지원사업
학술연구/단체지원/교육 등 연구자 활동을 지속하도록 DBpia가 지원하고 있어요.
커뮤니티
연구자들이 자신의 연구와 전문성을 널리 알리고, 새로운 협력의 기회를 만들 수 있는 네트워킹 공간이에요.
논문 기본 정보
- 자료유형
- 학술저널
- 저자정보
- 발행연도
- 2012.4
- 수록면
- 39 - 68 (30page)
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초록· 키워드
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This paper explores the complementarities between bilateral trade in goods and financial assets. By utilizing a gravity model specification with an extended dataset in terms of time span and asset classification as well as alternative instrumental variables, we confirm the existence of positive evidence for complementarities. We find that common factors such as bilateral distance and other economic size variables that determine both cross-border trade and financial flows contribute to complementarity. However, the fact that the estimated coefficients of distance for financial transactions are about half the size of those for trade in goods suggests that physical distance is less important for financial transactions. Furthermore, the significance of distance in explaining bilateral flows disappears when trade is added as an additional explanatory variable, indicating that distance may not directly influence financial flows. Finally, we also confirm that there exists another important factor that is responsible for the complementarities that exist between trade and financial integration. This additional factor is a direct causal relationship that acts from both directions between trade in goods and financial transactions, while the directional effects from trade in goods to financial transactions are much stronger, as emphasized by Aviat and Coeurdacier (2007).
목차
1. INTRODUCTION
2. STYLIZED PATTERNS OF TRADE AND FINANCIAL INTEGRATION
3. A GRAVITY-MODEL TEST OF THE INTERACTION BETWEEN TRADE AND FINANCIAL INTEGRATION
4. CONCLUSION
REFERENCES
참고문헌 (19)
참고문헌 신청
1. [보고서] - Aizemann, J. / 2004 / Endogenous Financial and Trade Openness: Efficiency and Political Economy Consideration
2. [보고서] - Aviat, Antoni / 2006 / The Geography of Trade in Goods and Asset Holdings
3. [학술지(정기간행물)] - Buch, C. / 2002 / Are Banks Different? Evidence from International Data / International Finance 5 (1) : 97 ~ 114
4. [학술지(정기간행물)] - Buch, C. / 2003 / Information and Regulation: What Drives the International Activities of Commercial Banks? / Journal of Money, Credit, and Banking 35 (6)
5. [단행본] - Eichengreen, Barry / 2005 / Why Has There Been Less Financial Integration in Asia than in Europe? / The Ford Foundation
2. [보고서] - Aviat, Antoni / 2006 / The Geography of Trade in Goods and Asset Holdings
3. [학술지(정기간행물)] - Buch, C. / 2002 / Are Banks Different? Evidence from International Data / International Finance 5 (1) : 97 ~ 114
4. [학술지(정기간행물)] - Buch, C. / 2003 / Information and Regulation: What Drives the International Activities of Commercial Banks? / Journal of Money, Credit, and Banking 35 (6)
5. [단행본] - Eichengreen, Barry / 2005 / Why Has There Been Less Financial Integration in Asia than in Europe? / The Ford Foundation
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UCI(KEPA) : I410-ECN-0101-2013-320-003252435