La relación entre el desarrollo financiero y el PIB per cápita de Brasil
Contenido principal del artículo
Este estudio tuvo como objetivo investigar la relación entre el desarrollo financiero (medido en términos de la evolución de las instituciones financieras) y el PIB per cápita en Brasil (una medida representativa del ingreso promedio de la población brasileña). El método más adecuado para la operacionalización de los datos fue el modelo de Retrasos Distribuidos Autoregresivos (ARDL). Se identificó una relación a largo plazo entre las variables del modelo a través de la confirmación de cointegración. Específicamente, a largo plazo, todas las variables demostraron significancia estadística. El acceso a las instituciones financieras devolvió un valor negativo; sin embargo, las variables de profundidad financiera y eficiencia de las instituciones financieras estuvieron positivamente relacionadas. A corto plazo, solo la variable de profundidad financiera mostró significancia estadística, pero con un signo opuesto al encontrado a largo plazo. En resumen, los hallazgos subrayan la importancia del desarrollo financiero en la promoción del ingreso promedio de la población brasileña.
- Desarrollo financiero
- PIB per cápita
- Ingreso promedio
- Modelo de Retrasos Distribuidos Autoregresivos (ARDL)
- Brasil
Acaravci, S. K., Ozturk, I., & Acaravci, A. (2009). Financial development and economic growth: Literature survey and empirical evidence from Sub-Saharan African countries. South African Journal of Economic and Management Sciences, 12(1), 11–27. DOI: https://doi.org/10.4102/sajems.v12i1.258
Adu, G., Marbuah, G., & Mensah, J. T. (2013). Financial development and economic growth in Ghana: Does the measure of financial development matter? Review of Development finance, 3(4), 192–203. DOI: https://doi.org/10.1016/j.rdf.2013.11.001
Adusei, M. (2013). Financial development and economic growth: Evidence from Ghana. The International Journal of Business and Finance Research, 7(5), 61–76.
Ahmed, S. M., & Ansari, M. I. (1998). Financial sector development and economic growth: The South-Asian experience. Journal of Asian Economics, 9(3), 503–517. https://doi.org/10.1016/S1049-0078(99)80100-6 DOI: https://doi.org/10.1016/S1049-0078(99)80100-6
Alajekwu, U. B., & Achugbu, A. A. (2012). The role of stock market development on economic growth in Nigeria: A time series analysis. African Research Review, 6(1), 51–70. DOI: https://doi.org/10.4314/afrrev.v6i1.5
Asteriou, D., & Spanos, K. (2019). The relationship between financial development and economic growth during the recent crisis: Evidence from the EU. Finance Research Letters, 28, 238–245. https://doi.org/10.1016/j.frl.2018.05.011 DOI: https://doi.org/10.1016/j.frl.2018.05.011
Baliamoune-Lutz, M. (2008). Financial development and income in North Africa. International Advances in Economic Research, 14(4), 422–432. DOI: https://doi.org/10.1007/s11294-008-9176-5
Beck, T., & Levine, R. (2004). Stock markets, banks, and growth: Panel evidence. Journal of Banking & Finance, 28(3), 423–442. https://doi.org/10.1016/S0378-4266(02)00408-9 DOI: https://doi.org/10.1016/S0378-4266(02)00408-9
Beck, T., Levine, R., & Loayza, N. (2000). Finance and the Sources of Growth. Journal of financial economics, 58(1–2), 261–300. DOI: https://doi.org/10.1016/S0304-405X(00)00072-6
Bist, J. P. (2018). Financial development and economic growth: Evidence from a panel of 16 African and non-African low-income countries. Cogent Economics & Finance, 6(1), 1449780. DOI: https://doi.org/10.1080/23322039.2018.1449780
Bittencourt, M. (2012). Financial development and economic growth in Latin America: Is Schumpeter right? Journal of Policy Modeling, 34(3), 341–355. https://doi.org/10.1016/j.jpolmod.2012.01.012 DOI: https://doi.org/10.1016/j.jpolmod.2012.01.012
Blum, D. N., Federmair, K., Fink, G., & Haiss, P. R. (2002). The financial-real sector nexus: Theory and empirical evidence. Research Institute for European Affairs Working Paper, 43. DOI: https://doi.org/10.2139/ssrn.1004269
Caporale, G. M., Rault, C., Sova, A. D., & Sova, R. (2015). Financial Development and Economic Growth: Evidence from 10 New European Union Members. International Journal of Finance & Economics, 20(1), 48–60. https://doi.org/10.1002/ijfe.1498 DOI: https://doi.org/10.1002/ijfe.1498
Christopoulos, D. K., & Tsionas, E. G. (2004). Financial development and economic growth: Evidence from panel unit root and cointegration tests. Journal of development Economics, 73(1), 55–74. DOI: https://doi.org/10.1016/j.jdeveco.2003.03.002
Demetriades, P. O., & Hussein, K. A. (1996). Does financial development cause economic growth? Time-series evidence from 16 countries. Journal of Development Economics, 51(2), 387–411. https://doi.org/10.1016/S0304-3878(96)00421-X DOI: https://doi.org/10.1016/S0304-3878(96)00421-X
Demirguc-Kunt, A. (2006). Finance and economic development: Policy choices for developing countries (World Bank Policy Research Working Paper No. 3955). DOI: https://doi.org/10.1596/1813-9450-3955
Diamond, D. W. (1984). Financial intermediation and delegated monitoring. The review of economic studies, 51(3), 393–414. DOI: https://doi.org/10.2307/2297430
Durusu-Ciftci, D., Ispir, M. S., & Yetkiner, H. (2017). Financial development and economic growth: Some theory and more evidence. Journal of policy modeling, 39(2), 290–306. DOI: https://doi.org/10.1016/j.jpolmod.2016.08.001
Friedman, M. (1968). The role of monetary policy the american economic review. New york, 58.
