How to Cite
Hernández MotaJ. L. (2015). The role of financial development as a source of economic growth. Revista Finanzas Y Política Económica, 7(2), 235-256. Retrieved from https://editorial.ucatolica.edu.co/index.php/RFYPE/article/view/158

Abstract

There has been a recent resurgence of the debate concerning the role of the financial system in economic growth. However, the goal in most of the literature seems to be to measure the impact of the former on the latter, using econometric relations. The present paper contributes to the literature by resuming the analysis of the canonic model of economic growth, whereby a financial variable is introduced as a factor that could permanently influence the rate of economic growth. This is considered by its degree of complementarity with capital accumulation and productivity, and not only as a factor that explains it. Through a macroeconomic framework, applicable for both developed and emerging economies, the above sheds light on the importance of the real effects of the development of the financial system on factors relating to economic growth.

Licence

Copyright (c) 2015 Revista Finanzas y Política Económica

This journal is licensed by a Creative Commons Attribution License (CC BY-NC-SA 4.0) Attribution-Non Commercial 4.0 International. For the CC licenses, the principle isthe creative freedom. This system complements the copyright without opposing it, conscious of its importance in our culture. The content of the articles is the responsibility of each author, and does not compromise in any way, to the magazine or the university. It allows the transmission and reproduction of titles, abstracts and full content, with academic, scientific, cultural ends, provided acknowledgment of the respective source. This work cannot be used for commercial purposes. 

Licencia de Creative Commons

References

1. Agénor, P.-R. y Montiel, P. J. (2000). La macroeconomía del desarrollo. México: Fondo de Cultura Económica.

2. Arestis, P. y Demetriades, P. (1999). Financial liberalization: the experience of developing countries. Eastern Economic Journal, 25(4), 441-457.

3. Barro, R. J. (1997). Myopia and inconsistency in the neoclassical growth model. National Bureau of Economic Research, Working Paper 6317.

4. Barro, R. J. y Sala-i-Martin, X. (2009). Crecimiento económico. Barcelona: Reverte.

5. Beck, T., Levine, R. y Loayza, N. (2000). Finance and the sources of growth. Journal of Financial Economics, 58(1-2), 261-300.

6. Bencivenga, V. R. y Smith, B. D. (1991). Financial intermediation and endogenous growth. Review of Economics Studies, 58(2), 195-209.

7. De Gregorio, J. y Guidotti, P. E. (1995). Financial development and economic growth. World Development, 23(3), 433-448.

8. Delli Gati, D., Gallegati, M. y Minsky, H. P. (1994, agosto). Financial institutions, economic policy, and the dynamic behavior of the economy. Recuperado de https://ideas.repec.org/p/lev/wrkpap/wp_126.html

9. Eichengreen, B. (2010). Lessons of the crisis for emerging markets. International Economics and Economic Policy, 7(1), 49-62.

10. Fisher, S. (1999). On the need an international lender of last resort. Recuperado de https://ideas.repec.org/a/aea/jecper/v13y1999i4p85-104.html

11. Fry, M. J. (1982). Models of financially repressed developing economics. World Development, 10(9), 731-750.

12. Furman, J. y Stiglitz, J. (1998). Economic crises: evidence and insights from East Asia. Brookings Papers on Economic Activity, 2, 1-135.

13. Goldsmith, R. W. (1969). Financial structure and development. New Haven: Yale University Press.

14. Havranek, T., Horvath, R. y Valickova, P. (2013). Financial development and economic growth: a metaanalysis. Working Papers 2103/05, Czech National Bank, Research Department.

15. Jones, L. E. y Manuelli, R. E. (1997). The sources of growth. Journal of Economic Dynamics and Control, 21(1), 75-114.

16. Kindleberger, C. y Aliber, R. Z. (2012). Manías, pánicos y cracs: historia de las crisis financieras. Madrid: Ariel y Planeta.

17. La Porta, R., Lopez-de-Silanes, F., Shleifer, A. y Vishny, R. W. (1998). Law and finance. Journal of Political Economy, 106(6), 1133-1155.

18. Levine, R. (1997). Financial development and economic growth: views and agenda. Journal of Economic Literature, 35(2), 688-726.

19. Levine, R. (1998, junio). Banks, markets, and structure: implications and determinants. Recuperado de http://faculty.haas.berkeley.edu/ross_levine/papers/1999_book_burki_banks%20mkt%20structure.pdf

20. Levine, R., Loayza, N. y Beck, T. (2000). Financial intermediation and growth: causality and causes. Journal of Monetary Economics, 46(1), 31-77.

21. Levine, R. (2002). Bank-based or market-based financial systems: which is better? Journal of Financial Intermediation, 11(4), 717-737.

22. Levine, R. (2005). Finance and growth: theory, mechanism and evidence. En S. N. Durlauf (Ed.), Handbook of economic growth (pp. 865-923). Ámsterdam: Elsevier.

23. Luintel, K. B., Khan, M., Arestis, P. y Theodoridis, K. (2008). Financial structure and economic growth. Journal of Development Economics, 86(1), 181-200.

24. Mankiw, N. G., Romer, D. y Weil, D. N. (1992). A contribution to the empirics of economic growth. The Quarterly Journal of Economics, 107(2), 407-438.

25. McKinnon, R. I. (1973). Money and capital in economic development. Washington: Brookings Institution.

26. Michalopoulos, S., Laeven, L. y Levine, R. (2009). Financial innovation and endogenous growth. NBER Working Paper Series, Working Paper 15356.

27. Mill, J. S. (1997). Ensayos sobre algunas cuestiones disputadas en economía política. Madrid: Alianza.

28. Nurske, R. (1953). Problems of capital formation in under-developed countries. âxford: Oxford University Press.

29. Pagano, M. (1993). Financial markets and growth: an overview. European Economic Review, 27(2-3), 613-622.

30. Patinkin, D. y Levhari, D. (1968). The role of money in a simple growth model. The American Economic Review, 58(4), 713-753.

31. Rajan, R. G. y Zingales, L. (1998). Financial dependence and growth. The American Economic Review, 88(3), 559-586.

32. Rebelo, S. (1991). Long-Run Policy Analysis and Long-Run Growth. Journal of Political Economy, 99(3), 500-521.

33. Roubini, N. y Sala-i-Martin, X. (1991). Financial development, the trade regime, and economic growth. National Bureau of Economic Research, Working Paper 3876.

34. Shaw, E. S. (1973). Financial deepening in economic development. âxford: Oxford University Press.

35. Shumpeter, J. A. (1963). Teoría del desenvolvimiento económico; una investigación sobre ganancias, capital, crédito, interés y ciclo económico (3.ª ed.). México: Fondo de Cultura Económica.

36. Solow, R. (1956). A contribution to the theory of economic growth. The Quarterly Journal of Economics, 70(1), 65-94.

37. Stiglitz, J. E. (1994). The role of the state in financial markets. En M. Bruno y B. Pleskovic (Eds.), Proceedings of the World Bank Annual Conference on Development Economics (pp. 19-52). Washington: Banco Mundial.

38. Swan, T. W. (1956). Economic growth and capital accumulation. Economic Record, 32(2), 334-361.

39. Trew, A. (2006). Finance and growth: a critical survey. Economic Record, 82(259), 481-490.

40. Ueda, K. (2006). Bank as coordinators of economic growth. IMF Working Paper 06 (204).

41. Yonezawa, Y. y Azeez, A. A. (2010). Finance systems and economic performance: a cross country analysis. Global Economy and Finance Journal, 3(2), 107-121.
Sistema OJS 3 - Metabiblioteca |