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Desenvolvimento financeiro e crescimento econômico: teoria e evidência empírica para os estados brasileiros (1995-2004)

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Author Info

  • Fabrício J. Missio

    (Cedeplar-UFMG)

  • Frederico G. Jayme Jr.

    (Cedeplar-UFMG)

  • Ana Maria H. C. de Oliveira

    (Cedeplar-UFMG)

Abstract

This paper aims at analyzing the relationship between economic growth and financial development on theoretical and empirical grounds. We briefly review the arguments that support the existence or not of a positive and causal relation between these two variables, as well as the arguments that outline the role and influence of financial development upon the economy. Second, an empirical exercise was undertaken using data for the 26 Brazilian states and Distrito Federal (the Brazilian District, where the capital Brasília is located). We estimate quantile regression in order to show the impact of financial development on the dependent variable (the Gross State Product, GSP). We adopted two measures of financial development, one based in the work of King & Levine (1993) and the other in the work of Marques Jr. & Porto Jr. (2004). Empirical results suggest a positive relation between financial development and economic growth.

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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 td379.

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Length: 33 pages
Date of creation: Jan 2010
Date of revision:
Handle: RePEc:cdp:texdis:td379

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Postal: Cedeplar-FACE-UFMG Av. Antonio Carlos, 6627 Belo Horizonte, MG 31270-901 Brazil

Related research

Keywords: Financial Intermediation; Economic Growth; Quantile Regression; Brazil;

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  1. Ross Levine & Sara Zervos, . "Stock markets, banks and economic growth ," CERF Discussion Paper Series 95-11, Economics and Finance Section, School of Social Sciences, Brunel University.
  2. By Mohsin S. Khan & Abdelhak S. Senhadji, 2001. "Threshold Effects in the Relationship Between Inflation and Growth," IMF Staff Papers, Palgrave Macmillan, vol. 48(1), pages 1.
  3. Beck, Thorsten & Levine, Ross & Loayza, Norman, 2000. "Finance and the sources of growth," Journal of Financial Economics, Elsevier, vol. 58(1-2), pages 261-300.
  4. Rousseau, Peter L & Wachtel, Paul, 1998. "Financial Intermediation and Economic Performance: Historical Evidence from Five Industrialized Countries," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 30(4), pages 657-78, November.
  5. David E. Bloom & David Canning & Jaypee Sevilla, 2001. "The Effect of Health on Economic Growth: Theory and Evidence," NBER Working Papers 8587, National Bureau of Economic Research, Inc.
  6. Chenggang Xu & Haizhou Huang, 1999. "Institutions, Innovations, and Growth," IMF Working Papers 99/34, International Monetary Fund.
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