Fry, M. J. (1988). Money, interest, and banking in economic development. Johns Hopkins University Press.
Goldsmith, R. W. (1969). Financial structure and development. Studies in comparative economics., New Haven :. Yale University Press.
Greenwood, J., & Jovanovic, B. (1990). Financial development, growth, and the distribution of income. Journal of political Economy, 98(5, Part 1), 1076–1107. DOI: https://doi.org/10.1086/261720
Guillaumont Jeanneney, S., Hua, P., & Liang, Z. (2006). Financial development, economic efficiency, and productivity growth: Evidence from China. The Developing Economies, 44(1), 27–52. DOI: https://doi.org/10.1111/j.1746-1049.2006.00002.x
Gujarati, D. N., & Porter, D. C. (2011). Econometria básica-5. Amgh Editora.
Guru, B. K., & Yadav, I. S. (2019). Financial development and economic growth: Panel evidence from BRICS. Journal of Economics, Finance and Administrative Science. DOI: https://doi.org/10.1108/JEFAS-12-2017-0125
Hsueh, S.-J., Hu, Y.-H., & Tu, C.-H. (2013). Economic growth and financial development in Asian countries: A bootstrap panel Granger causality analysis. Economic Modelling, 32, 294–301. https://doi.org/10.1016/j.econmod.2013.02.027 DOI: https://doi.org/10.1016/j.econmod.2013.02.027
Hye, Q. M. A., & Dolgopolova, I. (2011). Economics, finance and development in China: Johansen‐Juselius co‐integration approach. Chinese Management Studies.
Ikhide, S. I. (1993). Positive interest rates: Financial deepening and the mobilisation of savings in Africa. Development Policy Review, 11(4), 367–382. DOI: https://doi.org/10.1111/j.1467-7679.1993.tb00047.x
IMF, I. M. F. (2021). Financial Development Index Database. IMF Data Acces to Macroeconomic & Financial Data. https://data.imf.org/?sk=f8032e80-b36c-43b1-ac26-493c5b1cd33b
Kandil, M., Shahbaz, M., Mahalik, M. K., & Nguyen, D. K. (2017). The drivers of economic growth in China and India: Globalization or financial development? International Journal of Development Issues. DOI: https://doi.org/10.1108/IJDI-06-2016-0036
Keynes, J. M. (2017). Teoria geral do emprego, do juro e da moeda. Saraiva Educação SA.
King, R. G., & Levine, R. (1993a). Finance and growth: Schumpeter might be right. The quarterly journal of economics, 108(3), 717–737. DOI: https://doi.org/10.2307/2118406
King, R. G., & Levine, R. (1993b). Finance, entrepreneurship and growth. Journal of Monetary economics, 32(3), 513–542. DOI: https://doi.org/10.1016/0304-3932(93)90028-E
Lee, C.-C., & Chang, C.-P. (2009). FDI, financial development, and economic growth: International evidence. Journal of Applied Economics, 12(2), 249–271. https://doi.org/10.1016/S1514-0326(09)60015-5 DOI: https://doi.org/10.1016/S1514-0326(09)60015-5
Levine, R. (1997). Financial development and economic growth: Views and agenda. Journal of economic literature, 35(2), 688–726.
