Le Luxembourg est le 3ème exportateur mondial de services financiers. Il figure parmi les pays qui accueillent le plus d’investissements directs en provenance de l’étranger, ce qui indique l’intensité de ses liens avec l’économie mondiale. Le but de ce travail est d’analyser l’influence éventuelle d’une économie mondiale caractérisée par l’interdépendance des marchés réels et financiers sur l’économie Luxembourgeoise. Chapitre 1 présente une analyse des interactions de l’économie Luxembourgeoise avec le monde extérieur. Le chapitre suivant est consacré à la revue de la littérature portant sur la modélisation de l’intermédiation financière au niveau macroéconomique, couvrant plusieurs types d’approches de modélisations. Enfin, le troisième chapitre comporte un modèle macroéconométrique multi-pays construit et analysé afin de simuler les scénarios plausibles. Le modèle y est présenté avec ses fondements théoriques, les résultats des simulations et une comparaison avec d’autres modèles. La nouveauté du modèle réside dans sa prise en compte du commerce international désagrégé en services financiers et autres, et des investissements internationaux en portefeuille avec leurs flux de titres et de capitaux, ainsi que de leur impact sur la croissance économique. Les résultats des simulations montrent que ce cadre d’analyse donne parfois des résultats différents par rapport aux modèles standards. Nombre de scénarios qui ne peuvent être simulés par d’autres modèles, tels que la baisse des flux internationaux d’investissements de portefeuille, sont également analysés et confirment la forte vulnérabilité du Luxembourg aux chocs externes qui ont lieu sur les marchés financiers. / Luxembourg is world’s third financial services exporter and one of world’s top recipients of foreign direct investment in value as well as per capita terms, which highlight its strong linkages with world economy. The objective of this dissertation is to analyze possible outcomes for the very small and very open economy of Luxembourg in a world environment, where real and financial markets affect each other. To better understand the characteristics of the economy and economic mechanisms behind them, a thorough analysis with emphasis put on the interactions with the outside world based on available data and relevant literature is presented (Chapter 1). Subsequently a survey of literature devoted to modeling financial intermediation at macroeconomic level across various types of modeling approaches is offered (Chapter 2). Finally, a multi-country macroeconometric model built to simulate possible scenarios is presented and analyzed (Chapter 3) with its theoretical background, simulations’ results and comparison with other models. The model is novel in that it accounts for international trade disaggregated into financial services and the rest, and international portfolio investment in securities and equity flows, that have a significant impact on the country’s economic growth. Simulations’ results show that such a framework generates sometimes markedly different results than more standard models. A number of scenarios which cannot be simulated in other models, such as American stock market fall or a decrease in international portfolio flows, are also analyzed and confirm the high vulnerability of Luxembourg economy to external shocks originating in financial markets.

Submitted by Renata Lopes (renatasil82@gmail.com) on 2015-12-08T10:15:14Z No. of bitstreams: 1 erikaburkowski.pdf: 2341345 bytes, checksum: 7283bd13c0d58afa344b806685e77f7f (MD5) / Approved for entry into archive by Adriana Oliveira (adriana.oliveira@ufjf.edu.br) on 2015-12-09T13:34:03Z (GMT) No. of bitstreams: 1 erikaburkowski.pdf: 2341345 bytes, checksum: 7283bd13c0d58afa344b806685e77f7f (MD5) / Made available in DSpace on 2015-12-09T13:34:03Z (GMT). No. of bitstreams: 1 erikaburkowski.pdf: 2341345 bytes, checksum: 7283bd13c0d58afa344b806685e77f7f (MD5) Previous issue date: 2015-04-01 / O objetivo desta pesquisa é verificar os fatores que influenciam a demanda das firmas brasileiras (restritas e irrestritas) por financiamento, e quais os efeitos de choques no setor de intermediação financeira sobre o produto e sobre essa demanda no Brasil. Buscou-se na metodologia Insumo-Produto, e em suas recentes abordagens, elementos que contribuíssem para o entendimento das restrições de oferta na decisão de estrutura de capital das empresas brasileiras. Foram construídas Matrizes de Contabilidade Social e Financeiras, as quais evidenciam a variação de ativos e passivos dos agentes econômicos, e por meio delas, foram extraídos multiplicadores do produto, que representam o efeito de choques exógenos sobre a produção brasileira. O impacto de choques no setor de intermediação financeira sobre o produto dos demais setores de atividade econômica foi denominado: Multiplicador Financeiro Setorial (MFS), por permitir visualizar o impacto de restrições dos fluxos financeiros no nível do setor. O impacto de restrições financeiras no nível da firma foi analisado com o modelo de Almeida e Campello (2010), destacando que a demanda por recursos externos é menos sensível ao fluxo de caixa em firmas mais propensas a sofrer restrições financeiras, o que implica na aceitação de que as decisões de investimento e financiamento são endógenas, ao menos para a firmas