covid
Buscar en
Investigaciones Europeas de Dirección y Economía de la Empresa
Toda la web
Inicio Investigaciones Europeas de Dirección y Economía de la Empresa EL CRECIMIENTO ECONÓMICO Y EL DESARROLLO DEL SISTEMA FINANCIERO. UN ANÁLISIS C...
Información de la revista
Vol. 17. Núm. 2.
Páginas 33-46 (mayo - agosto 2011)
Compartir
Compartir
Descargar PDF
Más opciones de artículo
Vol. 17. Núm. 2.
Páginas 33-46 (mayo - agosto 2011)
Open Access
EL CRECIMIENTO ECONÓMICO Y EL DESARROLLO DEL SISTEMA FINANCIERO. UN ANÁLISIS COMPARATIVO
ECONOMIC GROWTH AND DEVELOPMENT OF THE FINANCIAL SYSTEM. A COMPARATIVE ANALYSIS
Visitas
6400
Antonio Terceñoa, M Belén Guercioa
a Departamento de Gestión de Empresas, Facultad de Ciencias Económicas y Empresariales, Universidad Rovira i Virgili, Av. Universitat, N∘ 1, E-43204 REUS Españas
Este artículo ha recibido

Under a Creative Commons license
Información del artículo
RESUMEN

El objetivo de este trabajo es analizar la relación que existe entre el desarrollo del sistema financiero y el crecimiento en los países de Latinoamérica. En primer lugar, pudimos evidenciar la elevada correlación que existe entre los distintos indicadores del sistema financiero y el PIB. En segundo lugar, comprobamos que en la mayoría de las economías latinoamericanas es el sector bancario el que presenta una mayor correlación con el crecimiento de la economía, independientemente de la estructura financiera de cada país.

PALABRAS CLAVE:
Desarrollo del Sistema Financiero
Estructura Financiera
Latinoamérica
CLASIFICACIÓN JEL:
G1
O16
N26
ABSTRACT

The purpose of this paper is to examine the relationship between the financial development and economic growth in Latin American countries. First, we show the high correlation between financial system indicators and GDP. Second, we test out that regardless the financial structure of each country; in most Latin American economies the banking sector has a higher correlation with economic growth.

