Finanzas y crecimiento en México: ¿Quién aporta más, la banca o la bolsa?

Lizethe Méndez-Heras, Francisco Venegas-Martínez, Ricardo Solís-Rosales

Producción científica: Contribución a una revistaArtículorevisión exhaustiva

Resumen

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.

Título traducido de la contribuciónFinance and Growth in Mexico: Who Contributes the Most: The Banks or the Stock Market?
Idioma originalEspañol
Páginas (desde-hasta)238-278
Número de páginas41
PublicaciónLecturas de Economia
N.º96
DOI
EstadoPublicada - ene. 2022

Palabras clave

  • banking sector
  • economic growth
  • financial structure
  • stock market

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