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Financial development and manufactured exports: the african experience

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  • Wamboye, Evelyn
  • Mookerjee, Rajen
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    Abstract

    Using a sample of twenty nine African countries for which adequate time series data are available this paper explores the nexus between financial development and manufactured exports. This particular relationship is especially important in the context of Africa since export diversification away from resources and agriculture is an important part of Africa’s growth strategy. Our results show that in eleven countries financial development causes manufactured exports and manufactured exports causes financial development in seven countries. We then explore reasons for these findings and find that a rich and surprising set of factors explain our findings.

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    File URL: http://mpra.ub.uni-muenchen.de/46474/
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    Bibliographic Info

    Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 46474.

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    Date of creation: 22 Apr 2013
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    Handle: RePEc:pra:mprapa:46474

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    Related research

    Keywords: Financial Development; Granger Causality; Manufactured Exports; Africa;

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    1. Beck, T.H.L., 2003. "Financial dependence and international trade," Open Access publications from Tilburg University urn:nbn:nl:ui:12-3125509, Tilburg University.
    2. 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.
    3. Mookerjee, Rajen & Kalipioni, Paul, 2010. "Availability of financial services and income inequality: The evidence from many countries," Emerging Markets Review, Elsevier, vol. 11(4), pages 404-408, December.
    4. Rafael LaPorta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, . "Law and Finance," Working Paper 19451, Harvard University OpenScholar.
    5. Beck, Thorsten, 2002. "Financial development and international trade: Is there a link?," Journal of International Economics, Elsevier, vol. 57(1), pages 107-131, June.
    6. Allen, Franklin & Carletti, Elena & Cull, Robert & Qian, Jun & Senbet, Lemma & Valenzuela, Patricio, 2013. "Resolving the African financial development gap : cross-country comparisons and a within-country study of Kenya," Policy Research Working Paper Series 6592, The World Bank.
    7. Guillermo Ordoñez, 2012. "The Asymmetric Effects of Financial Frictions," NBER Working Papers 18360, National Bureau of Economic Research, Inc.
    8. Huang, Yongfu & Temple, Jonathan, 2005. "Does External Trade Promote Financial Development?," CEPR Discussion Papers 5150, C.E.P.R. Discussion Papers.
    9. 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.
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