Michel Alexandre Ciro Biderman Gilberto Tadeu Lima
Abstract
The aim of this paper is to analyze the convergence in the growth rates among Brazilian States in the period 1988-2001. In addition to the traditional variables used in the studies about convergence, Brazilian States credit indicators were included, which is the very innovation of this study. The results show that, in general, credit increases the speed of convergence, although some kinds of directed credit generate the inverse effect. This suggests that credit has a positive impact in the growth of Brazilian States. Furthermore, the credit variable that was more effective in the convergence analysis is loans and bonds discounted in relation to the State income. As it turns out, this variable is likely to be a suitable proxy for the level of financial development of a State.
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Length: Date of creation: 2004 Date of revision: Handle: RePEc:anp:en2004:124
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Find related papers by JEL classification: R12 - Urban, Rural, and Regional Economics - - General Regional Economics - - - Size and Spatial Distributions of Regional Economic Activity; Interregional Trade (economic geography) G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Mortgages
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