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Financial Deepening and Business Creation: A Regional Analysis of Colombia

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  • José Julián Cao-Alvira
  • Lorena A. Palacios-Chacón

Abstract

Focusing on the individual regions of Colombia, we analyze the depth of the country’s financial sector and its incidence over business creation and economic growth. Financial deepening, measured by the ratio of time deposits to GDP and by the ratio of commercial bank loans to GDP, consistently shows a positive and significant relationship with business creation across the Colombian regions. These findings are also present when extending our analysis to study the impact of financial deepening on enterprise creation by industrial sectors. Lastly, regional new enterprise creation is found to be positively correlated with regional economic growth.

Suggested Citation

  • José Julián Cao-Alvira & Lorena A. Palacios-Chacón, 2021. "Financial Deepening and Business Creation: A Regional Analysis of Colombia," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 57(3), pages 875-890, February.
    • Handle: RePEc:mes:emfitr:v:57:y:2021:i:3:p:875-890
    DOI: 10.1080/1540496X.2019.1602764
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