Repensar la profundización financiera: estabilidad y crecimiento en los mercados emergentes
En este escrito se usa una nueva medida del desarrollo financiero para mostrar que la mayoría de los mercados emergentes aún puede obtener beneficios de crecimiento y estabilidad con un mayor desarrollo financiero. Primero define el desarrollo financiero como una combinación de profundidad, acceso y...
- Autores:
-
Sahay, Ratna
Čihák, Martin
N’Diaye, Papa
Barajas, Adolfo
Bi, Ran
Ayala, Diana
Gao, Yuan
Kyobe, Annette
Nguyen, Lam
Saborowski, Christian
Svirydzenka, Katsiaryna
Reza Yousefi, Seyed
- Tipo de recurso:
- Article of journal
- Fecha de publicación:
- 2015
- Institución:
- Universidad Externado de Colombia
- Repositorio:
- Biblioteca Digital Universidad Externado de Colombia
- Idioma:
- spa
- OAI Identifier:
- oai:bdigital.uexternado.edu.co:001/12070
- Acceso en línea:
- https://bdigital.uexternado.edu.co/handle/001/12070
https://doi.org/10.18601/01245996.v17n33.04
- Palabra clave:
- desarrollo financiero
profundización financiera
inclusión financiera
mercados emergentes
crecimiento económico
la estabilidad financiera
G10
G18
G20
G28
- Rights
- openAccess
- License
- http://purl.org/coar/access_right/c_abf2
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Repensar la profundización financiera: estabilidad y crecimiento en los mercados emergentes |
| dc.title.translated.eng.fl_str_mv |
Rethinking Financial Deepening: Stability and Growth in Emerging Markets |
| title |
Repensar la profundización financiera: estabilidad y crecimiento en los mercados emergentes |
| spellingShingle |
Repensar la profundización financiera: estabilidad y crecimiento en los mercados emergentes desarrollo financiero profundización financiera inclusión financiera mercados emergentes crecimiento económico la estabilidad financiera G10 G18 G20 G28 |
| title_short |
Repensar la profundización financiera: estabilidad y crecimiento en los mercados emergentes |
| title_full |
Repensar la profundización financiera: estabilidad y crecimiento en los mercados emergentes |
| title_fullStr |
Repensar la profundización financiera: estabilidad y crecimiento en los mercados emergentes |
| title_full_unstemmed |
Repensar la profundización financiera: estabilidad y crecimiento en los mercados emergentes |
| title_sort |
Repensar la profundización financiera: estabilidad y crecimiento en los mercados emergentes |
| dc.creator.fl_str_mv |
Sahay, Ratna Čihák, Martin N’Diaye, Papa Barajas, Adolfo Bi, Ran Ayala, Diana Gao, Yuan Kyobe, Annette Nguyen, Lam Saborowski, Christian Svirydzenka, Katsiaryna Reza Yousefi, Seyed |
| dc.contributor.author.spa.fl_str_mv |
Sahay, Ratna Čihák, Martin N’Diaye, Papa Barajas, Adolfo Bi, Ran Ayala, Diana Gao, Yuan Kyobe, Annette Nguyen, Lam Saborowski, Christian Svirydzenka, Katsiaryna Reza Yousefi, Seyed |
| dc.subject.spa.fl_str_mv |
desarrollo financiero profundización financiera inclusión financiera mercados emergentes crecimiento económico la estabilidad financiera G10 G18 G20 G28 |
| topic |
desarrollo financiero profundización financiera inclusión financiera mercados emergentes crecimiento económico la estabilidad financiera G10 G18 G20 G28 |
| description |
En este escrito se usa una nueva medida del desarrollo financiero para mostrar que la mayoría de los mercados emergentes aún puede obtener beneficios de crecimiento y estabilidad con un mayor desarrollo financiero. Primero define el desarrollo financiero como una combinación de profundidad, acceso y eficiencia. Luego muestra que el crecimiento económico se debilita a mayores niveles de desarrollo financiero y que el ritmo del desarrollo financiero es importante; además propone una nueva manera de ver los “tradeoffs” de la regulación financiera. Concluye que no hay una secuencia única en el desarrollo de las instituciones y los mercados financieros, aunque se observa cuando las economías se desarrollan los beneficios relativos de las instituciones disminuyen y los de los mercados aumentan. |
