Desarrollo financiero y crecimiento económico en América del Norte

En este artículo se estudia la relación entre el desarrollo financiero y el crecimiento económico en la región de América del Norte. Para este propósito, se usa el modelo generalizado de factores dinámicos comunes propuesto por Forni et al. (2005) y datos anuales de Estados Unidos, Canadá y México p...

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Autores:: Anguiano-Pita, Javier Emmanuel
Ruiz-Porras, Antonio

Tipo de recurso:: Article of investigation

Fecha de publicación:: 2020

Institución:: Universidad Católica de Colombia

Repositorio:: RIUCaC - Repositorio U. Católica

Idioma:: spa

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dc.title.spa.fl_str_mv	Desarrollo financiero y crecimiento económico en América del Norte
dc.title.translated.eng.fl_str_mv	Financial development and economic growth in North America
title	Desarrollo financiero y crecimiento económico en América del Norte
spellingShingle	Desarrollo financiero y crecimiento económico en América del Norte Financial development Economic growth Generalized dynamic factor model North america Crecimiento económico Modelo generalizado de factores dinámicos Desarrollo financiero América del norte
title_short	Desarrollo financiero y crecimiento económico en América del Norte
title_full	Desarrollo financiero y crecimiento económico en América del Norte
title_fullStr	Desarrollo financiero y crecimiento económico en América del Norte
title_full_unstemmed	Desarrollo financiero y crecimiento económico en América del Norte
title_sort	Desarrollo financiero y crecimiento económico en América del Norte
dc.creator.fl_str_mv	Anguiano-Pita, Javier Emmanuel Ruiz-Porras, Antonio
dc.contributor.author.spa.fl_str_mv	Anguiano-Pita, Javier Emmanuel Ruiz-Porras, Antonio
dc.subject.eng.fl_str_mv	Financial development Economic growth Generalized dynamic factor model North america
topic	Financial development Economic growth Generalized dynamic factor model North america Crecimiento económico Modelo generalizado de factores dinámicos Desarrollo financiero América del norte
dc.subject.spa.fl_str_mv	Crecimiento económico Modelo generalizado de factores dinámicos Desarrollo financiero América del norte
description	En este artículo se estudia la relación entre el desarrollo financiero y el crecimiento económico en la región de América del Norte. Para este propósito, se usa el modelo generalizado de factores dinámicos comunes propuesto por Forni et al. (2005) y datos anuales de Estados Unidos, Canadá y México para el periodo 1980-2017. Los hallazgos sugieren que existen factores comunes entre los mercados financieros y las economías de la región, a pesar de sus asimetrías en tamaño, que las tasas de crecimiento económico son sensibles a los componentes comunes y que la relación de causalidad entre el desarrollo financiero y el crecimiento económico depende de los indicadores financieros considerados. Los hallazgos pueden ser útiles para analizar el proceso de integración en América del Norte y para proponer políticas regionales.
