Impact of the stock market capitalization and the banking spread in growth and development in Latin American: A panel data estimation with System GMM

• Ali Aali-Bujari ^[1] ; Francisco Venegas-Martínez ^[2] ; Gilberto Pérez-Lechuga ^[1]
  1. [1] Universidad Autónoma del Estado de Hidalgo

     Universidad Autónoma del Estado de Hidalgo

     México

     
  2. [2] Instituto Politécnico Nacional

     Instituto Politécnico Nacional

     México

     
• Localización: Contaduría y administración, ISSN 0186-1042, ISSN-e 2448-8410, Vol. 62, Nº. Extra 5, 2017, págs. 1427-1441
• Idioma: inglés
• DOI: 10.1016/j.cya.2017.09.005
• Títulos paralelos:
  • Impacto de la capitalización bursátil y del spread bancario sobre el crecimiento y el desarrollo en América Latina: una estimación de datos de panel con MGM-sistema
• Enlaces
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• Dialnet Métricas: 5 Citas
• Resumen
  • español

    Esta investigación tiene como objetivo evaluar el impacto de la capitalización de mercado de valores y el spread bancario en el crecimiento económico per cápita (como proxy del desarrollo económico) en las principales economías de América Latina durante el período 1994-2012. Para ello, se estima un modelo de datos de panel con el Método Generalizado de Momentos tanto en sistema como en diferencias. Los principales hallazgos empíricos son que el crecimiento económico en los países estudiados es afectado positivamente por la capitalización bursátil y negativamente por el spread bancario. Los problemas típicos de multicolinealidad y autocorrelación que aparece en el análisis de datos de panel son corregidos bajo la metodología propuesta

  • English

    This research is aimed at assessing the impact of the stock market capitalization and the banking spread in per capita economic growth (as a proxy of economic development) in the major Latin American economies during period 1994–2012. To do this, a panel data model is estimated with both system and difference Generalized Method of Moments. The main empirical findings are that economic growth in the countries under study is positively impacted by the stock market capitalization and negatively by the banking spread.

    Typical problems of multicollinearity and autocorrelation appearing in panel data analysis are corrected under the proposed methodology.

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