restritas, ressalvando as proposições tradicionais da teoria de estrutura de capital, como Dynamic Trade-off (DTO) e Pecking Order Theory (POT), bem como a necessidade de tratamento especial na modelagem econométrica. O modelo de Flannery e Rangan (2006), estimado pelo Método das Variáveis Instrumentais, de forma a considerar a restrição financeira, revela a importância de diversos fatores determinantes do endividamento além do fluxo de caixa, como tamanho, tangibilidade, risco, elementos relacionados a janelas de oportunidades, o custo da dívida e o efeito negativo do MFS, que o destaca como indicador da sensibilidade setorial. Estimando o modelo de Shyam-Sunders e Myers (1999), pelo Método dos Momentos Generalizados, também de forma a considerar a presença de restrição, observou-se que a POT é adequada para explicar a decisão de estrutura de capital somente das empresas irrestritas. / The goal of this research is to analyze the factors influencing the demand of Brazilian firms (restricted and unrestricted) for funding, and what the effects of shocks in the financial intermediation sector on the product and this demand in Brazil. Sought in the input-output methodology, and its recent approaches, elements that contribute to the understanding of supply constraints in the decision of capital structure of Brazilian companies. Were built a Financial and Social Accounting Matrix, which show the variation of assets and liabilities of economic agents, and through them, were extracted product multipliers, representing the effect of exogenous shocks on the Brazilian production. The impact of shocks in the financial intermediation sector about the product from other economic sectors was called: Financial Sector Multiplier (MFS), it allows to visualize the impact of restrictions on financial flows at the sector level. The impact of financial constraints at the firm level was analyzed in accordance with Almeida and Campello (2010). The demand for external funds is less sensitive to cash flow in firms more likely to suffer financial constraints. It implies acceptance that investment and financing decisions are endogenous, at least for constrained firms, safeguarding the traditional beliefs of the capital structure theory, as Dynamic Trade-off (DTO) and Pecking Order Theory (POT) as well as the need for treatment in econometric modeling. In order to consider the financial constraint, the Flannery and Rangan (2006) model was estimated by Instrumental Variables Method. It reveals the importance of various determinants of capital structure beyond the cash flow, such as size, leverage, risk elements related to market timing, the cost of debt and the negative effect of MFS, which stands as an indicator of sectorial sensitivity. Also to take into account the presence of restriction, we estimate the Shyam-Sunders and Myers (1999) model with the Generalized Method of Moments, it was observed that the POT is adequate to explain only the unconstrained firms capital structure decision.

La intermediación financiera ha aumentado a lo largo del tiempo en el Perú, los principales factores que pueden explicar este incremento son el acceso al sistema financiero, los ingresos percibidos y el nivel educativo y educación financiera. Sin embargo, una de las variables que no se suele tomar en consideración es la percepción de confianza, la cual es la que se estudia en este trabajo, y se busca hallar la influencia en la relación de la demanda por servicios financieros. Beczuck (2005) considera que las características y percepciones de la población influyen de manera positiva en el mejoramiento de la intermediación financiera. Por lo que resulta relevante el poder realizar estudios por el lado de la demanda para poder entender el comportamiento de la población frente a los servicios financieros ofertados. Mediante la la Encuesta Nacional de Capacidades Financieras 2019, se realiza una estimación del modelo de elección binaria debido a la característica de naturaleza dicotómica de la variable dependiente, donde se estima si una persona elige una cuenta de ahorro, depósitos a plazo y fondos mutuos o algún tipo de crédito en el sistema financiero. Los resultados muestran que la confianza tiene una relación positiva en la demanda por servicios financieros, lo que involucraría el tener en cuenta una mejor construcción y consideración de esta variable para políticas económicas. / Financial intermediation has increased over time in Peru, and the main factors that may explain this increase are access to the financial system, perceived income and the level of education and financial literacy. However, one of the variables that is not usually taken into consideration is the perception of trust, which is the one studied in this paper, and the aim is to find its influence on the relationship between the demand for financial services. Beczuck (2005) considers that the characteristics and perceptions of the population have a positive influence on the improvement of financial intermediation. Therefore, it is important to carry out studies on the demand side in order to understand the behavior of the population with respect to the financial services offered. Through the National Survey of Financial Capabilities 2019, an estimation of the binary choice model is made due to the dichotomous nature of the dependent variable, where it is estimated whether a person chooses a savings account, time deposits and mutual funds or some type of credit in the financial system. The results show that trust has a positive relationship with the demand for financial services, which would involve taking into account a better construction and consideration of this variable for economic policies. / Trabajo de investigación

