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  • 1
    Online Resource
    Online Resource
    Finance, Comparative Advantage, and Resource Allocation (2012)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (37 p)
    Edition: 2012 World Bank eLibrary
    Parallel Title: Melise Jaud Finance, Comparative Advantage, and Resource Allocation
    DDC: 305
    Keywords: Finanzsektor ; Institutionelle Infrastruktur ; Allokation ; Komparativer Vorteil ; Internationaler Markt ; USA
    Abstract: The authors show that exported products exit the US market sooner if they violate the Heckscher-Ohlin notion of comparative advantage. Crucially, this pattern is stronger when exporting country has a well-developed banking system, measured by a high ratio of bank credit over the GDP. Banks thus push firms away from exports that are facing an uphill battle on a competitive foreign market due to a suboptimal use of the domestic factor endowment. The results imply a disciplining role for bank credit in terminating inefficient trade flows. This constitutes a new channel through which finance improves resource allocation in the real economy
    DOI: 10.1596/1813-9450-6111
    URL: Volltext  (Deutschlandweit zugänglich)
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    MPI Ethno. Forsch.
  • 2
    Online Resource
    Online Resource
    Export Survival : The Role of Banks and Stock Markets (2023)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource (45 pages)
    Parallel Title: Erscheint auch als Jaud, Melise Export Survival: The Role of Banks and Stock Markets
    Keywords: Access to Finance ; Bank vs Stock Market ; Collateralizable Assets ; Finance and Financial Sector Development ; Finance Transmission ; Financing Export Survival ; Stock Market Financing of Exports ; Transmission To Real Economy
    Abstract: Banks and stock markets play distinct roles in helping exporters survive in foreign markets, conditional on the specific financial needs of exported products. Stock markets rather than banks help exporters who lack easily collateralizable tangible assets. Active rather than large stock markets promote exports of products requiring high levels of working capital. And the trade credit can act as a substitute for external financing only from banks and only in the presence of well-established export links. These results on product-level export survival provide new insights into the transmission process from finance to the real economy
    DOI: 10.1596/1813-9450-10403
    URL: Deutschlandweit zugänglich
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    MPI Ethno. Forsch.
  • 3
    Online Resource
    Online Resource
    Stock Market Liberalizations and Export Dynamics (2023)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource (47 pages)
    Parallel Title: Erscheint auch als Jaud, Melise Stock Market Liberalizations and Export Dynamics
    Keywords: Disciplining Role of Foreign Investors ; Export Competitiveness ; Export Dynamics ; Export Efficiency ; Export Performance ; Financial Liberalization and Structural Change ; Foreign Investment In Exports ; International Economics and Trade
    Abstract: Foreign investors facilitate efficiency-enhancing structural change in the recipient countries. After countries liberalize their stock markets and allow foreign investors to acquire equity stakes in domestic firms, products that do not correspond to the liberalizing countries' comparative advantage disappear disproportionately faster from their export portfolios. At the same time, the overall long-term export performance of the liberalizing countries improves. Domestic stock market development does not have the same disciplining effect in terminating inefficient exports. Foreign investors thus play a unique role in improving resource allocation in the real economy
    DOI: 10.1596/1813-9450-10307
    URL: lizenzpflichtig
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