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BukuEssays in financial development and international trade
Author: Levine, Ross (Advisor); Beck, Thorsten Harald Leopold
Bahasa: (EN )    ISBN: 0-599-30126-0    
Penerbit: UNIVERSITY OF VIRGINIA     Tahun Terbit: 1999    
Jenis: Theses - Dissertation
Fulltext: 9930139.pdf (0.0B; 0 download)
This dissertation addresses important issues in the areas of financial development and international trade, using both theoretical models and empirical methods. Chapter 2 presents a growth model with endogenous financial intermediation in the form of both a formal and an informal banking sector. The model develops conditions under which both sectors can coexist and explains how the wealth of borrowers determines their access to either of the two financial sectors. More efficient informal intermediaries explain higher interest rates in the informal sector. Specifically, the higher efficiency of informal intermediaries in monitoring borrowers allows them to grant their clients a higher debt-equity ratio. This, however, results in higher risk for lenders that has to be compensated by higher interest rates. Chapter 3 evaluates whether the level of banking sector development exerts a causal impact on economic growth and its sources—total factor productivity growth, physical capital accumulation, and private saving. We use (a) a pure cross-country instrumental variable estimator to extract the exogenous component of banking development, and (b) a new panel technique that controls for country-specific effects and endogeneity. We find that (1) banks exert a large, causal impact on total factor productivity growth, which feeds through to overall GDP growth; and (2) the long-run links between banking development and both capital growth and private savings are more tenuous. Chapter 4 explores a possible link between financial development and international trade. A theoretical model shows that economies with better-developed financial sectors have a comparative advantage in industries with high scale economies. I test these hypotheses in two ways. First, building on the assumption that manufactured goods exhibit higher scale economies than other goods and services, I show in a panel of 66 countries that financial development exerts a large causal impact on the level and the growth rate of both exports and trade balance of manufactured goods. Second, I show that countries with better-developed financial systems have higher export shares and trade balances in industries with a greater need of external finance and higher scale economies.
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