El papel del desarrollo financiero como fuente del crecimiento económico
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...
- Autores:
-
Hernández-Mota, José Luis
- Tipo de recurso:
- Article of journal
- Fecha de publicación:
- 2015
- Institución:
- Universidad Católica de Colombia
- Repositorio:
- RIUCaC - Repositorio U. Católica
- Idioma:
- spa
- OAI Identifier:
- oai:repository.ucatolica.edu.co:10983/17491
- Acceso en línea:
- https://hdl.handle.net/10983/17491
- Palabra clave:
- CRECIMIENTO ECONÓMICO
SISTEMA FINANCIERO
ACUMULACIÓN DE CAPITAL
AHORRO
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- openAccess
- License
- Derechos Reservados - Universidad Católica de Colombia, 2015
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El papel del desarrollo financiero como fuente del crecimiento económico |
| title |
El papel del desarrollo financiero como fuente del crecimiento económico |
| spellingShingle |
El papel del desarrollo financiero como fuente del crecimiento económico CRECIMIENTO ECONÓMICO SISTEMA FINANCIERO ACUMULACIÓN DE CAPITAL AHORRO |
| title_short |
El papel del desarrollo financiero como fuente del crecimiento económico |
| title_full |
El papel del desarrollo financiero como fuente del crecimiento económico |
| title_fullStr |
El papel del desarrollo financiero como fuente del crecimiento económico |
| title_full_unstemmed |
El papel del desarrollo financiero como fuente del crecimiento económico |
| title_sort |
El papel del desarrollo financiero como fuente del crecimiento económico |
| dc.creator.fl_str_mv |
Hernández-Mota, José Luis |
| dc.contributor.author.spa.fl_str_mv |
Hernández-Mota, José Luis |
| dc.subject.proposal.spa.fl_str_mv |
CRECIMIENTO ECONÓMICO SISTEMA FINANCIERO ACUMULACIÓN DE CAPITAL AHORRO |
| topic |
CRECIMIENTO ECONÓMICO SISTEMA FINANCIERO ACUMULACIÓN DE CAPITAL AHORRO |
| description |
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. |
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2018-09-12T20:32:36Z |
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Hernández-Mota, J. (2015). El papel del desarrollo financiero como fuente de crecimiento económico. Revista Finanzas y Política Económica, 7 (2), 235-256. Obtenido de https://editorial.ucatolica.edu.co/ojsucatolica/revistas_ucatolica/index.php/RFYPE/article/view/158/198 |
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2248-6046 |
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Hernández-Mota, J. (2015). El papel del desarrollo financiero como fuente de crecimiento económico. Revista Finanzas y Política Económica, 7 (2), 235-256. Obtenido de https://editorial.ucatolica.edu.co/ojsucatolica/revistas_ucatolica/index.php/RFYPE/article/view/158/198 2248-6046 |
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spa |
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Revista Finanzas y Política Económica, Vol. 7, no. 2 (jul. – dic. 2015) p.235 -256. http://dx.doi.org/10.14718/revfinanzpohtecon.2015.7.2.2 |
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Agénor, P.-R. y Montiel, P. J. (2000). La macroeconomía del desarrollo. México: Fondo de Cultura Económica. Arestis, P. y Demetriades, P. (1999). Financial liberalization: the experience of developing countries. Eastern Economic Journal, 25(4), 441-457. Barro, R. J. (1997). Myopia and inconsistency in the neoclassical growth model. National Bureau of Economic Research, Working Paper 6317 Barro, R. J. y Sala-i-Martin, X. (2009). Crecimiento económico. Barcelona: Reverte. Beck, T., Levine, R. y Loayza, N. (2000). Finance and the sources of growth. Journal of Financial Economics, 58(1-2), 261-300. Bencivenga, V. R. y Smith, B. D. (1991). Financial intermediation and endogenous growth. Review of Economics Studies, 58(2), 195-209 De Gregorio, J. y Guidotti, P. E. (1995). Financial development and economic growth. World Development, 23(3), 433-448 Delli Gati, D., Gallegati, M. y Minsky, H. P. (1994, agosto). Financial institutions, economic policy, and the dynamic behavior of the economy Eichengreen, B. (2010). Lessons of the crisis for emerging markets. International Economics and Economic Policy, 7(1), 49-62. Fisher, S. (1999). On the need an international