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Do Natural Resource Sectors Rely Less on External Finance than Manufacturing Sectors?

  • Christian Hattendorff
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    The finding that industrial sectors differ in their dependence on external nance for sector-specific technological reasons and, thus, rely to a different degree on nancial development has become a major concept in studies conducted on both growth and trade. Although natural resources might play an important role in each of these elds, research on industries' financial dependence has been limited so far to manufacturing. By focusing on the natural resource sectors, the present paper aims to close this gap in its analysis. It rejects the common view that the natural resource industry in particular is less dependent on the financial system, and nds that the results of the analysis depend on the specific measure being applied. Measures relating investment and cash flow indicate high external dependence, while measures accounting for more short-term liquidity needs demonstrate rather low external dependence of natural resource firms. These results do not change considerably over time or across countries.

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    File URL: http://sfb649.wiwi.hu-berlin.de/papers/pdf/SFB649DP2012-050.pdf
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    Paper provided by Sonderforschungsbereich 649, Humboldt University, Berlin, Germany in its series SFB 649 Discussion Papers with number SFB649DP2012-050.

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    Length: 23 pages
    Date of creation: Aug 2012
    Date of revision:
    Handle: RePEc:hum:wpaper:sfb649dp2012-050
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    1. Alexander Plekhanov & Sergei Guriev & Konstantin Sonin, 2009. "Development based on commodity revenues," Working Papers 108, European Bank for Reconstruction and Development, Office of the Chief Economist.
    2. Beck, Thorsten, 2001. "Financial development and international trade : is there a link?," Policy Research Working Paper Series 2608, The World Bank.
    3. Raddatz, Claudio, 2003. "Liquidity needs and vulnerability to financial udnerdevelopment," Policy Research Working Paper Series 3161, The World Bank.
    4. repec:ner:tilbur:urn:nbn:nl:ui:12-3125515 is not listed on IDEAS
    5. Randall S. Kroszner, 2007. "Analyzing and assessing banking crises," Proceedings, Federal Reserve Bank of San Francisco, issue Sep.
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