FINANCE, GROWTH, AND INSTITUTIONS IN LATIN AMERICA: WHAT ARE THE LINKS?
Using a panel of 16 countries during the 1961-2010 period, we find that financial development has a positive significant effect on economic growth in the long run for high-income countries but a negative significant effect for low-income countries. When studying the determinants of financial develop...
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| Autor principal: | |
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| Lenguaje: | English |
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Pontificia Universidad Católica de Chile. Instituto de Economía.
2013
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| Acceso en línea: | http://www.scielo.cl/scielo.php?script=sci_arttext&pid=S0719-04332013000200002 |
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| Sumario: | Using a panel of 16 countries during the 1961-2010 period, we find that financial development has a positive significant effect on economic growth in the long run for high-income countries but a negative significant effect for low-income countries. When studying the determinants of financial development, we find that higher financial openness and lower country risk are associated with greater financial development. The financial risk index has a positive significant effect on financial development, while the economic risk index has a negative significant effect. In addition, lower foreign debt and better socioeconomic conditions increase financial development. |
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