The finance-growth nexus and public-private ownership of banks in Brazil since 1870
Annals of Operations Research(2024)
摘要
How does finance affect economic growth? And does ownership matter? This paper investigates whether and how deposits in public vis-a-vis in private banks affect economic growth. It uses the power-ARCH framework with annual time series for Brazil from 1870 to 2018. There are three main findings: (a) the indirect impact of domestic financial development on economic growth is negative, whereas that of international financial development is positive, (b) the direct short-run effect of public and private banks is negative, while only for the latter does the positive direct long-run effect dominate, and (c) the indirect and direct short-run effect of public ownership banks is greater in size than that of private ownership banks.
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关键词
Brazil,Direct short- and long-run effects,Economic growth,Financial development,Indirect impact,Private and public ownership,C14,O40,E23,D72
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