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首页> 外文期刊>Journal of International Money and Finance >Capital controls and international trade: An industry financial vulnerability perspective
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Capital controls and international trade: An industry financial vulnerability perspective

机译：资本控制与国际贸易：行业金融漏洞视角

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摘要

Capital control policies have consequences on economic growth and international trade. Using data on 99 countries from 1995 & ndash;2014, we find evidence that the effect of capital controls on trade vary across industries that have differing levels of external financing and asset tangibility. For exporter countries that tighten capital controls, industries that rely more heavily on external financing experience a larger decline in exports, while industries that possess more tangible assets experience a smaller decline in exports. For importer countries, tighter capital controls imply a decrease in trade, and this effect is uniform across all industries. The pattern with respect to external financing persists after accounting for availability of domestic credit and the differences in industry shares, and are predominantly found in countries with low levels of financial development. On the other hand, the varying effect related to asset tangibility is mostly absorbed by domestic credit market.(c) 2021 Elsevier Ltd. All rights reserved.
机译：资本控制政策对经济增长和国际贸易产生后果。从1995年和Ndash使用99个国家的数据; 2014年，我们发现证据表明，资本管制对贸易的影响因其不同融资水平和资产变形的行业而异。对于加强资本控制的出口国，依赖外部融资的行业越来越庞大的出口下降，而具有更有形资产的行业越来越明显。对于进口国国家而言，更严格的资本控制意味着贸易下降，而这种效果在所有行业上都是制服的。在核算外国信贷的可用性和行业份额的差异后，这些模式仍然存在，主要在金融发展水平低的国家发现。另一方面，与资产变形有关的不同效果主要由国内信贷市场吸收。（c）2021 elestvier有限公司保留所有权利。

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