publishDate	2020
dc.date.accessioned.none.fl_str_mv	2020-01-01 00:00:00 2023-01-23T16:15:46Z
dc.date.available.none.fl_str_mv	2020-01-01 00:00:00 2023-01-23T16:15:46Z
dc.date.issued.none.fl_str_mv	2020-01-01
dc.type.spa.fl_str_mv	Artículo de revista
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dc.relation.references.spa.fl_str_mv	Aghion, P., Howitt, P. y Mayer-Foulkes, D. (2005). The effect of financial development on convergence: Theory and evidence. The Quarterly Journal of Economics, 120(1), 173-222. http://doi.org/10.1162/0033553053327515 Akbas, Y. E. (2015). Financial development and economic growth in emerging market: Bootstrap panel causality analysis. Theoretical & Applied Economics, 22(3),171-186. https://EconPapers.repec.org/RePEc:agr:journl:v:xxii:y:2015:i:3(604):p:171-186 Arestis, P. y Demetriades, P. (1997). Financial development and economic growth: Assessing the evidence. The Economic Journal, 107(442), 783-799. http://doi.org/10.1162/0033553053327515 Bai, J. y Ng, S. (2002). Determining the number of factors in approximate factor models. Econometrica, 70(1), 191-221. http://doi.org/10.1111/1468-0262.00273 Banerjee, A., Marcellino, M. y Osbat, C. (2004). Some cautions on the use of panel methods for integrated series of macroeconomic data. The Econometrics Journal, 7(2), 322-340. http://doi.org/10.1111/j.1368-423X.2004.00133.x Blackburn, K. y Hung, V. T. (1998). A theory of growth, financial development and trade. Economica, 65(257), 107-124. http://doi.org/10.1111/1468-0335.00116 Calderón, C. y Liu, L. (2003). The direction of causality between financial development and economic growth. Journal of Development Economics, 72(1), 321-334. http://doi.org/10.1016/S0304-3878(03)00079-8 Christopoulos, D. K. y Tsionas, E. G. (2004). Financial development and economic growth: Evidence from panel unit root and cointegration tests. Journal of Development Economics, 73(1), 55-74. http://doi.org/10.1016/j.jdeveco.2003.03.002 Cristadoro, R., Forni, M., Reichlin, L. y Veronese, G. (2005). A core inflation indicator for the Euro Area. Journal of Money, Credit and Banking, 37(3), 539-560. http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.194.7526&rep=rep1&type=pdf Demetriades, P. O. y Hussein, K. A. (1996). Does financial development cause economic growth? Time-series evidence from 16 countries. Journal of Development Economics, 51(2), 387-411. http://doi.org/10.1016/S0304-3878(96)00421-X Dorrucci, E., Meyer-Cirkel, A. y Santabárbara, D. (2009). Domestic financial development in emerging economies: Evidence and implications. ECB Occasional Paper, 102, 1-61. https://www.ecb.europa.eu/pub/pdf/scpops/ecbocp102.pdf Dumitrescu, E.-I. y Hurlin, C. (2012). Testing for granger non-causality in heterogeneous panels. Economic Modelling, 29(4), 1450-1460. http://doi.org/10.1016/j.econmod.2012.02.014 Forni, M., Giannone, D., Lippi, M. y Reichlin, L. (2009). Opening the black box: Structural factor models with large cross sections. Econometric Theory, 25(5), 1319-1347. http://doi.org/10.1017/S026646660809052X Forni, M., Hallin, M., Lippi, M. y Reichlin, L. (2000). The Generalized Dynamic-Factor Model: Identification and estimation. Review of Economics and statistics, 82(4), 540-554. http://doi.org/10.1162/003465300559037 Forni, M., Hallin, M., Lippi, M. y Reichlin, L. (2005). The Generalized Dynamic Factor Model: One-sided estimation and forecasting. Journal of the American Statistical Association, 100(471), 830-840. http://doi.org/10.1198/016214504000002050 Forni, M. y Lippi, M. (2001). The Generalized Dynamic Factor Model: Representation theory. Econometric Theory, 17(6), 1113-1141. http://doi.org/10.1017/S0266466601176048 Girón, A. (2014). El sector financiero: diez años después del tratado de libre comercio de América del norte. ¿Qué ganamos y qué perdimos? Ola Financiera, 7(19), 1-27. http://dx.doi.org/10.22201/fe.18701442e.2014.19.45611 Giuliano, P. y Ruiz-Arranz, M. (2009). Remittances, financial development, and growth. Journal of Development Economics, 90(1), 