DESARROLLO DEL SISTEMA FINANCIERO EN EL DESARROLLO ECONÓMICO EN MÉXICO

Abstract

In this paper we show the results of an investigation concerning the relationship between the financial system and economic growth in Mexico. Specifically we evaluate the hypothesis that agents in financial markets promote productive activity, the existence of causality between supply and demand of the financial system and economic growth. For this assessment, as theoretical reference, is made a tour on the conceptualization of economic growth, considering the most relevant theories about it. Just as we consider the structure and importance of a financial system and its links and impact on economic growth. It is part of an endogenous growth model, using an AK production function, incorporating a parameter of financial intermediation in order to identify the effects on growth from the financial sector. From this analytical framework, the research hypothesis is tested empirically through an econometric analysis, under the method of least squares time series. Finally the results obtained it follows that the contribution of financial development to economic growth is considerable, but is not guaranteed, but it depends on an appropriate institutional structure. As indicators of financial development considered, are not associated with higher rates of economic growth, financial intermediaries fail to remove the information and transaction costs associated with the mediation process, if not to the contrary, growth is economical to boost the financial system. It can be said that institutional variables are crucial type of financial development as a factor.