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Financial system, innovation and regional development: a study on the relationship between liquidity preference and innovation in Brazil

  • João Prates Romero

    (Cedeplar-UFMG)

  • Frederico G. Jayme Jr.

    (Cedeplar-UFMG)

This paper discusses and assesses the features of the Brazilian Financial System, as well as the impacts of Liquidity Preference on Credit and Regional Development in Brazil. Precisely, we test the relationship between credit and development, and the role of banks in regional development. We estimate a panel across states in Brazil in order to test the impact of liquidity preference and other financial variables on Brazilian states credit level. We have also tested the relationship between liquidity preference and other financial variables across states and the number of patents, aiming at testing the importance of technology and innovation on regional development by means of bank system. Conclusions confirm both hypotheses.

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Paper provided by Cedeplar, Universidade Federal de Minas Gerais in its series Textos para Discussão Cedeplar-UFMG with number td357.

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Length: 26 pages
Date of creation: Aug 2009
Date of revision:
Handle: RePEc:cdp:texdis:td357
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  1. Levine, Ross, 1996. "Financial development and economic growth : views and agenda," Policy Research Working Paper Series 1678, The World Bank.
  2. Eduardo da Motta e Albuquerque, 2007. "Inadequacy of technology and innovation systems at the periphery," Cambridge Journal of Economics, Oxford University Press, vol. 31(5), pages 669-690, September.
  3. Stiglitz, Joseph E, 1989. "Financial Markets and Development," Oxford Review of Economic Policy, Oxford University Press, vol. 5(4), pages 55-68, Winter.
  4. Marco Crocco & Anderson Cavalcante & Cláudio Barra, 2006. "The behavior of liquidity preference of banks and public and regional development: the case of Brazil," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 28(2), pages 217-240, January.
  5. Sheila Dow & Carlos Rodriguez-Fuentes, 1997. "Regional Finance: A Survey," Regional Studies, Taylor & Francis Journals, vol. 31(9), pages 903-920.
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