Desenvolvimento financeiro e crescimento econômico: teoria e evidência empírica para os estados brasileiros (1995-2004)
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.
|Date of creation:||Jan 2010|
|Date of revision:|
|Contact details of provider:|| Postal: Cedeplar-FACE-UFMG Av. Antonio Carlos, 6627 Belo Horizonte, MG 31270-901 Brazil|
Fax: +55 31 3201-3657
Web page: http://www.cedeplar.ufmg.br
More information through EDIRC
|Order Information:|| Postal: Cedeplar-FACE-UFMG Av. Antonio Carlos, 6627 Belo Horizonte, MG 31270-901 Brazil|
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Levine, Ross & Zervos, Sara, 1998.
"Stock Markets, Banks, and Economic Growth,"
American Economic Review,
American Economic Association, vol. 88(3), pages 537-58, June.
- Levine, Ross & Zervos, Sara, 1996. "Stock markets, banks, and economic growth," Policy Research Working Paper Series 1690, The World Bank.
- Ross Levine & Sara Zervos, . "Stock markets, banks and economic growth ," CERF Discussion Paper Series 95-11, Economics and Finance Section, School of Social Sciences, Brunel University.
- Beck, Thorsten & Levine, Ross & Loayza, Norman, 1999.
"Finance and the sources of growth,"
Policy Research Working Paper Series
2057, The World Bank.
- Levine, Ross, 1996.
"Financial development and economic growth : views and agenda,"
Policy Research Working Paper Series
1678, The World Bank.
- Ross Levine, 1997. "Financial Development and Economic Growth: Views and Agenda," Journal of Economic Literature, American Economic Association, vol. 35(2), pages 688-726, June.
- Rousseau, Peter L & Wachtel, Paul, 1998. "Financial Intermediation and Economic Performance: Historical Evidence from Five Industrialized Countries," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 30(4), pages 657-78, November.
- Chenggang Xu & Haizhou Huang, 1999.
"Institutions, innovations, and Growth,"
IMF Working Papers
99/34, International Monetary Fund.
- By Mohsin S. Khan & Abdelhak S. Senhadji, 2001.
"Threshold Effects in the Relationship Between Inflation and Growth,"
IMF Staff Papers,
Palgrave Macmillan, vol. 48(1), pages 1.
- Abdelhak S Senhadji & Mohsin S. Khan, 2000. "Threshold Effects in the Relationship Between Inflation and Growth," IMF Working Papers 00/110, International Monetary Fund.
- David E. Bloom & David Canning & Jaypee Sevilla, 2001. "The Effect of Health on Economic Growth: Theory and Evidence," NBER Working Papers 8587, National Bureau of Economic Research, Inc.
When requesting a correction, please mention this item's handle: RePEc:cdp:texdis:td379. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Gustavo Britto)
If references are entirely missing, you can add them using this form.