An empirical analysis of the relationship between bank credit and economic growth

Detalhes bibliográficos
Autor(a) principal: Vasconcelos, Marcos Roberto
Data de Publicação: 2021
Outros Autores: Reginato, Vitor Gomes, Cunha, Marina Silva da
Tipo de documento: Artigo
Idioma: por
Título da fonte: Textos de Economia (Online)
Texto Completo: https://periodicos.ufsc.br/index.php/economia/article/view/72868
Resumo: This paper tests the hypothesis that bank credit is necessary for economic growth, depending on the country's level of economic and financial development. It also seeks to verify whether the relationship between financial development and economic growth is monotonic. For this, Granger's causality methodology is used for panel data, with data from 106 countries for the period between 1970 and 2016. It is observed that there was an expansion of world credit above the economic growth observed over the studied period. The main empirical findings indicate that, in general, credit causes economic growth and vice versa, in addition to verifying the non-monotonicity of the relationship between financial development and economic growth, so that, for very low credit / GDP indices, the causality of the credit to GDP is not verified.
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spelling An empirical analysis of the relationship between bank credit and economic growthUma análise empírica da relação entre Crédito Bancário e Crescimento EconômicoThis paper tests the hypothesis that bank credit is necessary for economic growth, depending on the country's level of economic and financial development. It also seeks to verify whether the relationship between financial development and economic growth is monotonic. For this, Granger's causality methodology is used for panel data, with data from 106 countries for the period between 1970 and 2016. It is observed that there was an expansion of world credit above the economic growth observed over the studied period. The main empirical findings indicate that, in general, credit causes economic growth and vice versa, in addition to verifying the non-monotonicity of the relationship between financial development and economic growth, so that, for very low credit / GDP indices, the causality of the credit to GDP is not verified.Objetivo: Este trabalho testa a hipótese de que o crédito bancário é necessário para o crescimento econômico, dependendo do nível de desenvolvimento econômico e financeiro do país. Busca-se também verificar se a relação entredesenvolvimento financeiro e crescimento econômico é monotônica. Método: Para isso, a metodologia de causalidade de Granger é utilizada para dados em painel referentes 106 países para o período entre 1970 e 2016. Resultado: Observa-se que houve uma expansão do crédito mundial acima do crescimento econômico observado ao longo do período estudado. Os principais achados empíricos indicam que, de maneira generalizada, o crédito provoca crescimento econômico e vice-versa, além de verificar a não monotonicidade da relação entre desenvolvimento financeiro e crescimento econômico, sendo que para índices crédito/PIB muito baixos a causalidade do crédito para o PIB não é verificada. Conclusões: A maioria dos países analisados ainda não atingiu um nível de desenvolvimento financeiro considerado alto. Assim, ainda há espaço para a aplicação de políticas de incentivo à melhoria do sistema financeiro.UFSC2021-06-18info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttps://periodicos.ufsc.br/index.php/economia/article/view/7286810.5007/2175-8085.2021.e72868Textos de Economia; v. 24 n. 1 (2021); 1-242175-80850103-6017reponame:Textos de Economia (Online)instname:Universidade Federal de Santa Catarina (UFSC)instacron:UFSCporhttps://periodicos.ufsc.br/index.php/economia/article/view/72868/46704Copyright (c) 2021 Textos de Economiainfo:eu-repo/semantics/openAccessVasconcelos, Marcos RobertoReginato, Vitor GomesCunha, Marina Silva da2023-09-01T16:49:22Zoai:periodicos.ufsc.br:article/72868Revistahttps://periodicos.ufsc.br/index.php/economia/indexPUBhttps://periodicos.ufsc.br/index.php/economia/oaitextos.economia@contato.ufsc.br || portaldeperiodicos.bu@contato.ufsc.br2175-80850103-6017opendoar:2023-09-01T16:49:22Textos de Economia (Online) - Universidade Federal de Santa Catarina (UFSC)false
dc.title.none.fl_str_mv An empirical analysis of the relationship between bank credit and economic growth
Uma análise empírica da relação entre Crédito Bancário e Crescimento Econômico
title An empirical analysis of the relationship between bank credit and economic growth
spellingShingle An empirical analysis of the relationship between bank credit and economic growth
Vasconcelos, Marcos Roberto
title_short An empirical analysis of the relationship between bank credit and economic growth
title_full An empirical analysis of the relationship between bank credit and economic growth
title_fullStr An empirical analysis of the relationship between bank credit and economic growth
title_full_unstemmed An empirical analysis of the relationship between bank credit and economic growth
title_sort An empirical analysis of the relationship between bank credit and economic growth
author Vasconcelos, Marcos Roberto
author_facet Vasconcelos, Marcos Roberto
Reginato, Vitor Gomes
Cunha, Marina Silva da
author_role author
author2 Reginato, Vitor Gomes
Cunha, Marina Silva da
author2_role author
author
dc.contributor.author.fl_str_mv Vasconcelos, Marcos Roberto
Reginato, Vitor Gomes
Cunha, Marina Silva da
description This paper tests the hypothesis that bank credit is necessary for economic growth, depending on the country's level of economic and financial development. It also seeks to verify whether the relationship between financial development and economic growth is monotonic. For this, Granger's causality methodology is used for panel data, with data from 106 countries for the period between 1970 and 2016. It is observed that there was an expansion of world credit above the economic growth observed over the studied period. The main empirical findings indicate that, in general, credit causes economic growth and vice versa, in addition to verifying the non-monotonicity of the relationship between financial development and economic growth, so that, for very low credit / GDP indices, the causality of the credit to GDP is not verified.
publishDate 2021
dc.date.none.fl_str_mv 2021-06-18
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv https://periodicos.ufsc.br/index.php/economia/article/view/72868
10.5007/2175-8085.2021.e72868
url https://periodicos.ufsc.br/index.php/economia/article/view/72868
identifier_str_mv 10.5007/2175-8085.2021.e72868
dc.language.iso.fl_str_mv por
language por
dc.relation.none.fl_str_mv https://periodicos.ufsc.br/index.php/economia/article/view/72868/46704
dc.rights.driver.fl_str_mv Copyright (c) 2021 Textos de Economia
info:eu-repo/semantics/openAccess
rights_invalid_str_mv Copyright (c) 2021 Textos de Economia
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv UFSC
publisher.none.fl_str_mv UFSC
dc.source.none.fl_str_mv Textos de Economia; v. 24 n. 1 (2021); 1-24
2175-8085
0103-6017
reponame:Textos de Economia (Online)
instname:Universidade Federal de Santa Catarina (UFSC)
instacron:UFSC
instname_str Universidade Federal de Santa Catarina (UFSC)
instacron_str UFSC
institution UFSC
reponame_str Textos de Economia (Online)
collection Textos de Economia (Online)
repository.name.fl_str_mv Textos de Economia (Online) - Universidade Federal de Santa Catarina (UFSC)
repository.mail.fl_str_mv textos.economia@contato.ufsc.br || portaldeperiodicos.bu@contato.ufsc.br
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