[pt] Empréstimos P2P conecta tomadores de crédito a investidores por meio de plataformas online, eliminando a necessidade de um banco comercial como intermediário. Ao assumirem o risco de inadimplência dos tomadores, os investidores dependem do processo de cobrança de dívida. Esse estudo investiga se leis estaduais de cobrança de dívida afetam a capacidade dos cobradores de recuperar dívidas liquidadas. Resultados mostram que regulações maís rígidas estão associadas a taxas de recuperação menores, o que por sua vez leva a expansão de crédito para tomadores mais seguros. / [en] P2P Lending connects borrowers and lenders via an online platform, cutting out traditional banking intermediation. By bearing the risk of borrowers defaulting on their loans, investors rely on the debt collection process. This paper investigates whether state debt collection laws affect the ability of debt collectors to recover charged-off debts. Results show that stricter regulation are linked with lower recovery rates, which in turn leads to extension of credit to safer borrowers.

The objective of this thesis is to provide new insights into determinants of firm access to finance, and the role of the European Central Bank's (ECB) monetary policy. Not only do we describe and analyze the determinants of access to finance, but we focus on the theory of financial intermediation, as well. The key part analyses European Commission (EC)/ECB survey data for 16 euro area economies from 11 survey waves in the period from 2009 to 2014. We build our model using traditional firm-level variables such as firm size and age as well as a novel measure of the ECB's monetary policy stance - the shadow rate. We hypothesize that smaller and younger firms with decreased profitability over the past 6 months and increased leverage over the same period are more likely to report problems with access to finance. Our results are intuitively consistent with theoretical expectations and also show that the looser the monetary policy of the ECB is, the lower the composite financing gap indicator. Interestingly, we do not confirm the existence of risk taking channel of the monetary policy. Overall, we make use of the most recent survey data, extend the dataset, and use modified methodology for our estimation.

This thesis consists of four self-contained empirical essays. In the first essays "Markets for Risk and Openness to Trade: How are They Related?" (with Helena Svaleryd), we ask if there is an empirical relationship between financial development and openness to trade. Numerous theoretical papers have noted that trade policies can be used as an insurance against shocks from international markets. It follows that the development of markets for risk should reduce the incentives to rely on trade policy for insurance purposes. Feeney and Hillman (2001) explicitly demonstrate how asset-market incompleteness can affect trade policy in a model where trade policy is determined by the lobbying of interest groups. If risk can be fully diversified, special-interest groups have no incentive to lobby for protection, and free trade will prevail. Likewise, trade liberalization might increase the demand for financial services, thereby spurring the development of financial markets. Using several indicators of both openness to trade and financial development, we find an economically significant relation between the two. In particular, the relation holds when using the well known, although criticized (Rodriguez and Rodrik 1999), Sachs-Warner index, and structurally adjusted trade, as indicators of openness. For tariff levels and non-tariff barriers, the results hold only for relatively rich countries. Causality seems to be running both from openness to financial development and the other way around, depending on which indicator and methodology are used. Due to underlying technological differences, industries differ in their need for external financing (Rajan and Zingales, 1998). Since services provided by the financial sector are largely immobile across countries (Pagano et al., 2001), the pattern of specialization should be influenced by the degree of financial development. In the second essay, "Financial Markets, the Pattern of Specialization, and Comparative Advantage: Evidence from OECD Countries" (with Helena Svaleryd), we find this effect to be strong. In fact, the financial sector has an even greater impact on the pattern of specialization among OECD countries than differences in human- and physical capital. Further, the financial sector gives rise to comparative advantage in a way consistent with the Hecksher-Ohlin-Vanek model. Large and active stock markets, as well as the degree of concentration in the banking sector, produce the strongest and most consistent effects. The results also support the view that the quality accounting standards and the legal protection of creditors affect the pattern of industry specialization, while the depth of