lender of last resort. Fry, M. J. (1982). Models of financially repressed developing economics. World Development, 10(9), 731-750. Furman, J. y Stiglitz, J. (1998). Economic crises: evidence and insights from East Asia. Brookings Papers on Economic Activity, 2, 1-135. Goldsmith, R. W. (1969). Financial structure and development. New Haven: Yale University Press. Havranek, T., Horvath, R. y Valickova, P. (2013). Financial development and economic growth: a metaanalysis. Working Papers 2103/05, Czech National Bank, Research Department. Jones, L. E. y Manuelli, R. E. (1997). The sources of growth. Journal of Economic Dynamics and Control, 21(1), 75-114. Kindleberger, C. y Aliber, R. Z. (2012). Manías, pánicos y cracs: historia de las crisis financieras. Madrid: Ariel y Planeta. 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. Levine, R. (1997). Financial development and economic growth: views and agenda. Journal of Economic Literature, 35(2), 688-726. Levine, R. (1998, junio). Banks, markets, and structure: implications and determinants. Levine, R., Loayza, N. y Beck, T. (2000). Financial intermediation and growth: causality and causes. Journal of Monetary Economics, 46(1), 31-77. Levine, R. (2002). Bank-based or market-based financial systems: which is better? Journal of Financial Intermediation, 11(4), 717-737. Levine, R. (2005). Finance and growth: theory, mechanism and evidence. En S. N. Durlauf (Ed.), Handbook of economic growth (pp. 865-923). Ámsterdam: Elsevier Luintel, K. B., Khan, M., Arestis, P. y Theodoridis, K. (2008). Financial structure and economic growth. Journal of Development Economics, 86(1), 181-200. 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. McKinnon, R. I. (1973). Money and capital in economic development. Washington: Brookings Institution. Michalopoulos, S., Laeven, L. y Levine, R. (2009). Financial innovation and endogenous growth. NBER Working Paper Series, Working Paper 15356. Mill, J. S. (1997). Ensayos sobre algunas cuestiones disputadas en economía política. Madrid: Alianza. Nurske, R. (1953). Problems of capital formation in under-developed countries. Óxford: Oxford University Press. Pagano, M. (1993). Financial markets and growth: an overview. European Economic Review, 27(2-3), 613-622. Patinkin, D. y Levhari, D. (1968). The role of money in a simple growth model. The American Economic Review, 58(4), 713-753. Rajan, R. G. y Zingales, L. (1998). Financial dependence and growth. The American Economic Review, 88(3), 559-586. Rebelo, S. (1991). Long-Run Policy Analysis and Long-Run Growth. Journal of Political Economy, 99(3), 500-521. Roubini, N. y Sala-i-Martin, X. (1991). Financial development, the trade regime, and economic growth. National Bureau of Economic Research, Working Paper 3876 Shaw, E. S. (1973). Financial deepening in economic development. Óxford: Oxford University Press. 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. Solow, R. (1956). A contribution to the theory of economic growth. The Quarterly Journal of Economics, 70(1), 65-94. 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. Swan, T. W. (1956). Economic growth and capital accumulation. Economic Record, 32(2), 334-361. Trew, A. (2006). Finance and growth: a critical survey. Economic Record, 82(259), 481-490. Ueda, K. (2006). Bank as coordinators of economic growth. IMF Working Paper 06 (204). 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. |
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Hernández-Mota, José Luis8f1e9fa4-bd83-40bd-ae28-8159f773b02b-12018-09-12T20:32:36Z2018-09-12T20:32:36Z2015-07There 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.Recentemente, surgiu o debate sobre o papel do sistema financeiro no crescimento econômico; contudo, a maior parte da literatura dedica-se a medir o impacto do primeiro sobre o segundo por meio de relações econométricas. Por isso, o presente trabalho contribui para a literatura ao retomar a análise do modelo canônico de crescimento econômico, no qual se introduz a variável financeira como fator que pode provocar uma influência permanente sobre a taxa de crescimento econômico mediante seu grau de complementariedade com a acumulação de capital