Financial Development, Growth, and Poverty : How Close are the Links?

• Ngôn ngữ: eng
• Ký hiệu phân loại: 338.9 Economic development and growth
• Thông tin xuất bản: World Bank: Washington, DC, 2013
• Bộ sưu tập: Tài liệu truy cập mở
• ID: 323094
• Chủ đề: 1. ABSOLUTE POVERTY; 2. ABSOLUTE TERMS; 3. AGRICULTURE; 4. AVERAGE GROWTH; 5. AVERAGE INCOME

Tóm tắt

The causal link between finance and growth is one of the most striking empirical macroeconomic relationships uncovered in the past decade. As this branch of the literature matures, the focus shifts from growth to other aspects of economic prosperity, and from financial depth to multidimensional measures of financial development. The author reviews the evolution of the literature and contributes by: Showing that financial depth is negatively associated with headcount poverty, even after taking account of mean income and inequality. Illustrating the pitfalls in equating financial development with financial depth. Proposing alternative measures of financial development that, though summary, capture its multidimensional nature.