Relación dinámica entre el desarrollo financiero y el crecimiento económico en las economías asiáticas: un análisis GMM
DOI:
https://doi.org/10.21754/iecos.v27i1.2781Palabras clave:
Desarrollo financiero, Sector bancario, Mercado bursátil, Crecimiento económico, Sistema GMM de dos pasosResumen
Los sistemas financieros sólidos que aumentan la productividad, promueven la innovación y permiten la reasignación eficiente de los recursos entre los diferentes sectores sustentan el crecimiento económico sostenido en países que se encuentran en diversas etapas de desarrollo. De hecho, un sector financiero dinámico respalda la innovación, la estabilidad económica y la resiliencia ante las crisis financieras. Sin embargo, este no es el caso de todos los países. Mientras que las instituciones financieras de los países desarrollados tienden a adaptarse rápidamente a las nuevas circunstancias, las de los países en desarrollo a menudo carecen de la fortaleza necesaria para superar los obstáculos que impiden el establecimiento de sistemas financieros sólidos. Por lo tanto, se reconoce que las instituciones financieras desempeñan un papel importante en el crecimiento económico. En este documento se investiga el papel de las instituciones financieras en el crecimiento económico mediante el análisis de los datos de 27 países asiáticos entre 2002 y 2021. Para ello, se emplea una metodología de estimación del sistema GMM en dos etapas. El documento concluye que el impacto de estas variables difiere entre los distintos países. Por ejemplo, se ha observado que variables como la rentabilidad de los activos, la profundidad de la liquidez y la actividad comercial del mercado están relacionadas de forma positiva y significativa con el crecimiento del PIB per cápita. Además, se ha observado que los préstamos al sector privado están relacionados de forma negativa con el crecimiento, lo que puede indicar ineficiencias en la forma en que se asigna el crédito en algunos países. Por lo tanto, el documento concluye que, dado que las mejoras en el rendimiento de los sistemas financieros y la liquidez de los mercados de valores favorecen el crecimiento económico, sería prudente que los responsables políticos dieran prioridad al fortalecimiento de los marcos financieros si desean alcanzar un desarrollo sostenible a largo plazo.
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Derechos de autor 2026 Ashiqur Rahman, Muhammad Rabiul Islam Liton, Diba Rani Saha
Esta obra está bajo una licencia internacional Creative Commons Atribución 4.0.
CC BY 4.0 DEED Attribution 4.0 International
