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The Economic Research Institute, Stockholm School of Economics SSE/EFI Working Paper Series in Economics and Finance

No 449:
Financial Markets, the Pattern of Specialization and Comparative Advantage. Evidence from OECD countries.

Jonas Vlachos () and Helena Svaleryd

Abstract: Due to underlying technological differences, industries differ in their need for external finance. Since the services provided by the financial sector are largely immobile across countries, the pattern of specialization should be influenced by the degree of financial development. We find that this effect is strong: The financial sector has an even greater impact on the pattern of specialization among OECD countries than do differences in human- and physical capital. Further, it gives rise to comparative advantage in a way consistent with the Hecksher-Ohlin-Vanek model. Results on which aspects of financial systems that matter for specialization are also presented.

Keywords: Financial intermediation; Financial systems; Specialization patterns; Comparative advantage; (follow links to similar papers)

JEL-Codes: F14; G20; O16; (follow links to similar papers)

39 pages, May 30, 2001, Revised November 8, 2001

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