Financial development and economic growth in Peru: 1990-2022
Economic growth is a fundamental aspect of the progress of an economy of any country, which allows for the efficient articulation of the necessary and indispensable productive factors to produce the goods and services required by the various markets. A necessary and decisive pillar of this growth is...
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Universidad Francisco de Paula Santander
2025
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| Acceso en línea: | https://revistas.ufps.edu.co/index.php/profundidad/article/view/5007 |
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| _version_ | 1868458543010545664 |
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| author | Labán Gonzales, Carolina |
| author_browse | Labán Gonzales, Carolina |
| author_facet | Labán Gonzales, Carolina |
| author_sort | Labán Gonzales, Carolina |
| collection | DSPACE IDEP |
| description | Economic growth is a fundamental aspect of the progress of an economy of any country, which allows for the efficient articulation of the necessary and indispensable productive factors to produce the goods and services required by the various markets. A necessary and decisive pillar of this growth is financial system, which channels the resources of surplus agents towards productive investments in the real sector of the economy, the objective of this research is to determine how the financial development of Peru has contributed favorably to achieving higher growth rates during recent years. 32 years, taking into account the process of stabilization of the economy and the adoption of a market economy, as well as trade opening. For this purpose, credit to the private sector, the gross domestic product, and private investment, exports, and the degree of trade openness have been taken as indicators to measure financial development, using the estimation method of a series model. of time (ADRL), through which the relationship between economic growth and financial development will be analyzed. It is concluded that there is a long-term cointegration relationship between credit per capita, investment per capita, export per capita, the degree of trade openness and economic growth. |
| first_indexed | 2026-06-19T15:28:43Z |
| format | Online |
| id | oai:revistas.ufps.edu.co:article-5007 |
| institution | IDEP |
| language | spa |
| last_indexed | 2026-06-19T15:28:43Z |
| publishDate | 2025 |
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| publishDateSort | 2025 |
| publisher | Universidad Francisco de Paula Santander |
| publisherStr | Universidad Francisco de Paula Santander |
| record_format | ojs |
| spelling | oai:revistas.ufps.edu.co:article-50072025-06-18T21:18:15Z Financial development and economic growth in Peru: 1990-2022 Desarrollo financiero y crecimiento económico en el Perú: 1990-2022 Labán Gonzales, Carolina financial development trade openness private investment Economic growth apertura comercial inversión privada crecimiento económico desarrollo financiero Economic growth is a fundamental aspect of the progress of an economy of any country, which allows for the efficient articulation of the necessary and indispensable productive factors to produce the goods and services required by the various markets. A necessary and decisive pillar of this growth is financial system, which channels the resources of surplus agents towards productive investments in the real sector of the economy, the objective of this research is to determine how the financial development of Peru has contributed favorably to achieving higher growth rates during recent years. 32 years, taking into account the process of stabilization of the economy and the adoption of a market economy, as well as trade opening. For this purpose, credit to the private sector, the gross domestic product, and private investment, exports, and the degree of trade openness have been taken as indicators to measure financial development, using the estimation method of a series model. of time (ADRL), through which the relationship between economic growth and financial development will be analyzed. It is concluded that there is a long-term cointegration relationship between credit per capita, investment per capita, export per capita, the degree of trade openness and economic growth. El crecimiento económico es un aspecto fundamental del progreso de una economía de cualquier país, que permite articular de forma eficiente los factores productivos necesarios e indispensables para producir los bienes y servicios que requieren los diversos mercados, un pilar necesario y decisivo de ese crecimiento es el sistema financiero, que canaliza los recursos de los agentes superavitarios hacia las inversiones productivas del sector real de la economía, el objetivo de la presenta investigación es determinar como el desarrollo financiero del Perú ha contribuido de forma favorable a lograr mayores tasas de crecimiento durante los últimos 32 años, tomando en cuenta el proceso de estabilización de la economía y la adopción de una economía de mercado, así como de apertura comercial. Para lo cual se ha tomado como indicador para medir el desarrollo financiero el crédito al sector privado, el producto bruto interno y como variables de control como la inversión privada, exportaciones y el grado de apertura comercial, usando el método de estimación un modelo de series de tiempo (ADRL), a través del cual se analizará la relación entre el crecimiento económico y el desarrollo financiero. Se concluye que existe una relación de