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MENA Export Performance and Specialization : The Role of Financial Sector Development and Governance
- Publication Year :
- 2016
- Publisher :
- World Bank, Washington, DC, 2016.
-
Abstract
- Industry and financial profiles of MENA firms may underpin the observation that MENA country exports are below potential and skewed toward low value-added goods that are unable to spur rapid job creation and inclusive growth. To assess this link, the paper combines analysis highlighting external financing as a determinant of export performance, and analysis highlighting sector asset tangibility and governance. Why? Because high value-added sectors tend to have higher shares of intangible assets and to create innovative products requiring substantial research and development or investments, thereby making these sectors more dependent on external financing. Using sector- and firm-level export data with country-level indicators, the results indicate that countries with more developed financial sectors and stronger governance tend to have higher exports from sectors that are more reliant on finance external to the firm, and lower exports from sectors with higher shares of tangible assets. Interestingly, financial sector development boosts exports less in MENA than in non-MENA countries. To foster expansion of higher value exports, the results suggest a critical need for: (i) deeper financial sector development that strengthens market-based systems, such as asset registries and credit reporting agencies, and (ii) strengthening of legal and governance frameworks.
- Subjects :
- FINANCIAL SECTOR DEVELOPMENT
INVESTMENT
GLOBAL MARKET
INVENTORY
VALUE ADDED
FINANCIAL INTERMEDIARY
ECONOMIC GROWTH
PRIVATE INVESTMENT
WORLD TRADE
EXTERNAL FINANCING
ORGANIZATIONAL CAPITAL
FINANCIAL SECTOR
LENDING
INCOME
INVESTMENTS
OUTCOMES
EXPORT GROWTH
BANK LOAN
COMPETITIVENESS
WORLD DEVELOPMENT INDICATORS
INCENTIVES
COLLATERAL
SAVINGS ACCOUNTS
POLITICAL STABILITY
SHARES
FINANCIAL MARKET
ASSETS
GOODS
FINANCIAL SYSTEMS
AGENCY COSTS
RISK DIVERSIFICATION
FINANCIAL MARKETS
LIVING STANDARDS
FOREIGN DIRECT INVESTMENT
BORROWER
BORROWERS
DEVELOPMENT ECONOMICS
DEMOCRACY
MARKETS
LOW-INCOME COUNTRIES
GLOBAL EXPORTS
DEVELOPMENT
GOVERNANCE INDICATORS
WAGES
LINE OF CREDIT
CORPORATE GOVERNANCE
INTANGIBLE ASSETS
PROPERTY RIGHTS
DOMESTIC MARKETS
BANKING
INFLUENCE
GDP PER CAPITA
LIQUIDITY
INTEREST RATES
THEORY
TRADITIONAL BANKING
DEVELOPMENT POLICY
INCOME LEVELS
TRADE
WORKING CAPITAL
AGENCY PROBLEMS
BUSINESS CLIMATE
CASH FLOW
OWNERSHIP STRUCTURE
CONTRACT ENFORCEMENT
FINANCIAL PRODUCTS
ECONOMIC DEVELOPMENT
RISK OF EXPROPRIATION
INCOME GROUP
AGRICULTURE
ENFORCEMENT
INVESTMENT CLIMATE
CAPITAL MARKET
ECONOMIC INTEGRATION
SAVINGS ACCOUNT
GDP
VARIABLES
FINANCIAL SECTORS
MIDDLE-INCOME ECONOMIES
MACROECONOMIC STABILITY
POLITICAL ECONOMY
BUSINESS ENVIRONMENT
LINES OF CREDIT
EXCHANGE
LEGAL SYSTEM
GOVERNANCE INDICATOR
VALUE
EXPORTS
ECONOMIC OUTCOMES
CAPITAL MARKETS
GOVERNANCE
BENCHMARK
INTERNATIONAL TRADE
BENCHMARKS
CAPITAL STOCK
CORPORATE FINANCE
FINANCIAL SYSTEM
FINANCIAL INSTITUTIONS
HUMAN CAPITAL
INSURANCE
PRICE
EQUITY
ECONOMIC DEVELOPMENTS
GOOD GOVERNANCE
SECURE PROPERTY RIGHTS
CREDIT
FINANCIAL DEVELOPMENT
DEVELOPING COUNTRIES
SECURITIES
MIDDLE-INCOME COUNTRIES
LEGAL FRAMEWORKS
LABOR MARKETS
REAL ESTATE
EXPORT SECTORS
FOREIGN INVESTMENT
INVESTOR
BARRIERS
INTEREST
EXTERNAL FINANCE
INTANGIBLE
COUNTRY-LEVEL INDICATORS
LEGAL FRAMEWORK
JOB CREATION
COMPARATIVE ADVANTAGE
SAVINGS
SHARE
COMPARATIVE ADVANTAGES
Subjects
Details
- Language :
- English
- Database :
- OpenAIRE
- Accession number :
- edsair.od......2456..4752c051b103150f2a7a96f549f355b6