O efeito do desenvolvimento financeiro na renda per capita: uma análise empírica de dados em painel para países heterogêneos entre 1980 e 2020

Abstract

This paper aims to evidence the relationship between the development of the financial market and economic growth. In addition, it aims to discriminate the financial structures between the banking market and the capital market in respect to developed and developing countries. For this, panel data was used to analyze proxy variables of depth, risk and liquidity of the financial system for a heterogeneous sample of 95 countries for the 1980-2020 period. The results indicate that while the depth and liquidity of the financial system are positively related to economic growth, the risk level of the financial system is negatively related to economic growth. Furthermore, bank credit proved to be more significant in increasing the level of per capita income and the economic complexity of developing countries. In developed countries, however, capital market variables were those that most affected economic growth.