Finance and Growth in Brazil
AbstractThis paper uses the fact that there are different accesses to financial markets in Brazilian counties to test the hypothesis that finance development has a positive impact on GDP growth, through some cross section regressions with data for them. The advantage of such tests with respect to those relying on cross country regressions is that there are not institutional differences that are strongly correlated with finance development proxies. Therefore, the tests forwarded are able to better disentangle the impact of finance development from institutional effects. The results confirm the hypothesis that finance development boosts economic growth, although it is not possible to identify if this effect is only temporary, while the economy is in a transitional dynamics or if its impact is on the equilibrium growth rate.
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Bibliographic InfoPaper provided by Datamétrica Consultoria Econômica in its series Working Papers with number 47.
Length: 33 pages
Date of creation: 2009
Date of revision: 2009
Publication status: Published in Anais do X Encontro Brasileiro de Finanças.
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Economic growth; finance development; growth regressions; finance and growth.;
Find related papers by JEL classification:
- O30 - Economic Development, Technological Change, and Growth - - Technological Change; Research and Development; Intellectual Property Rights - - - General
- O41 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models
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