ECONOMIC GROWTH AND FINANCIAL DEVELOPMENT. PERIOD 1990-2018
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Abstract
This work analyzed the existence of a long run relation among economic growth and financial developments. We constructed two indexes which comprise a series of bank-based variables and stock market-based variables. Base on the ARDL approach, we cannot reject the hypothesis that there is cointegration among the variables for a group of Latin American countries plus South Korea, for a period from 1990 and 208. The results show a negative relationship between a bank-based index and economic growth and a positive relationship between a stock market-based index and economic growth.
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