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Title: Financial development, political instability and growth : evidence for Brazil since 1870
Author: Zhang, Jihui
ISNI:       0000 0004 5364 3755
Awarding Body: Brunel University
Current Institution: Brunel University
Date of Award: 2014
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What are the main macroeconomic factors that help understand economic growth in Brazil since 1870? Are institutions (and changes in institutions) a deep cause of economic growth in Brazil? Are these effects fundamentally and systematically different? Does the intensity and the direction (the sign) of these effects vary over time, in general and, in particular, do they vary with respect to short- versus long-run considerations? This thesis tries to answer these questions focusing on within country over long periods of time. It uses the power-ARCH (PARCH) econometric framework with annual time series from 1870 to 2003. The results suggest that financial development (domestic and international) exhibit the most robust first-order effects on growth and its volatility. Political instability, trade openness and public deficit play important yet secondary roles since the effects of the first two do not extent to the long-run (that is, they are restricted to the short-run) and those off the latter are sensitive to the measures of the variables used in our analysis.
Supervisor: Karanasos, M.; Campos, N. Sponsor: Not available
Qualification Name: Thesis (Ph.D.) Qualification Level: Doctoral
EThOS ID:  DOI: Not available
Keywords: Financial development and economic growth ; Brazil ; Political instability ; Volatility ; Power-ARCH