A Recepção da Teoria Monetária Clássica em Portugal

II SERlE, N .0 23 COLEC F = 0.0000 R-squared = 0.42 Number of obs = 323 Model2 Lag1 Gross fixed capital formation DEA bank cost efficiency Bank market concentration (C3) measure Return on equity (ROE) ratio Constant F( 41, 281) = 5.72 Prob > F = 0.0000 R-squared = 0.41 Number of obs = 323

Estim. Coefiicient

Standard Error

!-statistic

P-value

-.008731 .0850035 -.0472685 -1.438665 .3462776

.0063164 .0304422 .0330015 .9446563 .1644267

-1.38 2.79 -1.43 -1.52 2.11

0.168 0.006 0.153 0.129 0.036

A Recepc;ao da Teoria Monetaria Classica em Portugal -.0071577 .0958274 -.0455535 -.0958592 .1994248

.0063471 .0341574 .0334307 .0704921 .129321

-1.13 2.81 -1.36 -1.36 1.54

Carlos Bastien* Rita Martins de Sousa*

0.260 0.005 0.174 0.175 0.124

'Toda a gente diz que o dinheiro custa a ganhar, mas nem toda sabe o que custa a compreender o que eo dinheiro.'

Rodrigues de Freitas

(*) Growth i,t = a 0 + a 1 year dummiesi + a 2 country dummies, + a 3 lag1 growth i,t-J + a 4 bank efficiency i,t + a 5 bank market concentration i,t + a 6 control variables i,t (1)

Where: Growth =natural logarithm of the GDP (at market prices), or of one of its main components: final consumption, gross fixed capital formation, exports or imports i = EU country (1 = 1, ... 27) t =year (t = 1996, ..., 2008) Lag1 growth= first lag (t-1) of the growth endogenous variable Bank efficiency= natural logarithm of the Data Envelopment Analysis (DEA) bank cost efficiency Bank market concentration= natural logarithm of the percentage share of the total assets held by the three largest banking institutions (C3) Control variables = return on assets (ROA) or return on equity (ROE) (**) In all equations, year and the country dummies are included and their specific results are available on request.

1. Introduc;ao

A reconstitui