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A spatial econometrics approach to the relationship between credit and economic growth in the municipalities of Espírito Santo, Brazil, from 2006 to 2018

Author

Listed:
  • Jandir Fraga Junior

    (Universidade Federal do Espírito Santo (Ufes))

  • Edson Zambon Monte

    (Universidade Federal do Espírito Santo (Ufes))

Abstract

The main aim of this work was to verify the effects of credit on the economic growth of the municipalities of Espírito Santo, in the period from 2006 to 2018, using spatial econometrics for panel data. According to the results, all estimated spatial models revealed significant spatial effects, and the Durbin spatial model (SDM) presented the best fit when using the Akaike information criterion (AIC). The main results show that the variables credit supply and number of branches, without spatial lag, were significant and positively correlated with the economic growth of the municipalities. In addition, there were spatial spillover effects of the variables credit supply, number of branches and GDP per capita on the economic growth of municipalities. It is noteworthy that the variables number of branches and GDP per capita had a positive spatial relationship with economic growth, while the spatially lagged supply of credit had a negative relationship.

Suggested Citation

  • Jandir Fraga Junior & Edson Zambon Monte, 2023. "A spatial econometrics approach to the relationship between credit and economic growth in the municipalities of Espírito Santo, Brazil, from 2006 to 2018," Revista de Economia Mackenzie (REM), Mackenzie Presbyterian University, Social and Applied Sciences Center, vol. 20(1), pages 232-258, january-j.
    • Handle: RePEc:aft:journl:v:20:1:2023:jan:jun:p:232-258
    DOI: 10.5935/1808-2785/rem.v20n1p.232-258
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    More about this item

    Keywords

    credit; economic growth; Espírito Santo; panel data; spatial econometrics.;
    All these keywords.

    JEL classification:

    • C31 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Cross-Sectional Models; Spatial Models; Treatment Effect Models; Quantile Regressions; Social Interaction Models
    • C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Spatio-temporal Models
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    • R11 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Regional Economic Activity: Growth, Development, Environmental Issues, and Changes

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