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Financial Dependence and International Trade


Thorsten Beck


City University London - Sir John Cass Business School; Tilburg University - European Banking Center, CentER

May 1, 2000

World Bank Policy Research Working Paper No. 2609

Abstract:     
May 2001
Does financial development translate into a comparative advantage in industries that use more external finance? Yes, it does.

Using industry-level data on firms' dependence on external finance - data for 36 industries and 56 countries - Beck shows that countries with better developed financial systems have higher export shares and trade balances in industries that use more external finance.

These results are robust to the use of alternative measures of external dependence and financial development and are not attributable to reverse causality or simultaneity bias.

This paper - a product of Finance, Development Research Group - is part of a larger effort in the group to understand the link between financial development and economic growth. The author may be contacted at tbeck@worldbank.org.

Number of Pages in PDF File: 33

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Date posted: December 13, 2004  

Suggested Citation

Beck, Thorsten, Financial Dependence and International Trade (May 1, 2000). World Bank Policy Research Working Paper No. 2609. Available at SSRN: http://ssrn.com/abstract=632678

Contact Information

Thorsten Beck (Contact Author)
City University London - Sir John Cass Business School ( email )
106 Bunhill Row
London, EC1Y 8TZ
United Kingdom
Tilburg University - European Banking Center, CentER ( email )
PO Box 90153
Tilburg, 5000 LE
Netherlands
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