Does financial development promote export diversification in Sub-Saharan Africa?
1
조회
0
다운로드
0
인용
0
참고문헌
키워드
초록
This paper examines the effect of financial sector development on export diversification of 41 sub-Saharan Africa countries using data for the period 1995-2013. The empirical results using dynamic panel system generalized methods of moments (System-GMM) estimation technique show that high financial development promotes export diversification in sub-Saharan Africa. The finding underscores the importance of financial sector development policies in sub-Saharan Africa to stimulate export diversification. Specifically, it is necessary to increase the roll out of financial infrastructure across sub-Saharan Africa to widen the extent of financial access. Government should also ensure macroeconomic stability to support financial sector development in the various sub-Saharan Africa countries.
Abstract
This paper examines the effect of financial sector development on export diversification of 41 sub-Saharan Africa countries using data for the period 1995-2013. The empirical results using dynamic panel system generalized methods of moments (System-GMM) estimation technique show that high financial development promotes export diversification in sub-Saharan Africa. The finding underscores the importance of financial sector development policies in sub-Saharan Africa to stimulate export diversification. Specifically, it is necessary to increase the roll out of financial infrastructure across sub-Saharan Africa to widen the extent of financial access. Government should also ensure macroeconomic stability to support financial sector development in the various sub-Saharan Africa countries.
참고문헌 (51)
- The product space: what does it say about the opportunities for growth and structural transformation of sub-Saharan Africa?, "Abdon, A.", Levy Economics Institute, ~, pp.LEI Working paper 670 (2011)
- Aghion, P., "The effect of financial development on convergence : Theory and evidence", Quarterly Journal of Economics, 120, pp.173~222 (2005)
- Arellano, M., "Some tests of specification for panel data : Monte Carlo evidence and an application to employment equations", Review of Economic Studies, 59, pp.277~297 (1991)
- Arellano, M., "Another look at the instrumental variable estimation of error-components models", Journal of Econometrics, 68, pp.29~51 (1995)
- Diversification or specialization: What is the path to growth and development?, "Bahar, D.", Brookings Policy brief, ~ (2016)
- Baily, M. N., "Efficiency in manufacturing and the need for global competition", Brookings Papers on Economic Activity, 26, pp.307~358 (1995)
- Baldwin, R., "The Convergence of International and Domestic Markets", pp.135~152 (1989), North–Holland
- Beck, T., "Financial development and international trade : Is there a link ?", Journal of International Economics, 57, pp.107~131 (2002)
- Beck, T., "Financial dependence and international trade", Review of International Economics, 11, pp.107~131 (2003)
- Financing Africa through the Crisis and Beyond, "Beck, T.", World Bank, ~ (2011)
- Berman, N., "Financial factors and the margins of trade:Evidence from cross-country firm-level data", Journal of Development Economics, 93, pp.206~217 (2010)
- Bernanke, B., "The financial accelerator and the flight to quality", Review of Economics and Statistics, 78, pp.1~15 (1996)
- Blundell, R., "Initial conditions and moment restrictions in dynamic panel data models", Journal of Econometrics, 87, pp.115~143 (1998)
- Cadot, O., "Export diversification : What’s behind the hump?", Review of Economics and Statistics, 93, pp.590~605 (2011)
- Demir, F., "Asymmetric effects of financial development on south–south and south–north trade : Panel data evidence from emerging markets", Journal of Development Economics, 94, pp.139~149 (2011)
- Demirgüç-Kunt, A., "Law, finance and firm growth", Journal of Finance, 53, pp.2107~2137 (1998)
- Du, J., "Finance and firm export in China", Kyklos, 60, pp.37~54 (2007)
- Fakher, A., "New patterns of world trade and foreign direct investment growth in Egypt", International Journal of Trade and Global Markets, 9, pp.18~32 (2016)
- Fazzari, S. M., "Financing constraints and corporate investment", Brookings Papers on Economic Activity, 1, pp.141~206 (1988)
- Ferreira, G., "From coffee beans to microchip : Export diversification and economic growth in Costa Rica", Journal of Agricultural and Applied Economics, 44, pp.1~15 (2012)
