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Por qué importan las instituciones. La banca y el crecimiento económico en México


  • Haber, Stephen

    (Universidad de Stanford)


If finance is crucial to growth, as a large literature has demonstrated, then why is there wide variance in financial development across countries? Why have governments not put the appropriate policies into place to encourage the development of banks and securities markets? This paper addresses this question by exploring the development of the Mexican banking system from the 1880s to the present. It argues that the institutions that encourage financial development cannot be created at the stroke of a pen. Rather, the creation of institutions that encourage financial development are dependent upon other institutions that limit the authority and discretion of the government. In short, political institutions that constrain government are a necessary condition for economic growth.// Si el sistema financiero es importante para el crecimiento como se ha demostrado en la bibliografía, entonces es pertinente preguntarse por qué hay una gran varianza en el desarrollo financiero entre los países. En otras palabras, ¿por qué los gobiernos no han impulsado las políticas públicas apropiadas para desarrollar el sector financiero y con ello el crecimiento? El artículo intenta responder estas preguntas explorando el desarrollo del sistema financiero mexicano desde 1880 hasta el presente. El argumento es que las instituciones que motivan e impulsan este desarrollo no pueden ser creadas de la noche a la mañana. La creación de esas instituciones depende en gran medida de otras instituciones que limitan la autoridad y discreción del propio gobierno. En suma, las instituciones políticas que limitan el accionar discrecional del gobierno son una condición necesaria para impulsar el desarrollo financiero y por ende el crecimiento económico.

Suggested Citation

  • Haber, Stephen, 2006. "Por qué importan las instituciones. La banca y el crecimiento económico en México," El Trimestre Económico, Fondo de Cultura Económica, vol. 0(291), pages 429-478, julio-sep.
  • Handle: RePEc:elt:journl:v:73:y:2006:i:291:p:429-478

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    instituciones; sistemas financieros; crecimiento económico;

    JEL classification:

    • N20 - Economic History - - Financial Markets and Institutions - - - General, International, or Comparative
    • N26 - Economic History - - Financial Markets and Institutions - - - Latin America; Caribbean


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