e a produtividade, e não unicamente com um fator explicativo dela. Assim, manifesta-se a importância dos efeitos reais que o desenvolvimento do sistema financeiro provoca nos fatores do crescimento econômico; isso a partir de um referencial macroeconômico aplicável tanto para as economias desenvolvidas quanto para as que estão em viaRecientemente ha resurgido el debate por el papel del sistema financiero en el crecimiento económico; sin embargo, en la mayor parte de la literatura se tiene como finalidad medir el impacto del primero sobre el segundo, a través de relaciones econométricas. Por ello, el presente trabajo contribuye a la literatura retomando el análisis del modelo canónico de crecimiento económico, donde se introduce la variable financiera como factor que puede provocar una influencia permanente sobre la tasa de crecimiento económico por medio de su grado de complementariedad con la acumulación de capital y la productividad, y no únicamente como un factor explicativo de ella. Así, se manifiesta la importancia de los efectos reales que provoca el desarrollo del sistema financiero en los factores del crecimiento económico; ello, desde un marco macroeconómico aplicable tanto para las economías desarrolladas como para las emergentes.application/pdfHernández-Mota, J. (2015). El papel del desarrollo financiero como fuente de crecimiento económico. Revista Finanzas y Política Económica, 7 (2), 235-256. Obtenido de https://editorial.ucatolica.edu.co/ojsucatolica/revistas_ucatolica/index.php/RFYPE/article/view/158/1982248-6046https://hdl.handle.net/10983/17491spaUniversidad Católica de Colombia. Facultad de Ciencias Económicas y AdministrativasRevista Finanzas y Política Económica, Vol. 7, no. 2 (jul. – dic. 2015) p.235 -256. http://dx.doi.org/10.14718/revfinanzpohtecon.2015.7.2.2Agénor, P.-R. y Montiel, P. J. (2000). La macroeconomía del desarrollo. México: Fondo de Cultura Económica.Arestis, P. y Demetriades, P. (1999). Financial liberalization: the experience of developing countries. Eastern Economic Journal, 25(4), 441-457.Barro, R. J. (1997). Myopia and inconsistency in the neoclassical growth model. National Bureau of Economic Research, Working Paper 6317Barro, R. J. y Sala-i-Martin, X. (2009). Crecimiento económico. Barcelona: Reverte.Beck, T., Levine, R. y Loayza, N. (2000). Finance and the sources of growth. Journal of Financial Economics, 58(1-2), 261-300.Bencivenga, V. R. y Smith, B. D. (1991). Financial intermediation and endogenous growth. Review of Economics Studies, 58(2), 195-209De Gregorio, J. y Guidotti, P. E. (1995). Financial development and economic growth. World Development, 23(3), 433-448Delli Gati, D., Gallegati, M. y Minsky, H. P. (1994, agosto). Financial institutions, economic policy, and the dynamic behavior of the economyEichengreen, B. (2010). Lessons of the crisis for emerging markets. International Economics and Economic Policy, 7(1), 49-62.Fisher, S. (1999). On the need an international lender of last resort.Fry, M. J. (1982). Models of financially repressed developing economics. World Development, 10(9), 731-750.Furman, J. y Stiglitz, J. (1998). Economic crises: evidence and insights from East Asia. Brookings Papers on Economic Activity, 2, 1-135.Goldsmith, R. W. (1969). Financial structure and development. New Haven: Yale University Press.Havranek, T., Horvath, R. y Valickova, P. (2013). Financial development and economic growth: a metaanalysis. Working Papers 2103/05, Czech National Bank, Research Department.Jones, L. E. y Manuelli, R. E. (1997). The sources of growth. Journal of Economic Dynamics and Control, 21(1), 75-114.Kindleberger, C. y Aliber, R. Z. (2012). Manías, pánicos y cracs: historia de las crisis financieras. Madrid: Ariel y Planeta.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.Levine, R. (1997). Financial development and economic growth: views and agenda. Journal of Economic Literature, 35(2), 688-726.Levine, R. (1998, junio). Banks, markets, and structure: implications and determinants.Levine, R., Loayza, N. y Beck, T. (2000). Financial intermediation and growth: causality and causes. Journal of Monetary Economics, 46(1), 31-77.Levine, R. (2002). Bank-based or market-based financial systems: which is better? Journal of Financial Intermediation, 11(4), 717-737.Levine, R. (2005). Finance and growth: theory, mechanism and evidence. En S. N. Durlauf (Ed.), Handbook of economic growth (pp. 865-923). Ámsterdam: ElsevierLuintel, K. B., Khan, M., Arestis, P. y Theodoridis, K. (2008). Financial structure and economic growth. Journal of Development Economics, 86(1), 181-200.