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Centralidade e hierarquia do sistema financeiro brasileiro [Centrality and hierarchy of the Brazilian financial system]

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  • Marco Crocco

    (Cedeplar-FACE/UFMG)

Abstract

The purpose of this article is to analyze the relationship between the financial system and the degree of centrality of the city where it is located. Initially, a unique theoretical discussion is conducted to analyze how the degree of centrality can affect the behavior of a bank in a specific location, based on the theory of liquidity preference and the concept of endogenous currency supply derived by Keynes (1937). After this theoretical discussion, an empirical investigation is conducted of the Brazilian case. A hierarchy of Brazilian municipalities is proposed, based on the hierarchy of the financial system in them. Based on this hierarchy, the behavior of the banking system is analyzed at each hierarchical level. The study concludes that space is an important element in the definition of the ways banking system operates, with clear consequences for the economic development of the regions.

Suggested Citation

  • Marco Crocco, 2012. "Centralidade e hierarquia do sistema financeiro brasileiro [Centrality and hierarchy of the Brazilian financial system]," Nova Economia, Economics Department, Universidade Federal de Minas Gerais (Brazil), vol. 22(1), pages 31-79, January-A.
  • Handle: RePEc:nov:artigo:v:22:y:2012:i:1:p:31-79
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    More about this item

    Keywords

    urban hierarchy; financial system; centrality;

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    • R51 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Regional Government Analysis - - - Finance in Urban and Rural Economies

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