Abstract

CABRERA, Daniela Gracia  and  MISAS ARANGO, Martha. Relationship between financial development and economic growth in Colombia for the period 1994-2018. Cuad. Econ. [online]. 2021, vol.40, n.83, pp.361-382.  Epub Sep 30, 2021. ISSN 0121-4772.  https://doi.org/10.15446/cuad.econ.v40n83.79314.

This paper examines the long-term dynamics between financial development and economic growth in Colombia, for the period 1994-2018. It follows the growth model of Solow-Swan, increased with the financial system, as proposed by Durusu-Ciftci, Ispir and Yetkiner (2017), estimated through a vector error correction (VEC). The results of the analysis are consistent with the theory that exposes the existence of a positive relationship between the development of the financial system and economic growth in the long term.

JEL: B23, C32, E44, G10, O47.

Keywords : Economic growth; financial development; development of the stock market; cointegration.

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