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Desenvolvimento do Mercado Financeiro e Crescimento Econômico: Evidências sobre Causalidade no Brasil

Author

Listed:
  • Yuri Cesar de Lima e Silva

    (Universidade Federal de Roraima (UFRR))

  • João Henrique do Carmo Camelo

    (Advocacia-Geral da União)

Abstract

We seek to verify the existence of causality between the development of the financial market and the Brazilian economic growth. For this, we carried out Granger causality tests between the Ibovespa and five different variables that seek to measure the country’s economic growth, two of them related to GDP, two related to the performance of the industry and a measure of employment generation, between the years of 1996 and 2021. The results point to the existence of unidirec-tional causality between financial development and economic growth, with the evolution of the Ibovespa indicator of the performance of the Brazilian economy.

Suggested Citation

  • Yuri Cesar de Lima e Silva & João Henrique do Carmo Camelo, 2022. "Desenvolvimento do Mercado Financeiro e Crescimento Econômico: Evidências sobre Causalidade no Brasil," Revista de Economia Mackenzie (REM), Mackenzie Presbyterian University, Social and Applied Sciences Center, vol. 19(2), pages 230-251, july-dece.
  • Handle: RePEc:aft:journl:v:19:2:2022:jul:dec:p:230-251
    DOI: 10.5935/1808-2785/rem.v19n2p.230-251
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    More about this item

    Keywords

    financial market; economic growth; Granger causality; Ibovespa; Brazilian economy.;
    All these keywords.

    JEL classification:

    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
    • C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models
    • D53 - Microeconomics - - General Equilibrium and Disequilibrium - - - Financial Markets

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