امور مالی و تجارت: تجزیه و تحلیل تجربی بین کشوری در مورد تاثیر توسعه مالی ودارایی ملموس در تجارت بین المللی

This paper investigates the interplay between financial development, asset tangibility, and international trade. Using industry-level data on firms’ dependence on external finance and firms’ asset tangibility for 27 industries in 42 countries, we find that economies with higher levels of financial development have higher export shares and trade balance in industries with more intangible assets. Using the same dataset, we also show that the interplay between property-rights protection and asset tangibility influences the pattern of trade. Higher levels of property-rights protection lead to higher export shares and trade balance in industries with more intangible assets.

A thin segment of the literature in international trade suggests that financial sector development can be a potential source of a country’s comparative advantage. Using an augmented Heckscher–Ohlin model, Kletzer and Bardhan (1987) show that a well developed financial sector can theoretically lead to a comparative advantage in industries that rely more on external financing. Later, Beck, 2003 and Svaleryd and Vlachos, 2005 find empirical evidence supporting Kletzer and Bardhan’s hypothesis. Specifically, they show that countries with a well developed financial sector enjoy easier access to external finance than those without, and tend to specialize in industries that are more dependent on external finance.

In this paper, we showed that the level of financial development and the asset tangibility are important determinants of the international trade pattern of the manufacturing sectors across a wide selection of countries. Countries with relatively well-developed financial sectors have a comparative advantage in industries characterized by intangible assets. Countries with a poorer financial development have a comparative advantage in industries characterized by tangible assets.