Financial development and trade in services: Perspective from emerging markets of Asia, South and Central America and Africa

Yushi Jiang, Muhammad Irfan Khan, Syed Imran Zaman and Athar Iqbal

International Journal of Finance & Economics, 2021, vol. 26, issue 3, 3306-3320

Abstract: This study empirically identifies the impact of financial development, particularly exports, on trade in services. Three proxies used for measuring financial development are financial systems deposits, liquid liabilities, and private credit. After conducting statistical tests and robustness checks, we show that financial development has a positive impact on trade in services in Central and South America, but does not have a significant impact in Asia and Africa. All three proxies used for assessing financial development are found to be insignificant in Asia and Africa.

Date: 2021
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https://doi.org/10.1002/ijfe.1963

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