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2015-12-11 |
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2346-2450 |
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108 |
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Aizenman, J.; Y. Jinjarak y D. Park. “Financial development and output growth in developing Asia and Latin America: A comparative sectoral analysis”, NBER working paper 20917, Cambridge, Mass., 2015. Angeles, L. “Credit expansion and the real economy”, Applied Economics Letters 1-9, 2015. Arcand, J.-L.; E. Berkes y U. Panizza. “Too much finance?” IMF working paper 12/161, Washington, D. C., 2012. Bagehot, W. Lombard Street, Homewood, Ill., Richard D. Irwin, 1873. Barajas, A.; R. Chami y S. R. Yousefi. “The finance and growth nexus re-examined: Do all countries benefit equally?”, IMF working paper 13/130, Washington, D. C., 2013. Beck, T.; B. Büyükkarabacak et al. “Stock markets, banks and growth:Panel evidence”, Journal of Banking and Finance 28, 3, 2004, pp.423-442. Beck, T.; B. Büyükkarabacak et al. “Who gets the credit? And does it matter? Enterprise vs. household credit across countries”, Center discussion paper, Tilburg University, Germany, 2009. Bernanke, B.; M. Gertler y S. Gilchrist. “The financial accelerator in quantitative business cycle framework”, NBER working paper 6455, Cambridge, Mass., 1999. Cecchetti, S. G. y E. Kharroubi. “Why does financial sector growth crowd out real economic growth?”, BIS working paper 490, Basilea, 2015. ?ihák, M.; A. Demirgüç-K. et al. “Benchmarking financial development around the world”, World Bank policy research working paper 6175, Washington, D. C., 2012. Dabla-N., E. y N. Srivisal. “Revisiting the link between finance and macroeconomic volatility”, IMF working paper 13/29, Washington,D. C., 2013. Dabla-N., E.; S. Guo et al. “The new normal: A sector-level perspective on growth and productivity trends in advanced economies”,IMF staff discussion note, Washington, D. C., 2015. De Gregorio, J. y P. Guidotti. “Financial development and economic growth”, World Development 23, 3, 1995, pp. 433-448. De la Torre, A.; A. Ize y S. Schmuckler. Financial Development in Latin America and the Caribbean, Washington, D. C., World Bank, 2012. Eugster, J. “Nonlinear marginal effects of finance on growth”, no publicado, IMF, Washington, D. C., 2014. Gallego, F. y N. Loayza. “Financial structure in Chile: Macroeconomic developments and microeconomic effects”, working paper 75, Banco Central de Chile, Santiago, 2000. Gennaioli, N.; A. Shleifer y R. Vishny. “Neglected risks, financial innovation, and financial fragility”, Journal of Financial Economics 104, 3, 2012, pp. 452-468. IMF. “Shadow banking around the globe: How large and how risky?”, Global Financial Stability Report, Washington, D. C., octubre de 2014a. 105 IMF. “How do changes in the investor base and financial deepening affect emerging market economies?”, Global Financial Stability Report, Washington, D. C., abril de 2014b. IMF. Toward new horizons: Arab economic transformation amid political transitions, Washington, D. C., 2014c. IMF. Review of the financial sector assessment program: Further adaptation to the post crisis era, Washington, D. C., 2014d. IMF. World Economic Outlook, Washington, D. C., octubre de 2014e. IMF, World Bank, European Bank for Reconstruction and Development,and OECD. “Local currency bond markets – A diagnostic framework”, Washington, D. C., 2013. Kamil, H. y K. Rai. “The global credit crunch and foreign banks’ lending to EMs: Why did Latin America fare better?”, working paper 10/102, IMF, Washington, D. C., 