El impacto del sector financiero en el crecimiento económico en países de Latinoamérica

Abstract

Abstract: The main problem this research addresses is the effect of the financial sector on economic growth in a broad range of developing countries. Using data from 18 developing economies between 2001 and 2024, and employing World Bank data and panel data models, the study uses fixed effects by country and year, with robust pooled standard errors. Tests for heteroscedasticity, Hausman, multicollinearity, and various robustness specifications are performed. The results show that gross fixed capital formation drives GDP per capita growth, while inflation and population growth reduce it. The central finding is that credit to the private sector as a percentage of GDP is significantly and negatively associated with per capita growth, suggesting that in the region, the quantity of credit does not automatically translate into productive financing, but rather depends on its quality, purpose, and the institutional environment.