IoP hosts international conference on DSM-5

To mark the publication of the fifth and latest Diagnostic and Statistical Manual (DSM) of the American Psychiatric Association (APA), the Institute of Psychiatry at King’s hosted an international conference to debate the clinical, research, and public health implications of the DSM-5.

The conference was the first such meeting since the launch of the DSM-5 on 18th May 2013 in the United States, and was attended by Professor David Kupfer, Chair of the DSM-5 Task Force and Professor of Psychiatry at the Western Pacific Institute in Pittsburgh. 

Professor Norman Sartorius, Professor Shitij Kapur and Professor David Kupfer

Over two days, the strengths and weaknesses of the DSM-5 were debated and the conference took an in depth look at two areas in particular: childhood disorders (principally ADHD and autism) and the proposed prodromal psychosis syndrome.

Professor Shitij Kapur, Dean and Head of School of the Institute of Psychiatry at King’s, says: “The IoP’s DSM-5 conference illustrates our long-standing culture of rigorous debate and discussion. Interest in the DSM-5 has stretched well beyond the world of academic psychiatry and has become a matter of intense public debate and media coverage. We heard from those either side of the debate and I was delighted to welcome globally renowned academics and researchers and importantly, service user representatives and front-line clinicians to offer their views on this controversial topic.”

For a summary of the DSM-5 conference by Professor Sir Simon Wessely, Vice Dean (Academic Psychiatry) at the IoP at King's, please see here.

Speakers included:

Professor David Kupfer, Chair of DSM-5 Task Force and Professor at the University of Pittsburgh Professor William Carpenter, DSM-5 Task Force Member and Professor at the University of Maryland Professor David Clark, Professor of Experimental Psychology, University of Oxford Dr Clare Gerada, General Practitioner and Chair of the Council of the Royal College of General Practitioners Professor Catherine Lord, Director of the Center for Autism and the Developing Brain and Professor at the University of Michigan Professor Vikram Patel, Professor of International Mental Health, London School of Hygiene and Tropical Medicine Professor Nikolas Rose, Head of theDepartment of Social Science, Health and Medicine, King’s College London Sir Michael Rutter, First Professor of Child Psychiatry in the UK and Professor of Developmental Psychopathology at King’s College London Professor Norman Sartorius, former Director of the World Health Organization's Division of Mental Health, and a former President of the World Psychiatric Association

To end the conference, the IoP opened its doors to the public for the 45th Maudsley Debate which saw Dr Felicity Callard and Critical Psychiatrist, Pat Bracken take on Professor Tony David and Professor Norman Sartorius, debating the motion “This House believes that psychiatric diagnosis has advanced the care of people with mental health problems.”

The podcast from the Maudsely Debate is now available online

For further information, please contact Seil Collins, Press Officer, Institute of Psychiatry, King's College London, email: seil.collins@kcl.ac.uk or tel: (+44) 0207 848 5377

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3 Concerns of International Grad School Applicants

Check with admissions officers to understand how your academic credentials will transfer to U.S. institutions.

During my years as an admissions dean, I recruited and enrolled thousands of international students. In working with these students, three questions repeatedly came up during the application process.

Students frequently wanted to know how to tell if their undergraduate degrees from institutions in their home countries were equivalent to a U.S. bachelor's degree. Another common question was how they could convert a GPA to the 4.0 scale commonly used in the U.S.

Students also expressed concerns about how they should approach the standardized test required for the graduate program to which they were applying.

Below are answers to these common application questions from prospective international graduate students.

[Learn how to choose a U.S. graduate school.]

1. How is academic equivalency determined? If you received your bachelor's degree outside the United States, an evaluation will be performed by the admissions office to confirm that you have earned the equivalent of a U.S. bachelor's degree.

In some cases, you are asked to apply before an evaluation of your educational credentials is conducted. In other cases, an evaluation is required before you apply. Clear guidelines about what constitutes academic equivalency are provided in the application section of a program's admissions website.

If you disagree with the decision by the admissions office, let the staff know you believe you have an extenuating circumstance that merits special consideration.

Put your request in writing as a short inquiry, but include all the facts and thank the admissions office for taking the time to consider your situation. Offer to provide any additional information, and make it clear that you will abide by the decision.

For example, if the institution to which you are applying requires four years of college work following high school and you have a three-year degree, but took additional course work, conducted additional research and received high academic honors, you might consider asking for your situation to be given special consideration.