144-152. http://doi.org/10.1016/j.jdeveco.2008.10.005 Goldsmith, R. W. (1969). Financial structure and development. New Haven: Yale University Press. Greenwood, J. y Jovanovic, B. (1990). Financial development, growth, and the distribution of income. Journal of Political Economy, 98(5), 1076-1107. http://doi.org/10.1086/261720 Greenwood, J. y Smith, B. D. (1997). Financial markets in development, and the development of financial markets. Journal of Economic Dynamics and Control, 21(1), 145-181. http://doi.org/10.1016/0165-1889(95)00928-0 Hallin, M. y Liska, R. (2007). Determining the number of factors in the General Dynamic Factor Model. Journal of the American Statistical Association, 102(478), 603-617. http://doi.org/10.1198/016214506000001275 Hossain, A. y Biswas, S. (2019). Determining the ideological approach of financegrowth nexus in Bangladesh: New evidence from dynamic factor based causality approach. International Research Journal of Finance and Economics, 176, 100-115. http://www.internationalresearchjournaloffinanceandeconomics.com/ISSUES/IRJFE_176_06.pdf Jung, W. S. (1986). Financial development and economic growth: International evidence. Economic Development and Cultural Change, 34(2), 333-346. http://doi.org/10.1086/451531 Khalifa Al-Yousif, Y. (2002). Financial development and economic growth: Another look at the evidence from developing countries. Review of Financial Economics, 11(2), 131-150. http://doi.org/10.1016/S1058-3300(02)00039-3 King, R. G. y Levine, R. (1993a). Finance and growth: Schumpeter might be right. The Quarterly Journal of Economics, 108(3), 717-737. http://doi.org/10.2307/2118406 King, R. G. y Levine, R. (1993b). Finance, entrepreneurship and growth: Theory and evidence. Journal of Monetary Economics, 32(3), 513-542. http://doi.org/10.1016/0304-3932(93)90028-E Levine, R. (1997). Financial development and economic growth: Views and agenda. Journal of Economic Literature, 35(2), 688-726. Levine, R. (2005). Finance and growth: Theory and evidence. En P. Aghion y S. N. Durlauf (Eds.), Handbook of Economic Growth (vol. 1, pp. 865-934). http://faculty.haas.berkeley.edu/ross_levine/Papers/Forth_Book_Durlauf_FinNGrowth.pdf Lucas, R. E. (1988). On the mechanics of economic development. Journal of Monetary Economics, 22(1), 3-42. http://doi.org/10.1016/0304-3932(88)90168-7 Naceur, S. B. y Ghazouani, S. (2007). Stock markets, banks, and economic growth: Empirical evidence from the MENA region. Research in International Business and Finance, 21(2), 297-315. http://doi.org/10.1016/j.ribaf.2006.05.002 Pagano, M. (1993). Financial markets and growth: An overview. European Economic Review, 37(2-3), 613-622. http://doi.org/10.1016/0014-2921(93)90051-B Pan, H. y Wang, C. (2013). Financial development and economic growth: A new investigation. Journal of Economic Development, 38(1), 27-46. http://www.jed.or.kr/full-text/38-1/2.pdf Patrick, H. T. (1966). Financial development and economic growth in underdeveloped countries. Economic Development and Cultural Change, 14(2), 174-189. Pesaran, M. H. (2004). General diagnostic tests for cross section dependence in panels. IZA Discussion Papers, 1240. https://ideas.repec.org/p/iza/izadps/dp1240.html Pesaran, M. H. (2007). A simple panel unit root test in the presence of cross-section dependence. Journal of Applied Econometrics, 22(2), 265-312. http://doi.org/10.1002/jae.951 Pradhan, R. P., Arvin, M. B., Hall, J. H. y Bahmani, S. (2014). Causal nexus between economic growth, banking sector development, stock market development, andother macroeconomic variables: The case of ASEAN countries. Review of Financial Economics, 23(4), 155-173. http://doi.org/10.1016/j.rfe.2014.07.002 Robinson, J. (1952). The generalization of the general theory. En The rate of interest and other essays. Nueva York: MacMillan. Schumpeter, J. A. (1911). Theory of economic development. Oxford: Oxford University Press. Vega, T. D., Veleros, Z. S. y González, E. V. (2017). El crecimiento económico y el desarrollo financiero: evidencia para tres países de América del Norte. Economía, 42(43), 11-50. https://www.redalyc.org/jatsRepo/1956/195654622002/html/index.html White, W. R. (1994). The implications of the FTA and NAFTA for Canada and Mexico. Ottawa: Bank of Canada. Wu, J.-L., Hou, H. y Cheng, S.-Y. (2010). The dynamic impacts of financial institutions on economic growth: Evidence from the European Union. Journal of Macroeconomics, 32(3), 879-891. http://doi.org/10.1016/j.jmacro.2009.09.003
