IDEAS home Printed from
MyIDEAS: Login to save this paper or follow this series

Le développement financier et les avantages commerciaux

  • Rafael Cezar


    (LEDa, UMR DIAL-Université Paris-Dauphine)

(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.

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL:
File Function: First version, 2012
Download Restriction: no

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

in new window

Length: 21 pages
Date of creation: Nov 2012
Date of revision:
Handle: RePEc:dia:wpaper:dt201219
Contact details of provider: Postal: 4, rue d'Enghien, 75010 Paris
Phone: + 33 1 53 24 14 50
Fax: + 33 1 53 24 14 51
Web page:

More information through EDIRC

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

as in new window
  1. Rafael Cezar, 2011. "Newtoning financial development with heterogeneous firms," Working Papers DT/2011/12, DIAL (Développement, Institutions et Mondialisation).
  2. repec:tpr:qjecon:v:108:y:1993:i:3:p:717-37 is not listed on IDEAS
  3. Melitz, Marc J, 2002. "The Impact of Trade on Intra-Industry Reallocations and Aggregate Industry Productivity," CEPR Discussion Papers 3381, C.E.P.R. Discussion Papers.
  4. Ross Levine, 2004. "Finance and Growth: Theory and Evidence," NBER Working Papers 10766, National Bureau of Economic Research, Inc.
  5. Kenneth Kletzer and Pranab Bardhan., 1986. "Credit Markets and Patterns of International Trade," Economics Working Papers 8612, University of California at Berkeley.
  6. Thorsten Beck, 2003. "Financial Dependence and International Trade," Review of International Economics, Wiley Blackwell, vol. 11(2), pages 296-316, 05.
  7. José Wynne, 2005. "Wealth as a Determinant of Comparative Advantage," American Economic Review, American Economic Association, vol. 95(1), pages 226-254, March.
  8. King, Robert G. & Levine, Ross, 1993. "Finance and growth : Schumpeter might be right," Policy Research Working Paper Series 1083, The World Bank.
  9. Raghuram G. Rajan & Luigi Zingales, . "Financial Dependence and Growth," CRSP working papers 344, Center for Research in Security Prices, Graduate School of Business, University of Chicago.
  10. Beck, Thorsten, 2002. "Financial development and international trade: Is there a link?," Journal of International Economics, Elsevier, vol. 57(1), pages 107-131, June.
  11. Kiminori Matsuyama, 2005. "Credit Market Imperfections and Patterns of International Trade and Capital Flows," Journal of the European Economic Association, MIT Press, vol. 3(2-3), pages 714-723, 04/05.
  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. 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.
  14. King, Robert G. & Levine, Ross, 1993. "Finance and growth : Schumpeter might be right," Policy Research Working Paper Series 1083, The World Bank.
  15. 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.
  16. 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.
  17. Greenaway, David & Guariglia, Alessandra & Kneller, Richard, 2007. "Financial factors and exporting decisions," Journal of International Economics, Elsevier, vol. 73(2), pages 377-395, November.
Full references (including those not matched with items on IDEAS)

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

When requesting a correction, please mention this item's handle: RePEc:dia:wpaper:dt201219. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Loic Le Pezennec)

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.

This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.