cointegración de largo plazo entre el crédito per cápita, la inversión per cápita, la exportación per cápita, el grado de apertura comercial y el crecimiento económico Universidad Francisco de Paula Santander 2025-01-01 info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion application/pdf text/html text/xml https://revistas.ufps.edu.co/index.php/profundidad/article/view/5007 10.22463/24221783.5007 Revista Científica Profundidad Construyendo Futuro; Vol. 22 No. 22 (2025): Enero-Junio; 226-239 Revista Científica Profundidad Construyendo Futuro; Vol. 22 Núm. 22 (2025): Enero-Junio; 226-239 2422-2518 spa https://revistas.ufps.edu.co/index.php/profundidad/article/view/5007/6132 https://revistas.ufps.edu.co/index.php/profundidad/article/view/5007/6133 https://revistas.ufps.edu.co/index.php/profundidad/article/view/5007/6360 /*ref*/Aghion, P., & Howit, P. (2009). The economics of growth. Massachusetts Institute of Technology. Obtenido de https://edisciplinas.usp.br/pluginfile.php/4103753/mod_resource/content/1/AghionHowitt-Economics%20of%20Growth%202009.pdf /*ref*/Banco Mundial. (2023). Datos Perú. Obtenido de https://datos.bancomundial.org/pais/peru /*ref*/Becerra, J., & Eduardo, J. (2023). El nexo entre el desarrollo financiero y el crecimiento económico: evidencia para economías sudaméricanas. Revista Cuestiones Económicas, 33(1), 72-99. Obtenido de https://acortar.link/wbxG05 /*ref*/Fathima, K., & Mohamed, A. (2021). Nexus between Financial Development and Economic Growth: Evidence from Sri Lanka. The Journal of Asian Finance, Economics and Business, 165-170. Obtenido de https://koreascience.or.kr/article/JAKO202106438543237.page /*ref*/Hernández Sampieri, R., Fernández Collado, C., & Baptista Lucio, M. d. (2014). Metodología de la Investigación (6ta ed.). México: McGraw-Hill. /*ref*/Jaramillo, M. (2014). El modelo de la caja municipal en Perú. Grade. Obtenido de https://www.grade.org.pe/publicaciones/13151-el-modelo-de-la-caja-municipal-en-peru/ /*ref*/Kaleemuddin, M., & Masih, M. (2017). Does financial development drive economic growth ? an ARDL approach. Munich Personal RePEc Archive, 19(11076). Obtenido de https://mpra.ub.uni-muenchen.de/110716/1/MPRA_paper_110716.pdf /*ref*/Kirikkaleli, D., Güngör, H., & Adebayo, S. (2021). Consumption-based carbon emissions, renewable energy consumption, financial development and economic growth in Chile. Business Strategy and the Environment, 31(3), 1123-1137. Obtenido de https://onlinelibrary.wiley.com/doi/abs/10.1002/bse.2945 /*ref*/Landa, H. (2019). Restricción financiera y crecimiento económico en México. Departamento de Economía de la Universidad Autónoma, 27-57. Obtenido de https://www.scielo.org.mx/pdf/ineco/v78n309/0185-1667-ineco-78-309-27.pdf /*ref*/Musakwa, M., & Odhiambo, N. (2022). Financial development and economic growth in Botswana: New evidence from disaggregated data. Croatian Review of Economic, Business and Social Statistics, 8(2), 1-17. Obtenido de https://hrcak.srce.hr/file/416368. /*ref*/Quevedo, O., & Rocabado, T. (2016). En búsqueda de una relación de largo plazo entre crecimiento económico y desarrollo del sistema financiero. Revista de Análisis del Banco Central de Bolivia, 25, 191-219. Obtenido de https://www.bcb.gob.bo/webdocs/publicacionesbcb/revista_analisis/ra_vol25/articulo_5_v25.pdf /*ref*/Solow, R. M. (1956). A Contribution to the Theory of Economic Growth. Oxford Journals - The Quarterly Journal of Economics, 70(1), 65-94. Obtenido de https://www.jstor.org/stable/1884513 /*ref*/Sumarni, L. (2019). Financial development and economic growth in Indonesia: an ARDL-Bounds testing approach. Economic Journal of Emerging Markets, 11(1), 89-96. Obtenido de https://www.proquest.com/openview/7e9458eaa9700efb5d95ead3f3243a68/1?pq-origsite=gscholar&cbl=4424412 /*ref*/Villareal, J. (2021). Desarrollo del mercado accionario y crecimiento económico en México: un examen mediante los enfoques ARDL y No causalidad. Contaduría y Administración, 66(3), 1-23. Obtenido de https://www.scielo.org.mx/pdf/cya/v66n3/0186-1042-cya-66-03-00003.pdf Derechos de autor 2025 Universidad Francisco de Paula Santander https://creativecommons.org/licenses/by-nc/4.0 |
| spellingShingle | financial development trade openness private investment Economic growth apertura comercial inversión privada crecimiento económico desarrollo financiero Labán Gonzales, Carolina Financial development and economic growth in Peru: 1990-2022 |
| title | Financial development and economic growth in Peru: 1990-2022 |
| title_alt | Desarrollo financiero y crecimiento económico en el Perú: 1990-2022 |
| title_full | Financial development and economic growth in Peru: 1990-2022 |
| title_fullStr | Financial development and economic growth in Peru: 1990-2022 |
| title_full_unstemmed | Financial development and economic growth in Peru: 1990-2022 |
| title_short | Financial development and economic growth in Peru: 1990-2022 |
| title_sort | financial development and economic growth in peru 1990 2022 |
| topic | financial development trade openness private investment Economic growth apertura comercial inversión privada crecimiento económico desarrollo financiero |
| topic_facet | financial development trade openness private investment Economic growth apertura comercial inversión privada crecimiento económico desarrollo financiero |
| url | https://revistas.ufps.edu.co/index.php/profundidad/article/view/5007 |
| work_keys_str_mv | AT labangonzalescarolina financialdevelopmentandeconomicgrowthinperu19902022 AT labangonzalescarolina desarrollofinancieroycrecimientoeconomicoenelperu19902022 |