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spelling	Anguiano-Pita, Javier Emmanuel96933b79-dc71-44e0-b2f1-45af60dfa93a300Ruiz-Porras, Antonio4af784d2-6dfb-4181-80e5-273c5f0a0ba53002020-01-01 00:00:002023-01-23T16:15:46Z2020-01-01 00:00:002023-01-23T16:15:46Z2020-01-01En este artículo se estudia la relación entre el desarrollo financiero y el crecimiento económico en la región de América del Norte. Para este propósito, se usa el modelo generalizado de factores dinámicos comunes propuesto por Forni et al. (2005) y datos anuales de Estados Unidos, Canadá y México para el periodo 1980-2017. Los hallazgos sugieren que existen factores comunes entre los mercados financieros y las economías de la región, a pesar de sus asimetrías en tamaño, que las tasas de crecimiento económico son sensibles a los componentes comunes y que la relación de causalidad entre el desarrollo financiero y el crecimiento económico depende de los indicadores financieros considerados. Los hallazgos pueden ser útiles para analizar el proceso de integración en América del Norte y para proponer políticas regionales.This study examines the relationship between financial development and economic growth in the North American region. For this purpose, it uses the generalized dynamic factor model proposed by Forni et al. (2005) and annual data from the United States, Canada, and Mexico for the period 1980-2017. The findings suggest that: i) there are common factors among the financial markets and economies of the region despite their asymmetries in size; ii) economic growth rates are sensitive to common components; iii) the causal relationship between financial development and economic growth depends on the financial indicators considered. The findings can be useful to analyze the integration process in North America and to propose regional policies. application/pdftext/html10.14718/revfinanzpolitecon.v12.n1.2020.30822011-76632248-6046https://hdl.handle.net/10983/29424https://doi.org/10.14718/revfinanzpolitecon.v12.n1.2020.3082spaUniversidad Católica de Colombiahttps://revfinypolecon.ucatolica.edu.co/article/download/3082/3418https://revfinypolecon.ucatolica.edu.co/article/download/3082/3513Núm. 1 , Año 2020112Revista Finanzas y Política EconómicaAghion, P., Howitt, P. y Mayer-Foulkes, D. (2005). The effect of financial development on convergence: Theory and evidence. The Quarterly Journal of Economics, 120(1), 173-222. http://doi.org/10.1162/0033553053327515Akbas, Y. E. (2015). Financial development and economic growth in emerging market: Bootstrap panel causality analysis. Theoretical & Applied Economics, 22(3),171-186. https://EconPapers.repec.org/RePEc:agr:journl:v:xxii:y:2015:i:3(604):p:171-186Arestis, P. y Demetriades, P. (1997). Financial development and economic growth: Assessing the evidence. The Economic Journal, 107(442), 783-799. http://doi.org/10.1162/0033553053327515Bai, J. y Ng, S. (2002). Determining the number of factors in approximate factor models. Econometrica, 70(1), 191-221. http://doi.org/10.1111/1468-0262.00273Banerjee, A., Marcellino, M. y Osbat, C. (2004). Some cautions on the use of panel methods for integrated series of macroeconomic data. The Econometrics Journal, 7(2), 322-340. http://doi.org/10.1111/j.1368-423X.2004.00133.xBlackburn, K. y Hung, V. T. (1998). A theory of growth, financial development and trade. Economica, 65(257), 107-124. http://doi.org/10.1111/1468-0335.00116Calderón, C. y Liu, L. (2003). The direction of causality between financial development and economic growth. Journal of Development Economics, 72(1), 