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The spatial structure of the financial development in Brazil

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  • Marco Crocco

    (Cedeplar-UFMG)

  • Fabiana Santos

    (Cedeplar-UFMG)

  • Pedro Amaral

    (Cedeplar-UFMG)

Abstract

This paper explores the financial development in Brazil. It focuses on the impacts of the development level of a municipality’s financial system over its neighborhood, under the light of the Central Place Theory. 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 more developed financial system tends to be surrounded by municipalities with less developed financial systems.

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Bibliographic Info

Paper provided by Cedeplar, Universidade Federal de Minas Gerais in its series Textos para Discussão Cedeplar-UFMG with number td361.

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Length: 30 pages
Date of creation: Sep 2009
Date of revision:
Handle: RePEc:cdp:texdis:td361

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Related research

Keywords: financial development; spatial structure; bank strategy; Brazil;

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References

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  1. Marco Crocco, 2000. "The concept of degrees of uncertainty in Keynes, Shackle and Davidson," Textos para Discussão Cedeplar-UFMG, Cedeplar, Universidade Federal de Minas Gerais td147, Cedeplar, Universidade Federal de Minas Gerais.
  2. William Emmons & R. Gilbert & Timothy Yeager, 2004. "Reducing the Risk at Small Community Banks: Is it Size or Geographic Diversification that Matters?," Journal of Financial Services Research, Springer, Springer, vol. 25(2), pages 259-281, April.
  3. Acharya, Viral V & Hasan, Iftekhar & Saunders, Anthony, 2002. "The Effects of Focus and Diversification on Bank Risk and Return: Evidence from Individual Bank Loan Portfolios," CEPR Discussion Papers, C.E.P.R. Discussion Papers 3252, C.E.P.R. Discussion Papers.
  4. Kapoor, Mudit & Kelejian, Harry H. & Prucha, Ingmar R., 2007. "Panel data models with spatially correlated error components," Journal of Econometrics, Elsevier, Elsevier, vol. 140(1), pages 97-130, September.
  5. Allen N. Berger & Robert DeYoung, 2000. "The effects of geographic expansion on bank efficiency," Working Paper Series, Federal Reserve Bank of Chicago WP-00-14, Federal Reserve Bank of Chicago.
  6. Stefano Usai & Marco Vannini, 2005. "Banking structure and regional economic growth: lessons from Italy," The Annals of Regional Science, Springer, Springer, vol. 39(4), pages 691-714, December.
  7. Pietro Alessandrini & Andrea F. Presbitero & Alberto Zazzaro, 2009. "Banks, Distances and Firms' Financing Constraints," Review of Finance, European Finance Association, European Finance Association, vol. 13(2), pages 261-307.
  8. Kwangwoo Park & George Pennacchi, 2009. "Harming Depositors and Helping Borrowers: The Disparate Impact of Bank Consolidation," Review of Financial Studies, Society for Financial Studies, Society for Financial Studies, vol. 22(1), pages 1-40, January.
  9. Britta Klagge & Ron Martin, 2005. "Decentralized versus centralized financial systems: is there a case for local capital markets?," Journal of Economic Geography, Oxford University Press, Oxford University Press, vol. 5(4), pages 387-421, August.
  10. Bernard Fingleton, 2008. "A Generalized Method of Moments Estimator for a Spatial Panel Model with an Endogenous Spatial Lag and Spatial Moving Average Errors," Spatial Economic Analysis, Taylor & Francis Journals, Taylor & Francis Journals, vol. 3(1), pages 27-44.
  11. Kelejian, Harry H & Prucha, Ingmar R, 1999. "A Generalized Moments Estimator for the Autoregressive Parameter in a Spatial Model," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 40(2), pages 509-33, May.
  12. Ross Levine, 2004. "Finance and Growth: Theory and Evidence," NBER Working Papers 10766, National Bureau of Economic Research, Inc.
  13. Yeager, Timothy J., 2004. "The demise of community banks? Local economic shocks are not to blame," Journal of Banking & Finance, Elsevier, Elsevier, vol. 28(9), pages 2135-2153, September.
  14. Kelejian, Harry H & Prucha, Ingmar R, 1998. "A Generalized Spatial Two-Stage Least Squares Procedure for Estimating a Spatial Autoregressive Model with Autoregressive Disturbances," The Journal of Real Estate Finance and Economics, Springer, Springer, vol. 17(1), pages 99-121, July.
  15. Suheyla Ozyildirim & Zeynep Onder, 2008. "Banking Activities and Local Output Growth: Does Distance from Centre Matter?," Regional Studies, Taylor & Francis Journals, Taylor & Francis Journals, vol. 42(2), pages 229-244.
  16. Fingleton, Bernard, 2008. "Competing models of global dynamics: Evidence from panel models with spatially correlated error components," Economic Modelling, Elsevier, Elsevier, vol. 25(3), pages 542-558, May.
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