But understand that arguing about an equivalency determination you believe is unfair or does not take into account your particular situation will only make matters worse. Students who argue with and badger the admissions director to make exceptions end up drawing negative attention to themselves.

[Explore what draws students to U.S. colleges, grad schools.]

2. How is GPA converted to a U.S. scale? Each admissions office has a procedure for "converting" an academic record from an international college or university into the equivalent GPA at the graduate school to which applications are being submitted.

The procedure for doing this is set, and based on my experience, is never altered or changed. No exceptions are made. However, there are steps you can take to ensure that your GPA will be accurately converted.

Send transcripts for all undergraduate work with your application. If you took course work at two other institutions before enrolling at the institution from which you received your bachelor's degree, you should submit three transcripts in total.

Do not provide your own GPA calculation. Rest assured that admissions directors and committees are as diligent about this part of the application process as they are all other parts.

At the start of each academic term, the admissions director is usually asked to provide demographic and academic information for the incoming class. In order to provide accurate information, he or she will be very careful about the conversion of international GPAs.

3. How many standardized test scores should I submit? In addition to demonstrating one's ability to communicate well in English, all applicants, including international students, will have to submit standardized test scores. Depending on the program to which you are applying, you will take the GRE, GMAT, LSAT or Medical College Admission Test, known as the MCAT.

[Discover tips to master the TOEFL.]

Taking the test twice or three times indicates that you are making every effort to provide the best application you can. Taking it more than three times looks desperate, and that does not help.

If the admissions committee is genuinely looking for the best students, it will evaluate your application in its entirety and will not place undue emphasis on your test scores. During my years at the University of Chicago's Booth School of Business, Northwestern University and Columbia University, the range of test scores for the applicants I admitted was quite large, because I found that test scores alone do not predict success as a graduate school student.

Communication skills, motivation, initiative, hard work and working well with others – along with academic ability – are, in my experience, much better predictors of success.

View the original article here

How International Students Can Cope With Difficult Classes

Don’t get discouraged by classroom challenges you may face as a new international student.

International students often face more challenges than their American classmates because of language and cultural barriers. Don't be distressed when you have a hard time in a particular class – just remember, if the school admitted you, you are smart enough to handle all courses offered. Chances are others are struggling as well.

The following are some steps international students can take to either prevent this situation or to improve both their learning experience and grades.

1. Pick classes wisely: Take your English proficiency and cultural experience into account when choosing courses. If you are a freshman who started learning English a year ago, taking a high-level reading- and writing-based humanities class, such as History of Philosophy, might not be a good idea.

[Explore ways to prepare for the TOEFL.]

Most colleges have course prerequisites and many have a ranking system to help students understand the difficulty level of each course. As an international student, you should pay attention to this information, as well as the level of English proficiency that is required for each class.

Save classes that require a strong vocabulary for later years. When you start college, it is best to take entry-level classes that fulfill the general interdisciplinary requirements. For example, your first class could be calculus, which would satisfy a mathematics requirement and doesn't require the level of English proficiency a political science course would.

Don't let this stop you from pursuing your interests. If you want to major in Comparative Literature, you should definitely take classes in the English department. However, it might be best to start with a class on short stories your freshman year and wait until you're a senior to take literary theory or dive into a course that requires you to read "War and Peace."

Throughout your time at school, your English will naturally progress. Trying to take classes that require a sophisticated understanding of the English language too early might not only make it harder for you to earn good grades, but could suppress your interest in a certain subject.

[Take courses that add to the international student experience.]

2. Get help if you're struggling: Most college professors are very understanding about the challenges that international students face in the classroom, and will try to help you as much as possible if they are aware of your problems.

When I took American history in college, I had a very difficult time because I didn't have the high school history knowledge that my American classmates did. When I expressed concern to my professor, he gave me a few books that had a lot of background information and found me a tutor within the department.

Many colleges also have a writing center whose staff will help you edit your papers. These centers frequently have reference books and sample essays, and are excellent resources for international students.

[Learn to connect with professors at your U.S. college.]

3. Take English as a Second Language classes: Many colleges offer supplementary ESL courses, which I think are a great way to improve your English and lower the language barrier. A friend of mine took an ESL course throughout her freshman year, and by her sophomore year, was ready to sign up for high-level humanities courses.

Many college ESL teachers make it their goal to improve your class participation and extend your vocabulary. Spending a small portion of your week taking those classes can be very beneficial for your college career.

