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Crédito Bancário E Atividade Econômica: Evidências Empíricas Para A Produção Industrial No Estado De São Paulo

  • Daniel Reichstul
  • Gilberto Tadeu Lima

This study contributes to the understanding of the causality between different credit measures and indicators of economic activity in the State of São Paulo. Questions have been raised as to the prevailing Granger-causality for national economies, and a regional approach that has not yet been followed in the empirical literature is pursued here. More precisely, it is dealt with the relationship between different credit modalities and diverse aspects of São Paulo´s industrial output over the period from January 1995 to December 2003, by using both a multivariate and a bivariate Autoregressive Vector model (VAR). The results show that such a dimension of the the local financial development has followed industrial development.

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Paper provided by ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Graduate Programs in Economics] in its series Anais do XXXIII Encontro Nacional de Economia [Proceedings of the 33th Brazilian Economics Meeting] with number 119.

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Date of creation: 2005
Date of revision:
Handle: RePEc:anp:en2005:119
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  1. Orlando Carneiro de Matos, 2002. "Desenvolvimento do Sistema Financeiro e Crescimento Econômico no Brasil: Evidências de Causalidade," Working Papers Series 49, Central Bank of Brazil, Research Department.
  2. Levine, Ross, 1998. "The Legal Environment, Banks, and Long-Run Economic Growth," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 30(3), pages 596-613, August.
  3. Levine, Ross, 1996. "Financial development and economic growth : views and agenda," Policy Research Working Paper Series 1678, The World Bank.
  4. Michel Alexandre & Ciro Biderman & Gilberto Tadeu Lima, 2004. "Distribuição Regional Do Crédito Bancário E Convergência No Crescimento Estadual Brasileiro," Anais do XXXII Encontro Nacional de Economia [Proceedings of the 32th Brazilian Economics Meeting] 124, ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Graduate Programs in Economics].
  5. Frederic S. Mishkin, 1999. "Financial Consolidation: Dangers and Opportunities," NBER Working Papers 6655, National Bureau of Economic Research, Inc.
  6. Guiso, Luigi & Sapienza, Paola & Zingales, Luigi, 2002. "Does Local Financial Development Matter?," CEPR Discussion Papers 3307, C.E.P.R. Discussion Papers.
  7. Haddad, Eduardo A. & Domingues, Edson P. & Perobelli, Fernando S., 2002. "Regional effects of economic integration: the case of Brazil," Journal of Policy Modeling, Elsevier, vol. 24(5), pages 453-482, August.
  8. La Porta, Rafael & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, 1997. " Legal Determinants of External Finance," Journal of Finance, American Finance Association, vol. 52(3), pages 1131-50, July.
  9. Clélio Campolina Diniz, 1993. "Desenvolvimento poligonal no Brasil: nem desconcentração, nem contínua polarização," Nova Economia, Economics Department, Universidade Federal de Minas Gerais (Brazil), vol. 3(1), pages 35-64, September.
  10. Granger, C W J, 1969. "Investigating Causal Relations by Econometric Models and Cross-Spectral Methods," Econometrica, Econometric Society, vol. 37(3), pages 424-38, July.
  11. Kaldor, Nicholas, 1970. "The Case for Regional Policies," Scottish Journal of Political Economy, Scottish Economic Society, vol. 17(3), pages 337-48, November.
  12. Demetriades, Panicos O. & Hussein, Khaled A., 1996. "Does financial development cause economic growth? Time-series evidence from 16 countries," Journal of Development Economics, Elsevier, vol. 51(2), pages 387-411, December.
  13. Demetriades, Panicos O & Luintel, Kul B, 1996. "Financial Development, Economic Growth and Banker Sector Controls: Evidence from India," Economic Journal, Royal Economic Society, vol. 106(435), pages 359-74, March.
  14. Gary C. Zimmerman, 1995. "Implementing the single banking market in Europe," Economic Review, Federal Reserve Bank of San Francisco, pages 35-51.
  15. João Sicsú & Marco Crocco, 2003. "Em busca de uma teoria da localização das agências bancárias: algumas evidências do caso brasileiro," Economia, ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Graduate Programs in Economics], vol. 4(1), pages 85-112, January-J.
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