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DESENVOLVIMENTOFINANCEIRO E CRESCIMENTO ECONÔMICO: Teoria eEvidência Empírica para os Estados Brasileiros(1995-2004)

Author

Listed:
  • Frederico Gonzaga Jayme Jr
  • Fabricio J. Missio
  • Ana Maria H. C. deOliveira

Abstract

This paper aims at analyzing the relationship between economic growth and financial development on theoretical and empirical grounds. We briefly review the arguments that support the existence or not of a positive and causal relation between these two variables, as well as the arguments that outline the role and influence of financial development upon the economy. Second, an empirical exercise was undertaken using data for the 26 Brazilian states and Distrito Federal (the Brazilian District, where the capital Brasília is located). We estimate quantile regression in order to show the impact of financial development on the dependent variable (the Gross State Product, GSP). We adopted two measures of financial development, one based in the work of King & Levine (1993) and the other in the work of Marques Jr. & Porto Jr. (2004). Empirical results suggest a positive relation between financial development and economic growth.
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Suggested Citation

  • Frederico Gonzaga Jayme Jr & Fabricio J. Missio & Ana Maria H. C. deOliveira, 2011. "DESENVOLVIMENTOFINANCEIRO E CRESCIMENTO ECONÔMICO: Teoria eEvidência Empírica para os Estados Brasileiros(1995-2004)," Anais do XXXVII Encontro Nacional de Economia [Proceedings of the 37th Brazilian Economics Meeting] 91, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics].
    • Handle: RePEc:anp:en2009:91
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    Cited by:

    1. is not listed on IDEAS
    2. Braga, Marcelo José & Pessoa, Filipe de Morais Cangussu, 2019. "Economic growth and financial development in Brazil: a flexible regression model approach," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), August.

    More about this item

    JEL classification:

    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General
    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • O42 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Monetary Growth Models
    • C31 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Cross-Sectional Models; Spatial Models; Treatment Effect Models; Quantile Regressions; Social Interaction Models

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