4. Study hard and be patient: A challenging class can be a great source of stress and frustration, but remember that hard work pays off.

You may have to spend more time studying than other students because there are words that you don't know, or because you can't read as quickly in English, but it could also mean that you will remember information longer than your classmates will.

Also, when you find class difficult, other students probably do as well. Be patient and kind to yourself and your efforts will be recognized.

Tra Ho, from Vietnam, received full financial aid to attend Colorado College in 2004. She graduated magna cum laude in 2008 with a degree in mathematics and is currently working as an actuary for a consulting company Washington, D.C.

View the original article here

Lessons for Parents of International Grad Students

Parents of prospective international students should involve their children in the graduate school selection process.

During my years serving in graduate enrollment and student services, I held office hours for students. There, I met with countless international students. Many were stressed, frightened and upset – a few to the point that they needed professional or medical assistance.

Academic struggles were the primary cause of their angst. Further questioning revealed that if word of their situation reached their parents, they would be in a great deal of trouble.

I've met with thousands of parents of prospective graduate students around the world during my career. What always amazed me was the consistently strong desire these parents had to see their children succeed. In many cases parents were making huge sacrifices so that their children could study abroad.

[Learn what to consider when applying to U.S. graduate schools.]

It was heartwarming to observe this, and to witness the strong ties between family members. But sometimes I found myself communicating with parents of applicants rather than the applicants themselves.

Parents often asked about the curriculum, admission requirements, career placement information and scholarship opportunities – questions typically asked by applicants. In some cases, they would even ask for an application fee waiver or reduced tuition for their son or daughter.

It is quite an adjustment for parents to have a son or daughter travel not only far away for graduate study, but also to another country – in some cases, without returning home for two years. This cannot be easy, yet many parents support and encourage their children to pursue their educational and career goals.

[Learn how graduate schools evaluate international applicants.]

But many international students have told me that their parents do not respond well to any sort of failure. Remember that any successful person has some detours along the way, and does not do everything perfectly.

Yet at times, some parents place overwhelming pressure on their children. While you want your child to succeed, placing too much pressure on him or her to do so could actually make things worse. Focus on success, not on perfection. Let your child be human.

Remember that sometimes the greatest learning opportunities come from mistakes and errors. If we are afraid of or forbid failure, we actually create a culture where it is more likely that failure will occur.

[Allay some common international grad school applicant concerns.]

Parents can help their students by encouraging them to find the best institution or program for them.

As a dean of admissions, it was frequently evident to me that students' parents had selected the institutions to which an international student was applying. The student had no input whatsoever.

When we would inquire, either through an essay or during an interview about why the applicant had chosen our program, students would often say that their parents had chosen their list of schools.

Some of these same students came to my office hours, indicating that they did not want to be enrolled at my institution in the first place.

In some of those situations where parents had selected the programs for their children, they almost always chose the highest ranking institutions in a particular field. Long-term success in life is rarely dependent on where one attended college or graduate school.

Work with your children, not apart from them. Give them the opportunity to be involved in the selection of the graduate program they believe would be the best match and where they would like to apply. Do not encourage an unhealthy and obsessive emphasis on rankings and prestige.

View the original article here

Leverage International Roots for U.S. Grad School Applications

Emphasizing cultural differences is a natural way prospective international graduate students can craft unique applications.

Every college-age individual wants to believe that he or she is special and has something unique to offer the world. The good news is that being from somewhere other than the U.S. automatically provides you with some key talking points for your postsecondary application essays.

You have something that really sets you apart, and I'm not just talking about the ocean or the plane ride.

Schools are interested in influence, primarily the kind of influence their alumni will have on the global village. A student's experience will shape his or her influence on the world – where you come from has a big impact on where you go.

In applying to graduate school in the U.S., I talked about my home country's multicultural perspective. We like to call Canada a mosaic, a piece of art, a coast-to-coast picture made up of a variety of smaller shades and shapes.

As a prospective international student, I talked about how the experience of growing up in Canada shaped me. The Canadian national attitude of inclusion and participation in service has greatly influenced the way in which I view people and interact with them.

Using your status as an international student is an interesting hook for applications, and begins with the influence of country, culture and courage.

[Learn how grad school officials evaluate international applications.]

1. Country: You are from somewhere the school is not. This means you have been exposed to a different government and history and have a unique perspective on international relations. Use these global experiences to distinguish yourself as an academic asset.

