FINANCIAL DEVELOPMENT AND ECONOMIC GROWTH: THEORY AND EMPIRICAL EVIDENCE FOR THE BRAZILIAN STATES (1995-2004)

Authors

  • Fabricio Jose Missio Universidade Estadual de Mato Grosso do Sul
  • Frederico Gonzaga Jayme Jr. CEDEPLAR/UFMG
  • Ana Maria Hermeto Camilo de Oliveira CEDEPLAR/UFMG

DOI:

https://doi.org/10.22456/2176-5456.39374

Keywords:

Financial development, Economic growth, Quantile regression.

Abstract

This paper aims at analyzing the relationship between economic growth and financial development across Brazilian States. For both, an empirical exercise was undertaken using data for the Brazilian states. We estimate quantile regression in order to show the impact of financial development on the dependent variable (the Gross State Product, GSP) for the period 1995 to 2004. To measure the development of the financial system followed two strategies, based on the development of indicators that capture three dimensions of the financial system: the size of the sector, the level of activity and efficiency. Furthermore, the analysis employs an indicator of liquidity preference of banks and the public to analyze the post keynesian argument. Empirical results suggest a positive relationship between development of the financial development and economic growth and the possibility of distinct regional effects.

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Author Biographies

Fabricio Jose Missio, Universidade Estadual de Mato Grosso do Sul

Professor do curso de Economia da Universidade Estadual de Mato Grosso do Sul (UEMS).

Ana Maria Hermeto Camilo de Oliveira, CEDEPLAR/UFMG

Professora adjunta do Centro de Desenvolvimento e Planejamento Regional (Cedeplar) da Faculdade de Ciências Econômicas da Universidade Federal de Minas Gerais (UFMG). Bolsista do CNPq.

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Published

2015-03-31

How to Cite

Missio, F. J., Jayme Jr., F. G., & Oliveira, A. M. H. C. de. (2015). FINANCIAL DEVELOPMENT AND ECONOMIC GROWTH: THEORY AND EMPIRICAL EVIDENCE FOR THE BRAZILIAN STATES (1995-2004). Análise Econômica, 33(63). https://doi.org/10.22456/2176-5456.39374

Issue

Vol. 33 No. 63 (2015): março de 2015

Section

Artigos

License

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