Nowadays Chile is considered one of the most development financial systems in
the region, however, to our knowledge there has been little empirical work regarding
the effect of Chilean financial development on growth. It’s true that a remarkable
amount of works have focus on the link between finances and growth, but
it’s also true that this works are at best an indicative of the relationship for Chile,
mainly because they focus on cross country regressions or on time series analysis
for develop countries. In the present work we estimate the relationship between
financial development and output over two scopes, one grounded on macroeconomic
time series analysis of cointegrated variables and the other grounded on
a dynamic panel industrial analysis, following Rajan y Zingales (1998). We conclude
that there is a positive and substantial effect of financial development on
output, but this effect is explain largely by the banking sector vis a vis the stock
market, also we find evidence that the causality between both is at least bidirectional
discarding that finance just follows growth. Our results are robust over
different methodologies and specifications.
| Identifer | oai:union.ndltd.org:UCHILE/oai:repositorio.uchile.cl:2250/108017 |
| Date | January 2010 |
| Creators | Ramírez, Sebastián, Reyes, Gonzalo |
| Contributors | Micco Aguayo, Alejandro, Facultad de Economía y Negocios, Escuela de Economía y Negocios |
| Publisher | Universidad de Chile |
| Source Sets | Universidad de Chile |
| Language | Spanish |
| Detected Language | English |
| Type | Tesis |
| Rights | Attribution-NonCommercial-NoDerivs 3.0 Chile, http://creativecommons.org/licenses/by-nc-nd/3.0/cl/ |
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