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Regional growth under a monetary perspective: a theoretical model with empirical application to the Brazilian case

机译:货币观点下的区域增长:对巴西案件的实证应用理论模型

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This study aims to establish a link between the regional growth rate and the Keynesian concept of Liquidity Preference from a model of Circular Cumulative Causation. Particularly, it replaces Verdoorn's Law by a mutual causal relationship between credit and regional growth rate. The model is represented by a first-order difference equation dynamic system. The analytical solution suggests that regional changes in Liquidity Preference lead to a Center/Periphery pattern of growth. An empirical application is performed for the Brazilian case, using banking variables at state level in a GMM estimation for Dynamic Panel Data. The results corroborate the hypothesis of persistent different growth rates between the more and the less-developed Brazilian regions.
机译:本研究旨在从循环累积因果关系模型中建立区域增长率与凯恩斯主义偏好概念之间的联系。特别是,它通过信贷和区域增长率之间的相互因果关系来取代Verdoorn的定律。该模型由一阶差分方程动态系统表示。分析解决方案表明,流动性偏好的区域变化导致了生长的中心/周边模式。对巴西案例执行了实证应用程序,在动态面板数据的GMM估计中使用状态级别的银行变量。结果证实了越来越发达的巴西地区之间持续不同增长率的假设。

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