<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>2448-718X</journal-id>
<journal-title><![CDATA[El trimestre económico]]></journal-title>
<abbrev-journal-title><![CDATA[El trimestre econ]]></abbrev-journal-title>
<issn>2448-718X</issn>
<publisher>
<publisher-name><![CDATA[Fondo de Cultura Económica]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S2448-718X2023000300773</article-id>
<article-id pub-id-type="doi">10.20430/ete.v90i359.1775</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[La influencia del mercado de deuda pública interna en el desarrollo financiero: evidencia de 52 países en 1990-2020]]></article-title>
<article-title xml:lang="en"><![CDATA[The influence of domestic public debt market in the financial development: Evidence of 52 countries in 1990-2020]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Jiménez-Sotelo]]></surname>
<given-names><![CDATA[Renzo A.]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad Nacional Mayor de San Marcos  ]]></institution>
<addr-line><![CDATA[Lima ]]></addr-line>
<country>Peru</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>09</month>
<year>2023</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>09</month>
<year>2023</year>
</pub-date>
<volume>90</volume>
<numero>359</numero>
<fpage>773</fpage>
<lpage>804</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S2448-718X2023000300773&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S2448-718X2023000300773&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S2448-718X2023000300773&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen El objetivo del estudio es determinar si una política de preferencia por el mercado de deuda pública interna influye en el desarrollo del sistema financiero respectivo. Mediante técnicas de datos de panel, se contrastó la relación de causalidad entre el mercado interno de valores de deuda pública y ocho indicadores de desarrollo financiero. Para ello, se utilizaron modelos de regresión estática con efectos fijos computados por mínimos cuadrados ordinarios (MCO) o modelos de regresión dinámica con efectos fijos computados mediante el método generalizado de momentos (MGM) en diferencias, según era pertinente. También se usaron modelos de efectos aleatorios controlados por efectos fijos calculados por mínimos cuadrados en dos etapas (MC2E). Al rechazarse la hipótesis nula que la literatura ha asumido como cierta, se confirmó que las teorías del desarrollo financiero tradicionales estaban incompletas. Si bien la investigación muestra que la preferencia por el mercado de valores de deuda pública interna influye en el desarrollo financiero, y, por lo tanto, en el desarrollo económico, no explica por qué en países menos desarrollados no se le da una mayor importancia. La formulación de esa respuesta estaría más relacionada con campos de estudio que incluyan la ética y la política.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract The objective of the study is to determine if a policy of preference for the domestic public debt market influences the development of the respective financial system. Using panel data techniques, I tested the causal relationship between the domestic marketing of public debt securities and eight indicators of financial development. For this, I used static regression models with fixed effects computed by ordinary least squares (OLS) or dynamic regression models with fixed effects computed by the generalized method of moments (GMM) in differences, depending on each case. I also used random effects models controlled by fixed effects calculated by two-stage least squares (2SLS). By rejecting the null hypothesis that the literature has been assuming as true, it was confirmed that the traditional theories of financial development were incomplete. Although the research shows that the preference for the domestic public debt securities market influences financial development -and therefore economic development-it does not explain why it hasn&#8217;t been given greater importance in less developed countries. The formulation of that answer would be more related to the fields of study in which ethics and politics move.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[curva soberana]]></kwd>
<kwd lng="es"><![CDATA[datos de panel]]></kwd>
<kwd lng="es"><![CDATA[deuda soberana]]></kwd>
<kwd lng="es"><![CDATA[desarrollo económico]]></kwd>
<kwd lng="es"><![CDATA[mercado de valores]]></kwd>
<kwd lng="es"><![CDATA[política financiera]]></kwd>
<kwd lng="es"><![CDATA[política monetaria]]></kwd>
<kwd lng="es"><![CDATA[sistemas financieros]]></kwd>
<kwd lng="en"><![CDATA[Sovereign curve]]></kwd>
<kwd lng="en"><![CDATA[panel data]]></kwd>
<kwd lng="en"><![CDATA[sovereign debt]]></kwd>
<kwd lng="en"><![CDATA[economic development]]></kwd>
<kwd lng="en"><![CDATA[security market]]></kwd>
<kwd lng="en"><![CDATA[financial policy]]></kwd>
<kwd lng="en"><![CDATA[monetary policy]]></kwd>
<kwd lng="en"><![CDATA[financial systems]]></kwd>
</kwd-group>
</article-meta>
</front><back>
<ref-list>
