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La influencia del mercado de deuda pública interna en el desarrollo financiero: evidencia de 52 países en 1990-2020

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  • Jiménez-Sotelo, Renzo A.

    (Universidad del Pacifico)

Abstract

The objective of the study is to determine if a policy of preference for the domestic public debt market influences the development of the respective financial system. Using panel data techniques, I tested the causal relationship between the domestic marketing of public debt securities and eight indicators of financial development. For this, I used static regression models with fixed effects computed by ordinary least squares (OLS) or dynamic regression models with fixed effects computed by the generalized method of moments (GMM) in differences, depending on each case. I also used random effects models controlled by fixed effects calculated by two-stage least squares (2SLS). By rejecting the null hypothesis that the literature has been assuming as true, it was confirmed that the traditional theories of financial development were incomplete. Although the research shows that the preference for the domestic public debt securities market influences financial development—and therefore economic development—it does not explain why it hasn’t been given greater importance in less developed countries. The formulation of that answer would be more related to the fields of study in which ethics and politics move.

Suggested Citation

  • Jiménez-Sotelo, Renzo A., 2023. "La influencia del mercado de deuda pública interna en el desarrollo financiero: evidencia de 52 países en 1990-2020," El Trimestre Económico, Fondo de Cultura Económica, vol. 90(359), pages 773-804, julio-sep.
    • Handle: RePEc:elt:journl:v:90:y:2023:i:359:p:773-804
    DOI: https://doi.org/10.20430/ete.v90i359.1775
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    Keywords

    Sovereign curve; panel data; sovereign debt; economic development; security market; financial policy; monetary policy; financial systems.;
    All these keywords.

    JEL classification:

    • A13 - General Economics and Teaching - - General Economics - - - Relation of Economics to Social Values
    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models
    • D70 - Microeconomics - - Analysis of Collective Decision-Making - - - General
    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt
    • N20 - Economic History - - Financial Markets and Institutions - - - General, International, or Comparative
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    • P16 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Capitalist Institutions; Welfare State
    • Q01 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - Sustainable Development

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