Amissah, Emmanuel Bentum
[Verfasser:in]
;
Bougheas, Spiros
[Sonstige Person, Familie und Körperschaft];
Defever, Fabrice
[Sonstige Person, Familie und Körperschaft];
Falvey, Rod
[Sonstige Person, Familie und Körperschaft]
Financial System Architecture and the Patterns of International Trade
Erschienen in:CESifo Working Paper Series ; No. 5960
Umfang:
1 Online-Ressource (40 p)
Sprache:
Englisch
DOI:
10.2139/ssrn.2814009
Identifikator:
Entstehung:
Anmerkungen:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments June 27, 2016 erstellt
Beschreibung:
Countries differ on the extent to which their financial system relies on banks or on the financial market. We offer a model featuring a possible two way relationship between countries' financial system architecture and their comparative advantage. Countries specialising in bank dependent sectors favour the development of the banking sector. Simultaneously, countries with more efficient capital markets develop comparative advantage in sectors with strong dependence on market finance. To empirically investigate our model's predictions, we construct a measure of sector bank dependence and establish a strong relationship between countries' comparative advantage and their financial system architecture