Financial markets, the pattern of industrial specialization and comparative advantage: Evidence from OECD countries

Svaleryd, HelenaInstitutet för näringslivsforskning,Stockholm University (SE) (author)

LIBRIS-ID:oai:DiVA.org:uu-206086
https://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-206086URI
https://doi.org/10.1016/S0014-2921(03)00030-8DOI
https://research.hhs.se/esploro/outputs/journalArticle/Financial-markets-the-pattern-of-industrial/991001480695906056URI

Ingår i avhandling 1. Risk matters: studies in finance, trade and politics
Due to underlying technological and organizational differences, industries differ in their need for external finance. Since services provided by the financial sector are largely immobile across countries, the pattern of industrial specialization should be influenced by the level of financial development. Among OECD countries we find a strong causal effect of the financial sector on industrial specialization. Further, the financial sector is a source of comparative advantage in a way consistent with the Hecksher–Ohlin–Vanek model. Results are also presented on which aspects of financial systems are important for specialization and comparative advantage.

SAMHÄLLSVETENSKAP Ekonomi och näringsliv Nationalekonomi hsv//swe
SOCIAL SCIENCES Economics and Business Economics hsv//eng
Financial intermediation; Financial systems; Specialization patterns; Comparative advantage

Vlachos, JonasStockholm School of Economics,Handelshögskolan i Stockholm (author)
Institutet för näringslivsforskningStockholm University (SE) (creator_code:org_t)

In:European Economic Review: Elsevier: 24 months49:1, s. 113-1440014-29211873-572X

About the subject

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