The Impact Of Financial Scale And Financial Efficiency On Export Trade

Financial development and international trade play an important role in economic growth.Through literature review,this paper finds that many scholars have carried out relevant research on financial development,international trade and economic growth and achieved important results.Nowadays,export trade as an important part of international trade,plays an important role in economic development as one of the three carriages of economic development.Therefore,this paper focuses the impact of financial scale and financial efficiency on export trade.This paper constructs model and carries out empirical tests on the basis of the existing theory and the transnational panel data of 53 countries.After the model passes the stability test,this paper draws the following conclusions:the expansion of financial scale will promote export trade;The financial efficiency of the stock market has the same effect,but the financial efficiency of financial institutions will inhibit export trade.Financial scale and financial efficiency have a heterogeneous impact on the export of different products:the expansion of financial scale will improve the export of labor-intensive products and capital-intensive products,and the financial efficiency of the stock market will significantly promote the export of capital-intensive products,but inhibit the export of labor-intensive products.The financial efficiency of financial institutions will inhibit the export of labor-intensive products,but for capital-intensive products the effect is not obvious.Combined with the conclusions,this paper puts forward targeted policy recommendations from three aspects:deepening financial system reform,accelerating financial innovation and strengthening financial supervision,these will help policy makers clearly see the specific direction of financial system reform and promote the development of export trade.