金融发展、汇率变动与中国省区制造业出口

本文使用中国省区细分行业的数据和一系列反映金融发展的指标,检验了金融发展对于中国省区制造业出口的影响,同时观测了汇率变动对于各省区行业出口绩效的影响。在控制了各省区要素禀赋以及基础设施条件后发现,在金融发展水平高的省份,高融资依赖性的行业具有较高的出口份额。此外,金融发展有利于融资依赖性行业抵御外部汇率冲击带来的负面影响,扩大市场份额。在选取工具变量以及采取IVTobit模型克服模型的内生性后,结果依然稳健。

Financial Development,Exchange Rate Movements and Provincial-Level Manufacturing Industry Exports in China:Empirical Analysis from Provincial Panel Data in China

We use a database of China's provincial exports at fine level of industry in region,and several indicators of financial development to test for an impact of financial development on trade patterns.We also examine the impact of exchange rate movements on export performance.We find evidence that financially developed regions export greater volumes in highly financing-dependent sectors,after controlling factor endowments and infrastructure conditions.In addition,financial development helps the industries with ...