Resumen de Government financial regulation and growth

Salvador Rivas Aceves, Chiara Amato

• español

  Resumen: Mediante un modelo de crecimiento endógeno estocástico se analiza el impacto del sistema financiero, bajo escenarios de eficiencia e ineficiencia del mismo, sobre la tasa de crecimiento. Se muestra que las ineficiencias del sistema financiero tienen un impacto negativo sobre el crecimiento económico, lo cual es corregido mediante la regulación financiera a través de un impuesto al rendimiento del capital. Asimismo, un análisis empírico corrobora los resultados teóricos correspondientes.

• English

  Abstract: The effects of financial system on economic growth rate are identified. To do this in an endogenous stochastic growth model with two types of financial systems, efficient and inefficient ones, the effects on growth are studied. This investigation shows that financial inefficiency has a negative impact on growth. A financial regulation through a capital yield tax corrects negative impacts on growth; furthermore, the necessary conditions for growing under this scenario are characterized. An empirical study is carried out in order to verify the relationship between economic growth and financial regulations.