Mexico’s Finance-Growth Nexus with Trade Openness, FDI and Portfolio Investment: Evidence from VECM Cointegration Analysis

This study investigates Mexico’s finance-growth nexus by controlling the “globalization” variables of trade openness, foreign direct investment (FDI) and portfolio investment together with the structural break dummy. Financial development is proxied by two indicators of size and efficiency. Implemen...

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Autores:
Fukuda, Takashi
Tipo de recurso:
Fecha de publicación:
2020
Institución:
Universidad EAFIT
Repositorio:
Repositorio EAFIT
Idioma:
eng
OAI Identifier:
oai:repository.eafit.edu.co:10784/16096
Acceso en línea:
http://hdl.handle.net/10784/16096
Palabra clave:
E44
F40
O54
Finance-growth nexus
Globalization
VECM
Cointegration
Mexico
Nexo del crecimiento financiero
Globalización
VECM
Cointegración
México
Rights
License
Copyright © 2019 Takashi Fukuda
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spelling 2020-02-282020-04-29T18:36:17Z2020-02-282020-04-29T18:36:17Z1657-4206http://hdl.handle.net/10784/1609610.17230/ecos.2019.49.2This study investigates Mexico’s finance-growth nexus by controlling the “globalization” variables of trade openness, foreign direct investment (FDI) and portfolio investment together with the structural break dummy. Financial development is proxied by two indicators of size and efficiency. Implementing the cointegration and Granger causality tests in the framework of the vector error correction model (VECM), we found that: financial size is negative for economic growth with no feedback; financial efficiency and economic growth are in a negative bilateral relationship; trade openness and portfolio investment are positive for economic growth; and FDI is negative for economic growth and financial efficiency.Este estudio analiza el nexo del crecimiento financiero de México al controlar las variables de la "globalización" de la apertura comercial, la inversión extranjera directa (IED) y la inversión de cartera junto con la variable ficticia de ruptura estructural. El desarrollo financiero es medido a través de dos indicadores: tamaño y eficiencia. Al implementar las pruebas de cointegración y de causalidad de Granger en el marco del modelo de corrección de errores vectoriales (VECM), encontramos que: el tamaño financiero es negativo para el crecimiento económico sin retroalimentación, la eficiencia financiera y el crecimiento económico tienen una relación bilateral negativa, la apertura comercial y la inversión de cartera son positivas para el crecimiento económico, y la IED es negativa para el crecimiento económico y la eficiencia financiera.application/pdfengUniversidad EAFIThttp://publicaciones.eafit.edu.co/index.php/ecos-economia/article/view/6268http://publicaciones.eafit.edu.co/index.php/ecos-economia/article/view/6268Copyright © 2019 Takashi FukudaAcceso abiertohttp://purl.org/coar/access_right/c_abf2Ecos de Economía; Vol 23, No 49E44F40O54Finance-growth nexusGlobalizationVECMCointegrationMexicoNexo del crecimiento financieroGlobalizaciónVECMCointegraciónMéxicoMexico’s Finance-Growth Nexus with Trade Openness, FDI and Portfolio Investment: Evidence from VECM Cointegration AnalysisEl nexo del crecimiento financiero de México con la apertura comercial, la IED y la inversión de cartera: Evidencias del análisis de cointegración del modelo de corrección de errores vectoriales (VECM)articleinfo:eu-repo/semantics/articlepublishedVersioninfo:eu-repo/semantics/publishedVersionArtículohttp://purl.org/coar/version/c_970fb48d4fbd8a85http://purl.org/coar/resource_type/c_6501http://purl.org/coar/resource_type/c_2df8fbb1Fukuda, TakashiIndependent researcherEcos de Economía23492944THUMBNAILminaitura-ecos_Mesa de trabajo 1.jpgminaitura-ecos_Mesa de trabajo 1.jpgimage/jpeg251248https://repository.eafit.edu.co/bitstreams/8f6b198f-d042-41ab-8cee-b0f31b1b4ce5/download9b15d674b076c1793a0bc25cebb1bcefMD51ORIGINALdocument - 2020-05-07T132017.329.pdfdocument - 2020-05-07T132017.329.pdfTexto completo PDFapplication/pdf250857https://repository.eafit.edu.co/bitstreams/62fee070-e00b-4c8e-a069-a06f6f7a5ea9/downloaddc90eb1afb56390ac889f60882d8eff5MD52articulo.htmlarticulo.htmlTexto completo HTMLtext/html377https://repository.eafit.edu.co/bitstreams/19880c56-bb32-4a21-9014-2663556d150c/download723d670a2fe01b6cbbc5479e58c7bf4dMD5310784/16096oai:repository.eafit.edu.co:10784/160962020-08-24 11:26:31.746open.accesshttps://repository.eafit.edu.coRepositorio Institucional Universidad EAFITrepositorio@eafit.edu.co
