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The Spatial Structure of Financial Development in Brazil

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  • Marco Crocco
  • Fabiana Santos
  • Pedro Amaral

Abstract

Abstract Using a GMM estimator for a spatial panel model with an endogenous spatial lag and spatial moving average errors we investigate the spatial structure of the financial system in Brazil. The results point to a negative spatial association between the Brazilian municipalities' financial system, in the way that a municipality with a more developed financial system tends to be surrounded by municipalities with less developed financial systems. La structure spatiale du d�veloppement financier au Br�sil R�sum� En utilisant un estimateur GMM pour un mod�le � panneau spatial, avec un d�calage spatial endog�ne et des erreurs � moyenne mobile spatiale, nous examinons la structure spatiale du syst�me financier au Br�sil. Les r�sultats semblent indiquer l'existence d'une association spatiale n�gative entre les municipalit�s br�siliennes sur le plan de leur syst�me financier, dans le cadre de laquelle une municipalit� dot�e d'un syst�me financier plus �volu� a tendance � �tre entour�e de municipalit�s poss�dant des syst�mes financiers moins �volu�s. La estructura espacial del desarrollo financiero en Brasil Extracto Utilizando un estimador GMM (M�todo General de Momentos) para un modelo de panel espacial con un lapso espacial end�geno y errores de promedios m�viles espaciales, investigamos la estructura espacial del sistema financiero en Brasil. Los resultados apuntan hacia una asociaci�n espacial negativa entre el sistema financiero de las municipalidades brasile�as, de forma que una municipalidad con un sistema financiero m�s desarrollado tiende a estar rodeada de municipalidades con sistemas financieros menos desarrollados.

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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal Spatial Economic Analysis.

Volume (Year): 5 (2010)
Issue (Month): 2 ()
Pages: 181-203

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Handle: RePEc:taf:specan:v:5:y:2010:i:2:p:181-203

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Related research

Keywords: Financial development; spatial structure; bank strategy; Brazil; O16; R12; G21;

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