Finance, Comparative Advantage, and Resource Allocation PDF Download
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Author: Melise Jaud
Publisher:
ISBN:
Category :
Languages : en
Pages : 54
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Book Description
Can financial institutions and markets enhance the discipline imposed by competitive product markets and thus improve resource allocation in the real economy? We address this question in the context of international trade, using disaggregated product-level data from 71 countries exporting to the USA. We show that exported products exit the US market sooner if they stand far away from the exporting country's comparative advantage. This pattern is stronger when the exporting country has a well-developed banking system, but it is unaffected by the depth of stock markets. These results are in accordance with theories stressing the disciplining role of debt and monitoring abilities of banks.
Author: Melise Jaud
Publisher:
ISBN:
Category :
Languages : en
Pages : 54
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Book Description
Can financial institutions and markets enhance the discipline imposed by competitive product markets and thus improve resource allocation in the real economy? We address this question in the context of international trade, using disaggregated product-level data from 71 countries exporting to the USA. We show that exported products exit the US market sooner if they stand far away from the exporting country's comparative advantage. This pattern is stronger when the exporting country has a well-developed banking system, but it is unaffected by the depth of stock markets. These results are in accordance with theories stressing the disciplining role of debt and monitoring abilities of banks.
Author: Melise Jaud
Publisher:
ISBN:
Category :
Languages : en
Pages : 37
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Book Description
Author: Hasan Dinçer
Publisher: Springer Nature
ISBN: 3030686124
Category : Business & Economics
Languages : en
Pages : 365
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Book Description
As globalization continues to rapidly evolve, economic borders between countries have practically disappeared. One effect is that nowadays companies can access new markets by investing in other countries. This offers an important advantage especially for international and large-scale companies. However, one result is the increased market competition. Small-scale local firms and SMEs have to compete with international firms and corporations that have significantly more resources. This competitive environment jeopardizes the sustainability of the smaller companies, which often are driven out of business by the more powerful global players. This book discusses financial strategies for small and middle size companies to increase their competitiveness in the global markets.
Author: Raymond J. Fisman
Publisher:
ISBN:
Category :
Languages : en
Pages : 28
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Book Description
Fisman and Love analyze the relationship between financial development and inter-industry resource allocation in the short and long run. They suggest that in the long run, economies with high rates of financial development will devote relatively more resources to industries with a quot;naturalquot; reliance on outside finance due to a comparative advantage in these industries. By contrast, in the short run the authors argue that financial development facilitates the reallocation of resources to industries with good growth opportunities, regardless of their reliance on outside finance. To test these predictions, they use a measure of industry-level quot;technologicalquot; financial dependence based on the earlier work of Rajan and Zingales (1998) and develop new proxies for shocks to (short-run) industry growth opportunities. The authors find differential effects of these measures on industry growth and composition in countries with different levels of financial development. They obtain results that are consistent with financially developed economies specializing in quot;financially dependentquot; industries in the long run, and allocating resources to industries with high growth opportunities in the short run.This paper - a product of Finance, Development Research Group - is part of a larger effort in the group to study finance and growth.
Author: Raymond Fisman
Publisher:
ISBN:
Category : Economic development
Languages : en
Pages : 36
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Book Description
"We analyze the relationship between financial development and inter-industry resource allocation in the short- and long-run. We suggest that in the long-run, economies with high rates of financial development will devote relatively more resources to industries with a 'natural' reliance on outside finance due to a comparative advantage in these industries. By contrast, in the short-run we argue that financial development facilitates the reallocation of resources to industries with good growth opportunities, regardless of their reliance on outside finance. To test these predictions, we use a measure of industry-level 'technological' financial dependence based on the earlier work of Rajan and Zingales (1998), and develop new proxies for shocks to (short run) industry growth opportunities. We find differential effects of these measures on industry growth and composition in countries with different levels of financial development. We obtain results that are consistent with financially developed economies specializing in 'financially dependent' industries in the long-run, and allocating resources to industries with high growth opportunities in the short-run"--National Bureau of Economic Research web site
Author: OECD
Publisher: OECD Publishing
ISBN: 9264113088
Category :
Languages : en
Pages : 351
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Book Description
This book collects OECD work that builds on recent contributions to the theory and empirics of comparative advantage, putting particular emphasis on the role policy can play in shaping trade.
Author: Andrew B. Bernard
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
This paper examines how country, industry and firm characteristics interact in general equilibrium to determine nations' responses to trade liberalization. When firms possess heterogeneous productivity, countries differ in relative factor abundance and industries vary in factor intensity, falling trade costs induce reallocations of resources both within and across industries and countries. These reallocations generate substantial job turnover in all sectors, spur relatively more creative destruction in comparative advantage industries than comparative disadvantage industries, and magnify ex ante comparative advantage to create additional welfare gains from trade. The relative ascendance of high-productivity firms within industries boosts aggregate productivity and drives down consumer prices. In contrast with the neoclassical model, these price declines dampen and can even reverse the real wage losses of scarce factors as countries liberalize.
Author: David Ricardo
Publisher:
ISBN:
Category : Economics
Languages : en
Pages : 566
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Book Description
Author: Adam Smith
Publisher:
ISBN:
Category : Economics
Languages : en
Pages : 522
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Book Description
Author: National Bureau of Economic Research
Publisher: Princeton University Press
ISBN: 1400879760
Category : Political Science
Languages : en
Pages : 647
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Book Description
The papers here range from description and analysis of how our political economy allocates its inventive effort, to studies of the decision making process in specific industrial laboratories. Originally published in 1962. The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.