<ref id="B1">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Acemoglu]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
<name>
<surname><![CDATA[Johnson]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Robinson]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The colonial origins of comparative development: An empirical investigation]]></article-title>
<source><![CDATA[The American Economic Review]]></source>
<year>2001</year>
<volume>91</volume>
<numero>5</numero>
<issue>5</issue>
<page-range>1369-401</page-range></nlm-citation>
</ref>
<ref id="B2">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Acemoglu]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
<name>
<surname><![CDATA[Johnson]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Robinson]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Institutions as the fundamental cause of long-run growth]]></article-title>
<person-group person-group-type="editor">
<name>
<surname><![CDATA[Aghion]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
<name>
<surname><![CDATA[Durlauf]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
</person-group>
<source><![CDATA[Handbook of Economic Growth]]></source>
<year>2005</year>
<page-range>386-472</page-range><publisher-loc><![CDATA[Ámsterdam ]]></publisher-loc>
<publisher-name><![CDATA[Elsevier]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B3">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Almarzoqi]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
<name>
<surname><![CDATA[Naceur]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Kotak]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
</person-group>
<source><![CDATA[What Matters for Financial Development and Stability?]]></source>
<year>2015</year>
<numero>2015/173</numero>
<issue>2015/173</issue>
<publisher-loc><![CDATA[Washington, D. C. ]]></publisher-loc>
<publisher-name><![CDATA[FMI]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B4">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Andrianova]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Demetriades]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
<name>
<surname><![CDATA[Xu]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
</person-group>
<source><![CDATA[Political Economy Origins of Financial Markets in Europe and Asia]]></source>
<year>2008</year>
<numero>08/1</numero>
<issue>08/1</issue>
<publisher-loc><![CDATA[Reino Unido ]]></publisher-loc>
<publisher-name><![CDATA[University of Leicester]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B5">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Arellano]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Bond]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Some tests of specification for panel data: Montecarlo evidence and an application to employment equations]]></article-title>
<source><![CDATA[The Review of Economic Studies]]></source>
<year>1991</year>
<volume>58</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>277-97</page-range></nlm-citation>
</ref>
<ref id="B6">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Baltagi]]></surname>
<given-names><![CDATA[B.]]></given-names>
</name>
<name>
<surname><![CDATA[Demetriades]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
<name>
<surname><![CDATA[Law]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Financial development and openness: Evidence from panel data]]></article-title>
<source><![CDATA[Journal of Development Economics]]></source>
<year>2009</year>
<volume>89</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>285-96</page-range></nlm-citation>
</ref>
<ref id="B7">
<nlm-citation citation-type="">
<collab>Banco de la Reserva Federal de Atlanta</collab>
<source><![CDATA[Wu-Xia shadow federal funds rate]]></source>
<year>2022</year>
</nlm-citation>
</ref>
<ref id="B8">
<nlm-citation citation-type="">
<collab>Banco Mundial</collab>
<source><![CDATA[Desarrollo financiero mundial]]></source>
<year>2021</year>
</nlm-citation>
</ref>
<ref id="B9">
<nlm-citation citation-type="">
<collab>Banco Mundial</collab>
<source><![CDATA[Indicadores del desarrollo mundial]]></source>
<year>2021</year>
</nlm-citation>
</ref>
<ref id="B10">
<nlm-citation citation-type="">
<collab>Banco Mundial</collab>
<source><![CDATA[Indicadores mundiales de buen gobierno]]></source>
<year>2021</year>
</nlm-citation>
</ref>
<ref id="B11">
<nlm-citation citation-type="book">
<collab>Banco Mundial</collab>
<collab>FMI</collab>
<source><![CDATA[Developing Government Bond Markets: A Handbook]]></source>
<year>2001</year>
<publisher-loc><![CDATA[Washington, D. C. ]]></publisher-loc>
<publisher-name><![CDATA[Banco Mundial]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B12">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Becerra]]></surname>
<given-names><![CDATA[Ó.]]></given-names>
</name>
<name>
<surname><![CDATA[Cavallo]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
<name>
<surname><![CDATA[Scartascini]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
</person-group>
