Financial Development and Intersectoral Allocation: A New Approach
基于行业联动性提出新方法，研究金融市场发展如何影响跨部门资源配置。发现两国金融市场越发达，其部门增长模式越相似，且经济发展水平相近的国家间效应更强。
ABSTRACT This paper uses a new methodology based on industry comovement to examine the role of financial market development in intersectoral allocation. Based on the assumption that there exist common global shocks to growth opportunities, we hypothesize that country pairs should have correlated patterns of sectoral growth if they are able to respond to these shocks. Consistent with financial markets promoting responsiveness to shocks, countries have more highly correlated growth rates across sectors when both countries have well‐developed financial markets. This effect is stronger between country pairs at similar levels of economic development, which are more likely to experience similar growth shocks.