Financial Development and Integration, Exchange Rate Regimes, and Economic Growth: New Evidence from African Economies

Martín Grandes; Dossina Yeo

doi:10.24215/18521649e029

Autores/as

Martín Grandes Observatorio de Innovación Social, Facultad de Ciencias Económicas, Universidad de Buenos Aires, Argentina; Consejo Nacional de Investigaciones Científicas y Técnicas de Argentina (CONICET), Argentina
Dossina Yeo Escuela Internacional de Administración, Francia

DOI:

https://doi.org/10.24215/18521649e029

Palabras clave:

desarrollo financiero, inversión extranjera directa, crecimiento económico, África, regímenes cambiarios

Resumen

En este documento se examina empíricamente en qué medida en que el desarrollo financiero, la inversión extranjera directa (IED) y el régimen cambiario influyen en el crecimiento económico de África. Con este fin, se construyen dos muestras de datos de panel de países africanos y nuevos conjuntos de datos ampliados que abarcan 1980-2015 y se estima un modelo utilizando un estimador ajustado para muestras pequeñas del Método Generalizado de Momentos (GMM). Los resultados de las estimaciones sugieren que el desarrollo financiero y la IED influyen positiva y significativamente en el crecimiento económico en África, mientras que el régimen cambiario no tiene un efecto significativo en el crecimiento económico, controlando por las variables habituales como la apertura del comercio, el capital humano, la inversión, la gobernanza y el valor rezagado del PIB per cápita. Para verificar la robustez de nuestros resultados, construimos otras dos muestras de panel agregando datos de países emergentes y desarrollados y se repite el análisis encontrando resultados satisfactorios y similares.

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Biografía del autor/a

Martín Grandes, Observatorio de Innovación Social, Facultad de Ciencias Económicas, Universidad de Buenos Aires, Argentina; Consejo Nacional de Investigaciones Científicas y Técnicas de Argentina (CONICET), Argentina

Martín Grandes es Doctor en Economía por la Ecole des Hautes Etudes en Sciences Sociales de Paris, Investigador Independiente del CONICET y Profesor Adjunto Regular en la UBA y Titular en universidades de Argentina y del exterior. Recibió numerosas distinciones y becas, incluyendo el premio senior de la Comisión Fulbright, la Chaire des Ameriques de la Unviersidad de la Nouvelle Sorbonne, medalla a la trayectoria docente en la FCE de la Universidad de Buenos Aires y el Subsidio de retorno al país del programa de repatriación de científicos del exterior del Ministerio de Ciencia, Tecnología e Innovación, Raíces, entre otros. Asimismo, es consultor de empresas, organismos internacionales y gubernamentales. Sus principales trabajos de investigación se concentran los determinantes institucionales, financieros, sanitarios y económicos del crecimiento a largo plazo, la inclusión financiera y el emprendedurismo, las políticas de hábitat urbano, y las finanzas internacionales.

Dossina Yeo, Escuela Internacional de Administración, Francia

Dossina Yeo es Doctor en Administración de Negocios de la International School of Management, de Paris. Fue consultor y funcionario de organismos internacionales, y actualmente es “Head of Economic Policy and Research Head of Economic Policy and Research” en la “African Union Commission”. Sus principales temas de investigación se relacionan con las finanzas internacionales, el desarrollo económico de Africa y las uniones comerciales y regionales.

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