Desarrollo financiero y crecimiento económico en América Latina. Un análisis con Datos de Panel (1980-2021)

Abstract

Abstract: This paper analyzes the relationship between financial development and economic growth in five Latin American countries: Argentina, Brazil, Chile, Colombia, and Mexico, over the period 1980 2021, using a panel data model with fixed effects. Using a theoretical framework based on classic and contemporary literature on financial development and economic growth, it incorporates a composite indicator from the International Monetary Fund that measures the depth, access, and efficiency of financial institutions and markets. The results of the econometric model confirm that financial development has a positive, robust, and statistically significant effect on real Gross Domestic Product (GDP). A percentage increase in the financial development index is associated with an increase of $862 billion in real GDP. Countries such as Chile and Colombia, with higher levels of financial institutionalization, show an even more favorable relationship between financial system development and growth. The research contributes to understanding the structural role of the financial system in regional economic development and suggests implementing policies that strengthen financial intermediation.