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Relación entre el desarrollo financiero y el crecimiento económico en Colombia en el periodo 1994-2018
Relationship between financial development and economic growth in Colombia for the period 1994-2018
Relação entre o desenvolvimento financeiro e o crescimento econômico na Colômbia no período 1994- 2018
DOI:
https://doi.org/10.15446/cuad.econ.v40n83.79314Palabras clave:
Crecimiento económico, desarrollo financiero, desarrollo del mercado de valores, cointegración. (es)Economic growth, financial development, stock market development, cointegration. (en)
Crescimento econômico, desenvolvimento financeiro, desenvolvimento do mercado de ações, cointegração. (pt)
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Este artículo examina la dinámica de largo plazo entre el desarrollo del sistema financiero y el crecimiento económico en Colombia, en el periodo 1994-2018. Se sigue el modelo de crecimiento de Solow-Swan aumentado con el sistema financiero, propuesto por Durusu-Ciftci, Ispir y Yetkiner (2017), estimado a través de un vector de corrección de errores (VEC). Los resultados del análisis son consistentes con la teoría que expone la existencia de una relación positiva entre el desarrollo del sistema financiero y el crecimiento económico en el largo plazo.
This paper examines the long-term dynamics between financial development and economic growth in Colombia, for the period 1994-2018. It follows the growth model of Solow-Swan, increased with the financial system, as proposed by Durusu-Ciftci, Ispir and Yetkiner (2017), estimated through a vector error correction (VEC). The results of the analysis are consistent with the theory that exposes the existence of a positive relationship between the development of the financial system and economic growth in the long term.
Este artigo analisa a dinâmica de longo prazo entre o desenvolvimento do sistema financeiro e o crescimento econômico da Colômbia, no período 1994-2018. Segue o modelo de crescimento de Solow-Swan ampliado com o sistema financeiro, proposto
por Durusu-Ciftci, Ispir e Yetkiner (2017), estimado por meio de um vetor
de correção de erros (VEC). Os resultados da análise são consistentes com a teoria que expõe a existência de uma relação positiva entre o desenvolvimento do sistema financeiro e o crescimento econômico no longo prazo.
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