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Financial development, growth, and poverty: how close are the links? (English)

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  • Financial development, growth, and poverty: how close are the links? (English)
  • Honohan, Patrick
  • World Bank (WB)


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Title Financial development, growth, and poverty: how close are the links? (English)
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Material Type Reports
Author(English)

Honohan, Patrick

Publisher

World Bank (WB)

Date 2004
Language English
File Type Link
Subject Economy < Macroeconomics

Abstract

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.