"La Regulación del Sistema Financiero: Un Modelo de Crecimiento "

Abstract

The effects of a financial market on growth are studied. By using a model of stochastic endogenous growth with two types of financial markets (efficient and inefficient) the macroeconomic equilibrium is characterized and shows that negative impacts on growth appear when financial market is inefficient. Therefore regulation on financial market can be applied, by a capital revenue tax, in order to restore macroeconomic equilibrium. An optimal interval for the tax is defined and through Monte Carlo simulation the impact on growth due regulation are shown.