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

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dc.creatorPatrick Honohan
dc.date2013-07-10T15:35:39Z
dc.date2013-07-10T15:35:39Z
dc.date2004-02
dc.date.accessioned2026-07-01T01:26:12Z
dc.descriptionThe 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.
dc.formatapplication/pdf
dc.formattext/plain
dc.identifierhttp://documents.worldbank.org/curated/en/2004/02/3061054/financial-development-growth-poverty-close-links
dc.identifierhttps://hdl.handle.net/10986/14439
dc.identifierhttps://doi.org/10.1596/14439
dc.identifier.urihttp://hdl.handle.net/123456789/418079
dc.languageEnglish
dc.languageen_US
dc.publisherWorld Bank: Washington, DC
dc.relationPolicy Research Working Paper No. 3203
dc.rightsCC BY 3.0 IGO
dc.rightshttp://creativecommons.org/licenses/by/3.0/igo/
dc.rightsWorld Bank
dc.subjectABSOLUTE POVERTY
dc.subjectABSOLUTE TERMS
dc.subjectAGRICULTURE
dc.subjectAVERAGE GROWTH
dc.subjectAVERAGE INCOME
dc.subjectBALANCE SHEETS
dc.subjectBANK DEPOSITS
dc.subjectBANKING SECTOR
dc.subjectBANKING SYSTEM
dc.subjectBANKING SYSTEMS
dc.subjectBUSINESS CYCLE
dc.subjectCAPITAL ACCUMULATION
dc.subjectCAPITAL MARKETS
dc.subjectCAUSAL EFFECT
dc.subjectCENTRAL BANK
dc.subjectCOMMERCIAL BANKS
dc.subjectCOMMON LAW
dc.subjectCOMPETITIVENESS
dc.subjectCOMPOSITE INDICATOR
dc.subjectCOUNTRY COMPARISONS
dc.subjectCOUNTRY DATA
dc.subjectCREDIT CONSTRAINTS
dc.subjectCRISES
dc.subjectDEBT
dc.subjectDEPENDENT VARIABLE
dc.subjectDEVELOPING COUNTRIES
dc.subjectDEVELOPMENT RESEARCH
dc.subjectDISEQUILIBRIUM
dc.subjectDISTRIBUTION OF INCOME
dc.subjectDISTRIBUTION OF WEALTH
dc.subjectECONOMETRICS
dc.subjectECONOMIC CONDITIONS
dc.subjectECONOMIC DEVELOPMENT
dc.subjectECONOMIC GROWTH
dc.subjectECONOMIC POLICY
dc.subjectECONOMIC STRUCTURE
dc.subjectECONOMIC STRUCTURES
dc.subjectECONOMIES OF SCALE
dc.subjectECONOMISTS
dc.subjectEMPIRICAL ANALYSIS
dc.subjectEMPIRICAL LITERATURE
dc.subjectEXCHANGE RATE
dc.subjectEXPLANATORY VARIABLES
dc.subjectEXPLOITATION
dc.subjectFINANCIAL ASSETS
dc.subjectFINANCIAL DEPTH
dc.subjectFINANCIAL DEVELOPMENT
dc.subjectFINANCIAL INSTITUTIONS
dc.subjectFINANCIAL MARKETS
dc.subjectFINANCIAL SECTOR
dc.subjectFINANCIAL SECTORS
dc.subjectFINANCIAL SERVICES
dc.subjectFINANCIAL STRUCTURE
dc.subjectFINANCIAL SYSTEMS
dc.subjectFISCAL POLICY
dc.subjectFULL EMPLOYMENT
dc.subjectGDP
dc.subjectGDP PER CAPITA
dc.subjectGINI COEFFICIENT
dc.subjectGINI INDEX
dc.subjectGOVERNANCE VARIABLES
dc.subjectGROWTH LITERATURE
dc.subjectGROWTH PATH
dc.subjectGROWTH PROCESS
dc.subjectGROWTH RATE
dc.subjectGROWTH RATES
dc.subjectGROWTH REGRESSIONS
dc.subjectGROWTH THEORY
dc.subjectHEADCOUNT POVERTY
dc.subjectHUMAN CAPITAL
dc.subjectINCOME DISTRIBUTION
dc.subjectINCOME GROUPS
dc.subjectINCOME INEQUALITY
dc.subjectINCOME LEVEL
dc.subjectINCOME SHARE
dc.subjectINCREASING RETURNS
dc.subjectINCREASING RETURNS TO SCALE
dc.subjectINFLATION
dc.subjectINHERITANCE
dc.subjectINSTITUTIONAL VARIABLES
dc.subjectINTEREST RATE
dc.subjectINTERNATIONAL LEVELS
dc.subjectINVESTMENT BANKERS
dc.subjectINVOLUNTARY UNEMPLOYMENT
dc.subjectLEGAL ORIGINS
dc.subjectLIBERTIES
dc.subjectLIQUIDITY
dc.subjectLIVING STANDARDS
dc.subjectLONG-TERM GROWTH
dc.subjectM2
dc.subjectMACROECONOMIC POLICY
dc.subjectMACROECONOMIC STABILIZATION
dc.subjectMARGINAL RETURNS
dc.subjectMARKET CAPITALIZATION
dc.subjectMARKET PRICES
dc.subjectMEAN INCOME
dc.subjectMONETARY POLICY
dc.subjectNARROW BANKING
dc.subjectNATIONAL INCOME
dc.subjectNONBANK FINANCIAL INSTITUTIONS
dc.subjectOIL
dc.subjectPER CAPITA INCOME
dc.subjectPOINT ESTIMATE
dc.subjectPOLICY RESEARCH
dc.subjectPOOR COUNTRIES
dc.subjectPOOR HOUSEHOLDS
dc.subjectPOVERTY RATES
dc.subjectPOVERTY REDUCTION
dc.subjectPRICE CONTROLS
dc.subjectPRO- POOR
dc.subjectPRO-POOR
dc.subjectPRODUCERS
dc.subjectPRODUCTIVITY
dc.subjectPROFITABILITY
dc.subjectPROPENSITY TO SAVE
dc.subjectPUBLIC SECTOR
dc.subjectPURCHASING POWER
dc.subjectRAPID GROWTH
dc.subjectREDUCING POVERTY
dc.subjectRELATIVE IMPORTANCE
dc.subjectRELATIVE PRICES
dc.subjectREVERSE CAUSALITY
dc.subjectRICH COUNTRIES
dc.subjectSAVINGS
dc.subjectSAVINGS RATIO
dc.subjectSECURITIES
dc.subjectSTANDARD DEVIATION
dc.subjectSTRUCTURAL CHARACTERISTICS
dc.subjectTIME SERIES
dc.subjectTRADE OPENNESS
dc.subjectUNEMPLOYMENT FINANCIAL DEVELOPMENT
dc.subjectFINANCIAL DEPTH
dc.subjectSTOCK MARKETS
dc.subjectFINANCIAL DEEPNESS
dc.subjectHEADCOUNT INDEX
dc.subjectPOVERTY MEASURES
dc.subjectMEAN INCOME
dc.subjectINEQUALITY MEASURES
dc.subjectBOND MARKETS
dc.subjectEQUITY MARKETS
dc.subjectCOUNTRY CASE STUDIES
dc.subjectGOVERNMENT OWNERSHIP
dc.subjectREGULATORY FRAMEWORK
dc.titleFinancial Development, Growth, and Poverty : How Close are the Links?

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