CROCCO M., FARIA-SILVA F., PAULO-REZENDE L. and RODRÍGUEZ-FUENTES C. J. Banks and regional develo... more CROCCO M., FARIA-SILVA F., PAULO-REZENDE L. and RODRÍGUEZ-FUENTES C. J. Banks and regional development: an empirical analysis on the determinants of credit availability in Brazilian regions, Regional Studies. This paper studies the influence that liquidity preference and bank lending strategies might have played in the determination of bank credit availability in Brazilian regions during the period 1999-2008. It puts forward the argument that in remoter and less developed regions, the liquidity preference of agents is higher and fluctuates along business cycles, reducing regional credit availability in downturns (due to both a contraction in supply and the demand for credit in remoter regions), and producing a more unstable pattern for credit availability alongside business cycles. Empirical evidence for the Brazilian regions during the period 1999-2008 is provided to support this view.
Resumo: Este artigo objetiva investigar os determinantes do gap de crédito nos municípios brasile... more Resumo: Este artigo objetiva investigar os determinantes do gap de crédito nos municípios brasileiros, sendo compreendido como gap o volume de crédito necessário para igualar a participação da localidade no total de crédito concedido no país à sua participação no PIB nacional. Parte-se de um arcabouço teórico pós-keynesiano no qual a moeda afeta a economia -tanto no curto quanto no longo termo -e possui efeitos diferenciados nas regiões de um mesmo país. A partir do balanço consolidado das agências bancárias de 2.592 municípios foram construídos indicadores financeiros utilizados como variáveis explicativas em um modelo econométrico de dados em painel do tipo empilhado ("POLS") para sete anos (2000 -2006). A análise dos resultados corrobora a teoria pós-keynesiana na medida em que tanto o estágio de desenvolvimento bancário do município quanto o grau de preferência pela liquidez das agências bancárias foram importantes para explicar a disponibilidade local de crédito.
The Behavior of Liquidity Preference of Banks and Public and Regional Development: the Case of Brazil
Journal of Post Keynesian …, Jan 1, 2006
Abstract: This paper aims at analyzing the role of several monetary variables in the development ... more Abstract: This paper aims at analyzing the role of several monetary variables in the development of different regions based on the concepts of central place and on the Post Keynesian approach to regional economy. The concept of li-quidity preference is used to analyze the effect of ...
The Future's Unknowability: Keynes's Probability, Probable Knowledge and the Decision to Innovate
Is Economics an Evolutionary Science, Jan 1, 2000
Abstract: The aim of this paper is to show that Keynes's concept of probability can enrich t... more Abstract: The aim of this paper is to show that Keynes's concept of probability can enrich the understanding of the process of introduction of innovation offered by the Neo-Schumpeterian approach. Keynes's theory of probability can complete the set of tools required to ...
The aim of this piece is to discuss in what extent one can find -in the works of Shackle and Davi... more The aim of this piece is to discuss in what extent one can find -in the works of Shackle and Davidson -an understanding of uncertainty capable of both comprehend the concept of probable knowledge and admit the existence of degrees of 'true uncertainty'. Sharing the opinion of other scholars (Runde, 1990;, we think that it is possible to find this definition of uncertainty in Keynes's works, and so make a point to the understanding of uncertainty as a concept feasible to be graded. Moreover, we claim that this concept is not incompatible with the understanding of the social reality as a nonergodic process. To sustain this claim, we will discuss Davidson's and Shackle's views and show that in their writings there are some elements that support our main point.
Arranjos Produtivos Locais industriais sob ambientes periféricos: os condicionantes territoriais ... more Arranjos Produtivos Locais industriais sob ambientes periféricos: os condicionantes territoriais das externalidades restringidas e negativas
As Micro, Pequenas E Médias Empresas Em Espaços Industriais Periféricos: Estudo Comparativo Entre Arranjos Produtivos Locais De Subsistência E Centro- …
… cooperação e desenvolvimento local. Rio de …, Jan 1, 2003
This paper assesses the relationships between patents and banking variables. The main feature of ... more This paper assesses the relationships between patents and banking variables. The main feature of the paper is the use of micro-data for quantitative and qualitative analyses that deal with financial and innovation variables at the level of municipalities. Drawing upon a Logit Model, the paper states that the probability of a municipality having high or low quantity of patents varies according to the higher or lower presence of banking variables such as bank access, credit, demand deposits and local insertion in the banking activity. The results generally point out to a positive relationship between innovation and financial variables and also show that the high concentration of the financial and technological variables is responsible for a strong interaction between innovation, credit, and space.
Resumo: O objetivo deste trabalho é tentar definir um cenário espacial de acesso bancário e prefe... more Resumo: O objetivo deste trabalho é tentar definir um cenário espacial de acesso bancário e preferência pela liquidez do público em Minas Gerais com base na divisão em mesorregiões geográfica do IBGE. A base teórica será a teoria pós-keynesiana, a qual sugere que em regiões mais periféricas a preferência pela liquidez seria maior, devido à incerteza, e que em regiões com poucas agências a informação sobre a localidade é mais remota e menos confiável, afetando as decisões dos bancos de conceder crédito. Desta forma, regiões com alta preferência pela liquidez e baixo acesso bancário são supostas a apresentarem problemas de crédito, o que dificulta seu desenvolvimento.