the financial system (measured by the amount of liquidity in an economy) is a source of comparative advantage. The third essay, "Who Wants Political Integration? Evidence from the Swedish EU-Membership Referendum" looks directly at the determinants of political attitudes towards regional integration and separation. More precisely, the regional voting pattern of the 1994 Swedish EU-membership referendum is analyzed. To explain this variation, an empirical investigation based on the extensive theoretical literature analyzing the determinants of regional economic and political integration is undertaken. Since enhanced possibilities of inter-regional risk sharing is one of the main gains from integration discussed in the literature (e.g Persson and Tabellini, 1996), special attention is given to this issue. The empirical results show that individuals living in labor markets exposed to a high degree of risk were more negative towards EU-membership than those living in safe ones. It is also shown that inhabitants of high-income labor markets, with a high level of schooling and small receipts of central government transfers were relatively positive towards the EU-membership. Given the restrictive regulations limiting discretionary policies within the EU, these results suggest that inhabitants of safe and rich regions voted in favor of secession from the Swedish transfer system, rather than in favor of European integration. In the final essay, "Does Labor Market Risk Increase the Size of the Public Sector? Evidence From Swedish Municipalities", I study if a high degree of private labor-market risk is related to a larger public sector in Swedish municipalities. The theoretical hypothesis is based on Rodrik (1998), who argues (and shows empirically) that countries exposed to a high degree of external risk also tend to have larger governments. The safe public sector is expanded at the expense of risky sectors and hence provides insurance against income volatility. Several problems related to data availability and comparability that apply to cross-country studies are circumvented by using data on Swedish municipalities. Further, there is no need to aggregate the public sector across different levels of governance: local risk is directly related to the size of the local public sector. The paper is not a complete parallel to Rodrik’s study, however. Several alternative insurance mechanisms that do not exist between countries are available between municipalities. For example, the central government provides insurance against individual-specific risk such as unemployment and illness, private capital markets are better integrated within than between countries, and the central government can hand out grants to municipalities. Despite these mitigating factors, local labor-market risk is found to have a substantial impact on municipal public employment. It is also found that shocks increasing the size of the public sector across all municipalities tend to generate a larger increase in risky locations. For municipal public spending and taxation the results are, however, much weaker. Hence, labor-market risk affects the labor intensity of the municipal public sector, rather than its size. / <p>Diss. Stockholm : Handelshögskolan, 2002</p>

This study examines the development of monetary theory and various policy frameworks as implemented at the time of writing. The aim of the study was to determine the effect of monetary policy on disintermediation and re–intermediation throughout the periods of the various monetary policy frameworks in South Africa, specifically between 1970 and 2010. In order to achieve the research objective given above, a review was firstly conducted of the literature on monetary theory and policy. This literature review gave attention to the various methods of evaluating the extent of disintermediation, elaborating on the various factors that influence the disintermediation process. The literature suggests that the occurrence of disintermediation can be determined by comparing income velocity data to real interest rate data. The second step in achieving the research objective was to examine the South African income velocity data in comparison to the South African real interest rate data over the period 1970 to 2010. The study found that disintermediation arises from the application of semi–direct or direct monetary controls, which in turn creates abnormal interest rate gaps. Despite the different monetary frameworks adopted in South Africa from 1970 to 2010, a uniform response can be noted. It is observed that whenever real interest rates trough, income velocity in turn peaks, indicating disintermediation. The opposite is true for a high real interest rate environment; income velocity declines, indicating re–intermediation, as returns are sought for in the banking sector. It is also observed that monetary policy implementation proves difficult owing to its forward–looking nature. Complications arise out of the elasticity of transmission mechanisms, the lag effect thereof and models that are backward looking based on historical data. In short, the study found that care should be taken by monetary authorities not to over–act in either direction, whether monetary tightening or easing. / Thesis (M.Com. (Economics))--North-West University, Potchefstroom Campus, 2011.

