Finance and Growth in Brazil
This paper uses the fact that there are different accesses to financial markets in Brazilian counties to test the hypothesis that finance development has a positive impact on GDP growth, through some cross section regressions with data for them. The advantage of such tests with respect to those relying on cross country regressions is that there are not institutional differences that are strongly correlated with finance development proxies. Therefore, the tests forwarded are able to better disentangle the impact of finance development from institutional effects. The results confirm the hypothesis that finance development boosts economic growth, although it is not possible to identify if this effect is only temporary, while the economy is in a transitional dynamics or if its impact is on the equilibrium growth rate.
|Date of creation:||2009|
|Date of revision:||2009|
|Publication status:||Published in Anais do X Encontro Brasileiro de Finanças.|
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