The spatial structure of the financial development in Brazil

Marco Crocco (), Fabiana Santos and Pedro Vasconcelos Amaral ()
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Fabiana Santos: Cedeplar-UFMG

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Abstract: This paper explores the financial development in Brazil. It focuses on the impacts of the development level of a municipality’s financial system over its neighborhood, under the light of the Central Place Theory. Using a GMM estimator for a spatial panel model with an endogenous spatial lag and spatial moving average errors we investigate the spatial structure of the financial system in Brazil. The results point to a negative spatial association between the Brazilian municipalities’ financial system, in the way that a municipality with more developed financial system tends to be surrounded by municipalities with less developed financial systems.

Keywords: financial development; spatial structure; bank strategy; Brazil (search for similar items in EconPapers)
JEL-codes: O16 R12 G21 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-ban, nep-dev, nep-geo and nep-ure
Date: 2009-09
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