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1、外文文献翻译原文及译文标题：Financialdevelopmentandthechoiceoftradepartners作者：Jackie;Kalina期干ij:JournalofDevelopmentEconomics,Vol.116:122・145年份:2015字数：译文5122字原文FinancialdevelopmentandthechoiceoftradepartnersJackie,KalinaAbstractWhatdeterminesthechoiceofcountries'tradepartners?Weshowtheoretic
2、allyandempiricallythatfinancialmarketimperfectionsaffectthenumberandidentityofexporters*destinations.Biggereconomieswithlowertradecostsaremoreattractivemarketsbecausetheyofferhigherexportprofits.Thisgeneratesapeckingorderofdestinationssuchthatfirmsserveallcountriesaboveacut-off
3、levelofmarketpotential.Creditconstraints,however,raisethiscut-offabovethefirstbest.Financiallymoreadvancednationsthushavemoretradepartnersandgofurtherdownthepeckingorder,especiallyinsectorsthatrelyheavilyonthefinancialsystem.Ourresultsprovidenew,systematicevidencethatcountriesf
4、ollowahierarchyofexportdestinations,thatmarketsizeandtradecostsdeterminethishierarchy,andthatfinancialfrictionsinteractimportantlywithit.Thishaspolicyimplicationsfortheeffectsofcross-borderlinkagesthatdependonthenumberandidentityofcountries'tradepartners・Keywords:Financialdevel
5、opment,Internationaltrade,Tradepartners,PeckingorderIntroductionFormanydevelopingcountries,internationaltradecontributessignificantlytoaggregateoutputandeconomicgrowth・Exportingprovidesaccesstoabiggerconsumermarket,enablingfirmstoexpandproduction,increasedomesticemploymentandre
6、aphigherprofits・Thiscaninturnboostfirms*productivitybyallowingthemtobenefitfromscaleeconomiesunderexistingmanufacturingpractices,aswellastoinvestininnovationandtechnologyupgrading.Theveryexposuretointernationalknow-howandthefrequentuseofimportedinputsinproductionforforeigncount
7、riescanmediateproductivityspilloversacrossborders.Asidefromraisingincomelevelsandgrowthrates,exportingcanalsoreducevolatilityovertime・Bydiversifyingacrossmultipleconsumermarkets,exportersmaybeabletohedgefluctuationsincountry-specificdemandandinsureagainstdownturnsathome・Thesear
8、gumentssuggestthatbeingablenotonlytoexportmore,butalso