Levine, R. (2005). Finance and growth: Theory and evidence. Handbook of economic growth, 1, 865–934. DOI: https://doi.org/10.1016/S1574-0684(05)01012-9
Liu, X., & Shu, C. (2002). The relationship between financial development and economic growth: Evidence from China. Studies in Economics and Finance. DOI: https://doi.org/10.1108/eb028760
Lucas Jr, R. E. (1972). Expectations and the Neutrality of Money. Journal of economic theory, 4(2), 103–124. DOI: https://doi.org/10.1016/0022-0531(72)90142-1
Lucas Jr, R. E. (1988). On the mechanics of economic development. Journal of monetary economics, 22(1), 3–42. DOI: https://doi.org/10.1016/0304-3932(88)90168-7
Mankiw, N. G., & Romer, D. (1991). New Keynesian Economics: Coordination failures and real rigidities (Vol. 2). MIT press.
McKinnon, R. I. (2010). Money and capital in economic development. Brookings Institution Press. DOI: https://doi.org/10.5771/9780815718499
Pan, H., & Wang, C. (2013). Financial development and economic growth: A new investigation. Journal of Economic Development, 38(1), 27. DOI: https://doi.org/10.35866/caujed.2013.38.1.002
Pesaran, M. H., Shin, Y., & Smith, R. J. (2000). Structural analysis of vector error correction models with exogenous I (1) variables. Journal of Econometrics, 97(2), 293–343. DOI: https://doi.org/10.1016/S0304-4076(99)00073-1
Pesaran, M. H., Shin, Y., & Smith, R. J. (2001). Bounds testing approaches to the analysis of level relationships. Journal of applied econometrics, 16(3), 289–326. DOI: https://doi.org/10.1002/jae.616
Pesaran, M. H., Smith, R. J., & Shin, Y. (1997). Structural analysis of vector error correction models with exogenous I (1) variables (first version). Edinburgh School of Economics, University of Edinburgh.
Pesaran, M., & Shin, Y. (1995). An Autoregressive Distributed Lag Modelling Approach to Cointegration Analysis. Faculty of Economics, University of Cambridge.
Phillips, P. C., & Perron, P. (1988). Testing for a unit root in time series regression. Biometrika, 75(2), 335–346. DOI: https://doi.org/10.1093/biomet/75.2.335
Robinson, J. (1952). The Generalization of the General Theory, in: The Rate of Interest and Other Essays (MacMillan, London).
Ruiz, J. L. (2018). Financial development, institutional investors, and economic growth. International Review of Economics & Finance, 54, 218–224. https://doi.org/10.1016/j.iref.2017.08.009 DOI: https://doi.org/10.1016/j.iref.2017.08.009
Schumpeter, J. (1934). Schumpeter. The Theory of Economic Development. An Inquiry into Profits, Capital, Credit, Interest, and the Business Cycle.
Seck, D., & El Nil, Y. H. (1993). Financial liberalization in Africa. World Development, 21(11), 1867–1881. DOI: https://doi.org/10.1016/0305-750X(93)90088-Q
Sehrawat, M., & Giri, A. (2015). Financial development and economic growth: Empirical evidence from India. Studies in Economics and Finance. DOI: https://doi.org/10.1108/SEF-10-2013-0152
Stiglitz, J. E., & Weiss, A. (1983). Incentive effects of terminations: Applications to the credit and labor markets. The American Economic Review, 73(5), 912–927.
Uddin, G. S., Sjö, B., & Shahbaz, M. (2013). The causal nexus between financial development and economic growth in Kenya. Economic Modelling, 35, 701–707. https://doi.org/10.1016/j.econmod.2013.08.031 DOI: https://doi.org/10.1016/j.econmod.2013.08.031
Ujunwa, A., & Salami, O. P. (2010). Stock market development and economic growth: Evidence from Nigeria. European Journal of Economics, Finance and Administrative Sciences, 25, 44–53.
Valickova, P., Havranek, T., & Horvath, R. (2015). Financial development and economic growth: A meta‐analysis. Journal of Economic Surveys, 29(3), 506–526. DOI: https://doi.org/10.1111/joes.12068
World Bank. (2021). World Development Indicators. World Bank Group. https://databank.worldbank.org/source/world-development-indicators.
Descargas
Esta obra está bajo una licencia internacional Creative Commons Atribución-NoComercial 4.0.
Revista sociedad y economía editada por la Facultad de Ciencias Sociales y Económicas de la Universidad del Valle se encuentra bajo una Licencia Internacional Creative Commons Atribución - No comercial 4.0
Basada en una obra en http://sociedadyeconomia.univalle.edu.co