321-334. http://doi.org/10.1016/S0304-3878(03)00079-8Christopoulos, D. K. y Tsionas, E. G. (2004). Financial development and economic growth: Evidence from panel unit root and cointegration tests. Journal of Development Economics, 73(1), 55-74. http://doi.org/10.1016/j.jdeveco.2003.03.002Cristadoro, R., Forni, M., Reichlin, L. y Veronese, G. (2005). A core inflation indicator for the Euro Area. Journal of Money, Credit and Banking, 37(3), 539-560. http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.194.7526&rep=rep1&type=pdfDemetriades, P. O. y Hussein, K. A. (1996). Does financial development cause economic growth? Time-series evidence from 16 countries. Journal of Development Economics, 51(2), 387-411. http://doi.org/10.1016/S0304-3878(96)00421-XDorrucci, E., Meyer-Cirkel, A. y Santabárbara, D. (2009). Domestic financial development in emerging economies: Evidence and implications. ECB Occasional Paper, 102, 1-61. https://www.ecb.europa.eu/pub/pdf/scpops/ecbocp102.pdfDumitrescu, E.-I. y Hurlin, C. (2012). Testing for granger non-causality in heterogeneous panels. Economic Modelling, 29(4), 1450-1460. http://doi.org/10.1016/j.econmod.2012.02.014Forni, M., Giannone, D., Lippi, M. y Reichlin, L. (2009). Opening the black box: Structural factor models with large cross sections. Econometric Theory, 25(5), 1319-1347. http://doi.org/10.1017/S026646660809052XForni, M., Hallin, M., Lippi, M. y Reichlin, L. (2000). The Generalized Dynamic-Factor Model: Identification and estimation. Review of Economics and statistics, 82(4), 540-554. http://doi.org/10.1162/003465300559037Forni, M., Hallin, M., Lippi, M. y Reichlin, L. (2005). The Generalized Dynamic Factor Model: One-sided estimation and forecasting. Journal of the American Statistical Association, 100(471), 830-840. http://doi.org/10.1198/016214504000002050Forni, M. y Lippi, M. (2001). The Generalized Dynamic Factor Model: Representation theory. Econometric Theory, 17(6), 1113-1141. http://doi.org/10.1017/S0266466601176048Girón, A. (2014). El sector financiero: diez años después del tratado de libre comercio de América del norte. ¿Qué ganamos y qué perdimos? Ola Financiera, 7(19), 1-27. http://dx.doi.org/10.22201/fe.18701442e.2014.19.45611Giuliano, P. y Ruiz-Arranz, M. (2009). Remittances, financial development, and growth. Journal of Development Economics, 90(1), 144-152. http://doi.org/10.1016/j.jdeveco.2008.10.005Goldsmith, R. W. (1969). Financial structure and development. New Haven: Yale University Press.Greenwood, J. y Jovanovic, B. (1990). Financial development, growth, and the distribution of income. Journal of Political Economy, 98(5), 1076-1107. http://doi.org/10.1086/261720Greenwood, J. y Smith, B. D. (1997). Financial markets in development, and the development of financial markets. Journal of Economic Dynamics and Control, 21(1), 145-181. http://doi.org/10.1016/0165-1889(95)00928-0Hallin, M. y Liska, R. (2007). Determining the number of factors in the General Dynamic Factor Model. Journal of the American Statistical Association, 102(478), 603-617. http://doi.org/10.1198/016214506000001275Hossain, A. y Biswas, S. (2019). Determining the ideological approach of financegrowth nexus in Bangladesh: New evidence from dynamic factor based causality approach. International Research Journal of Finance and Economics, 176, 100-115. http://www.internationalresearchjournaloffinanceandeconomics.com/ISSUES/IRJFE_176_06.pdfJung, W. S. (1986). Financial development and economic growth: International evidence. Economic Development and Cultural Change, 34(2), 333-346. http://doi.org/10.1086/451531Khalifa Al-Yousif, Y. (2002). Financial development and economic growth: Another look at the evidence from developing countries. Review of Financial Economics, 11(2), 131-150. http://doi.org/10.1016/S1058-3300(02)00039-3King, R. G. y Levine, R. (1993a). Finance and growth: Schumpeter might be right. The Quarterly Journal of Economics, 108(3), 717-737. http://doi.org/10.2307/2118406King, R. G. y Levine, R. (1993b). Finance, entrepreneurship