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Does financial integration drive export diversification? Evidence from a cross-country analysis

机译:金融整合驱动器出口多样化吗?来自跨国分析的证据

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Purpose - The purpose of this paper is to examine the nexus between financial integration and export diversification. Design/methodology/approach - The authors consider 96 economies spanning over the period 1995- 2014. To provide broader insights, the authors categorize 96 economies into developed, developing, high and low diversified panels. Both volume and equity-based measures of financial integration are used. The generalized method of moments (GMM) method is used to analyze the link between financial integration and export diversification. Findings - The results derived from GMM indicate that financial integration is a vital factor of export diversification. Further, the findings reveal similar conclusions for developed, developing, high and low diversified panels. Research limitations/implications - The outcome of this study suggests that promoting the financial integration of markets by lowering the restrictions on capital inflows helps countries to lower the risk and diversify their exports. Originality/value - Though there exists enormous literature on export diversification, the nexus between financial integration and export diversification is limited. The present study bridges this research gap.
机译:目的 - 本文的目的是审查金融融合与出口多样化之间的Nexus。设计/方法/方法 - 作者在1995年至2014年期间考虑了96个经济体。为了提供更广泛的见解,作者将96个经济体分为发达,开发,高和低多样化的面板。使用批量和股权的金融集成措施。普遍存在的矩(GMM)方法用于分析金融整合和出口多样化之间的联系。调查结果 - 来自GMM的结果表明金融融合是出口多样化的重要因素。此外,该研究结果揭示了用于发育,开发,高和低多样化面板的类似结论。研究限制/影响 - 本研究结果表明,通过降低资本流入的限制,促进市场的金融整合有助于各国降低风险并使其出口多样化。原创性/值 - 尽管出口多样化存在巨大的文学,但金融整合与出口多样化之间的Nexus是有限的。本研究桥接了这一研究差距。

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