Finance and Growth in Brazil

Alexandre Barros ()

No 47, Working Papers from Datamétrica Consultoria Econômica

Abstract: This paper uses the fact that there are different accesses to financial markets in Brazilian counties to test the hypothesis that finance development has a positive impact on GDP growth, through some cross section regressions with data for them. The advantage of such tests with respect to those relying on cross country regressions is that there are not institutional differences that are strongly correlated with finance development proxies. Therefore, the tests forwarded are able to better disentangle the impact of finance development from institutional effects. The results confirm the hypothesis that finance development boosts economic growth, although it is not possible to identify if this effect is only temporary, while the economy is in a transitional dynamics or if its impact is on the equilibrium growth rate.

Keywords: Economic growth; finance development; growth regressions; finance and growth. (search for similar items in EconPapers)
JEL-codes: O30 O41 (search for similar items in EconPapers)
Pages: 33 pages
Date: 2009, Revised 2009
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

Published in Anais do X Encontro Brasileiro de Finanças.

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