Cómo citar
Anguiano-Pita J. E., & Ruiz-Porras A. (2020). Desarrollo financiero y crecimiento económico en América del norte. Revista Finanzas y Política Económica, 12(1). https://doi.org/10.14718/rf&pe.v12i1.3082

Resumen

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.

Licencia

Derechos de autor 2020 Javier Emmanuel Anguiano-Pita

Creative Commons License
Esta obra está bajo licencia internacional Creative Commons Reconocimiento-NoComercial 4.0.

Citas

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 finance-growth 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, and other 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

Descargas

La descarga de datos todavía no está disponible.
Sistema OJS 3 - Metabiblioteca |