and growth: Theory and evidence. Journal of Monetary Economics, 32(3), 513-542. http://doi.org/10.1016/0304-3932(93)90028-ELevine, R. (1997). Financial development and economic growth: Views and agenda. Journal of Economic Literature, 35(2), 688-726.Levine, R. (2005). Finance and growth: Theory and evidence. En P. Aghion y S. N. Durlauf (Eds.), Handbook of Economic Growth (vol. 1, pp. 865-934). http://faculty.haas.berkeley.edu/ross_levine/Papers/Forth_Book_Durlauf_FinNGrowth.pdfLucas, R. E. (1988). On the mechanics of economic development. Journal of Monetary Economics, 22(1), 3-42. http://doi.org/10.1016/0304-3932(88)90168-7Naceur, S. B. y Ghazouani, S. (2007). Stock markets, banks, and economic growth: Empirical evidence from the MENA region. Research in International Business and Finance, 21(2), 297-315. http://doi.org/10.1016/j.ribaf.2006.05.002Pagano, M. (1993). Financial markets and growth: An overview. European Economic Review, 37(2-3), 613-622. http://doi.org/10.1016/0014-2921(93)90051-BPan, H. y Wang, C. (2013). Financial development and economic growth: A new investigation. Journal of Economic Development, 38(1), 27-46. http://www.jed.or.kr/full-text/38-1/2.pdfPatrick, H. T. (1966). Financial development and economic growth in underdeveloped countries. Economic Development and Cultural Change, 14(2), 174-189.Pesaran, M. H. (2004). General diagnostic tests for cross section dependence in panels. IZA Discussion Papers, 1240. https://ideas.repec.org/p/iza/izadps/dp1240.htmlPesaran, M. H. (2007). A simple panel unit root test in the presence of cross-section dependence. Journal of Applied Econometrics, 22(2), 265-312. http://doi.org/10.1002/jae.951Pradhan, R. P., Arvin, M. B., Hall, J. H. y Bahmani, S. (2014). Causal nexus between economic growth, banking sector development, stock market development, andother macroeconomic variables: The case of ASEAN countries. Review of Financial Economics, 23(4), 155-173. http://doi.org/10.1016/j.rfe.2014.07.002Robinson, J. (1952). The generalization of the general theory. En The rate of interest and other essays. Nueva York: MacMillan.Schumpeter, J. A. (1911). Theory of economic development. Oxford: Oxford University Press.Vega, T. D., Veleros, Z. S. y González, E. V. (2017). El crecimiento económico y el desarrollo financiero: evidencia para tres países de América del Norte. Economía, 42(43), 11-50. https://www.redalyc.org/jatsRepo/1956/195654622002/html/index.htmlWhite, W. R. (1994). The implications of the FTA and NAFTA for Canada and Mexico. Ottawa: Bank of Canada.Wu, J.-L., Hou, H. y Cheng, S.-Y. (2010). The dynamic impacts of financial institutions on economic growth: Evidence from the European Union. Journal of Macroeconomics, 32(3), 879-891. http://doi.org/10.1016/j.jmacro.2009.09.003info:eu-repo/semantics/openAccesshttp://purl.org/coar/access_right/c_abf2https://creativecommons.org/licenses/by-nc-sa/4.0/https://revfinypolecon.ucatolica.edu.co/article/view/3082Financial developmentEconomic growthGeneralized dynamic factor modelNorth americaCrecimiento económicoModelo generalizado de factores dinámicosDesarrollo financieroAmérica del norteDesarrollo financiero y crecimiento económico en América del NorteFinancial development and economic growth in North AmericaArtículo de revistahttp://purl.org/coar/resource_type/c_2df8fbb1http://purl.org/coar/version/c_970fb48d4fbd8a85Textinfo:eu-repo/semantics/articleJournal articlehttp://purl.org/redcol/resource_type/ARTinfo:eu-repo/semantics/publishedVersionPublicationOREORE.xmltext/xml2585https://repository.ucatolica.edu.co/bitstreams/5a489db5-00fe-49e4-93f6-900cae505d0c/downloada16cec965e3d4373524fac5af8ea6f1bMD5110983/29424oai:repository.ucatolica.edu.co:10983/294242023-03-24 15:26:02.535https://creativecommons.org/licenses/by-nc-sa/4.0/https://repository.ucatolica.edu.coRepositorio Institucional Universidad Católica de Colombia - RIUCaCbdigital@metabiblioteca.com

Desarrollo financiero y crecimiento económico en América del Norte

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