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The spatial structure of the financial development in Brazil

  • Marco Crocco

    (Cedeplar-UFMG)

  • Fabiana Santos

    (Cedeplar-UFMG)

  • Pedro Amaral

    (Cedeplar-UFMG)

This paper explores the financial development in Brazil. It focuses on the impacts of the development level of a municipality’s financial system over its neighborhood, under the light of the Central Place Theory. 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 more developed financial system tends to be surrounded by municipalities with less developed financial systems.

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Paper provided by Cedeplar, Universidade Federal de Minas Gerais in its series Textos para Discussão Cedeplar-UFMG with number td361.

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Length: 30 pages
Date of creation: Sep 2009
Date of revision:
Handle: RePEc:cdp:texdis:td361
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  7. Marco Crocco, 2002. "The concept of degrees of uncertainty in Keynes, Shackle, and Davidson," Nova Economia, Economics Department, Universidade Federal de Minas Gerais (Brazil), vol. 12(2), pages 11-28, July-Dece.
  8. Fingleton, Bernard, 2008. "Competing models of global dynamics: Evidence from panel models with spatially correlated error components," Economic Modelling, Elsevier, vol. 25(3), pages 542-558, May.
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  10. Viral V. Acharya & Iftekhar Hasan & Anthony Saunders, 2002. "The effects of focus and diversification on bank risk and return: evidence from individual bank loan portfolios," Proceedings 905, Federal Reserve Bank of Chicago.
  11. Kelejian, Harry H & Prucha, Ingmar R, 1998. "A Generalized Spatial Two-Stage Least Squares Procedure for Estimating a Spatial Autoregressive Model with Autoregressive Disturbances," The Journal of Real Estate Finance and Economics, Springer, vol. 17(1), pages 99-121, July.
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  13. Britta Klagge & Ron Martin, 2005. "Decentralized versus centralized financial systems: is there a case for local capital markets?," Journal of Economic Geography, Oxford University Press, vol. 5(4), pages 387-421, August.
  14. Kapoor, Mudit & Kelejian, Harry H. & Prucha, Ingmar R., 2007. "Panel data models with spatially correlated error components," Journal of Econometrics, Elsevier, vol. 140(1), pages 97-130, September.
  15. Suheyla Ozyildirim & Zeynep Onder, 2008. "Banking Activities and Local Output Growth: Does Distance from Centre Matter?," Regional Studies, Taylor & Francis Journals, vol. 42(2), pages 229-244.
  16. Yeager, Timothy J., 2004. "The demise of community banks? Local economic shocks are not to blame," Journal of Banking & Finance, Elsevier, vol. 28(9), pages 2135-2153, September.
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