality, and international trade
Crino, Rosario
Ogliari, Laura
JOURNAL OF INTERNATIONAL ECONOMICS, 2017, 104 : 63 - 84
[35] Financial Development, Fixed Costs, and International Trade
Becker, Bo
Chen, Jinzhu
Greenberg, David
REVIEW OF CORPORATE FINANCE STUDIES, 2013, 2 (01): : 1 - 28
[36] MANAGEMENT OF FINANCIAL RISKS IN INTERNATIONAL TRADE FINANCING
Petrusheva, Nada
CASOPIS ZA EKONOMIJU I TRZISNE KOMUNIKACIJE, 2016, 6 (01): : 81 - 92
[37] STRENGTHENING THE INTERNATIONAL-TRADE AND FINANCIAL SYSTEMS
VANLENNEP, JE
WORLD ECONOMY, 1984, 7 (01): : 23 - 32
[38] Cascading Avalanche on International Financial and Trade Network
Guo, Peicang
Bi, Yudongfang
Wang, Lin
Wang, Xiaofan
2018 37TH CHINESE CONTROL CONFERENCE (CCC), 2018, : 9698 - 9703
[39] Financial Constraints, the Distribution of Wealth and International Trade
Amissah, Emmanuel
Bougheas, Spiros
Falvey, Rod
WORLD ECONOMY, 2011, 34 (05): : 707 - 724
[40] INTERNATIONAL-TRADE CREDIT AND FINANCIAL THEORY
GRAND, B
REVUE ECONOMIQUE, 1991, 42 (05): : 851 - 866

← 1 2 3 4 5 →