La apertura financiera bajo la lupa: dimensiones y efectos sobre el crecimiento en distintos niveles de desarrollo

• Mauro Ignacio Romero Stéfani ^[1] ; María María Ibañez Martin ^[1] ; Mara Leticia Rojas ^[1]
  1. [1] Universidad Nacional del Sur

     Universidad Nacional del Sur

     Argentina

     
• Localización: Estudios Económicos, ISSN 0425-368X, ISSN-e 2525-1295, Vol. 43, Nº. 86, 2026, págs. 95-125
• Idioma: español
• DOI: 10.52292/j.estudecon.2026.5151
• Enlaces
  • Texto completo (pdf)
• Resumen

  • Este trabajo examina los efectos heterogéneos de la apertura financiera sobre el crecimiento económico en 162 países entre 1970 y 2019, distinguiendo entre medidas de jure y de facto, y considerando economías de diferentes niveles de ingreso. A partir de estimaciones de panel con errores estándar robustos, el análisis muestra que la apertura financiera no garantiza el crecimiento y que sus efectos dependen de las características de cada país. La apertura financiera impulsa el crecimiento en las economías de ingresos medios, en particular a través de la inversión extranjera directa, pero tiene escaso impacto en los países de ingresos bajos y efectos decrecientes en los de ingresos altos. Estos resultados indican que los efectos de la apertura sobre el crecimiento están condicionados por factores vinculados al desarrollo, como la calidad institucional y la capacidad de absorción, lo que subraya la necesidad de políticas financieras específicas para cada contexto.

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