The Impact of International Financial Integration on Exports

淡江大學機構典藏 > 商管學院 > 產業經濟學系暨研究所 > 會議論文 > Item 987654321/110506

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題名:	The Impact of International Financial Integration on Exports
作者:	Lin, Pei-Chien
關鍵詞:	Financial integration;Exports;External finance
日期:	2017-06-25
上傳時間:	2017-07-05 02:11:31 (UTC+8)
摘要:	In this study, I re-investigate the hypothesis that countries with a higher degree of financial integration will have a comparative advantage in the exports of those industries that rely more on external financing. For that research purpose, I apply the difference-in-difference approach pioneered by Rajan and Zingales (1998) to a cross-country cross-industry dataset. The outcome of this research shows that, over the 1989-2004 period, financial integration benefits the exports of those industries that rely more on external finance. More specifically, the results of the OLS estimation indicate that there exists a difference in the gains in terms of the export share lying in a range from 7.1% to 11.1% between the industry at the 75th percentile and the 25th percentile of external finance in a country with a degree of financial integration at the 75th percentile compared with a country at the 25th percentile. This finding is robust to a series of sensitivity analyses. Furthermore, this study also shows that the impact of financial integration on the exports of industries with different degrees of external financial reliance may depend on a country’s stage of economic development and the quality of its economic and political institutions.
關聯:	Conference paper
顯示於類別:	[產業經濟學系暨研究所] 會議論文

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