Desarrollo financiero y crecimiento económico en Latinoamérica: análisis comparativo para argentina, Brasil, Chile, Colombia, México y Perú

Abstract

Levine (2004) and Schumpeter (1912) affirm that the financial sector is a fundamental element for the growth of a country, and both move in the same direction. To reach this conclusion, Levine took a sample of data from 77 countries from1960 to 1995, and trough econometrics demonstrated a positive relationship between financial development and economic growth, where the coefficients suggest a significant critical economic impact of financial development on economic growth. Schumpeter through theory, affirmed that an innovative and stable financial system is the base for generating economic growth in a country. The aim of this work is to observe if in Argentina, Brasil, Chile, Colombia, México and Perú, this premise is correct in the period from 1995 to 2018. The GDP (Gross Domestic Product) data in each country will be taken to analyze the economic growth, and the closing price data of the market prices of each country to observe the financial development. The existing literature reveals that in most economies, the authors' claims are still fulfilled, but this relationship despite being positive is not proportional since many external factors alter these two variables.