JEL CLASSIFICATION:
G1
O16
N26
KEY WORDS:
Financial Development
Financial Structure
Latin American Countries
El Texto completo está disponible en PDF
BIBLIOGRAFÍA
[ALLEN et al., 2006]
F. ALLEN, L. BARTILORO, O. KOWALEWSKI.
The Financial System of the EU, Wharton Financial Institutions Center, University of Pennsylvania, (2006),
[ARESTIS et al., 2004]
P. ARESTIS, A. LUINTEL, K. LUINTEL.
Does Financial Structure Matter?. Money Macro and Finance.
Economics Working Paper Archive,
[ATJE y JOVANOVIC, 1993]
R. ATJE, B. JOVANOVIC.
Stock Markets and Development.
European Economic Review, 37 (1993), pp. 632-640
[BECK et al., 2004]
T. BECK, A. DEMIRGUC-KUNT, R. LEVINE, V. MAKSIMOVIC.
Financial Structure and Economic Development: Firm, Industry, and Country Evidence.
Financial Structure and Economic Growth: A Cross-Country Comparison of Banks, Markets, and Development,
[BECK et al., 2005]
T. BECK, A. DEMIRGUC-KUNT, V.V. MAKSIMOVIC.
Financial and Legal Constraints to Firm Growth: Does Firm Size Matter?.
Journal of Finance, (2005), pp. 137-177
[BECK y LEVINE, 2002]
T. BECK, R. LEVINE.
Industry Growth and Capital Allocation: Does Having a Market or Bank-Based System Matter?.
Journal of Financial Economics, 64 (2002), pp. 147-180
[LEVINE et al., 2000]
R. LEVINE, N. LOAYZA, T. BECK.
Financial Intermediation and Growth: Causality and Causes.
Journal of Monetary Economics, 46 (2000), pp. 31-77
[BLACK y MOERSCH, 1998]
S.W. BLACK, M MOERSCH.
Competition and convergence in financial markets: The german and anglo-american models,
[BOOT et al., 1993]
A.W.A. BOOT, S.J. GREENBAUM, A. THAKOR.
Reputation and Discretion in Financial Contracting.
American Economic Review, 83 (1993), pp. 1165-1183
[BORENSZTEIN et al., 2006]
BORENSZTEIN, E., EICHENGREEN, B., y PANIZZA, U. (2006): Debt Instruments and Policies in the New Millennium: New Markets and New Opportunities, Working Paper, 558. Research Department, Inter-American Development Bank. Washington DC.
[CAMERON et al., 1967]
R. CAMERON, O. CRISP, H. PATRICK, T. RICHARD.
Banking in the Early Stages of Industrialization: A Study in Comparative Economic History, Oxford University Press, (1967),
[CARLIN y MAYER, 2003]
W. CARLIN, C. MAYER.
Finance, Investment, and Growth.
Journal of Financial Economics, 69 (2003), pp. 191-226
[CUENIN y BUSSO, 2000]
F. CUENIN, M. BUSSO.
La transformación del sistema financiero argentino. Concentración bancaria, eficiencia y financiamiento.
Cuadernos de Economía, 53,
[DE GREGORIO y GUIDOTTI, 1995]
J. DE GREGORIO, P. GUIDOTTI.
Financial Development and economic Growth.
World Development, (1995),
[DEMIRGUÇ-KUNT y LEVINE, 2001]
A. DEMIRGUÇ-KUNT, R. LEVINE.
Bank-Based and Market-Based Financial Systems: Cross-Country Comparisons.
Financial Structure and Economic Growth: A Cross-Country Comparison of Banks, Markets, and Development,
[DEMIRGUC-KUNT y MAKSIMOVIC, 1998]
A. DEMIRGUC-KUNT, V. MAKSIMOVIC.
Law, Finance, and Firm Growth.
Journal of Finance”, 53 (1998), pp. 2107-2137
[GERSCHENKRON, 1962]
A. GERSCHENKRON.
Economic Backwardness in Historical Perspective: A Book of Essays, Harvard University Press, (1962),
[GOLDSMITH, 1969]
R. GOLDSMITH.
Financial Structure and Development, Yale University Press, (1969),
[HIMMELBERG et al., 2002]
HIMMELBERG, CP. GLENN, HR. y LOVE, I. (2002): Investor protection, ownership, and the cost of capital, Policy Research Working Paper Series, 2834. Banco Mundial.
[IMF, 2009]
IMF (2009): Global Financial Stability Report (October 2009)
[KING y LEVINE, 1993a]
R. KING, R. LEVINE.
Finance and Growth: Schumpeter Might Be Right.
Quarterly Journal of Economics, 108 (1993), pp. 717-738
[KING y LEVINE, 1993b]
R. KING, R. LEVINE.
Finance, Entrepreneurship, and Growth: Theory and Evidence.
Journal of Monetary Economics, 32 (1993), pp. 513-542
[LA PORTA et al., 1997]
R. LA PORTA, F. LÓPEZ-DE-SILANES, A. SHLEIFER.
Legal determinants of external finance.
Journal of Finance, 52 (1997), pp. 1131-1150
