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Le développement financier et les avantages commerciaux

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  • Rafael Cezar

    ()
    (LEDa, UMR DIAL-Université Paris-Dauphine)

Abstract

(english) The article seeks to clarify the relationship between financial development with the proportion of exporting firms and the volume of exports. A theoretical model is developed with two countries at different levels of financial restriction and cost, several sectors differentiated by their dependence on external finance and heterogeneous firms that produce using a combination of factors of production. The model shows that the country with the lower level of credit market restrictions experience a commercial advantage in high external dependence sectors. The country with a more competitive cost structure experiences an advantage and specializes in sectors with low dependence on external finance. The model also shows that financial development only impacts trade of financial constrained sectors. _________________________________ (français) L’article analyse la relation entre le développement financier avec la proportion de firmes exportatrices et le volume des exportations. Un modèle théorique est développé avec 2 pays à différents niveaux de restriction financière et coûts, plusieurs secteurs différenciés par leur dépendance du financement externe et des firmes hétérogènes qui produisent avec une combinaison de facteurs de production. Le modèle montre que le pays à faible restriction dans les marchés de crédit connaît un avantage commercial dans les secteurs à forte dépendance externe. Le pays dont la structure de coût est relativement moins chère connaît un avantage et se spécialise dans les secteurs à faible niveau de dépendance externe. Le modèle montre également que le développement financier impacte uniquement le commerce des secteurs contraints par l’endettement.

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File URL: http://www.dial.ird.fr/media/ird-sites-d-unites-de-recherche/dial/documents/publications/doc_travail/2012/2012-19
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Bibliographic Info

Paper provided by DIAL (Développement, Institutions et Mondialisation) in its series Working Papers with number DT/2012/19.

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Length: 21 pages
Date of creation: Nov 2012
Date of revision:
Handle: RePEc:dia:wpaper:dt201219

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Related research

Keywords: Commerce international; spécialisation internationale; développement financier; firmes hétérogènes; International trade; international specialization; financial development; heterogeneous firms.;

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References

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  1. Mark J. Melitz, 2002. "The Impact of Trade on Intra-Industry Reallocations and Aggregate Industry Productivity," NBER Working Papers 8881, National Bureau of Economic Research, Inc.
  2. Hur, Jung & Raj, Manoj & Riyanto, Yohanes E., 2006. "Finance and trade: A cross-country empirical analysis on the impact of financial development and asset tangibility on international trade," World Development, Elsevier, vol. 34(10), pages 1728-1741, October.
  3. Nicolas Berman & Jérôme Héricourt, 2008. "Financial factors and the margins of trade : evidence from cross-country firm-level data," Documents de travail du Centre d'Economie de la Sorbonne bla08050, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne.
  4. Beck, T.H.L., 2003. "Financial dependence and international trade," Open Access publications from Tilburg University urn:nbn:nl:ui:12-3125509, Tilburg University.
  5. Raghuram G. Rajan & Luigi Zingales, 1996. "Financial Dependence and Growth," NBER Working Papers 5758, National Bureau of Economic Research, Inc.
  6. Kletzer, Kenneth & Bardhan, Pranab, 1986. "Credit Markets and Patterns of International Trade," Department of Economics, Working Paper Series qt1g36f3sd, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
  7. Svaleryd, Helena & Vlachos, Jonas, 2005. "Financial markets, the pattern of industrial specialization and comparative advantage: Evidence from OECD countries," European Economic Review, Elsevier, vol. 49(1), pages 113-144, January.
  8. Kiminori Matsuyama, 2004. "Credit Market Imperfections and Patterns of International Trade and Capital Flows," CIRJE F-Series CIRJE-F-293, CIRJE, Faculty of Economics, University of Tokyo.
  9. King, Robert G & Levine, Ross, 1993. "Finance and Growth: Schumpeter Might Be Right," The Quarterly Journal of Economics, MIT Press, vol. 108(3), pages 717-37, August.
  10. José Wynne, 2005. "Wealth as a Determinant of Comparative Advantage," American Economic Review, American Economic Association, vol. 95(1), pages 226-254, March.
  11. Beck, Thorsten, 2001. "Financial development and international trade : is there a link?," Policy Research Working Paper Series 2608, The World Bank.
  12. Ju, Jiandong & Wei, Shang-Jin, 2005. "Endowment Versus Finance: A Wooden Barrel Theory of International Trade," CEPR Discussion Papers 5109, C.E.P.R. Discussion Papers.
  13. Greenaway, David & Guariglia, Alessandra & Kneller, Richard, 2007. "Financial factors and exporting decisions," Journal of International Economics, Elsevier, vol. 73(2), pages 377-395, November.
  14. Levine, Ross, 2005. "Finance and Growth: Theory and Evidence," Handbook of Economic Growth, in: Philippe Aghion & Steven Durlauf (ed.), Handbook of Economic Growth, edition 1, volume 1, chapter 12, pages 865-934 Elsevier.
  15. Jiandong Ju & Shang-Jin Wei, 2005. "Endowment Versus Finance," IMF Working Papers 05/123, International Monetary Fund.
  16. Cezar, Rafael, 2012. "Newtoning financial development with heterogeneous firms," Economics Papers from University Paris Dauphine 123456789/7596, Paris Dauphine University.
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