Causalidad bidireccional entre el crédito empresarial y al hogar: casos de la Eurozona y Venezuela

Juan C. Guevara G.

Resumen


Por más de un siglo la academia no ha logrado concretar una visión única del efecto del crédito sobre el crecimiento económico. Una potencial razón para tan esquivo resultado, podría ser el hecho de que el crédito es analizado en su totalidad y no en sus componentes. El presente estudio examina el efecto independiente que tanto el crédito empresarial como al hogar tienen sobre el crecimiento económico y concluye, mediante un modelo de equilibrio parcial, que el impacto del crédito al hogar resulta neutro al menos que venga antecedido por el crédito empresarial. Adicionalmente, un análisis de cointegración aplicado para países de la eurozona y Venezuela, identifica el tipo de causalidad bidireccional que existe entre ambos tipos de crédito.


Palabras clave


causalidad bidireccional; crédito y crecimiento económico; Eurozona; Venezuela

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