La influencia del mercado de deuda pública interna en el desarrollo financiero: Evidencia de 52 países en 1990-2020

Renzo A. Jiménez-Sotelo

Producción científica: Contribución a una revistaArtículo de revista revisión exhaustiva

Resumen

The objective of the study is to determine if a policy of preference for the domestic public debt market influences the development of the respective financial system. Using panel data techniques, I tested the causal relationship between the domestic marketing of public debt securities and eight indicators of financial development. For this, I used static regression models with fixed effects computed by ordinary least squares (ols) or dynamic regression models with fixed effects computed by the generalized method of moments (gmm) in differences, depending on each case. I also used random effects models controlled by fixed effects calculated by twostage least squares (2sls). By rejecting the null hypothesis that the literature has been assuming as true, it was confirmed that the traditional theories of financial development were incomplete. Although the research shows that the preference for the domestic public debt securities market influences financial development and therefore economic development it does not explain why it hasnt been given greater importance in less developed countries. The formulation of that answer would be more related to the fields of study in which ethics and politics move.

Título traducido de la contribuciónThe influence of domestic public debt market in the financial development: Evidence of 52 countries in 1990-2020
Idioma originalEspañol
Páginas (desde-hasta)773-804
Número de páginas32
PublicaciónTrimestre Economico
Volumen90
N.º359
DOI
EstadoPublicada - jul. 2023
Publicado de forma externa

Nota bibliográfica

Publisher Copyright:
© 2023 Fondo de Cultura Economica. All rights reserved.

Palabras clave

  • Curva soberana
  • Datos de panel
  • Deuda soberana
  • Desarrollo econó­mico
  • Mercado de valores
  • Política financiera
  • Política monetaria
  • Sistemas finan­cieros

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