We investigate if financial development (FD) can reduce the export concentration in regional context, corroborating the role of the World Trade Organization (WTO) membership, sanctions and investment potential. Given the considerable heterogeneity in data across regions and over time, we apply the Method of Moments Quantile Regression (MMQR) to analyze panel time-series data from 2009 to 2019. Our finding shows that bank credit disbursement as a proxy of FD drives export diversification in all quantiles (q10-q90), where the role of FD is pronounced at middle to higher quantiles. Besides, the impact of financial development on trade diversification is profound in the regions with higher business potential compared to the lower business potential. We affirm that the adaption of WTO membership elevates trade diversification through promoting competitiveness and providing nascent exporting sectors opportunities to grow. Surprisingly, the economic sanctions imposed in 2014 promoted Russian regional trade diversification. We provided several practical policy implications.

我们研究金融发展 (FD) 是否可以降低区域背景下的出口集中度，证实世界贸易组织 (WTO) 成员资格、制裁和投资潜力的作用。鉴于不同地区和不同时间的数据存在相当大的异质性，我们应用矩量法使用分位数回归 (MMQR) 分析 2009 年至 2019 年的面板时间序列数据。我们的研究结果表明，银行信贷支出作为 FD 的代理推动了所有分位数 (q10-q90) 的出口多样化，其中 FD 的作用在中间很明显到更高的分位数。此外，与商业潜力较低的地区相比，商业潜力较高的地区金融发展对贸易多元化的影响更为深远。我们确认，加入世贸组织可以通过提高竞争力和为新兴出口部门提供增长机会来促进贸易多元化。令人惊讶的是，2014年实施的经济制裁促进了俄罗斯地区贸易多元化。我们提供了一些实际的政策影响。