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

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