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Financial Development and International Trade

Fernando Leibovici ()

Working Papers from York University, Department of Economics

Abstract: This paper studies the industry-level and aggregate implications of financial development on international trade. I set up a multi-industry general equilibrium model of international trade with heterogeneous firms subject to export entry costs and financial frictions, in which industries differ in their dependence on external finance. The model is parametrized to match key features of plant-level data. I find that financial frictions have a large effect on the extent of international trade across industries, but a negligible impact at the aggregate-level. I show that these findings are consistent with estimates from cross-country industry- and aggregate-level data.

Pages: 40 pages
Date: 2015-03-05
New Economics Papers: this item is included in nep-dge and nep-int
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Related works:
Working Paper: Financial Development and International Trade (2018) Downloads
Working Paper: Financial Development and International Trade (2013)
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