<source><![CDATA[The Politics of Financial Development: The Role of Interest Groups and Government Capabilities]]></source>
<year>2010</year>
<numero>207</numero>
<issue>207</issue>
<publisher-loc><![CDATA[Washington, D. C. ]]></publisher-loc>
<publisher-name><![CDATA[Banco Interamericano de Desarrollo]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B13">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Beck]]></surname>
<given-names><![CDATA[T.]]></given-names>
</name>
<name>
<surname><![CDATA[Demirgüç-Kunt]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Levine]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Law, endowments, and finance]]></article-title>
<source><![CDATA[Journal of Financial Economics]]></source>
<year>2003</year>
<volume>70</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>137-81</page-range></nlm-citation>
</ref>
<ref id="B14">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Beck]]></surname>
<given-names><![CDATA[T.]]></given-names>
</name>
<name>
<surname><![CDATA[Demirgüç-Kunt]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Levine]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Law and firms&#8217; access to finance]]></article-title>
<source><![CDATA[American Law and Economics]]></source>
<year>2005</year>
<volume>7</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>211-52</page-range></nlm-citation>
</ref>
<ref id="B15">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Borensztein]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
<name>
<surname><![CDATA[Cowan]]></surname>
<given-names><![CDATA[K.]]></given-names>
</name>
<name>
<surname><![CDATA[Valenzuela]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Sovereign ceilings &#8216;lite&#8217;? The impact of sovereign ratings on corporate ratings in emerging market economies]]></article-title>
<source><![CDATA[Journal of Banking &amp; Finance]]></source>
<year>2013</year>
<volume>37</volume>
<numero>11</numero>
<issue>11</issue>
<page-range>4014-24</page-range></nlm-citation>
</ref>
<ref id="B16">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Borensztein]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
<name>
<surname><![CDATA[Eichengreen]]></surname>
<given-names><![CDATA[B.]]></given-names>
</name>
<name>
<surname><![CDATA[Panizza]]></surname>
<given-names><![CDATA[U.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Building bond markets in Latin America]]></article-title>
<person-group person-group-type="editor">
<name>
<surname><![CDATA[Borensztein]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
<name>
<surname><![CDATA[Cowan]]></surname>
<given-names><![CDATA[K.]]></given-names>
</name>
<name>
<surname><![CDATA[Eichengreen]]></surname>
<given-names><![CDATA[B.]]></given-names>
</name>
<name>
<surname><![CDATA[Panizza]]></surname>
<given-names><![CDATA[U.]]></given-names>
</name>
</person-group>
<source><![CDATA[Bond Markets in Latin America: On the Verge of a Big Bang?]]></source>
<year>2008</year>
<publisher-loc><![CDATA[Cambridge, Mass. ]]></publisher-loc>
<publisher-name><![CDATA[The MIT Press]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B17">
<nlm-citation citation-type="book">
<collab>BPI</collab>
<collab>OICV</collab>
<source><![CDATA[Principios aplicables a las infraestructuras del mercado financiero]]></source>
<year>2012</year>
<publisher-loc><![CDATA[Basilea ]]></publisher-loc>
<publisher-name><![CDATA[BPI]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B18">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Breusch]]></surname>
<given-names><![CDATA[T. S.]]></given-names>
</name>
<name>
<surname><![CDATA[Pagan]]></surname>
<given-names><![CDATA[A. R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The Lagrange multiplier test and its applications to model specification in econometrics]]></article-title>
<source><![CDATA[Review of Economic Studies]]></source>
<year>1980</year>
<volume>47</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>239-53</page-range></nlm-citation>
</ref>
<ref id="B19">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Bunge]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<source><![CDATA[Las ciencias sociales en discusión: Una perspectiva filosófica]]></source>
<year>1999</year>
<publisher-loc><![CDATA[Buenos Aires ]]></publisher-loc>
<publisher-name><![CDATA[Editorial Sudamericana]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B20">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Chami]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
<name>
<surname><![CDATA[Fullenkamp]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
<name>
<surname><![CDATA[Sharma]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[A framework for financial market development]]></article-title>
<source><![CDATA[Journal of Economic Policy Reform]]></source>
<year>2010</year>
<volume>13</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>107-35</page-range></nlm-citation>
</ref>
<ref id="B21">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Chinn]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Ito]]></surname>
