IDEAS home Printed from https://ideas.repec.org/a/ipn/panora/vxiy2016i44p35-62.html
   My bibliography  Save this article

Impacto del desarrollo del sistema financiero en el comercio de los países que integran la OCDE

Author

Listed:
  • Ortiz-Zarco, Ruth

    (Universidad Politécnica Metropolitana de Hidalgo)

  • Ortiz-Zarco, Eusebio

    (Universidad Politécnica Metropolitana de Hidalgo)

Abstract

El presente trabajo de investigación analiza el comportamiento y la relación del desarrollo del sistema financiero y el comercio internacional para los países de la OCDE durante los años 1995-2014. Se realiza una revisión bibliográfica, que da paso a un análisis estadístico de la información que permite después especificar el modelo econométrico bajo la metodología de datos de panel. Las variables de análisis son: el comercio de mercancías caracterizando al comercio internacional, el spread bancario, el valor total de las acciones negociadas en bolsa, la capitalización de mercado de las compañías que cotizan en bolsa, las reservas internacionales y el crédito interno provisto por el sector bancario; las últimas cinco como representantes del desarrollo del sistema financiero. Los resultados revelan una relación estrecha y directa entre el desarrollo del sistema financiero y el comercio internacional, lo que demanda políticas del mismo sistema que apoyen el desarrollo de la economía real. / This investigation analyzes the behaviour and the relationship between financial system development and international trade for OECD countries during the years 1995-2014. A literature review, which leads to a statistical analysis of the information that allows then specify the econometric model by panel data methodology. The analysis variables are: trade in goods (characterizing international trade), banking spread, value of stock shares on the stock market, market capitalization of listed companies, international reserves and domestic credit provided by the banking sector; the last five ones are representative of financial system development. The results reveal a close and direct relationship between financial system development and international trade, which requires financial system policies for support the development of the real economy.

Suggested Citation

  • Ortiz-Zarco, Ruth & Ortiz-Zarco, Eusebio, 2016. "Impacto del desarrollo del sistema financiero en el comercio de los países que integran la OCDE," Panorama Económico, Escuela Superior de Economía, Instituto Politécnico Nacional, vol. 0(44), pages 35-62, primer se.
  • Handle: RePEc:ipn:panora:v:xi:y:2016:i:44:p:35-62
    as

