Development of the financial system and Brazilian exports: an analysis from 1995 to 2014
DOI:
https://doi.org/10.11606/1980-5330/ea142487Keywords:
financial development, exports, gravity modelAbstract
This paper aimed to measure how the degree of Brazilian financial development and of its main trade partners affected the value exported by the country; quantify the relationship between financial dependence of selected sectors, degree of financial development and the value of Brazilian exports in each sector. The analysis was operationalized through the estimation of the gravity model using quantile regression with correction for the sample selection. Generally, the coefficients were estimations pointed out that financial development of Brazil was not important to determining its exports. Nevertheless, when the degree of financial dependence of the sectors was analysed, we found a positive and significant relationship between national financial development and value exported.