CRECIMIENTO ECONÓMICO Y DESARROLLO FINANCIERO. PERÍODO 1990 - 2018
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La relación entre la dinámica de los mercados financieros y el crecimiento económico ha sido un tema de interés para los hacedores de política económica. El trabajo que se presenta a continuación tiene como objetivo analizar si existe una relación de largo plazo entre los desarrollos financieros y el crecimiento económico. Para lograrlo, se construyeron dos índices que agrupan variables financieras y variables del mercado de valores. Usando la metodología de panel ARDL (Panel Autorregresivo de Rezagos Distribuidos, por sus siglas en inglés), se concluye que no se puede rechazar la hipótesis de cointegración entre las variables del modelo para una muestra de países latinoamericanos y Corea del Sur, en el período que va de 1990 a 2018. Así, se encontró una relación negativa entre el índice de variables bancarias y el crecimiento económico y una relación positiva entre el índice de variables del mercado de valores y el crecimiento económico.
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