    Download full text from publisher

    File URL: http://yuss.me/revistas/ese/ese2016v11n44a02p035_062.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Krugman, Paul, 1979. "A Model of Balance-of-Payments Crises," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 11(3), pages 311-325, August.
    2. Joseph E. Stiglitz, 2010. "Risk and Global Economic Architecture: Why Full Financial Integration May Be Undesirable," American Economic Review, American Economic Association, vol. 100(2), pages 388-392, May.
    3. Francisco Venegas Martínez & Miguel Ángel Tinoco Zermeño & Víctor Hugo Torres Preciado, 2009. "Desregulación financiera, desarrollo del sistema financiero y crecimiento económico en México: efectos de largo plazo y causalidad," Estudios Económicos, El Colegio de México, Centro de Estudios Económicos, vol. 24(2), pages 249-283.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Juan José Echavarría & Andrés González, 2012. "Choques internacionales reales y financieros y su impacto sobre la economía colombiana," Revista ESPE - Ensayos sobre Política Económica, Banco de la Republica de Colombia, vol. 30(69), pages 14-66, December.
    2. Edward J. Kane, 2012. "Ethical Failures in Regulating and Supervising the Pursuit of Safety Net Subsidies," Chapters, in: Kern Alexander & Rahul Dhumale (ed.), Research Handbook on International Financial Regulation, chapter 3, Edward Elgar Publishing.
    3. Guillermo A. Calvo, 2008. "Crises in Emerging Markets Economies: A Global Perspective," Central Banking, Analysis, and Economic Policies Book Series, in: Kevin Cowan & Sebastián Edwards & Rodrigo O. Valdés & Norman Loayza (Series Editor) & Klaus Schmidt- (ed.),Current Account and External Financing, edition 1, volume 12, chapter 3, pages 085-115, Central Bank of Chile.
    4. Scott, Andrew & Uhlig, Harald, 1999. "Fickle investors: An impediment to growth?," European Economic Review, Elsevier, vol. 43(7), pages 1345-1370, June.
    5. Kang, Hyunju, 2013. "Behind the scenes of abandoning a fixed exchange rate regime," Journal of Banking & Finance, Elsevier, vol. 37(8), pages 3145-3156.
    6. Chanelle Duley & Prasanna Gai, 2020. "When the penny doesn't drop - Macroeconomic tail risk and currency crises," National Institute of Economic and Social Research (NIESR) Discussion Papers 520, National Institute of Economic and Social Research.
    7. Prof.Dr. Cevat GERNI & Doc.Dr. O. Selcuk EMSEN & Dr. M. Kemal DEGER, 2005. "Erken Uyari Sistemlerý Yoluyla Turkiye’Deki Ekonomik Krizlerin Analizi," Istanbul University Econometrics and Statistics e-Journal, Department of Econometrics, Faculty of Economics, Istanbul University, vol. 2(1), pages 39-62, November.
    8. Stijn Claessens & M. Ayhan Kose, 2013. "Financial Crises: Explanations, Types and Implications," CAMA Working Papers 2013-06, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
    9. Buiter, Willem H, 1984. "Saddlepoint Problems in Continuous Time Rational Expectations Models: A General Method and Some Macroeconomic Examples," Econometrica, Econometric Society, vol. 52(3), pages 665-680, May.
    10. Enisse Kharroubi, 2004. "Macroeconomic Volatility and endogenous debt maturity choice," Money Macro and Finance (MMF) Research Group Conference 2004 22, Money Macro and Finance Research Group.
    11. Caputo, Rodrigo, 2015. "Persistent real misalignments and the role of the exchange rate regime," Economics Letters, Elsevier, vol. 135(C), pages 112-116.
    12. Uribe, Martin, 2006. "A fiscal theory of sovereign risk," Journal of Monetary Economics, Elsevier, vol. 53(8), pages 1857-1875, November.
    13. Mohammad Karimi & Marcel‐Cristian Voia, 2019. "Empirics of currency crises: A duration analysis approach," Review of Financial Economics, John Wiley & Sons, vol. 37(3), pages 428-449, July.
    14. Luiz Carlos Bresser-Pereira & Lauro Gonzalez & Cláudio Lucinda, 2008. "Crises financeiras nos anos 1990 e poupança externa [Financial crises of the 1990s and current account deficits]," Nova Economia, Economics Department, Universidade Federal de Minas Gerais (Brazil), vol. 18(3), pages 327-357, September.
    15. Marcel Fratzscher, 2003. "On currency crises and contagion," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 8(2), pages 109-129.
    16. Saqib, Omar F., 2003. "An Investigation into the 1999 Collapse of the Brazilian Real," Economia Internazionale / International Economics, Camera di Commercio Industria Artigianato Agricoltura di Genova, vol. 56(2), pages 193-206.
    17. Daniel, Betty C. & Shiamptanis, Christos, 2012. "Fiscal risk in a monetary union," European Economic Review, Elsevier, vol. 56(6), pages 1289-1309.
    18. Joshua Aizenman & Brian Pinto, 2013. "Managing Financial Integration and Capital Mobility—Policy Lessons from the Past Two Decades," Review of International Economics, Wiley Blackwell, vol. 21(4), pages 636-653, September.
    19. Goh, Ai-Ting & Olivier, Jacques, 2004. "Financing decisions of firms and central bank policy," Journal of International Money and Finance, Elsevier, vol. 23(7-8), pages 1187-1207.
    20. Alfredo Pistelli & Jorge Selaive & Rodrigo O. Valdés, 2008. "Stocks, Flows, and Valuation Effects of Foreign Assets and Liabilities: Do They Matter?," Central Banking, Analysis, and Economic Policies Book Series, in: Kevin Cowan & Sebastián Edwards & Rodrigo O. Valdés & Norman Loayza (Series Editor) & Klaus Schmidt- (ed.),Current Account and External Financing, edition 1, volume 12, chapter 7, pages 237-277, Central Bank of Chile.

    More about this item

    Keywords

    sistema financiero; comercio internacional; datos de panel; OCDE. / financial system; international trade; panel data; OECD.;
    All these keywords.

    JEL classification:

    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • F10 - International Economics - - Trade - - - General
    • F40 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - General
    • C10 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - General

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ipn:panora:v:xi:y:2016:i:44:p:35-62. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: . General contact details of provider: https://edirc.repec.org/data/eeipnmx.html .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Juan Marroquín-Arreola The email address of this maintainer does not seem to be valid anymore. Please ask Juan Marroquín-Arreola to update the entry or send us the correct address (email available below). General contact details of provider: https://edirc.repec.org/data/eeipnmx.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.