This study examines the development of monetary theory and various policy frameworks as implemented at the time of writing. The aim of the study was to determine the effect of monetary policy on disintermediation and re–intermediation throughout the periods of the various monetary policy frameworks in South Africa, specifically between 1970 and 2010. In order to achieve the research objective given above, a review was firstly conducted of the literature on monetary theory and policy. This literature review gave attention to the various methods of evaluating the extent of disintermediation, elaborating on the various factors that influence the disintermediation process. The literature suggests that the occurrence of disintermediation can be determined by comparing income velocity data to real interest rate data. The second step in achieving the research objective was to examine the South African income velocity data in comparison to the South African real interest rate data over the period 1970 to 2010. The study found that disintermediation arises from the application of semi–direct or direct monetary controls, which in turn creates abnormal interest rate gaps. Despite the different monetary frameworks adopted in South Africa from 1970 to 2010, a uniform response can be noted. It is observed that whenever real interest rates trough, income velocity in turn peaks, indicating disintermediation. The opposite is true for a high real interest rate environment; income velocity declines, indicating re–intermediation, as returns are sought for in the banking sector. It is also observed that monetary policy implementation proves difficult owing to its forward–looking nature. Complications arise out of the elasticity of transmission mechanisms, the lag effect thereof and models that are backward looking based on historical data. In short, the study found that care should be taken by monetary authorities not to over–act in either direction, whether monetary tightening or easing. / Thesis (M.Com. (Economics))--North-West University, Potchefstroom Campus, 2011.

自2003年臺灣發行第一件資產證券化商品以來，整體證券化市場發展快速，在可預見的未來，臺灣資產證券化將迅速普及。不過，就一般而言，間接金融與直接金融間似有替代關係，亦即資產證券化可能產生金融逆中介現象。因此，本文的研究目的即在於探討資產證券化對臺灣銀行業放款之影響為何。 　　本文以2001年第4季至2004年第4季臺灣銀行業將其資產予以證券化的不平衡追蹤資料，搭配固定效果模型的估計，實證研究發現，從臺灣短暫的資產證券化經驗來看，資產證券化的增加確實會造成銀行放款量的相對減少（放款餘額占資產之比率下降），即臺灣實施資產證券化後，產生金融逆中介現象。長期而言，直接金融（含資產證券化）的增加將造成銀行放款成長率趨緩，以及銀行放款餘額占資產之比率下降，但此並不意味資產證券化的普及，將造成銀行總放款量減少，而降低銀行體系金融中介的功能。 　　另外，透過固定效果模型，發現其他因素對銀行放款之影響如下：（1）銀行逾期放款比率雖與放款呈負向關係，但並不顯著。意即銀行在逾期放款比率增減時，並不會特別調整放款餘額占資產之比率。（2）銀行淨值與放款之關係亦不顯著。表示銀行淨值增加時，放款可能只會與其他資產同步增加，而不會因此特別擴大其占資產之比率。（3）房價指數的係數為顯著正值。顯示擔保品價值愈高時，銀行愈願意辦理放款。（4）其他直接金融存量（扣除資產證券化）的係數為顯著負值。顯示直接金融與間接金融存在明顯替代關係。（5）國內生產毛額與銀行放款之關係不顯著。表示國內生產毛額增加時，銀行放款可能只會與銀行其他資產同步增加，而不會因此特別擴大其占資產之比率。 　　在控制其他解釋變數後，計算各樣本銀行的特質效果（即放款餘額占資產之比率），發現除了放款餘額占資產之比率較高者，逐漸降低該比率外，其餘銀行並無特定趨勢。因此，似可推論出銀行放款餘額占資產比率的高低，與銀行本身之經營策略有關，致使該比率在不同銀行間有不同水準。 / The entire securitization market has been evolving rapidly since the first asset securitization product was issued in Taiwan in 2003. In the foreseeable future, asset securitization in Taiwan will become prevalent. However, there seems to be a substitution relationship between direct finance and indirect finance; that is, financial disintermediation may emerge as a result of asset securitization. Therefore, this paper aims to discuss the effects of asset securitization on bank loans in Taiwan. Based on the unbalanced panel data of the asset securitization of banks in Taiwan from Q4 2001 to Q4 2004 along with the estimates from the fixed-effects model, it is found in this study that, judging from Taiwan’s brief experience in asset securitization, an increase in asset securitization does indeed bring about a relative decline in the amount of loans (a decreased ratio of loan balance in assets). In other words, financial disintermediation has arisen with asset securitization in Taiwan. From a long-term perspective, increment of direct finance (including asset securitization) will lead to retarded growth in bank loans as well as a lower ratio of loan balance in assets. This, however, may not necessarily imply that the popularization of asset securitization would result in a decrease in the amount of bank loans or weaken the financial intermediation function of the banking system. In addition, effects of other factors on bank loans found via the fixed-effect model are as follows: (1) Non-performing loan (NPL) ratio and bank loans have an inverse relationship, albeit insignificant. This means that banks do not usually adjust the ratio of loan balance in assets in accordance with their NPL ratios. (2) The relationship between the net worth of banks and the amount of loans is insignificant as well. This indicates that the amount of loans would only rise with other assets as the net worth of banks increases; the ratio of loan balance in assets will not be specifically elevated. (3) The coefficient of Housing Price Index is significantly positive, indicating that the higher value a collateral has, the more a bank is willing to release a loan. (4) The coefficient of other stock of the direct finance (excluding asset securitization) is significantly negative, which reveals an obvious substitution relationship between direct finance and indirect finance. (5) The relationship between gross domestic product (GDP) and bank loans is insignificant, which indicates that the amount of bank loans would only rise with other bank assets as GDP increases; the ratio of loan balance in assets will not be elevated accordingly. As other explanatory variables are under control, the results gained from computing the specific effects (the ratio of loan balance in assets) of each sample (bank) show that only those with a higher ratio of loan balance in assets are found gradually reducing the radio. Such a trend is not found in others. Consequently, it can be inferred that the ratio of loan balance in assets depends on the business strategy of the bank itself, which results in different levels of the ratios among different banks.

