This paper examines the effects of banking crises and financial liberalization on the relationship between financial development and economic growth in a panel of 16 Latin American countries over the period 1973-2005. Applying the dynamic panel method that incorporates Generalized Method of Moments system, the main findings show that financial liberalization did not result in a positive relationship between financial development and economic growth due to the emergence and recurrence of banking crises. Our findings also confirm those of theoretical approaches that suggest financial liberalization can generate banking crises, while bringing into question approaches that support a positive relationship between financial development and economic growth.

中文翻译：

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拉丁美洲国家金融发展与经济增长的关系：银行危机与金融自由化的作用

本文考察了 1973-2005 年期间银行业危机和金融自由化对 16 个拉丁美洲国家的小组对金融发展和经济增长之间关系的影响。应用包含广义矩法系统的动态面板方法，主要研究结果表明，由于银行危机的出现和复发，金融自由化并未导致金融发展与经济增长之间存在正相关关系。我们的研究结果还证实了那些认为金融自由化会引发银行危机的理论方法，同时对支持金融发展与经济增长之间正相关关系的方法提出了质疑。