The Impact of Innovation on Financial and Insurance Services Exports

Briggs Kristie ()
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Briggs Kristie: Economics & Finance, Creighton University, 2500 California Plaza, Omaha, NE 68178, USA

The B.E. Journal of Economic Analysis & Policy, 2017, vol. 17, issue 4, 10

Abstract: Striving for growth in service exports is an important way many service-oriented countries offset trade deficits commonly generated by a disproportional dependence on manufactured imports. Exports of business services are a significant subset of overall services trade. This paper examines whether innovation enhances exports of financial and insurance services by firms operating in these service industries. Results indicate that innovation has a sizable, positive impact on financial and insurance services exports. This holds true when examining a country’s aggregate level of insurance and financial services exports, as well as bilateral exports to a specific trade partner. However, robustness tests suggest that the positive effect of innovation on bilateral financial and insurance services exports holds true only at the extensive margin of trade (i. e. the decision to export), but not at the intensive margin (i. e. how much to export).

Keywords: services trade; margins of trade; innovation; business services (search for similar items in EconPapers)
JEL-codes: F14 G20 O31 (search for similar items in EconPapers)
Date: 2017
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DOI: 10.1515/bejeap-2016-0310

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