<given-names><![CDATA[H.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[What matters for financial development? Capital controls, institutions and interactions]]></article-title>
<source><![CDATA[Journal of Development Economics]]></source>
<year>2006</year>
<volume>81</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>163-92</page-range></nlm-citation>
</ref>
<ref id="B22">
<nlm-citation citation-type="">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Chinn]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Ito]]></surname>
<given-names><![CDATA[H.]]></given-names>
</name>
</person-group>
<source><![CDATA[The Chinn-Ito Index: A de jure measure of financial openness]]></source>
<year>2022</year>
</nlm-citation>
</ref>
<ref id="B23">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Correa]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
</person-group>
<source><![CDATA[Crisis y desregulación financiera]]></source>
<year>1998</year>
<publisher-loc><![CDATA[México ]]></publisher-loc>
<publisher-name><![CDATA[Siglo XXI Editores]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B24">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Cosoy]]></surname>
<given-names><![CDATA[N.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Thomas Piketty sobre Latinoamérica: &#8220;Un país no debería aceptar demasiado capital extranjero porque pone en riesgo su soberanía&#8221;]]></article-title>
<source><![CDATA[BBC News Mundo]]></source>
<year>2016</year>
</nlm-citation>
</ref>
<ref id="B25">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Dancourt]]></surname>
<given-names><![CDATA[Ó.]]></given-names>
</name>
<name>
<surname><![CDATA[Jiménez-Sotelo]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The experience of development banking in Peru: 1990-2015]]></article-title>
<person-group person-group-type="editor">
<name>
<surname><![CDATA[Griffiths-Jones]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Ocampo]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<source><![CDATA[The Future of National Development Banks]]></source>
<year>2018</year>
<publisher-loc><![CDATA[Reino Unido ]]></publisher-loc>
<publisher-name><![CDATA[Oxford University Press]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B26">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Demirgüç-Kunt]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Levine]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Finance and inequality: Theory and evidence]]></article-title>
<source><![CDATA[Annual Review of Financial Economics]]></source>
<year>2009</year>
<volume>1</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>287-318</page-range></nlm-citation>
</ref>
<ref id="B27">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Ehigiamusoe]]></surname>
<given-names><![CDATA[K.]]></given-names>
</name>
<name>
<surname><![CDATA[Lean]]></surname>
<given-names><![CDATA[H.]]></given-names>
</name>
<name>
<surname><![CDATA[Chan]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Influence of macroeconomic stability on financial development in developing economies: Evidence from West African region]]></article-title>
<source><![CDATA[The Singapore Economic Review]]></source>
<year>2020</year>
<volume>65</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>837-56</page-range></nlm-citation>
</ref>
<ref id="B28">
<nlm-citation citation-type="journal">
<article-title xml:lang=""><![CDATA[Calificación de la deuda soberana de los países]]></article-title>
<source><![CDATA[Expansión]]></source>
<year>2021</year>
</nlm-citation>
</ref>
<ref id="B29">
<nlm-citation citation-type="book">
<collab>Fitch</collab>
<source><![CDATA[Sovereign Rating Criteria: Master Criteria]]></source>
<year>2016</year>
<publisher-loc><![CDATA[Nueva York ]]></publisher-loc>
<publisher-name><![CDATA[Fitch]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B30">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[FitzGerald]]></surname>
<given-names><![CDATA[V.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Desarrollo financiero y crecimiento económico: una visión crítica]]></article-title>
<source><![CDATA[Revista Principios]]></source>
<year>2007</year>
<numero>7</numero>
<issue>7</issue>
<page-range>5-28</page-range></nlm-citation>
</ref>
<ref id="B31">
<nlm-citation citation-type="book">
<collab>FMI</collab>
<source><![CDATA[Offshore Financial Centers: IMF Background Paper]]></source>
<year>2000</year>
<publisher-loc><![CDATA[Washington, D. C. ]]></publisher-loc>
<publisher-name><![CDATA[FMI]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B32">
<nlm-citation citation-type="">
<collab>FMI</collab>
<source><![CDATA[Índice de desarrollo financiero]]></source>
<year>2021</year>
</nlm-citation>
</ref>
<ref id="B33">
<nlm-citation citation-type="">
<collab>FMI</collab>
<source><![CDATA[Sistema de precios de materias primas]]></source>
<year>2021</year>
</nlm-citation>
</ref>
<ref id="B34">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Freixas]]></surname>
<given-names><![CDATA[X.]]></given-names>