- Absorptive capacity and export diversification in sub-Saharan African countries, "Habiyaremye, A.", United Nations University- Maastricht Economic and Social Research Institute on Innovation and Technology, ~, pp.UNU-MERIT Working paper 2006-030 (2006)
- Hausmann, R., "The Atlas of Economic Complexity:Mapping Paths to Prosperity" (2011), MIT Press
- Hausmann, R., "What you export matters", Journal of Economic Growth, 12, pp.1~25 (2007)
- Herzer, D., "Export diversification, externalities and growth: Evidence for Chile", Proceedings of the German Development Economics Conference (2006)
- Imbs, J., "Stages of diversification", American Economic Review, 93, pp.63~86 (2003)
- Can FDI promote export diversification and sophistication of host countries?: Dynamic panel system gmm analysis, "Iwamoto, M.", Institute of Developing Economies, ~, pp.IDE Discussing paper 347 (2012)
- Endowment versus finance: A wooden barrel theory of international trade, "Ju, J.", International Monetary Fund, ~, pp.IMF Working paper 05 (2005), 123
- Kashyap, A., "Credit conditions and the cyclical behavior of inventories", Quarterly Journal of Economics, 109, pp.562~592 (1994)
- Kletzer, K., "Credit markets and patterns of international trade", Journal of Development Economics, 27, pp.57~70 (1987)
- Discovery and development: An empirical exploration of new products, "Klinger, B.", World Bank, ~, pp.World Bank Working paper 3450 (2004)
- Manova, K., "Credit constraints, heterogeneous firms, and international trade", Review of Economic Studies, 80, pp.711~744 (2013)
- Menyah, K., "Financial development, trade openness and economic growth in African countries: New insights from a panel causality approach", Economic Modelling, 37, pp.386~394 (2014)
- Miller, S. M., "The effects of openness, trade orientation, and huan capital on total factor productivity", Journal of Development Economics, 63, pp.399~423 (2000)
- Exporters and Credit Constraints: A Firm-level Approach, "Muûls, M.", National Bank of Belgium, ~, pp.NBB Working paper 139 (2008)
- Ndikumana, L., "Mobilizing African resources for export diversification and development", Speech delivered at the annual general meeting of Afreximbank (2015)
- Challenges of African Growth: Opportunities, Constraints, and Strategic Directions, "Ndulu, B.", World Bank, ~ (2007)
- Nickell, S., "Biases in dynamic models with fixed effects", Econometrica, 49, pp.1417~1426 (1981)
- Portugal-Perez, A., "Export performance and trade facilitation reform : Hard and soft infrastructure", World Development, 40, pp.1295~1307 (1981)
- The Economic Development of Latin America and its Principal problems, "Presbish, R.", United Nations, ~ (1950)
- How to do xtabond2 : An introduction to difference and system gmm in Stata, "Roodman, D.", Center for Global Development, ~, pp.CGD Working paper 103 (2006)
- Roodman, D., "A note on the theme of too many instruments", Oxford Bulletin of Economics and Statistics, 71, pp.135~158 (2009)
- Sakyi, D., "The effects of trade and trade facilitation on economic growth in Africa", African Development Review, 29, pp.350~361 (2017)
- Santosa, D. B., "Does export promotion policy benefit for ASEAN economic development?", International Journal of Trade and Global Markets, 11, pp.3~11 (2018)
- Sharpe, S. A., "Financial market imperfections, firm leverage, and the cyclicality of employment", American Economic Review, 84, pp.1060~1074 (1994)
- Shepherd, S. B., "Trade facilitation in ASEAN member countries : Measuring progress and assessing priorities", Journal of Asian Economics, 20, pp.367~383 (2009)
- Singer, H. W., "The distribution of trade between investing and borrowing countries", American Economic Review, 40, pp.531~548 (1950)
- Promoting export diversification in Africa: Traditional financing techniques and innovative options, "Subramanian, T. C. V.", Afreximbank Distinguished Lectures, ~, pp.ADL series 01 (2008), 08
- Svaleryd, H., "Markets for risk and openness to trade : How they are related", Journal of International Economics, 57, pp.369~395 (2002)
- Svaleryd, H., "Financial markets, the pattern of industrial specialization and comparative advantage : Evidence from OECD countries", European Economic Review, 49, pp.113~144 (2005)
- Windmeijer, F., "A finite sample correction for the variance of linear efficient two step gmm estimators", Journal of Econometrics, 126, pp.25~51 (2005)
- World Bank, "World Integrated Trade Solution: Online Trade Outcomes Indicators User’s Manual", World Bank, ~ (2014)
