Resumen

HERNANDEZ BARRIGA, Plinio  y  BOLLAIN PARRA, Esteban. Crédito y crecimiento industrial: Un análisis de causalidad en México, Brasil y Corea del Sur, 1970-2013. Polít. cult. [online]. 2015, n.43, pp.149-163. ISSN 0188-7742.

The purpose of this study is to investigate the causality between industrial growth and the expansion of credit to the non-financial private sector in three emerging economies: Mexico, Brazil and South Korea, in the period 1970 2013. By applying the Granger (1969) causality analysis, we find a unidirectional Granger causality from industrial growth to the expansion of credit to the nonfinancial private sector in the three economies. Thus, it is shown that industrial growth is driving the financial development and not the other way, as suggested by the orthodox theory. Results suggest greater measures of state intervention to regulate and promote the industrial and financial sector dynamism.

Palabras llave : causality; industrial growth; credit; public policy.