</name>
</person-group>
<source><![CDATA[El prestamista en última instancia en el entorno financiero actual]]></source>
<year>1999</year>
<numero>4</numero>
<issue>4</issue>
<publisher-loc><![CDATA[Barcelona ]]></publisher-loc>
<publisher-name><![CDATA[Centre de Recerca en Economía Internacional]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B35">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Freixas]]></surname>
<given-names><![CDATA[X.]]></given-names>
</name>
<name>
<surname><![CDATA[Rochet]]></surname>
<given-names><![CDATA[J. C.]]></given-names>
</name>
</person-group>
<source><![CDATA[Economía bancaria]]></source>
<year>1997</year>
<publisher-loc><![CDATA[Madrid ]]></publisher-loc>
<publisher-name><![CDATA[Antoni Bosch Editor]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B36">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Garzón]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Paraísos fiscales en la globalización financiera]]></article-title>
<source><![CDATA[Historia Actual Online]]></source>
<year>2011</year>
<numero>26</numero>
<issue>26</issue>
<page-range>141-53</page-range></nlm-citation>
</ref>
<ref id="B37">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Gray]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
</person-group>
<source><![CDATA[Valores gubernamentales: la emisión primaria]]></source>
<year>1999</year>
<numero>65</numero>
<issue>65</issue>
<publisher-loc><![CDATA[México ]]></publisher-loc>
<publisher-name><![CDATA[Centro de Estudios Monetarios Latinoamericanos]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B38">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Gray]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Talbot]]></surname>
<given-names><![CDATA[N.]]></given-names>
</name>
</person-group>
<source><![CDATA[Desarrollo de mercados financieros]]></source>
<year>2009</year>
<numero>81</numero>
<issue>81</issue>
<publisher-loc><![CDATA[México ]]></publisher-loc>
<publisher-name><![CDATA[Centro de Estudios Monetarios Latinoamericanos]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B39">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Greene]]></surname>
<given-names><![CDATA[W.]]></given-names>
</name>
</person-group>
<source><![CDATA[Econometric Analysis]]></source>
<year>2002</year>
<edition>5</edition>
<publisher-loc><![CDATA[Nueva Jersey ]]></publisher-loc>
<publisher-name><![CDATA[Prentice-Hall]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B40">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Guiso]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
<name>
<surname><![CDATA[Sapienza]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
<name>
<surname><![CDATA[Zingales]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The role of social capital in financial development]]></article-title>
<source><![CDATA[American Economic Review]]></source>
<year>2004</year>
<volume>94</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>526-56</page-range></nlm-citation>
</ref>
<ref id="B41">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Hansen]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Large sample properties of generalized method of moments estimators]]></article-title>
<source><![CDATA[Econometrica]]></source>
<year>1982</year>
<volume>50</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>1029-54</page-range></nlm-citation>
</ref>
<ref id="B42">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Hausman]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Specification tests in Econometrics]]></article-title>
<source><![CDATA[Econometrica]]></source>
<year>1978</year>
<volume>46</volume>
<numero>6</numero>
<issue>6</issue>
<page-range>1251-71</page-range></nlm-citation>
</ref>
<ref id="B43">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Hausman]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Taylor]]></surname>
<given-names><![CDATA[W. E.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Panel data and unobservable individual effects]]></article-title>
<source><![CDATA[Econometrica]]></source>
<year>1981</year>
<volume>49</volume>
<numero>6</numero>
<issue>6</issue>
<page-range>1377-98</page-range></nlm-citation>
</ref>
<ref id="B44">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Huang]]></surname>
<given-names><![CDATA[Y.]]></given-names>
</name>
</person-group>
<source><![CDATA[Determinants of Financial Development]]></source>
<year>2011</year>
<publisher-loc><![CDATA[Londres ]]></publisher-loc>
<publisher-name><![CDATA[Palgrave Macmillan]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B45">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Jiménez-Sotelo]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[La dolarización y sus efectos sobre la solidez del sistema financiero peruano]]></article-title>
<source><![CDATA[Apuntes: Revista de Ciencias Sociales]]></source>
<year>2001</year>
<numero>49</numero>
<issue>49</issue>
<page-range>93-115</page-range></nlm-citation>
</ref>
