The micro patterns of export diversification under financial constraints

The Strategy of Export Diversification and Economic Growth in

Today export diversification has become one of the most important economic objectives of development strategies in the developing countries. For various reasons, such as preventing instability in export prices of primary products in global markets, reducing fluctuations in exchanges of them compared with industrial goods, producing dynamic benefits resulted from exporting various goods and incr...

Asset Selection and Under-Diversification with Financial Constraints and Income: Implications for Household Portfolio Studies

Empirical studies of household portfolios have shown that young and relatively poor households hold under-diversified portfolios that are concentrated in a small number of assets, a fact often attributed to various behavioral biases. We present a model that offers a potential rational alternative: we show that relatively poor investors; i.e., investors with little financial wealth, who receive ...

Asset Selection and Under-Diversification with Financial Constraints and Income: Implications for Household Portfolio Studies

Specialization or Diversification—The Impact of Financial Credit Development on China’s Export

By using the data of Chinese manufacturing enterprises between 1999 and 2009, the specialization and diversification of China’s exports are calculated. The relationship between financial development and the specialization of export and diversification of exports were studied by using dynamic panel data. It is found that financial credit development could significantly improve specialization of ...

Fixed investment/fundamental sensitivities under financial constraints

While most models with financial market imperfections predict investment by financially constrained firms to be more sensitive to financial variables, contracting models argue that investment by such firms should be more sensitive to fundamental determinants of investment because fundamentals capture both investment opportunities and changes in the financial position. By first grouping U.S. man...