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Title:Financial Intermediation and Growth: The Case of Argentina
Author(s):Brodsky, Noel
Doctoral Committee Chair(s):Baer, Werner W.
Department / Program:Economics
Degree Granting Institution:University of Illinois at Urbana-Champaign
Subject(s):History, Latin American
Economics, History
Abstract:Argentina provides one of the most unique cases of economic development in modern history. Before 1930, Argentina was thought to be one of the world's great success stories; by 1980, it had suffered what is likely to be one of the poorest performances in the world over the last 35 years. While much research has been under the belief that economic growth is related to international trade, social and economic institutions, and other real (goods) phenomenon, the financial aspects have not been sufficiently addressed. The thrust of the thesis is that financial aspects do count in the context of development. Argentine financial relationships are traced from the revolutionary period to the fall of Peron in 1955. Then, financial activity is examined in detail from 1958 to 1986. The old measure of financial intermediation is discussed, and found to be biased in its measurement of financial system credit. A new measure of financial intermediation is developed, where non-currency M2 and M3 are used, since currency is not intermediated. Using the Granger-causality technique, it is found that a linkage existed between financial intermediation and real gross domestic product during 1960-68, but the linkage did not exist from 1970-86. This indicates that the financial system can no longer provide an impetus for economic growth in Argentina.
Issue Date:1988
Description:261 p.
Thesis (Ph.D.)--University of Illinois at Urbana-Champaign, 1988.
Other Identifier(s):(UMI)AAI8908630
Date Available in IDEALS:2014-12-16
Date Deposited:1988

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