<ref id="B46">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Jiménez-Sotelo]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Acceso de la banca de desarrollo al banco central: el caso de COFIDE y las tasas de interés en el Perú]]></article-title>
<source><![CDATA[Boletín del CEMLA]]></source>
<year>2009</year>
<volume>55</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>119-38</page-range></nlm-citation>
</ref>
<ref id="B47">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Jiménez-Sotelo]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Ciclo crediticio y acelerador cambiario: Evidencia empírica y consecuencias para la regulación prudencial]]></article-title>
<source><![CDATA[Economía (PUCP)]]></source>
<year>2010</year>
<volume>33</volume>
<numero>65</numero>
<issue>65</issue>
<page-range>133-76</page-range></nlm-citation>
</ref>
<ref id="B48">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Jiménez-Sotelo]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[El impacto de la ética sobre el crecimiento y el desarrollo: ¿Economía ambiental versus economía ecológica?]]></article-title>
<source><![CDATA[Pensamiento Crítico]]></source>
<year>2018</year>
<volume>23</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>153-82</page-range></nlm-citation>
</ref>
<ref id="B49">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Keynes]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<source><![CDATA[Teoría general de la ocupación, el interés y el dinero]]></source>
<year>2003</year>
<publisher-loc><![CDATA[México ]]></publisher-loc>
<publisher-name><![CDATA[Fondo de Cultura Económica]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B50">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Krugman]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
</person-group>
<source><![CDATA[De vuelta a la economía de la Gran Depresión]]></source>
<year>1999</year>
<publisher-loc><![CDATA[Bogotá ]]></publisher-loc>
<publisher-name><![CDATA[Grupo Editorial Norma]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B51">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Labra]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
<name>
<surname><![CDATA[Torrecillas]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
</person-group>
<source><![CDATA[Guía cero para datos de panel: Un enfoque práctico]]></source>
<year>2014</year>
<numero>2014/16</numero>
<issue>2014/16</issue>
<publisher-loc><![CDATA[Madrid ]]></publisher-loc>
<publisher-name><![CDATA[Universidad Autónoma de Madrid]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B52">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Lasswell]]></surname>
<given-names><![CDATA[H.]]></given-names>
</name>
</person-group>
<source><![CDATA[Politics: Who Gets What, When, How]]></source>
<year>1936</year>
<publisher-loc><![CDATA[Nueva York ]]></publisher-loc>
<publisher-name><![CDATA[Whittlesey House]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B53">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[McConnachie]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<source><![CDATA[Los intermediarios primarios en los mercados de valores del gobierno]]></source>
<year>1997</year>
<numero>62</numero>
<issue>62</issue>
<publisher-loc><![CDATA[México ]]></publisher-loc>
<publisher-name><![CDATA[Centro de Estudios Monetarios Latinoamericanos]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B54">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[McConnachie]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<source><![CDATA[El mercado minorista para la deuda pública]]></source>
<year>1998</year>
<numero>64</numero>
<issue>64</issue>
<publisher-loc><![CDATA[México ]]></publisher-loc>
<publisher-name><![CDATA[Centro de Estudios Monetarios Latinoamericanos]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B55">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Merton]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The financial system and economic performance]]></article-title>
<source><![CDATA[Journal of Financial Services Research]]></source>
<year>1990</year>
<volume>4</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>263-300</page-range></nlm-citation>
</ref>
<ref id="B56">
<nlm-citation citation-type="">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Milesi-Ferreti]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
</person-group>
<source><![CDATA[The external wealth of nations: September 2021 update]]></source>
<year>2021</year>
</nlm-citation>
</ref>
<ref id="B57">
<nlm-citation citation-type="book">
<collab>Moody&#8217;s</collab>
<source><![CDATA[Moody&#8217;s Statistical Handbook: Country Credit]]></source>
<year>2012</year>
<publisher-loc><![CDATA[Nueva York ]]></publisher-loc>
<publisher-name><![CDATA[Moody&#8217;s]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B58">
<nlm-citation citation-type="book">
<collab>Moody&#8217;s</collab>
<source><![CDATA[Rating Methodology: Sovereign Bond Ratings]]></source>
<year>2013</year>
<publisher-loc><![CDATA[Nueva York ]]></publisher-loc>
