Financial Development and Improving the Complexity of Export Technology:A Study Based on Impact Channels
Wang Shengbin;Du Jiang;
Based on the endogenous technological progress theory,the paper builds a theoretical model to demonstrate that financial development promotes the technological content of a country's exports through spillover effect of foreign direct investment and promoting research efficiency. The paper adopts domestic value-added index to upgrade technical complexity index of export commodities,which mentioned by Hausmann and estimates export complexity of 45 countries in 1995-2014. The paper empirically examines the channels through which financial development affects the export complexity. The results show that foreign direct investment and RD efficiency are important channels for financial development to affect the export complexity.