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Financial Markets Volatility and Performance in Emerging Markets$
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Sebastian Edwards and Marcio G. P. Garcia

Print publication date: 2008

Print ISBN-13: 9780226184951

Published to Chicago Scholarship Online: February 2013

DOI: 10.7208/chicago/9780226185040.001.0001

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Links between Trade and Finance: A Disaggregated Analysis

Links between Trade and Finance: A Disaggregated Analysis

Chapter:
(p.9) 1 Links between Trade and Finance: A Disaggregated Analysis
Source:
Financial Markets Volatility and Performance in Emerging Markets
Author(s):

Joshua Aizenman

Ilan Noy

Publisher:
University of Chicago Press
DOI:10.7208/chicago/9780226185040.003.0002

This chapter, which examines the strength of the intertemporal feedbacks between disaggregated measures of trade and financial openness in developing countries, specifically disaggregates the current account into trade in goods (split between manufacturing, metals/ores, fuel, and foodstuffs), services, and income. Similarly, it disaggregates the financial account into foreign direct investment, loans, equity, and trade credit. Such disaggregation provides one with more detailed information about the possible channels at work. Among the interesting patterns it uncovers, the chapter observes systematic changes between the 1980s and the 1990s. Most financial flows in and out of developing countries have taken the form of loans. However, these financial flows are the only type of flows that have decreased between the two decades. The chapter looks at the impact of lagged disaggregated trade on disaggregated financial measures, allowing for macroeconomic controls.

Keywords:   financial openness, current account, foreign direct investment, financial flows, disaggregated trade, developing countries, trade, loans, equity, trade credit

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