<publisher-name><![CDATA[Moody&#8217;s]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B59">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Pagano]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Volpin]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The political economy of finance]]></article-title>
<source><![CDATA[Oxford Review of Economic Policy]]></source>
<year>2001</year>
<volume>17</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>502-19</page-range></nlm-citation>
</ref>
<ref id="B60">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Palley]]></surname>
<given-names><![CDATA[T.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[La macroeconomía de la financiarización: Un enfoque de etapas de desarrollo]]></article-title>
<source><![CDATA[Ekonomiaz]]></source>
<year>2009</year>
<volume>72</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>34-53</page-range></nlm-citation>
</ref>
<ref id="B61">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Piketty]]></surname>
<given-names><![CDATA[T.]]></given-names>
</name>
</person-group>
<source><![CDATA[El capital en el siglo XXI]]></source>
<year>2015</year>
<edition>2</edition>
<publisher-loc><![CDATA[México ]]></publisher-loc>
<publisher-name><![CDATA[Fondo de Cultura Económica]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B62">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Porta]]></surname>
<given-names><![CDATA[R. la]]></given-names>
</name>
<name>
<surname><![CDATA[López-de-Silanes]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
<name>
<surname><![CDATA[Shleifer]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[What works in securities laws?]]></article-title>
<source><![CDATA[Journal of Finance]]></source>
<year>2006</year>
<volume>61</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>1-32</page-range></nlm-citation>
</ref>
<ref id="B63">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Porta]]></surname>
<given-names><![CDATA[R. la]]></given-names>
</name>
<name>
<surname><![CDATA[López-de-Silanes]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
<name>
<surname><![CDATA[Shleifer]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Vishny]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Legal determinants of external finance]]></article-title>
<source><![CDATA[The Journal of Finance]]></source>
<year>1997</year>
<volume>52</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>1131-50</page-range></nlm-citation>
</ref>
<ref id="B64">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Porta]]></surname>
<given-names><![CDATA[R. la]]></given-names>
</name>
<name>
<surname><![CDATA[López-de-Silanes]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
<name>
<surname><![CDATA[Shleifer]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Vishny]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Law and finance]]></article-title>
<source><![CDATA[Journal of Political Economy]]></source>
<year>1998</year>
<volume>106</volume>
<numero>6</numero>
<issue>6</issue>
<page-range>1113-55</page-range></nlm-citation>
</ref>
<ref id="B65">
<nlm-citation citation-type="">
<collab>PNUD</collab>
<source><![CDATA[Human development index]]></source>
<year>2021</year>
</nlm-citation>
</ref>
<ref id="B66">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Rajan]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
<name>
<surname><![CDATA[Zingales]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The great reversals: The politics of financial development in the twentieth century]]></article-title>
<source><![CDATA[Journal of Financial Economics]]></source>
<year>2003</year>
<volume>69</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>5-50</page-range></nlm-citation>
</ref>
<ref id="B67">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Roodman]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[How to do Xtabond2: An introduction to difference and system GMM in Stata]]></article-title>
<source><![CDATA[The Stata Journal]]></source>
<year>2009</year>
<volume>9</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>86-136</page-range></nlm-citation>
</ref>
<ref id="B68">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Sahay]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
<name>
<surname><![CDATA[Cihák]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[N&#8217;Diaye]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
<name>
<surname><![CDATA[Barajas]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Bi]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
<name>
<surname><![CDATA[Ayala]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
<name>
<surname><![CDATA[Gao]]></surname>
<given-names><![CDATA[Y.]]></given-names>
</name>
<name>
<surname><![CDATA[Kyobe]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Nguyen]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
<name>
<surname><![CDATA[Saborowski]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
<name>
<surname><![CDATA[Svirydzenka]]></surname>
<given-names><![CDATA[K.]]></given-names>