dc.title.eng.fl_str_mv Mexico’s Finance-Growth Nexus with Trade Openness, FDI and Portfolio Investment: Evidence from VECM Cointegration Analysis
dc.title.spa.fl_str_mv El nexo del crecimiento financiero de México con la apertura comercial, la IED y la inversión de cartera: Evidencias del análisis de cointegración del modelo de corrección de errores vectoriales (VECM)
title Mexico’s Finance-Growth Nexus with Trade Openness, FDI and Portfolio Investment: Evidence from VECM Cointegration Analysis
spellingShingle Mexico’s Finance-Growth Nexus with Trade Openness, FDI and Portfolio Investment: Evidence from VECM Cointegration Analysis
E44
F40
O54
Finance-growth nexus
Globalization
VECM
Cointegration
Mexico
Nexo del crecimiento financiero
Globalización
VECM
Cointegración
México
title_short Mexico’s Finance-Growth Nexus with Trade Openness, FDI and Portfolio Investment: Evidence from VECM Cointegration Analysis
title_full Mexico’s Finance-Growth Nexus with Trade Openness, FDI and Portfolio Investment: Evidence from VECM Cointegration Analysis
title_fullStr Mexico’s Finance-Growth Nexus with Trade Openness, FDI and Portfolio Investment: Evidence from VECM Cointegration Analysis
title_full_unstemmed Mexico’s Finance-Growth Nexus with Trade Openness, FDI and Portfolio Investment: Evidence from VECM Cointegration Analysis
title_sort Mexico’s Finance-Growth Nexus with Trade Openness, FDI and Portfolio Investment: Evidence from VECM Cointegration Analysis
dc.creator.fl_str_mv Fukuda, Takashi
dc.contributor.author.spa.fl_str_mv Fukuda, Takashi
dc.contributor.affiliation.spa.fl_str_mv Independent researcher
dc.subject.none.fl_str_mv E44
F40
O54
topic E44
F40
O54
Finance-growth nexus
Globalization
VECM
Cointegration
Mexico
Nexo del crecimiento financiero
Globalización
VECM
Cointegración
México
dc.subject.keyword.eng.fl_str_mv Finance-growth nexus
Globalization
VECM
Cointegration
Mexico
dc.subject.keyword.spa.fl_str_mv Nexo del crecimiento financiero
Globalización
VECM
Cointegración
México
description This study investigates Mexico’s finance-growth nexus by controlling the “globalization” variables of trade openness, foreign direct investment (FDI) and portfolio investment together with the structural break dummy. Financial development is proxied by two indicators of size and efficiency. Implementing the cointegration and Granger causality tests in the framework of the vector error correction model (VECM), we found that: financial size is negative for economic growth with no feedback; financial efficiency and economic growth are in a negative bilateral relationship; trade openness and portfolio investment are positive for economic growth; and FDI is negative for economic growth and financial efficiency.
publishDate 2020
dc.date.available.none.fl_str_mv 2020-04-29T18:36:17Z
dc.date.issued.none.fl_str_mv 2020-02-28
dc.date.accessioned.none.fl_str_mv 2020-04-29T18:36:17Z
dc.date.none.fl_str_mv 2020-02-28
dc.type.eng.fl_str_mv article
info:eu-repo/semantics/article
publishedVersion
info:eu-repo/semantics/publishedVersion
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dc.type.local.spa.fl_str_mv Artículo
status_str publishedVersion
dc.identifier.issn.none.fl_str_mv 1657-4206
dc.identifier.uri.none.fl_str_mv http://hdl.handle.net/10784/16096
dc.identifier.doi.none.fl_str_mv 10.17230/ecos.2019.49.2
identifier_str_mv 1657-4206
10.17230/ecos.2019.49.2
url http://hdl.handle.net/10784/16096
dc.language.iso.none.fl_str_mv eng
language eng
dc.relation.isversionof.none.fl_str_mv http://publicaciones.eafit.edu.co/index.php/ecos-economia/article/view/6268
dc.relation.uri.none.fl_str_mv http://publicaciones.eafit.edu.co/index.php/ecos-economia/article/view/6268
dc.rights.eng.fl_str_mv Copyright © 2019 Takashi Fukuda
dc.rights.coar.fl_str_mv http://purl.org/coar/access_right/c_abf2
dc.rights.local.spa.fl_str_mv Acceso abierto
rights_invalid_str_mv Copyright © 2019 Takashi Fukuda
Acceso abierto
http://purl.org/coar/access_right/c_abf2
dc.format.none.fl_str_mv application/pdf
dc.publisher.spa.fl_str_mv Universidad EAFIT
dc.source.spa.fl_str_mv Ecos de Economía; Vol 23, No 49
institution Universidad EAFIT
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