ABSTRACT

Using a dynamic panel threshold model, we find a nonlinear effect of financial development on participation in the global value chains for 92 countries. The effect is positive below a threshold and turns negative above it. We provide evidence supporting our explanation that when a country’s financial system develops to a certain level, it serves foreign buyers by engaging more in outward foreign direct investments instead of enhancing its participation in the global value chains.

中文翻译：

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过多的资金是否会抑制一个国家参与全球价值链？

摘要

使用动态面板阈值模型，我们发现金融发展对 92 个国家参与全球价值链的非线性影响。效果在阈值以下为正，在阈值以上变为负。我们提供的证据支持我们的解释，即当一个国家的金融体系发展到一定水平时，它通过更多地参与对外直接投资而不是加强其对全球价值链的参与来为外国买家服务。