Finance, Inequality, and Poverty: Cross-Country Evidence

• Tác giả: Ross Levine
• Ngôn ngữ: eng
• Ký hiệu phân loại: 339.22 Distribution of aggregate personal income and wealth
• Thông tin xuất bản: World Bank, Washington, DC, 2013
• Bộ sưu tập: Tài liệu truy cập mở
• ID: 318972
• Chủ đề: 1. ABSOLUTE POVERTY; 2. CAPITAL MARKETS; 3. CORPORATE FINANCE; 4. DEVELOPMENT BANKS; 5. ECONOMIC DEVELOPMENT

Tóm tắt

While substantial research finds that financial development boosts overall economic growth, the authors study whether financial development is pro-poor: Does financial development disproportionately raise the income of the poor? Using a broad cross-country sample, the authors find that the answer is yes: Financial intermediary development reduces income inequality by disproportionately boosting the income of the poor and therefore reduces poverty. This result is robust to controlling for simultaneity bias and reverse causation.