The Relationship Between Financial Development and Brazilian GDP per Capita

https://doi.org/10.25100/sye.v0i54.13332
Financial development GDP per capita Average income Autoregressive Distributed Lag (ARDL) Brazil

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Published: Mar 17, 2025
Issue: Número 54 (2025)
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Authors

  João Guilherme Magalhães Timotio a:1:{s:5:"es_ES";s:38:"Universidade Estadual de Montes Claros";}
Francisco Vidal Barbosa Universidade Federal de Minas Gerais
Bruno Perez Ferreira Universidade Federal de Minas Gerais
Abstract

This study aimed to investigate the relationship between financial development (measured in terms of the evolution of financial institutions) and GDP per capita in Brazil (a representative measure of the average income of the Brazilian population). The most suitable method for data operationalization was the Autoregressive Distributed Lag (ARDL) model. A long-term relationship between the model's variables was identified through the confirmation of cointegration. Specifically, in the long term, all variables demonstrated statistical significance. Access to financial institutions returned a negative value; however, the variables of financial depth and efficiency of financial institutions were positively related. In the short term, only the financial depth variable showed statistical significance, but with a sign opposite to that found in the long term. In summary, the findings underscore the importance of financial development in promoting the average income of the Brazilian population.

Author Biographies

Francisco Vidal Barbosa, Universidade Federal de Minas Gerais

É professor titular da Universidade Federal de Minas Gerais e professor visitante da University of Applied Sciences Schmalkalden - Alemanha desde 2002. Pós-doutorado em Gestão de empresas de base tecnológica - setor de biotecnologia pela Harvard University em Cambridge - EUA (2001/2002), doutorado em Competitividade Empresarial - Aston University em Birmingham - Reino Unido (1996), mestrado em Administração pela Universidade Federal de Minas Gerais (1984). Possui graduação em Engenharia Mecânica pela Universidade Federal Fluminense (1977), graduação em Administração pela Universidade Federal de Minas Gerais (1983), Tem lecionado, pesquisado e orientado alunos dos cursos de graduação, especialização, mestrado e doutorado na UFMG desde 1985. Ministra disciplinas na área de gestão e finanças na Faculdade de Administração e Ciências Econômicas a respeito de temas como: empreendedorismo social e financeiro, Inovação tecnológica e social, Investimento, Cálculo Financeiro, Gestão de empresas de bionegócios, Microfinanças, Microcrédito, Sustentabilidade. Coordena trabalhos na área de Administração, atuando principalmente nos seguintes temas: Competitividade, Empreendedorismo e venture capital, Performance, Gestão de empresas de biotecnologia, Investimento, Governança corporativa, e Gestão de projetos de responsabilidade e inclusão social. Coordena projetos de Intercâmbio Internacional com universidades de diversos países: Alemanha, Argentina, EUA, Finlândia, México.

Bruno Perez Ferreira, Universidade Federal de Minas Gerais

Possui graduação em Administração Pública pela Fundação João Pinheiro (2002), graduação em Matemática pela Universidade Federal de Minas Gerais (2000), mestrado em Finanças pela Universidade Federal de Minas Gerais (2006), mestrado em Economia da Saúde e Fármaco-Economia - Universitat Pompeu Fabra (2007) e doutorado em Administração pela Universidade Federal de Minas Gerais (2011). Atualmente é professor associado da Universidade Federal de Minas Gerais. Tem experiência na área de Administração, com ênfase em Finanças, atuando principalmente nos seguintes temas: investimento, finanças públicas, prestação de contas, orçamento público e accountability.

How to Cite
Magalhães Timotio, J. G., Barbosa, F. V., & Ferreira, B. P. (2025). The Relationship Between Financial Development and Brazilian GDP per Capita. Sociedad Y Economía, 1(54). https://doi.org/10.25100/sye.v0i54.13332
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