European and Latin American Experiences
New Directions in Post-Keynesian Economics series
Edited by Noemi Levy and Etelberto Ortiz
Chapter 12: Economic growth and financial development in Mexico: from a virtuous circle of a bidirectional causality to a financial subordination
In the chapter, ‘Economic growth and financial development in Mexico: from a virtuous circle of a bi-directional causality to financial subordination,’ the authors develop the theme of bank lending to non-financial activities in the context of the Mexican economy between 1990 and 2013. An empirical and econometric assessment shows that deregulation and globalization, instead of increasing savings, caused the banking system to lose sight of its core activity, which is the financing of production. On this basis, the authors assert the need to establish regulatory mechanisms to ensure financial resources for production.
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