To describe my interest in community service, I wrote about a central Alberta youth project where we worked with young immigrant families and provided child care while the parents learned English. This showed the effects of those cultural attitudes of inclusion and service, but also how I was able to exhibit an international interest while still at home.

Not only did this demonstrate that I was a functional and eager team player, but it also revealed that I could see where I stood in terms of others and their experiences, as well as identify and respond to community needs.

Besides that, I proved that I could make the connection between my home and my hopeful future and what impact I could make at Andrews University.

Presenting an issue of global import and discussing your nation's response allows you to state and defend your opinion and talk about what you would like to do about it if you had the education to back up your beliefs.

[Get answers to concerns of international grad school applicants.]

2. Culture: The way you approach, interact and relate to others is fundamentally grounded in your cultural background. For instance, some cultures are more collectivist while others are individualistic.

These aspects of intercultural relations are good to emphasize as you introduce yourself in essays. Referring to your own background and comparing it with what you expect to find in the U.S. will demonstrate two things: You already know how to do research, and you are smart enough to put the pieces together.

In my admissions essay, I wrote that the purpose of my educational pursuit was to leave a better world for future generations. I showed that my goals were aligned with the recent emphasis on ethical, self-sustaining production of goods and services that the U.S. has embraced.

[Explore ways to choose a U.S. graduate school.]

3. Courage: Talking about a risk you have taken or a problem you have solved is a fairly common essay prompt, and as a student contemplating leaving home and loved ones for a foreign land, you have more than enough angles to cover.

In applying for a scholarship on campus, I wrote about the international financing dilemma. The Canadian dollar is close but not equal to the U.S. dollar, and I discussed how student loans from one country did not take into account the currency exchange resulting in less than had been promised. It was an interesting twist that drew attention to the financial plight of international students coming to the States.

You might discuss your choice to study abroad, your appreciation for the challenges of living somewhere new or your doubts about leaving and how you plan to combat them. Being an international student in the U.S. takes courage of the highest caliber.

Learning how to present your past as an advantage will open up possibilities in the U.S. and elsewhere. Celebrate your background even as you begin this new journey. Of all the parts that make up your whole, it is a truly important one.

Katelyn Ruiz, from Canada, is pursuing an interdisciplinary master's degree in communication and English from Andrews University.

View the original article here

How Grad School Officials Evaluate International Applicants

Graduate school admissions officials have to consider enrollment goals when looking at international student applications.

International students often wonder what those who evaluate their graduate school applications are thinking as they read a candidate's file. Having been a director of admissions and an associate dean for enrollment management, my 28 years of experience in higher education included evaluating and making final decisions on tens of thousands of applications.

I also attended many conferences with other admissions and enrollment professionals. During these events, we had opportunities to discuss our approaches to evaluating applications, including those submitted by international students.

The following are some of the major things admissions officials keep in mind when evaluating and making final decisions about international applicants.

[Understand common concerns of international grad school applicants.]

1. The institution's enrollment goals: These are primarily set by the senior administration, and less often by the faculty. It is rare that the admissions director has input in the setting of these goals, yet she or he is responsible for reaching them.

Many factors are considered in the determination of enrollment goals: the number of men, number of women, number of U.S. minority students, number of international students, average GPAs, averages for standardized tests and more. While enrollment goals may not always seem understandable from an outside observer's point of view, there are usually sound reasons for each of them.

There will almost always be an international student enrollment target number provided to the director. Sometimes this number will be flexible; most of the time it is set in stone.

[Learn what international grad applicants should consider.]

For several years the enrollment goal for incoming international students at one of the institutions I served was 20 percent, and the overall incoming class size goal was 450. That means I was responsible for the enrollment of 90 international students at the start of the academic year.

If that final number was less than 80 – or greater than 100 – administrators were not happy. Over a 10-year period, while the enrollment goals stayed the same, international applications rose from 300 per year to more than 1,000 per year.

Obviously the selection process became more challenging each year. What I often communicated to international applicants was that the enrollment goal was not mine to set; rather, it was mine to achieve.

2. A positive impression of international applicants: My impression of international applicants was and is that they are extremely motivated, committed, hardworking and flexible.

I find international students consider studying abroad to be a real privilege and they are committed to making the most of that opportunity. In many cases, it is assumed that international students complete applications, and that they are able to follow directions well – which is extremely important.

In the mind of admissions officials, someone who cannot follow directions as an applicant will be less likely to follow directions as a student.