2010. Khan, M.; A. Senhadji y B. Smith. “Inflation and financial depth”, working paper 01/44, IMF, Washington, D. C., 2001. King, R. y R. Levine. “Finance and growth: Schumpeter might be right”, Quarterly Journal of Economics 108, 3, 1993, pp. 717-737. Laeven, L. y F. Valencia. “Systemic banking crises database: An update”,IMF working paper 12/163, Washington, D. C., 2012. Levine, R. “Finance and growth: Theory and evidence”, Ph. Aghion y S. Durlauf, eds., Handbook of economic growth, Nueva York, Elsevier, 2005, pp. 865-934. Levine, R.; N. Loayza y T. Beck. “Finance and the sources of growth”,Journal of Financial Economics 58, 1-2, 2000, pp. 261-300. Loayza, N. y R. Ranciere. “Financial development, financial fragility,and growth”, Journal of Money, Credit and Banking 38, 4, 2006, pp.1051-1076. McKinnon, R. Money and capital in economic development, Washington,D. C., Brookings Institution, 1973. Nili, M. y M. Rastad. “Addressing the growth failure of the oil economies: The role of financial development”, Quarterly Journal of Economics and Finance 46, 5, 2007, pp. 726-740. Philippon, T. y A. Reshef. “Wages and human capital in the U.S. finance industry: 1909-2006”, Quarterly Journal of Economics 127, 4, 2012, pp. 1551-1169. Philippon, T. y A. Reshef. “An international look at the growth of modern finance”, Journal of Economic Perspectives 27, 2, 2013, pp. 73-96. Rajan, R. “Has financial development made the world riskier?”, NBER working paper 11728, Cambridge, Mass., 2005. Robinson, J. “The generalization of the General Theory”, The rate of interest and other essays, Londres, Macmillan, 1952. Rousseau, P. y P. Wachtel. “What is happening to the impact of financial deepening on economic growth?”, Economic Inquiry 49, 1, 2011, pp. 276-288. Shaw, E. Financial deepening in economic development, Nueva York,Oxford University Press, 1973. Wolf, M. “Why dealing with the huge debt overhang is so hard”, Financial Times, 27 de enero de 2009. World Bank. Global financial development report 2014 – Financial inclusion, Washington, D. C., 2014. |
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Sahay, Ratna6888896b-807c-4ce7-9f7e-806ca6325ab3300Čihák, Martincacfd99b-e4a1-4b68-8dbe-2dec6c4d7cbaN’Diaye, Papab9abc316-88f8-475b-9c11-8bbef40a8f79Barajas, Adolfo97b537d1-d855-4420-9ffd-26a77ddf43c9Bi, Rane59572f0-6fb0-4046-91d4-8d1d758111a8300Ayala, Diana3da1d6e9-be01-4f7f-95b4-b8fb8003f853Gao, Yuan2774b6f1-99ad-455c-a0e2-dcbf3166d6d5300Kyobe, Annettee783bb0b-b839-458f-bf31-845213f35229300Nguyen, Lam78042f4d-69c5-4f4d-8ea5-3144a28ec2d3Saborowski, Christiane8b2df8c-1e13-499a-a194-1ec70860ef09300Svirydzenka, Katsiarynaa965e92e-a89e-47a6-8301-bf439285b1fd300Reza Yousefi, Seyedbd1f5c36-4624-4296-8873-68e6d54573113002015-12-11 00:00:002022-09-09T21:15:25Z2015-12-11 00:00:002022-09-09T21:15:25Z2015-12-11En este escrito se usa una nueva medida del desarrollo financiero para mostrar que la mayoría de los mercados emergentes aún puede obtener beneficios de crecimiento y estabilidad con un mayor desarrollo financiero. Primero define el desarrollo financiero como una combinación de profundidad, acceso y eficiencia. Luego muestra que el crecimiento económico se debilita a mayores niveles de desarrollo financiero y que el ritmo del desarrollo financiero es importante; además propone una nueva manera de ver los “tradeoffs” de la regulación financiera. Concluye que no hay una secuencia única en el desarrollo de las instituciones y los mercados financieros, aunque se observa cuando las economías se desarrollan los beneficios relativos de las instituciones disminuyen y los de los mercados aumentan.This paper uses a new measure of financial development to show that many benefits in terms of growth and stability can still be reaped from further financial development in most