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Resumo: Este trabalho tem como objetivo apresentar testes de causalidade entre sistema financeiro e crescimento econômico no domínio da frequência, para séries temporais brasileiras. Esta abordagem permite não-linearidades associadas a mudanças de direção na causalidade do curto para o longo prazo. Para avaliar esta relação no Brasil, o artigo emprega séries temporais para o PIB per capita e de crédito bancário entre 1960 e 2010. Os resultados mostram variação nos testes de causalidade dependendo da frequência dos ciclos considerados, havendo evidências de que o sistema financeiro seja um fator causal para o crescimento econômico no Brasil, mas apenas no longo prazo. Abstract: This paper aims to present causality tests between financial system and economic growth in the frequency domain for Brazil. This approach allows to evaluate nonlinearities in the direction of the causality from short to longer terms. We employ Brazilian time series for GDP per capita and banking credit between 1960 and 2010. The results show variation in causality tests depending on the frequency of the cycles considered. In particular, there is evidence of that the financial system is a causal factor for long-term economic growth in Brazil.

This paper aims to present causality tests between financial system and economic growth in the frequency domain for Brazil, India, France, Japan, United States and Korea. This approach allows to capture nonlinearities in the direction of the causality from short to longer terms. Indeed the results show variation in causality tests depending on the frequency of the cycles considered. There is evidence of that the financial system is a causal factor for long-term economic growth in Brazil. For developed countries (United States and France) that causality is not as important once controlled by capital accumulation.