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

Patrick Honohan

World Bank: Washington, DC

关键词: ABSOLUTE POVERTY;    ABSOLUTE TERMS;    AGRICULTURE;    AVERAGE GROWTH;    AVERAGE INCOME;   

RP-ID  :  WPS3203

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

The causal link between finance andgrowth is one of the most striking empirical macroeconomicrelationships uncovered in the past decade. As this branchof the literature matures, the focus shifts from growth toother aspects of economic prosperity, and from financialdepth to multidimensional measures of financial development.The author reviews the evolution of the literature andcontributes by: Showing that financial depth is negativelyassociated with headcount poverty, even after taking accountof mean income and inequality. Illustrating the pitfalls inequating financial development with financial depth.Proposing alternative measures of financial developmentthat, though summary, capture its multidimensional nature.