emerging markets. First, it defines financial development as a combination of depth, access and efficiency. Second, it highlights that the economic growth weakens at higher levels of financial development. Third, it indicates that the pace of financial development matters. Forth, it provides a new angle related to the tradeoffs of financial regulation. Finally, it finds that there is no “one-size-fits-all” in the sequencing of developing financial institutions versus markets, though as economies evolve the relative benefits from institutions decline and those from markets increase.application/pdftext/html10.18601/01245996.v17n33.042346-24500124-5996https://bdigital.uexternado.edu.co/handle/001/12070https://doi.org/10.18601/01245996.v17n33.04spaUniversidad Externado de Colombiahttps://revistas.uexternado.edu.co/index.php/ecoins/article/download/4306/4890https://revistas.uexternado.edu.co/index.php/ecoins/article/download/4306/5300Núm. 33 , Año 2015 : Julio-Diciembre108337317Revista de Economía InstitucionalAizenman, J.; Y. Jinjarak y D. Park. “Financial development and output growth in developing Asia and Latin America: A comparative sectoral analysis”, NBER working paper 20917, Cambridge, Mass., 2015.Angeles, L. “Credit expansion and the real economy”, Applied Economics Letters 1-9, 2015.Arcand, J.-L.; E. Berkes y U. Panizza. “Too much finance?” IMF working paper 12/161, Washington, D. C., 2012.Bagehot, W. Lombard Street, Homewood, Ill., Richard D. Irwin, 1873.Barajas, A.; R. Chami y S. R. Yousefi. “The finance and growth nexus re-examined: Do all countries benefit equally?”, IMF working paper 13/130, Washington, D. C., 2013.Beck, T.; B. Büyükkarabacak et al. “Stock markets, banks and growth:Panel evidence”, Journal of Banking and Finance 28, 3, 2004, pp.423-442.Beck, T.; B. Büyükkarabacak et al. “Who gets the credit? And does it matter? Enterprise vs. household credit across countries”, Center discussion paper, Tilburg University, Germany, 2009.Bernanke, B.; M. Gertler y S. Gilchrist. “The financial accelerator inquantitative business cycle framework”, NBER working paper 6455, Cambridge, Mass., 1999.Cecchetti, S. G. y E. Kharroubi. “Why does financial sector growth crowd out real economic growth?”, BIS working paper 490, Basilea, 2015.?ihák, M.; A. Demirgüç-K. et al. “Benchmarking financial development around the world”, World Bank policy research working paper 6175, Washington, D. C., 2012.Dabla-N., E. y N. Srivisal. “Revisiting the link between finance and macroeconomic volatility”, IMF working paper 13/29, Washington,D. C., 2013.Dabla-N., E.; S. Guo et al. “The new normal: A sector-level perspective on growth and productivity trends in advanced economies”,IMF staff discussion note, Washington, D. C., 2015.De Gregorio, J. y P. Guidotti. “Financial development and economic growth”, World Development 23, 3, 1995, pp. 433-448.De la Torre, A.; A. Ize y S. Schmuckler. Financial Development in Latin America and the Caribbean, Washington, D. C., World Bank, 2012.Eugster, J. “Nonlinear marginal effects of finance on growth”, no publicado, IMF, Washington, D. C., 2014.Gallego, F. y N. Loayza. “Financial structure in Chile: Macroeconomic developments and microeconomic effects”, working paper 75, Banco Central de Chile, Santiago, 2000.Gennaioli, N.; A. Shleifer y R. Vishny. “Neglected risks, financial innovation, and financial fragility”, Journal of Financial Economics 104, 3, 2012, pp. 452-468.IMF. “Shadow banking around the globe: How large and how risky?”, Global Financial Stability Report, Washington, D. C., octubre de 2014a. 105IMF. “How do changes in the investor base and financial deepening affect emerging market economies?”, Global Financial Stability Report, Washington, D. C., abril de 2014b.IMF. Toward new horizons: Arab economic transformation