3. A belief that international students work hard to adjust: There is also a general impression that international students will make every effort to become part of the educational environment they join. The perception is that international students take great pains to fit in, make friends and become part of the institutional family.

[Explore ways international students can budget for grad school.]

4. Confirmation of good English skills: One of the largest concerns for most admissions directors is the ability of international applicants to communicate in English. Obviously, this is critical to the success of the student, and of the faculty as well.

Sometimes international students view English requirements at various institutions as prohibitive or even punitive, but this could not be further from the truth: The requirements are actually meant to help guarantee their success.

Admissions, student affairs and academic personnel are extremely concerned about creating an environment in which their students will thrive. After all, satisfied alumni are what give an institution its greatest level of credibility.

The last thing anyone would want is for a student to come to the United States for graduate study and fail, especially if that can be prevented. Confirming English proficiency is critical to the success of an international student's application.

View the original article here

5 Reasons International Students Should Consider MOOCs

Increasingly, MOOCs are being offered in languages other than English.

At 15, it seems unlikely Priya Prabhakar would know much about college.

But the rising high school sophomore has already taken six college courses from some of America's best universities, earning high marks in everything from poetry to computer programming.

Prabhakar, from Chennai, India, is one of thousands of students across the globe taking massive open online courses. And she can't get enough of them.

"I'm a curious person," says Prabhakar, who has already signed up for at least four more courses. "I have interests in many different fields and subjects." As a student contemplating her future career, she says MOOCs are great at fulfilling her curiosity about a variety of topics.

[Learn the basics of MOOCs.]

For decades, American-style higher education was out of reach for millions of international students. But now, thanks to MOOCs, students no longer have to hop on a plane and pay thousands of dollars in tuition to get a taste of the U.S. college experience.

Acing a MOOC won't help you earn a U.S. degree – yet. Most American universities won't accept transfer credit for the courses.

But that doesn't mean the classes aren't worthwhile. MOOCs can still inspire people, lead to additional job skills and impress future employers or admissions deans, experts say. Below are several reasons why international students might consider taking a MOOC.

1. The courses are free. To take a course from a world-renowned Harvard professor in the past, students likely would have had to shell out thousands of dollars. These days, students can watch that same professor lecture and follow his syllabus without spending a dime.

Students should note, though, that some MOOC providers charge fees to students who want to earn a certificate showing they successfully completed the course or to take a test proving their mastery.

2. The courses may be in your native language. Most MOOCs are offered by American professors and taught in English. But that is quickly changing.

"MOOCs are increasingly an international phenomenon," says Andrew Ng, cofounder of Coursera, the largest of the MOOC providers.

About 60 percent of Coursera's students are from outside of the United States. To keep that figure high and growing, Ng says the company is always looking to expand its offerings.

In the last few months, Coursera has added a limited number of courses taught in Italian, German, Chinese, French and Spanish.

Leaders of edX, another one of the major MOOC providers, have said they plan to offer more classes in different languages in the future, though English is the sole language now. Udacity, the third major player, states on its website that its courses offer subtitles in many different languages, including Spanish, Chinese, French and Portuguese.

3. MOOCs can inspire. Some international students take MOOCs simply for the joy of learning.

[Discover tips for studying in the United States.]

Tamara Duli, a Serbian undergraduate student at the International University of Novi Pazar studying English language and literature, says she's taken four Coursera classes on poetry, Greek and Roman mythology and other topics – just for her own enrichment.

Although the course work can be a bit much to handle on top of her regular school assignments, she says the classes are worth it in terms of the knowledge and inspiration she's gained.

"I have already enrolled in nine other courses," she wrote in an email. "I became utterly addicted. I just hope I'll manage them all."

Students such as Duli who are stirred by MOOCs may go on to do great things for their countries and communities, says Paul Corey, president of science, business and technology at Pearson, an education services company.

View the original article here

Technology to Keep International Students Connected

Apps and services such as Viber and WhatsApp offer affordable ways for international students to stay connected with family.

If homesickness is setting in, international students can let virtual communication ease the disconnect from loved ones back home or close friends who have traveled elsewhere to pursue higher education.

When I first moved to the U.S. on my own, using WhatsApp to shoot short text messages to determine "What detergent did my mom use?" helped me make simple decisions. Whenever I had a tough day, talking to my best friend – who lives in Australia – was made possible through Viber, as she listened to my tearful mumbles and consoled me.

