Access to Finance, Financial Development and Firm Ability to Export: Experience from Asiaâ€“Pacific Countries
Durairaj Kumarasamy () and
Asian Economic Journal, 2018, vol. 32, issue 1, 15-38
With particular reference to Asiaâ€“Pacific countries, the present study examines how access to finance and financial development affects firmsâ€™ ability to enter export markets. Using firmâ€ level data from the World Bank Enterprises Survey, we found that access to finance plays a significant role in improving firmsâ€™ ability to export. In addition, development of the financial sector fosters export market entry. Among the financial development indicators, reach of the banking sector variable is most prominent. The present study suggests that improvements in access to finance and financial development (increases in the reach of the banking sector) enable firms operating away from capital or major cities to enter export markets easily. The present study supports policy intervention to strengthen access to the financial sector, which would encourage firms to export, and to facilitate export market entry for remotely located firms.
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