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The Spatial Structure of Financial Development in Brazil

  • Marco Crocco
  • Fabiana Santos
  • Pedro Amaral

Abstract Using a GMM estimator for a spatial panel model with an endogenous spatial lag and spatial moving average errors we investigate the spatial structure of the financial system in Brazil. The results point to a negative spatial association between the Brazilian municipalities' financial system, in the way that a municipality with a more developed financial system tends to be surrounded by municipalities with less developed financial systems. La structure spatiale du développement financier au Brésil Rèsumè En utilisant un estimateur GMM pour un modèle à panneau spatial, avec un décalage spatial endogène et des erreurs à moyenne mobile spatiale, nous examinons la structure spatiale du système financier au Brésil. Les résultats semblent indiquer l'existence d'une association spatiale négative entre les municipalités brésiliennes sur le plan de leur système financier, dans le cadre de laquelle une municipalité dotée d'un système financier plus évolué a tendance à être entourée de municipalités possédant des systèmes financiers moins évolués. La estructura espacial del desarrollo financiero en Brasil Extracto Utilizando un estimador GMM (Método General de Momentos) para un modelo de panel espacial con un lapso espacial endógeno y errores de promedios móviles espaciales, investigamos la estructura espacial del sistema financiero en Brasil. Los resultados apuntan hacia una asociación espacial negativa entre el sistema financiero de las municipalidades brasileñas, de forma que una municipalidad con un sistema financiero más desarrollado tiende a estar rodeada de municipalidades con sistemas financieros menos desarrollados.

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Article provided by Taylor & Francis Journals in its journal Spatial Economic Analysis.

Volume (Year): 5 (2010)
Issue (Month): 2 ()
Pages: 181-203

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Handle: RePEc:taf:specan:v:5:y:2010:i:2:p:181-203
DOI: 10.1080/17421770903511973
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