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Microcrédito Y Crecimiento Regional En El Perú

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  • Guivanna Aguilar

    () (Departamento de Economía - Pontificia Universidad Católica del Perú)

Abstract

The objective of this study is to make a quantitative evaluation of the impact that the expansion of the microcredit has had on the growth of the economic activity in the Peruvian regions. Having as a theoretical framework the developed theory to analyze the relationship between economic growth and financial development and with annual information for 24 regions of the country in period 2001 - 2008, a panel data model is estimated with per capita GDP growth like dependent variable and the loans provided by various types of microfinance institutions, the loans of the commercial banks and other variables that affect the economic growth like explanatory variables. The found evidence suggests that the microfinancial expansion has a positive impact in the growth of the economic activity of the regions unlike which it happens with the expansion of the banking intermediation. A comparative static exercise show that if the loans of CMAC, CRAC and specialized banks get to rich 10% of the GDP in each region, the rate of growth of the GDP per capita would rise in at least 4 percentage points. In the regions with greater poverty increase is more impressive and significant.

Suggested Citation

  • Guivanna Aguilar, 2011. "Microcrédito Y Crecimiento Regional En El Perú," Documentos de Trabajo / Working Papers 2011-317, Departamento de Economía - Pontificia Universidad Católica del Perú.
  • Handle: RePEc:pcp:pucwps:wp00317
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    File URL: http://files.pucp.edu.pe/departamento/economia/DDD317.pdf
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    References listed on IDEAS

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    1. Romer, Paul M, 1986. "Increasing Returns and Long-run Growth," Journal of Political Economy, University of Chicago Press, vol. 94(5), pages 1002-1037, October.
    2. Greenwood, Jeremy & Jovanovic, Boyan, 1990. "Financial Development, Growth, and the Distribution of Income," Journal of Political Economy, University of Chicago Press, vol. 98(5), pages 1076-1107, October.
    3. Kleibergen, Frank & Paap, Richard, 2006. "Generalized reduced rank tests using the singular value decomposition," Journal of Econometrics, Elsevier, vol. 133(1), pages 97-126, July.
    4. Romer, Paul M, 1990. "Endogenous Technological Change," Journal of Political Economy, University of Chicago Press, vol. 98(5), pages 71-102, October.
    5. Beck, Thorsten & Demirguc-Kunt, Asli & Laeven, Luc & Maksimovic, Vojislav, 2006. "The determinants of financing obstacles," Journal of International Money and Finance, Elsevier, vol. 25(6), pages 932-952, October.
    6. Luigi Guiso & Paola Sapienza & Luigi Zingales, 2004. "Does Local Financial Development Matter?," The Quarterly Journal of Economics, Oxford University Press, vol. 119(3), pages 929-969.
    7. Manuel Arellano & Stephen Bond, 1991. "Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations," Review of Economic Studies, Oxford University Press, vol. 58(2), pages 277-297.
    8. Ross Levine, 2008. "Finance And The Poor," Manchester School, University of Manchester, vol. 76(s1), pages 1-13, September.
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    Cited by:

    1. Veronica Baz & Maria Cristina Capelo & Rodrigo Centeno & Ricardo Estrada, 2010. "Productive Development Policies in Latin America and the Caribbean: The Case of Mexico," Research Department Publications 4693, Inter-American Development Bank, Research Department.

    More about this item

    Keywords

    Microfinanzas; intermediarios financieros; cajas municipales; cajas rurales; crecimiento regional.;

    JEL classification:

    • C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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