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Previous issue date: 2017-11-13 / The literature on the nexus between finance and economic growth brings several results that
support a long-term positive relationship between financial development and increases in the
output of the economy. In order to test this interaction, we estimated a panel with fixed effects
considering the 5,565 Brazilian municipalities in the period from 2003 to 2014. We verified
that the relation between the credit growth rates and the average GDP per capita of the cities
is positive and that the financial development variables generally have a positive impact on
the volatility of economic growth. In addition, we found that the relationship between human
development index and interest rate swings negatively correlates the economic growth of
cities, which leads us to believe that greater wealth, on average, is related to GDP growth.
However, we find that this effect is not so pronounced in wealthier cities, but they are more
sensitive to changes in monetary policy. / A literatura sobre o nexo entre finan??as e crescimento econ??mico traz diversos resultados que
sustentam uma rela????o positiva de longo prazo entre o desenvolvimento financeiro e
incrementos no produto da economia. Com o objetivo de testar essa intera????o estimamos um
painel com efeitos fixos considerando os 5.565 munic??pios brasileiros no per??odo de 2003 at??
2014. Verificamos que a rela????o entre as taxas de crescimento do cr??dito e do PIB per capita
m??dio das cidades ?? positiva e que as vari??veis representativas do desenvolvimento
financeiro, em geral, impactam positivamente a volatilidade do crescimento econ??mico. Al??m
disso, constatamos que a rela????o entre ??ndice de desenvolvimento humano e oscila????es na
taxa juros tem uma rela????o negativa com o crescimento econ??mico das cidades, o que nos
leva a crer que maior riqueza, na m??dia, est?? relacionada com crescimento do PIB. No
entanto, verificamos que tal efeito n??o ?? t??o pronunciado em cidades mais ricas, que, por??m,
apresentam maior sensibilidade ??s varia????es da pol??tica monet??ria.
| Identifer | oai:union.ndltd.org:IBICT/oai:bdtd.ucb.br:tede/2371 |
| Date | 13 November 2017 |
| Creators | Vicente, Tadeu Siqueira |
| Contributors | Tabak, Benjamin Miranda |
| Publisher | Universidade Cat??lica de Bras??lia, Programa Strictu Sensu em Economia de Empresas, UCB, Brasil, Escola de Gest??o e Neg??cios |
| Source Sets | IBICT Brazilian ETDs |
| Language | Portuguese |
| Detected Language | English |
| Type | info:eu-repo/semantics/publishedVersion, info:eu-repo/semantics/masterThesis |
| Format | application/pdf |
| Source | reponame:Biblioteca Digital de Teses e Dissertações da UCB, instname:Universidade Católica de Brasília, instacron:UCB |
| Rights | info:eu-repo/semantics/openAccess |
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