[LA PORTA et al., 1998]
R. LA PORTA, F. LÓPEZ-DE-SILANES, A. SHLEIFER.
Law and finance.
Journal of Political Economy, 106 (1998), pp. 1113-1155
[LA PORTA et al., 2002]
R. LA PORTA, F. LÓPEZ-DE-SILANES, A. SHLEIFER.
Government Ownership of Banks.
Journal of Finance, 57 (2002), pp. 265-301
[LEVINE, 1997]
R. LEVINE.
Financial Development and Economic Growth: Views and Agenda.
Journal of Economic Literature, 35 (1997), pp. 688-726
[LEVINE, 2000]
R. LEVINE.
Bank Concentration: Chile and International Comparisons.
Working Papers Central Bank of Chile,
[LEVINE y SCHMUKLER, 2006]
R. LEVINE, S.L. SCHMUKLER.
Internationalization and Stock Market Liquidity.
Review of Finance, 10 (2006), pp. 153-187
[LEVINE y ZERVOS, 1998]
R. LEVINE, S. ZERVOS.
Stock Markets, Banks, and Economic Growth.
American Economic Review, 88 (1998), pp. 537-558
[MCKINNON, 1973]
R.I. MCKINNON.
Money and Capital in Economic Development, The Brookings Institution, (1973),
[MERTON y BODIE, 1995]
MERTON, RC. y BODIE, Z. (1995): A Conceptual Framework for Analyzing the Financial Environment, Working Paper, No. 95-062. Harvard Business School
[RAJAN, 1992]
R. RAJAN.
Insiders and Outsiders: The Choice Between Informed and Arms Length Debt.
Journal of Finance, 47 (1992), pp. 1367-1400
[RAJAN y ZINGALES, 1995]
R.G. RAJAN, L. ZINGALES.
What do we know about capital structure? Some Evidence from Internationa Data.
Journal of Finance, 51 (1995), pp. 1421-1460
[RAJAN y ZINGALES, 1998]
R.G. RAJAN, L. ZINGALES.
Financial Dependence And Growth.
American Economic Review, 88 (1998), pp. 559-586
[ROJAS-SUÁREZ y WEISBROD, 1994]
ROJAS-SUÁREZ, L. y WEISBROD, SR. (1994): Financial Market Fragilities in Latin America: From Banking Crisis Resolution to Current Policy Challenges, Working Papers, No. 94/117. Fondo Monetario Internacional, Washington, D.C.
[ROUSSEAU y WACHTEL, 1998]
P.L. ROUSSEAU, P. WACHTEL.
Financial Intermediation and Economic Performance: Historical Evidence from Five Industrialized Countries.
Journal of Money, Credit and Banking, 30 (1998), pp. 657-678
[SCHUMPETER, 1912]
J.A. SCHUMPETER.
Theorie der Wirtschaftlichen Entwicklung. Leipzig: Dunker & Humblot. The Theory of Economic Development, 1912, Harvard University Press, (1912),
[SHLEIFER y SUMMERS, 1988]
SHLEIFER, A. y SUMMERS, L. (1988): Breach of trust in hostile takeovers, NBER Working Paper Series, No 2342. National Bureau of Economic Research.
[STIGLITZ, 1985]
J.E. STIGLITZ.
Credit Markets and the Control of Capital.
Journal of Money, Credit, and Banking, 17 (1985), pp. 133-152
[SYLLA y WRIGHT, 2004]
SYLLA, R. y WRIGHT, RE. (2004): Networks and History's Generalizations: Comparing the Financial Systems of Germany, Japan, Great Britain, and the United States of America, Business History Conference, 2004
[TADESSE, 2002]
S. TADESSE.
Financial Architecture and Economic Performance: International Evidence.
Journal of Financial Intermediation, 11 (2002), pp. 429-454
[VITOLS, 2002]
VITOLS, S. (2002): The Transition from Banks to Markets in the German and Japanese Financial Systems, WZB Discussion Paper No. 02 – 901.
[WEINSTEIN y YAFEH, 1998]
D.E. WEINSTEIN, Y. YAFEH.
On the Costs of a Bank-Centered Financial System: Evidence from the Changing Main Bank Relations in Japan.
Journal of Finance, 53 (1998), pp. 635-672

Este trabajo forma parte de los resultados de las acciones integradas en el marco del Programa de Cooperación Interuniversitaria e Investigación Científica en España e Iberioamérica, financiado por la Agencia Española de Cooperación Internacional para el Desarrollo (AECID).

Copyright © 2011. Academia Europea de Dirección y Economía de la Empresa
Opciones de artículo
es en pt

¿Es usted profesional sanitario apto para prescribir o dispensar medicamentos?

Are you a health professional able to prescribe or dispense drugs?

Você é um profissional de saúde habilitado a prescrever ou dispensar medicamentos