The following are several options that can still give your mom the power to check in on what her baby is up to and help international students keep in touch.

[Take these steps to adjust to life at a U.S. college.]

• Skype: Schedule a Skype date with your family members or your best friends from high school. Seeing their faces and hearing their voices through this video and voice calling service will be comforting even if they're not in reach.

Talk about anything and everything. Talk about school, your new friends, your memories with this person, and most importantly, about the way that you're feeling. These are the people in your life who already know your personality, care for you and appreciate you for who you are. They are your greatest source of comfort and stability.

During finals season, my friends in Australia and I often Skype each other to have study sessions. This way we feel like we're still in high school at the library together, keeping each other focused.

• Google Hangouts: A Hangout is a great way to connect with several people via webcam at once. This will let you speak to both your grandma and mom at the same time or a couple of your friends in different locations for free – unlike Skype, which has many free features but charges for group video calls.

In addition, Google Hangouts allow you to share your screen so, for example, you can show your parents when you are booking your flight home. There are apps to play games together and Google effects so you can add masks and sounds to your Hangout, making it more interactive and personal.

[Learn the keys to understanding your American classmates.]

• Viber: This smartphone application allows you to make free calls over a Wi-Fi or data connection. However, the receiver must also have Viber in order for a call to be received.

Although there is a messaging platform within Viber, I've found that it is not as reliable as WhatsApp. But this app will surely benefit you by lowering the monthly phone bill.

• WhatsApp: This application, offered for smartphones to download, is a free texting application that uses Wi-Fi or cellular data so you can be in contact 24/7. Like Viber, it requires that both parties have the application on their phones.

Use WhatsApp to text pictures of what you are doing and eating to your mom so she knows that you're getting the proper nutrients. Have group chats with your friends and exchange voice recordings.

I use WhatsApp every day to keep in touch with my mom. Although the use of this technology may be a blessing for her because she can easily keep tabs on me, there's also a hidden downside to it.

She often complains about me texting her at 3 a.m. in her time zone to ask how to pick out certain grocery items. But since she loves me so much, she still replies.

[Get ready to have an American roommate.]

• Snapchat: Send quick and quirky periodic updates through your phone to show little snapshots of your day. The app only lets you and your Snapchat buddy see the photo for a few seconds, allowing your responses to be original and unique.

• Snail mail: In spite of all of these electronic and instant options to keep in touch, sometimes it's nice to scale things back and refer to more personal methods for communication. For special occasions like birthdays, the birth of a new family member or just to send a warm greeting, sit down with a card or paper and write a personal letter.

When loved ones receive this they'll often feel the heartfelt message and cherish your words even more. If you are lucky, they might even send one back – which will be a perfect memento to look at when days are a little rough from being far away.

Every year, my best friend and I have a birthday tradition of sending a humorous birthday card to each other along with a heartfelt letter. Sending your loved ones reminders of what they mean to you by doing something a little more special makes it worth the effort of stopping by the post office.

Nisa Taib, from Brunei, is a senior at the University of Washington, studying business administration with a concentration in marketing.

View the original article here

Financial Development, Fixed Costs, and International Trade

Financial Development, Fixed Costs, and International Trade Skip Navigation

Oxford Journals Contact Us My Basket My Account Review of Corporate Finance Studies About This Journal Contact This Journal Subscriptions View Current Issue (Volume 2 Issue 1 March 2013) Archive Search Oxford Journals EconomicsSocial Sciences Review of Corporate Finance Studies Volume 2 Issue 1 Pp. 1-28. Financial Development, Fixed Costs, and International Trade Bo Becker

Harvard Business School and NBER Jinzhu Chen

Chinese Academy of Social Sciences David Greenberg

BlackRock, Inc. Send correspondence to Bo Becker, Harvard Business School, Boston, MA 02163, USA; telephone: 617-496-5335. E-mail: bbecker{at}hbs.edu. Abstract Exports require significant up-front costs in product design, marketing, and distribution. These are intangible, firm-specific investments that are likely difficult to finance externally. We argue that a developed financial system can therefore facilitate exports. We test this prediction and find support for it. First, financial development is associated with more exports in industries in which fixed costs are high as well as to importers that require high costs. Second, trade dynamics are affected by financial development. In countries with better finance, exports are more sensitive to exchange rates. Finally, we predict and document that countries with more developed finance experience more volatile exports. (JEL F14, F36, G20, G30)

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