Submitted by Leonardo Barros (lbbpinho@hotmail.com) on 2017-09-11T21:09:17Z No. of bitstreams: 1 Ind Serv Financeiros e PIB_Reg Quantilica_vfinal.pdf: 1283647 bytes, checksum: 8ddccbe33173406c2f4c6ff48d41296a (MD5) / Approved for entry into archive by Joana Martorini (joana.martorini@fgv.br) on 2017-09-11T21:10:50Z (GMT) No. of bitstreams: 1 Ind Serv Financeiros e PIB_Reg Quantilica_vfinal.pdf: 1283647 bytes, checksum: 8ddccbe33173406c2f4c6ff48d41296a (MD5) / Made available in DSpace on 2017-09-12T16:05:45Z (GMT). No. of bitstreams: 1 Ind Serv Financeiros e PIB_Reg Quantilica_vfinal.pdf: 1283647 bytes, checksum: 8ddccbe33173406c2f4c6ff48d41296a (MD5) Previous issue date: 2017-08-09 / This paper aims to analyze theoretically and empirically the positive relationship between the development of the financial services industry and economic growth and, based on these results, reflect the importance of this industry for Brazilian economic growth. The financial services industry influences economic growth due to the functions that its agents play in the financial system, such as: a) mobilization of resources; b) allocation of resources in space and time; c) risk management; d) selection and monitoring of companies; e) production and dissemination of information. Therefore, this work also aims to contribute with a historical review of the Financial Services industry in Brazil until the present day, collaborating with the academic literature of the lines of research on this industry. To analyze the correlation reported in many economic literatures, it was decided to apply the quantile regression technique, based on data from 81 countries, which allow an analysis of the positive impact generated by the financial system development indicators and their agents in the distribution Conditional response variable (measures of economic growth). The estimates obtained allow us to conclude: there is a positive relationship between a developed financial services industry and economic growth. And our conclusion is that Brazil has a mature and growing Financial Services industry, and according to the empirical results of this study; This segment is an important contributor to Brazilian economic growth. / Este trabalho tem o objetivo de analisar teórica e empiricamente a relação positiva existente entre desenvolvimento da indústria de serviços financeiros e crescimento econômico e, a partir desses resultados, refletir a importância dessa indústria para o crescimento econômico brasileiro. A indústria de serviços financeiros influencia o crescimento econômico devido às funções que seus agentes desempenham no sistema financeiro, tais como: a) mobilização de recursos; b) alocação dos recursos no espaço e no tempo; c) administração do risco; d) seleção e monitoramento de empresas; e) produção e divulgação de informação. Por isso, esse trabalho também tem como propósito contribuir com uma revisão histórica da indústria de Serviços Financeiros no Brasil até os dias atuais, colaborando com a literatura acadêmica das linhas de pesquisa sobre essa indústria. Para analisar a correlação relatada em tantas literaturas econômicas, decidiu-se por aplicar a técnica de Regressão Quantílica, a partir de dados de 81 países, o que permitiu uma análise da influência positiva gerada pelos indicadores de desenvolvimento do sistema financeiro e seus agentes na distribuição condicional da variável resposta (medidas de crescimento econômico). As estimativas obtidas permitem concluir: há uma relação positiva entre uma indústria de serviços financeiros desenvolvida e crescimento econômico. E nossa conclusão é que o Brasil possui uma madura e crescente indústria de Serviços Financeiros, e segundo os resultados empíricos desse estudo; esse segmento é um importante contribuinte para o crescimento econômico brasileiro.