Investment and the banking system: a Kaleckian approach for regions in Brazil

Anderson Cavalcante

Regional Studies, 2018, vol. 52, issue 12, 1658-1671

Abstract: This paper analyzes the effects of the regional distribution of the banking system on investment rates in Brazil. The investigation relies on a perspective whereby the role of external funds in inducing firms’ investment is determined by the disparate regional distribution of the banking system. Empirical results from a panel-data multilevel model indicate that the regional concentration and centralization of the banking system are relevant for firms’ investment choices. More importantly, the fitness of the multilevel model indicates the need to consider that investment rates vary according to a regional hierarchical banking structure (centre versus periphery).

Date: 2018
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DOI: 10.1080/00343404.2018.1441528

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