Desenvolvimento do Mercado Financeiro e Crescimento Econômico: Evidências sobre Causalidade no Brasil

Abstract

We seek to verify the existence of causality between the development of the financial market and the Brazilian economic growth. For this, we carried out Granger causality tests between the Ibovespa and five different variables that seek to measure the country’s economic growth, two of them related to GDP, two related to the performance of the industry and a measure of employment generation, between the years of 1996 and 2021. The results point to the existence of unidirec-tional causality between financial development and economic growth, with the evolution of the Ibovespa indicator of the performance of the Brazilian economy.

Keywords

• financial market
• economic growth
• granger causality
• ibovespa
• brazilian economy