ABSTRACT This article examines the available evidence from five Latin American economies (Mexico, Brazil, Argentina, Chile, and Peru) and determines the effect of bank output on economic growth from 1870 to 1920. By relying on a panel error-correction model, the evidence suggests that bank output had a significant long-term impact on GDP per capita. In the long run, an increase of 1% in the level of bank output per capita caused an increase of 0.2%-0.3% in GDP per capita. Compared to other studies, however, our estimates suggest a relatively low impact of bank output on GDP per capita. The results are robust to changes in the specification, in the sample, and in the method of deflating nominal variables.

中文翻译：

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早期银行对经济增长重要吗？来自拉丁美洲的证据

摘要本文研究了来自五个拉丁美洲经济体（墨西哥，巴西，阿根廷，智利和秘鲁）的可用证据，并确定了1870年至1920年银行产出对经济增长的影响。通过面板误差校正模型，有证据表明，银行的产出对人均GDP具有长期的重大影响。从长远来看，人均银行产出水平提高1％会导致人均GDP增长0.2％-0.3％。但是，与其他研究相比，我们的估计表明银行产出对人均GDP的影响相对较低。结果对于规格，样品和缩小标称变量的方法的变化均具有鲁棒性。