amid political transitions, Washington, D. C., 2014c.IMF. Review of the financial sector assessment program: Further adaptation to the post crisis era, Washington, D. C., 2014d.IMF. World Economic Outlook, Washington, D. C., octubre de 2014e.IMF, World Bank, European Bank for Reconstruction and Development,and OECD. “Local currency bond markets – A diagnostic framework”, Washington, D. C., 2013.Kamil, H. y K. Rai. “The global credit crunch and foreign banks’ lending to EMs: Why did Latin America fare better?”, working paper 10/102, IMF, Washington, D. C., 2010.Khan, M.; A. Senhadji y B. Smith. “Inflation and financial depth”, working paper 01/44, IMF, Washington, D. C., 2001.King, R. y R. Levine. “Finance and growth: Schumpeter might be right”, Quarterly Journal of Economics 108, 3, 1993, pp. 717-737.Laeven, L. y F. Valencia. “Systemic banking crises database: An update”,IMF working paper 12/163, Washington, D. C., 2012.Levine, R. “Finance and growth: Theory and evidence”, Ph. Aghion y S. Durlauf, eds., Handbook of economic growth, Nueva York, Elsevier, 2005, pp. 865-934.Levine, R.; N. Loayza y T. Beck. “Finance and the sources of growth”,Journal of Financial Economics 58, 1-2, 2000, pp. 261-300.Loayza, N. y R. Ranciere. “Financial development, financial fragility,and growth”, Journal of Money, Credit and Banking 38, 4, 2006, pp.1051-1076.McKinnon, R. Money and capital in economic development, Washington,D. C., Brookings Institution, 1973.Nili, M. y M. Rastad. “Addressing the growth failure of the oil economies: The role of financial development”, Quarterly Journal of Economics and Finance 46, 5, 2007, pp. 726-740.Philippon, T. y A. Reshef. “Wages and human capital in the U.S. finance industry: 1909-2006”, Quarterly Journal of Economics 127, 4, 2012, pp. 1551-1169.Philippon, T. y A. Reshef. “An international look at the growth of modern finance”, Journal of Economic Perspectives 27, 2, 2013, pp. 73-96.Rajan, R. “Has financial development made the world riskier?”, NBER working paper 11728, Cambridge, Mass., 2005.Robinson, J. “The generalization of the General Theory”, The rate of interest and other essays, Londres, Macmillan, 1952.Rousseau, P. y P. Wachtel. “What is happening to the impact of financial deepening on economic growth?”, Economic Inquiry 49, 1, 2011, pp. 276-288.Shaw, E. Financial deepening in economic development, Nueva York,Oxford University Press, 1973.Wolf, M. “Why dealing with the huge debt overhang is so hard”, Financial Times, 27 de enero de 2009.World Bank. Global financial development report 2014 – Financial inclusion, Washington, D. C., 2014.info:eu-repo/semantics/openAccesshttp://purl.org/coar/access_right/c_abf2https://creativecommons.org/licenses/by-nc-sa/4.0/https://revistas.uexternado.edu.co/index.php/ecoins/article/view/4306desarrollo financieroprofundización financierainclusión financieramercados emergentescrecimiento económicola estabilidad financieraG10G18G20G28Repensar la profundización financiera: estabilidad y crecimiento en los mercados emergentesRethinking Financial Deepening: Stability and Growth in Emerging MarketsArtículo de revistahttp://purl.org/coar/resource_type/c_6501http://purl.org/coar/resource_type/c_6501http://purl.org/coar/resource_type/c_2df8fbb1http://purl.org/coar/version/c_970fb48d4fbd8a85Textinfo:eu-repo/semantics/articleJournal articlehttp://purl.org/redcol/resource_type/ARTREFinfo:eu-repo/semantics/publishedVersionPublicationOREORE.xmltext/xml3069https://bdigital.uexternado.edu.co/bitstreams/cc9cfc04-7b91-4223-b9e8-00218d5e4836/download560e5b6be55388f2ea2babae3957feaaMD51001/12070oai:bdigital.uexternado.edu.co:001/120702023-08-14 15:04:56.285https://creativecommons.org/licenses/by-nc-sa/4.0/https://bdigital.uexternado.edu.coUniversidad Externado de Colombiametabiblioteca@metabiblioteca.org |