TY - JOUR
T1 - Finanzas y crecimiento en México: ¿Quién aporta más, la banca o la bolsa?
AU - Méndez-Heras, Lizethe
AU - Venegas-Martínez, Francisco
AU - Solís-Rosales, Ricardo
N1 - Publisher Copyright:
© 2022 Universidad de Antioquia. All rights reserved.
PY - 2022/1
Y1 - 2022/1
N2 - This paper studies the relationship between the financial structure and the economic growth of Mexico during 1980-2014. The literature identifies two types of financial structure: bank-based and stock-market-based. In the first, commercial banking positively impacts economic activity, while in the second, the stock market influences the performance of the economy. A third view considers that all financial activity (banks, stock market and other financial institutions) influences growth. These hypotheses are assessed by using a VEC model. The empirical findings suggest that, considering the liquidity of the financial system, stock market activity predominates throughout the study period; but when we take the size of the financial system, banking activity prevails. We also show that increasing financial system liquidity had a positive effect on economic growth, although increasing the size of the financial system decreased the GDP per capita over the period 1980-2014. Moreover, the short-term dynamic analysis reveals that if the financial structure became more marketed-oriented, the effect on economic growth would be positive.
AB - This paper studies the relationship between the financial structure and the economic growth of Mexico during 1980-2014. The literature identifies two types of financial structure: bank-based and stock-market-based. In the first, commercial banking positively impacts economic activity, while in the second, the stock market influences the performance of the economy. A third view considers that all financial activity (banks, stock market and other financial institutions) influences growth. These hypotheses are assessed by using a VEC model. The empirical findings suggest that, considering the liquidity of the financial system, stock market activity predominates throughout the study period; but when we take the size of the financial system, banking activity prevails. We also show that increasing financial system liquidity had a positive effect on economic growth, although increasing the size of the financial system decreased the GDP per capita over the period 1980-2014. Moreover, the short-term dynamic analysis reveals that if the financial structure became more marketed-oriented, the effect on economic growth would be positive.
KW - banking sector
KW - economic growth
KW - financial structure
KW - stock market
UR - http://www.scopus.com/inward/record.url?scp=85126316955&partnerID=8YFLogxK
U2 - 10.17533/udea.le.n96a344224
DO - 10.17533/udea.le.n96a344224
M3 - Artículo
AN - SCOPUS:85126316955
SN - 0120-2596
SP - 238
EP - 278
JO - Lecturas de Economia
JF - Lecturas de Economia
IS - 96
ER -