Inefficiency can actually inhibit capital accumulation are found see Benabou (1993, 1996), Durlauf (1996), Fernández and Rogerson (1994, 1996), Deīecause of the financial crisis and based on the academic research described above, In contrast, studies that argue that credit constraints or any other financial This research line is more closed to this Less financed, then economic activities decrease, see for instance Arcand et al. Rates of return are higher than in productive sector. Capital would naturally tend to beĪllocated into these instruments rather than in productive projects, especially when The vast majority being portfolio instruments. Relies in the idea of financial entities offering a wide set of options to invest, Other important studies have proved that further increases inįinancial development lead to lower economic growth rates, the mechanism behind Requirements for a positive impact on growth are characterized if financial marketsĪre well-developed. Rousseau and Wachtel (1998), Demirgüc-Kunt and Levine (2001), Carlin and Mayer (2003), where particularly Sector on growth by using country-specific or time-series analysis, for example (2006) proved that financial develop indeed accelerates economicĪt an empirical level, some authors explore the impact of a well-developed financial Well-developed financial markets as economic growth promoters the researches of Levine and Zervos (1998), Rajan and Zingales (1998). Solid financial system promote physic and human capital accumulation, see Banerjee and Newman (1993) Galor and Zeira (1993), Aghion and Bolton (1997), Piketty (1997), Levine (1997), Revealed positive impacts from financial sector on real economy, basically because a
Real and financial sectors, several studies long before the 2008 financial crisis Investment, innovation and of course economic growth. The 2008 global financial crisis showed not only that there is a link between realĮconomy and financial markets, but also that financial stability is necessary for Palabras clave: Regulación del mercado financiero, Eficiencia del mercado de capitals, Crecimiento económico y equilibrio macroeconómico. Se puede realizar aplicando un impuesto sobre el rendimiento del capital, f) laĮvidencia empírica confirma los resultados teóricos. Lo tanto caídas en la tasa de crecimiento económico, e) la regulación financiera Regulación financiera del gobierno corrige las ineficiencias financieras y por Mayor que los rendimientos del capital en el sistema financiero, d) la Sectores productivos solo ocurren si la productividad marginal del capital es Principales resultados son: a) existe un vínculo natural entre el sector real yĮl financiero, b) existe un efecto negativo en el crecimiento debido a laĪsuencia de reasignaciones de capital, c) las reasignaciones de capital en Temporal, incluyendo modelos pre-crisis, post-crisis y durante todo el intervaloĭe tiempo, considerando la crisis financiera del 2008 el punto de quiebre.
En particular, son estimadosĮfectos fijos y aleatorios en las especificaciones de sección transversal y Mínimos cuadrados en un panel de datos definido para 17 países desarrollados yĮn desarrollo, con información de 1980 a 2017. Se realizan pruebasĮmpíricas para corroborar los resultados teóricos mediante el uso de técnicas de Una característica especial del modelo es que elĪnálisis se hace con sectores productivos heterogéneos.
Regulación financiera, realizada por el gobierno a través de un impuesto sobreĮl rendimiento del capital. Mercado financiero muestra ineficiencias, que pueden corregirse mediante la Los impactos negativos sobre el crecimiento ocurren cuando el Keywords: Financial market, Regulation, Efficiency of capital market, Economic growth and macroeconomic equilibrium.Įn un modelo de crecimiento de equilibrio general estocástico con una economíaĬerrada y sistema financiero se caracteriza el vínculo entre el sector real y elįinanciero. Growth promoters the researches of Levineįinancial develop indeed accelerates economic growth. When considering well-developed financial markets as economic The link between real and financial sectors, several studies long before theĢ008 financial crisis revealed positive impacts from financial sector on realĮconomy, basically because a solid financial system promote physic and humanĬapital accumulation, see Banerjee and Newman Necessary for investment, innovation and of course economic growth. Real economy and financial markets, but also that financial stability is The 2008 global financial crisis showed not only that there is a link between
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