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.McKinnon, R. I. (1973). Money and capital in economic development. Washington: Brookings Institution.Michalopoulos, S., Laeven, L. y Levine, R. (2009). Financial innovation and endogenous growth. NBER Working Paper Series, Working Paper 15356.Mill, J. S. (1997). Ensayos sobre algunas cuestiones disputadas en economía política. Madrid: Alianza.Nurske, R. (1953). Problems of capital formation in under-developed countries. Óxford: Oxford University Press.Pagano, M. (1993). Financial markets and growth: an overview. European Economic Review, 27(2-3), 613-622.Patinkin, D. y Levhari, D. (1968). The role of money in a simple growth model. The American Economic Review, 58(4), 713-753.Rajan, R. G. y Zingales, L. (1998). Financial dependence and growth. The American Economic Review, 88(3), 559-586.Rebelo, S. (1991). Long-Run Policy Analysis and Long-Run Growth. Journal of Political Economy, 99(3), 500-521.Roubini, N. y Sala-i-Martin, X. (1991). Financial development, the trade regime, and economic growth. National Bureau of Economic Research, Working Paper 3876Shaw, E. S. (1973). Financial deepening in economic development. Óxford: Oxford University Press.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.Solow, R. (1956). A contribution to the theory of economic growth. The Quarterly Journal of Economics, 70(1), 65-94.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.Swan, T. W. (1956). Economic growth and capital accumulation. Economic Record, 32(2), 334-361.Trew, A. (2006). Finance and growth: a critical survey. Economic Record, 82(259), 481-490.Ueda, K. (2006). Bank as coordinators of economic growth. IMF Working Paper 06 (204).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.Derechos Reservados - Universidad Católica de Colombia, 2015info:eu-repo/semantics/openAccessAtribución-NoComercial-SinDerivadas 4.0 Internacional (CC BY-NC-ND 4.0)https://creativecommons.org/licenses/by-nc-nd/4.0/http://purl.org/coar/access_right/c_abf2https://editorial.ucatolica.edu.co/ojsucatolica/revistas_ucatolica/index.php/RFYPE/article/view/158/198CRECIMIENTO ECONÓMICOSISTEMA FINANCIEROACUMULACIÓN DE CAPITALAHORROEl papel del desarrollo financiero como fuente del crecimiento económicoArtículo de revistahttp://purl.org/coar/resource_type/c_6501http://purl.org/coar/resource_type/c_2df8fbb1Textinfo:eu-repo/semantics/articlehttp://purl.org/redcol/resource_type/ARTinfo:eu-repo/semantics/publishedVersionhttp://purl.org/coar/version/c_970fb48d4fbd8a85PublicationORIGINAL1El papel del desarrollo financiero como fuente del crecimiento economico.pdf1El papel del desarrollo financiero como fuente del crecimiento economico.pdfapplication/pdf1258783https://repository.ucatolica.edu.co/bitstreams/db14a051-45a6-4d43-824f-956e3ecd2b67/download76016eefd5d2d47e14d5c3a9fb796a90MD51THUMBNAIL1El papel del desarrollo financiero como fuente del crecimiento economico.pdf.jpg1El papel del desarrollo financiero como fuente del crecimiento economico.pdf.jpgRIUCACimage/jpeg22433https://repository.ucatolica.edu.co/bitstreams/0d9c5736-186a-4dc1-948c-cc879b37d891/download53b60d3658d81e5ef59c832371e8aaa9MD52TEXT1El papel del desarrollo financiero como fuente del crecimiento economico.pdf.txt1El papel del desarrollo financiero como fuente del crecimiento economico.pdf.txtExtracted texttext/plain90303https://repository.ucatolica.edu.co/bitstreams/c80f6aeb-43a3-4900-b3fc-b402f2a17a05/download75795fe164f77e4d66131629db77a2ddMD5310983/17491oai:repository.ucatolica.edu.co:10983/174912023-03-24 17:20:42.806https://creativecommons.org/licenses/by-nc-nd/4.0/Derechos Reservados - Universidad Católica de Colombia, 2015https://repository.ucatolica.edu.coRepositorio Institucional Universidad Católica de Colombia - RIUCaCbdigital@metabiblioteca.com |