Vol. 8 No. 15 (2012)

Artículos

An Empirical Approach to Development Financing: The Mexican Case

Published 2012-07-02

  • José Ángel Alcántara Lizárraga
    • ,
  • José Luis de la Cruz Gallegos

José Ángel Alcántara Lizárraga
Centro de Investigación en Economía y Negocios, Instituto Tecnológico y de Estudios Superiores de Monterrey, Campus Estado de México

José Luis de la Cruz Gallegos
Centro de Investigación en Economía y Negocios, Instituto Tecnológico y de Estudios Superiores de Monterrey, Campus Estado de México

Abstract

The present analysis estimates the relation between the development bank and the economic growth. In order to establish such link, the estimations consider the total amount of credit granted by the development bank to the three different sectors of the economy. In order to analyze causal relations among the variables, the study develops autoregressive and error correction vectors. The results show no causality between the development bank and economic growth which implies a set of restrictions in the process that relates the financial system and the total factor productivity as well as economic growth. The latter implies that the financial system does not present any causal effect on the total factor productivity and economic growth which limits the role that development bank has as a complement of the capital markets in the process of rationalization of credit.

Keywords

Cointegration, causality, development bank, productivity, economic growth

PDF (Spanish)

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