¿Existe una relación entre el desarrollo financiero y el crecimiento económico en los países latinoamericanos con mayor PIB per cápita?

• Autores: Francisco Venegas Martínez, Abigail Rodríguez Nava
• Localización: Aestimatio: The IEB International Journal of Finance, ISSN 2173-0164, Nº. 9, 2014, pág. 1
• Idioma: inglés
• DOI: 10.5605/ieb.9.1
• Enlaces
  • Texto completo (pdf)
• Resumen
  • español

    Esta investigación analiza la relación entre desarrollo financiero y el crecimiento económico en los países latinoamericanos con mayor PIB per cápita. Para ello, se utiliza un modelo de regresión de datos de panel. Los resultados de diversas pruebas econométricas muestran que los modelos que mejor ajustan los datos son los de efectos fijos con variables instrumentales; sin embargo, no existe clara evidencia de que el desarrollo financiero conduzca al crecimiento económico, lo cual puede indicar que para explicar dicha relación es importante considerar otros factores, tales como la estabilidad macroeconómica o la fortaleza de las instituciones.

  • English

    This paper aims to analyze the relationship between financial development and economic growth in Latin American countries with higher per capita GDP. To do this, a regression model for panel data is used. The results of several econometric tests show that models that best fit the data are those with fixed effects and instrumental variables;

    however, there is no clear evidence that financial development leads to economic growth, which may indicate that in order to explain this linkage it is essential to consider other variables such as macroeconomic stability and institutional strength

• Referencias bibliográficas
  • Acaravci, S. K., Ozturk, I. and Acaravci, A. (2009). Financial Development and Economic Growth: Literature Survey and Empirical Evidence from...
  • Aghion, P., Bacchetta, P. and Banerjee, A. (2004). Financial Development and the Instability of Open Economies, Journal of Monetary Economics,...
  • Al-Yousif, Y.K. (2002). Financial Development and Economic Growth: Another Look at the Evidence from Developing Countries, Review of Financial...
  • Ang, J.B. and McKibbin, W.J. (2007). Financial Liberalization, Financial Sector Development and Growth: Evidence from Malasya, Journal of...
  • Arestis, P. and Demetriades, P. (1997). Financial Development and Economic Growth: Assessing the Evidence, The Economic Journal, 107(442),...
  • Bencivenga, V.R. and Smith, B.D. (1991). Financial Intermediation and Endogenous Growth, Review of Economic Studies, 58(2), pp. 195-209.
  • Bittencourt, M. (2012). Financial Development and Economic Growth in Latin America: Is Schumpeter Right? Journal of Policy Modeling, 34(3),...
  • Calderón, C. and Liu, L. (2003). The Direction of Causality between Financial Development and Economic Growth, Journal of Development Economics,...
  • De Gregorio, J. and Guidotti, P. E. (1995). Financial Development and Economic Growth, World Development, 23(3), pp. 443-448.
  • Demetriades, P. and Hussein, K. (1996). Financial Development and Economic Growth: Cointegration and Causality Tests for 16 Countries, Journal...
  • Demirguc-Kunt, A. and Klapper, L. (2012). Measuring Financial Inclusion, The Global Findex Database, Policy Research Working Paper No. 6025,...
  • Federici, D. and Caprioli, F. (2009). Financial Development and Growth: An Empirical Analysis, Economic Modelling, 26(2), pp. 285-294.
  • Greenwood, J. and Jovanovic, B. (1990). Financial Development, Growth, and the Distribution of Income, Journal of Political Economy, 98(5),...
  • Greenwood, J. and Smith, B.D. (1997). Financial Markets in Development and the Development of Financial Markets, Journal of Economic Dynamic...
  • Gupta, K. L. (1984). Finance and Economic Growth in Developing Countries, Croom Helm Ltd., London.
  • Hannig, A. and Jansen, S. (2010). Financial Inclusion and Financial Stability: Current Policy Issues, ADBI Working Paper No. 259, Asian Development...
  • Huang, Y. (2010). Determinants of Financial Development, Palgrave Macmillan, Great Britain.
  • King, R.G. and Levine, R. (1993). Finance and Growth: Schumpeter Might Be Right, Quarterly Journal of Economics, 108(3), pp. 717-738.
  • Kose, M. A., Prasas, E.S. and Terrones, M.E. (2003). Financial Integration and Macroeconomic Volatility, IMF Staff Papers, 50, pp. 119-142.
  • Levine, R., Loayza, N. and Beck, T. (2000). Financial Intermediation and Growth: Causality and Causes, Journal of Monetary Economics, 46(1),...
  • Mckinnon, R. (1973). Money and Capital in Economic Development, Brookings Institution, Washington.
  • Nazmi, N. (2005). Deregulation, Financial Deepening and Economic Growth: The Case of Latin America, The Quarterly Review of Economics and...
  • Prasad, E.S., Rajan, R.G. and Subramanian, A. (2007). Foreign Capital and Economic Growth, NBER Working Paper No. 13619.
  • Rajan, R.G. and Zingales, L. (2003). The Great Reversals: The Politics of Financial Development in the Twentieth Century, Journal of Financial...
  • Sengupta, R. and Aubuchon, C.P. (2008). The Microfinance Revolution: An Overview, Federal Reserve Bank of St. Louis Review, 90(1), pp. 9-30.
  • Shaw, E. S. (1973). Financial Deepening in Economic Development, Oxford University Press, USA.
  • Thorsten, B., Demirguc-Kant, A., Laeven, L. and Maksimovic, V. (2006). The Determinants of Financing Obstacles, Journal of International Money...