Volatility and Investment Selection in an Economic Growth Model

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Daniel Cerecedo Hernández
Selene Rocío Gaxiola Laso

Abstract

Macroeconomic volatility can affect long-term growth through its effects on aggregate savings and investment. In this article, an economic growth model is developed in which industries, based on macroeconomic volatility and credit restrictions in the financial sector, have the possibility of dividing their wealth into short-term investment versus long-term investment which contributes more to productivity growth. The model is empirically evaluated for Mexico using a dynamic partial adjustment econometric model.

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How to Cite
Cerecedo Hernández, D., & Gaxiola Laso, S. R. (2024). Volatility and Investment Selection in an Economic Growth Model. The Anáhuac Journal, 24(2), Pág. 1–22. https://doi.org/10.36105/theanahuacjour.2024v24n2.2202
Section
Artículos
Author Biographies

Daniel Cerecedo Hernández, Tecnológico de Monterrey

Daniel Cerecedo Hernández es doctor en Ciencias Financieras por el Tecnológico de Monterrey y doctor en Ciencias Económicas por el Instituto Politécnico Nacional (IPN). Es profesor del departamento de Contabilidad y Finanzas en el Tecnológico de Monterrey, Campus Santa Fe, donde imparte clases a nivel profesional y posgrado. Cuenta con publicaciones de economía financiera y crecimiento económico.

Selene Rocío Gaxiola Laso, Universidad Anáhuac México

Selene es doctora en Innovación y Responsabilidad Social por la Universidad Anáhuac México. Maestra en Banca y Mercados Financieros por la Universidad de Cantabria y Universidad Anáhuac México. Licenciatura en Contaduría Pública por el Instituto Tecnológico Autónomo de México (ITAM). En la actualidad es coordinadora de la licenciatura en Finanzas y Contaduría Pública en la Universidad Anáhuac México y ha impartido cursos en licenciatura y maestría durante más de 18 años de Análisis Financiero, Administración Financiera, Tesorería, Presupuestos, Auditoría, Portafolios de Inversión, y Organización y Gestión Bancaria. Se ha desempeñado profesionalmente en empresas como E&Y, HSBC, BBVA Bancomer y Banco Santander Central Hispano en Madrid, España.

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