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Desarrollo del mercado accionario y crecimiento económico. Alguna evidencia para la Argentina

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  • Luis N. Lanteri

    ()

Abstract

Este trabajo examina la relación entre el desarrollo del mercado accionario y el crecimiento, en el caso de la economía Argentina. Se emplean tests de causalidad de Granger y de exogeneidad basados en modelos de VEC, con datos mensuales, que cubren el período 1993:1-2010:8. Los resultados muestran que los principales índices accionarios correspondientes al Mercado de Valores de Buenos Aires (MERVAL25 y BURCAP) causan en sentido de Granger al estimador de actividad económica (EMAE). A su vez, ambos índices podrían considerarse variables exógenas (débil y fuerte). Los modelos estimados incluyen también otras variables que podrían explicar el comportamiento del nivel de actividad en el mediano plazo. Los resultados están en línea con la teoría que establece que el desarrollo de los mercados financieros resulta una de las condiciones necesarias para alcanzar elevadas tasas de crecimiento económico.

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File URL: http://humanas.medellin.unal.edu.co/sites/default/files/ede/pdf/ede_38/ede_38_04_lanteri_luis.pdf
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Bibliographic Info

Paper provided by UNIVERSIDAD NACIONAL DE COLOMBIA SEDE MEDELLIN in its series ENSAYOS DE ECONOMÍA with number 009116.

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Length: 30
Date of creation: 29 Jun 2011
Date of revision:
Handle: RePEc:col:000418:009116

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Related research

Keywords: desarrollo del mercado accionario; crecimiento económico; modelos de VEC; causalidad de Granger; exogeneidad.;

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