Financial Development, Growth, and Poverty : How Close are the Links?
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World Bank: Washington, DC
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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.
Palabras clave
ABSOLUTE POVERTY, ABSOLUTE TERMS, AGRICULTURE, AVERAGE GROWTH, AVERAGE INCOME, BALANCE SHEETS, BANK DEPOSITS, BANKING SECTOR, BANKING SYSTEM, BANKING SYSTEMS, BUSINESS CYCLE, CAPITAL ACCUMULATION, CAPITAL MARKETS, CAUSAL EFFECT, CENTRAL BANK, COMMERCIAL BANKS, COMMON LAW, COMPETITIVENESS, COMPOSITE INDICATOR, COUNTRY COMPARISONS, COUNTRY DATA, CREDIT CONSTRAINTS, CRISES, DEBT, DEPENDENT VARIABLE, DEVELOPING COUNTRIES, DEVELOPMENT RESEARCH, DISEQUILIBRIUM, DISTRIBUTION OF INCOME, DISTRIBUTION OF WEALTH, ECONOMETRICS, ECONOMIC CONDITIONS, ECONOMIC DEVELOPMENT, ECONOMIC GROWTH, ECONOMIC POLICY, ECONOMIC STRUCTURE, ECONOMIC STRUCTURES, ECONOMIES OF SCALE, ECONOMISTS, EMPIRICAL ANALYSIS, EMPIRICAL LITERATURE, EXCHANGE RATE, EXPLANATORY VARIABLES, EXPLOITATION, FINANCIAL ASSETS, FINANCIAL DEPTH, FINANCIAL DEVELOPMENT, FINANCIAL INSTITUTIONS, FINANCIAL MARKETS, FINANCIAL SECTOR, FINANCIAL SECTORS, FINANCIAL SERVICES, FINANCIAL STRUCTURE, FINANCIAL SYSTEMS, FISCAL POLICY, FULL EMPLOYMENT, GDP, GDP PER CAPITA, GINI COEFFICIENT, GINI INDEX, GOVERNANCE VARIABLES, GROWTH LITERATURE, GROWTH PATH, GROWTH PROCESS, GROWTH RATE, GROWTH RATES, GROWTH REGRESSIONS, GROWTH THEORY, HEADCOUNT POVERTY, HUMAN CAPITAL, INCOME DISTRIBUTION, INCOME GROUPS, INCOME INEQUALITY, INCOME LEVEL, INCOME SHARE, INCREASING RETURNS, INCREASING RETURNS TO SCALE, INFLATION, INHERITANCE, INSTITUTIONAL VARIABLES, INTEREST RATE, INTERNATIONAL LEVELS, INVESTMENT BANKERS, INVOLUNTARY UNEMPLOYMENT, LEGAL ORIGINS, LIBERTIES, LIQUIDITY, LIVING STANDARDS, LONG-TERM GROWTH, M2, MACROECONOMIC POLICY, MACROECONOMIC STABILIZATION, MARGINAL RETURNS, MARKET CAPITALIZATION, MARKET PRICES, MEAN INCOME, MONETARY POLICY, NARROW BANKING, NATIONAL INCOME, NONBANK FINANCIAL INSTITUTIONS, OIL, PER CAPITA INCOME, POINT ESTIMATE, POLICY RESEARCH, POOR COUNTRIES, POOR HOUSEHOLDS, POVERTY RATES, POVERTY REDUCTION, PRICE CONTROLS, PRO- POOR, PRO-POOR, PRODUCERS, PRODUCTIVITY, PROFITABILITY, PROPENSITY TO SAVE, PUBLIC SECTOR, PURCHASING POWER, RAPID GROWTH, REDUCING POVERTY, RELATIVE IMPORTANCE, RELATIVE PRICES, REVERSE CAUSALITY, RICH COUNTRIES, SAVINGS, SAVINGS RATIO, SECURITIES, STANDARD DEVIATION, STRUCTURAL CHARACTERISTICS, TIME SERIES, TRADE OPENNESS, UNEMPLOYMENT FINANCIAL DEVELOPMENT, FINANCIAL DEPTH, STOCK MARKETS, FINANCIAL DEEPNESS, HEADCOUNT INDEX, POVERTY MEASURES, MEAN INCOME, INEQUALITY MEASURES, BOND MARKETS, EQUITY MARKETS, COUNTRY CASE STUDIES, GOVERNMENT OWNERSHIP, REGULATORY FRAMEWORK