Resumen

RIVAS ACEVES, Salvador  y  MARTINEZ PEREZ, Juan Froilán. The financial system and his impact on the private sector dynamics. Contad. Adm [online]. 2013, vol.58, n.4, pp.175-199. ISSN 0186-1042.

In the framework of a closed economy, identical agents, constant returns to scale and introducing a financial market, through a model of endogenous growth the macroeconomic equilibrium is characterized and it is shown that capital distribution is perfect with the existence of an efficient financial market. Nevertheless, the capital distribution is ineffective when the financial market is not efficient, which generates distortions that increase the cost of capital and hence rate of growth decreases. At the same time, a welfare analysis is carried out to verify the impact due to both types of financial markets, an efficient one and an inefficient one.

Palabras llave : financial market efficiency; economic growth.

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