CROCCO M., FARIA-SILVA F., PAULO-REZENDE L. and RODRÍGUEZ-FUENTES C. J. Banks and regional develo... more CROCCO M., FARIA-SILVA F., PAULO-REZENDE L. and RODRÍGUEZ-FUENTES C. J. Banks and regional development: an empirical analysis on the determinants of credit availability in Brazilian regions, Regional Studies. This paper studies the influence that liquidity preference and bank lending strategies might have played in the determination of bank credit availability in Brazilian regions during the period 1999-2008. It puts forward the argument that in remoter and less developed regions, the liquidity preference of agents is higher and fluctuates along business cycles, reducing regional credit availability in downturns (due to both a contraction in supply and the demand for credit in remoter regions), and producing a more unstable pattern for credit availability alongside business cycles. Empirical evidence for the Brazilian regions during the period 1999-2008 is provided to support this view.
Resumo: Este artigo objetiva investigar os determinantes do gap de crédito nos municípios brasile... more Resumo: Este artigo objetiva investigar os determinantes do gap de crédito nos municípios brasileiros, sendo compreendido como gap o volume de crédito necessário para igualar a participação da localidade no total de crédito concedido no país à sua participação no PIB nacional. Parte-se de um arcabouço teórico pós-keynesiano no qual a moeda afeta a economia -tanto no curto quanto no longo termo -e possui efeitos diferenciados nas regiões de um mesmo país. A partir do balanço consolidado das agências bancárias de 2.592 municípios foram construídos indicadores financeiros utilizados como variáveis explicativas em um modelo econométrico de dados em painel do tipo empilhado ("POLS") para sete anos (2000 -2006). A análise dos resultados corrobora a teoria pós-keynesiana na medida em que tanto o estágio de desenvolvimento bancário do município quanto o grau de preferência pela liquidez das agências bancárias foram importantes para explicar a disponibilidade local de crédito.
The Behavior of Liquidity Preference of Banks and Public and Regional Development: the Case of Brazil
Journal of Post Keynesian …, Jan 1, 2006
Abstract: This paper aims at analyzing the role of several monetary variables in the development ... more Abstract: This paper aims at analyzing the role of several monetary variables in the development of different regions based on the concepts of central place and on the Post Keynesian approach to regional economy. The concept of li-quidity preference is used to analyze the effect of ...
The Future's Unknowability: Keynes's Probability, Probable Knowledge and the Decision to Innovate
Is Economics an Evolutionary Science, Jan 1, 2000
Abstract: The aim of this paper is to show that Keynes's concept of probability can enrich t... more Abstract: The aim of this paper is to show that Keynes's concept of probability can enrich the understanding of the process of introduction of innovation offered by the Neo-Schumpeterian approach. Keynes's theory of probability can complete the set of tools required to ...
The aim of this piece is to discuss in what extent one can find -in the works of Shackle and Davi... more The aim of this piece is to discuss in what extent one can find -in the works of Shackle and Davidson -an understanding of uncertainty capable of both comprehend the concept of probable knowledge and admit the existence of degrees of 'true uncertainty'. Sharing the opinion of other scholars (Runde, 1990;, we think that it is possible to find this definition of uncertainty in Keynes's works, and so make a point to the understanding of uncertainty as a concept feasible to be graded. Moreover, we claim that this concept is not incompatible with the understanding of the social reality as a nonergodic process. To sustain this claim, we will discuss Davidson's and Shackle's views and show that in their writings there are some elements that support our main point.
Arranjos Produtivos Locais industriais sob ambientes periféricos: os condicionantes territoriais ... more Arranjos Produtivos Locais industriais sob ambientes periféricos: os condicionantes territoriais das externalidades restringidas e negativas
As Micro, Pequenas E Médias Empresas Em Espaços Industriais Periféricos: Estudo Comparativo Entre Arranjos Produtivos Locais De Subsistência E Centro- …
… cooperação e desenvolvimento local. Rio de …, Jan 1, 2003
This paper assesses the relationships between patents and banking variables. The main feature of ... more This paper assesses the relationships between patents and banking variables. The main feature of the paper is the use of micro-data for quantitative and qualitative analyses that deal with financial and innovation variables at the level of municipalities. Drawing upon a Logit Model, the paper states that the probability of a municipality having high or low quantity of patents varies according to the higher or lower presence of banking variables such as bank access, credit, demand deposits and local insertion in the banking activity. The results generally point out to a positive relationship between innovation and financial variables and also show that the high concentration of the financial and technological variables is responsible for a strong interaction between innovation, credit, and space.
Resumo: O objetivo deste trabalho é tentar definir um cenário espacial de acesso bancário e prefe... more Resumo: O objetivo deste trabalho é tentar definir um cenário espacial de acesso bancário e preferência pela liquidez do público em Minas Gerais com base na divisão em mesorregiões geográfica do IBGE. A base teórica será a teoria pós-keynesiana, a qual sugere que em regiões mais periféricas a preferência pela liquidez seria maior, devido à incerteza, e que em regiões com poucas agências a informação sobre a localidade é mais remota e menos confiável, afetando as decisões dos bancos de conceder crédito. Desta forma, regiões com alta preferência pela liquidez e baixo acesso bancário são supostas a apresentarem problemas de crédito, o que dificulta seu desenvolvimento.
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