</name>
<name>
<surname><![CDATA[Yousefi]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
</person-group>
<source><![CDATA[Rethinking Financial Deepening: Stability and Growth in Emerging Markets]]></source>
<year>2015</year>
<numero>SDN/15/008</numero>
<issue>SDN/15/008</issue>
<publisher-loc><![CDATA[Washington, D. C. ]]></publisher-loc>
<publisher-name><![CDATA[FMI]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B69">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Sargan]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The estimation of economic relationships using instrumental variables]]></article-title>
<source><![CDATA[Econometrica]]></source>
<year>1958</year>
<volume>26</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>393-415</page-range></nlm-citation>
</ref>
<ref id="B70">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Schumpeter]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<source><![CDATA[Teoría del desenvolvimiento económico: Una investigación sobre ganancias, capital, crédito, interés y ciclo económico]]></source>
<year>1967</year>
<publisher-loc><![CDATA[México ]]></publisher-loc>
<publisher-name><![CDATA[Fondo de Cultura Económica]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B71">
<nlm-citation citation-type="book">
<collab>S&amp;P</collab>
<source><![CDATA[Metodología de calificaciones soberanas]]></source>
<year>2018</year>
<publisher-loc><![CDATA[Nueva York ]]></publisher-loc>
<publisher-name><![CDATA[S&amp;P]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B72">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Stulz]]></surname>
<given-names><![CDATA[R. M.]]></given-names>
</name>
<name>
<surname><![CDATA[Williamson]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Culture, openness, and finance]]></article-title>
<source><![CDATA[Journal of Financial Economics]]></source>
<year>2003</year>
<volume>70</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>313-49</page-range></nlm-citation>
</ref>
<ref id="B73">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Svirydzenka]]></surname>
<given-names><![CDATA[K.]]></given-names>
</name>
</person-group>
<source><![CDATA[Introducing a New Broad-Based Index of Financial Development]]></source>
<year>2016</year>
<numero>WP/16/5</numero>
<issue>WP/16/5</issue>
<publisher-loc><![CDATA[Washington, D. C. ]]></publisher-loc>
<publisher-name><![CDATA[FMI]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B74">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Togo]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
</person-group>
<source><![CDATA[Coordinating Public Debt Management with Fiscal and Monetary Policies: An Analytical Framework]]></source>
<year>2007</year>
<numero>4369</numero>
<issue>4369</issue>
<publisher-loc><![CDATA[Washington, D. C. ]]></publisher-loc>
<publisher-name><![CDATA[Banco Mundial]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B75">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Torre]]></surname>
<given-names><![CDATA[A. de la]]></given-names>
</name>
<name>
<surname><![CDATA[Feyen]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
<name>
<surname><![CDATA[Ize]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
</person-group>
<source><![CDATA[Financial Development: Structure and Dynamics]]></source>
<year>2011</year>
<numero>5854</numero>
<issue>5854</issue>
<publisher-loc><![CDATA[Washington, D. C. ]]></publisher-loc>
<publisher-name><![CDATA[Banco Mundial]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B76">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Trabelsi]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Cherif]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Capital account liberalization and financial deepening: Does the private sector matter?]]></article-title>
<source><![CDATA[The Quarterly Review of Economics and Finance]]></source>
<year>2017</year>
<numero>64</numero>
<issue>64</issue>
<page-range>141-51</page-range></nlm-citation>
</ref>
<ref id="B77">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Wald]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The fitting of straight lines if both variables are subject to error]]></article-title>
<source><![CDATA[The Annals of Mathematical Statistics]]></source>
<year>1940</year>
<volume>11</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>284-300</page-range></nlm-citation>
</ref>
<ref id="B78">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Wooldridge]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<source><![CDATA[Econometric Analysis of Cross Section and Panel Data]]></source>
<year>2002</year>
<publisher-loc><![CDATA[Cambridge, Mass. ]]></publisher-loc>
<publisher-name><![CDATA[The mit Press]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B79">
<nlm-citation citation-type="book">
<collab>WIL</collab>
<source><![CDATA[World inequality database]]></source>
<year>2021</year>
<publisher-name><![CDATA[Paris School of Economics]]></publisher-name>
</nlm-citation>
</ref>
</ref-list>
</back>
</article>
