| Title: |
Transición entre sistemas financieros bancarios y bursátiles. Una aproximación mediante modelo de Swithing Markov. (Spanish) |
| Alternate Title: |
Transitions between banking and stock market financial systems. A Switching Markov model approach. (English) |
| Authors: |
Vargas Pachón, Paola Sophia, Anzola Morales, Christian Camilo, Méndez Morales, Alberto |
| Source: |
Económicas CUC; ene-jun2019, Vol. 40 Issue 1, p103-128, 26p |
| Abstract (English): |
Financial systems are considered as determining factors for economic growth, these systems typically are divided in two categories, banking and stock market. Literature has showed that factors such as domestic credit to private sector by banks, stocks traded total value (% of GDP), per capita GDP and inflation, can be indicators of transition from one type of financial state to another. Therefore, the aim of this article is to determine the transition likelihood between states of the banking financial system to a stock market and vice versa, in emerging Latin American countries: Mexico, Colombia, Brazil and Chile (associated to the OECD). In order to perform these calculations, a two-state Markov Switching methodology is used as analysis tool for the study period 2000-2016. Data comes from the World Bank in the financial information group. Results obtained reflect that over time, most of the countries remain in a single state, that is, in spite of the international economic conditions, there is no transition or changes in the financial system. [ABSTRACT FROM AUTHOR] |
| Abstract (Spanish): |
Los sistemas financieros se consideran como uno de los factores determinantes para el crecimiento económico, estos sistemas típicamente se reúnen en dos categorías, bancarios y bursátiles. La literatura referente evidencia que, factores como el crédito interno al sector privado, las acciones negociadas (% del PIB), el PIB per-cápita y la inflación, pueden ser indicadores de transición de un tipo de estado financiero a otro. Por consiguiente, el aporte principal del presente artículo es determinar la probabilidad de transición entre estados del sistema financiero bancario a uno bursátil y viceversa, que pueden presentar los países latinoamericanos emergentes: México, Colombia, Brasil y Chile (pertenecientes a la OECD). De tal forma, para realizar estos cálculos se utiliza una metodología Switching Markov de dos estados como herramienta de análisis para el periodo de estudio 2000-2016. Los datos provienen del Banco Mundial en el grupo de información financiera. Los resultados obtenidos reflejan que, a través del tiempo, la mayoría de los países se mantienen en un solo estado, es decir, a pesar de las condiciones económicas internacionales no existen transición o cambios de sistema financiero. [ABSTRACT FROM AUTHOR] |
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| Database: |
Complementary Index |
