The Impact of Financial Development and Asset Tangibility on Export

Abstract

In this paper, we investigate the interplay between financial development, asset tangibility and exports. Using industry level data on firms ’ dependence on external finance and firms ’ asset tangibility for 23 industries and 52 countries, we find that economies with higher level of financial development have higher export shares in industries that use more intangible assets and the impact is increasing in the external finance dependence of the industry. We also use the same dataset to show that the interplay between property rights protection and asset tangibility influences the pattern of trade. We show that a higher level of property rights protection leads to greater export shares in industries with more intangible assets.

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