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How has financial deepening affected poverty reduction in India? Empirical analysis using state-level panel data

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  • Takeshi Inoue
  • Shigeyuki Hamori

Abstract

This article examines, empirically, whether financial deepening has contributed to poverty reduction in India. Using unbalanced panel data for 28 Indian states and union territories covering seven time periods (1973, 1977, 1983, 1987, 1993, 1999 and 2004), we empirically analyse whether financial deepening has any effect on poverty. Empirical results clearly indicate that financial deepening significantly decreases poverty, controlling for international openness, inflation rate and economic growth. These results are robust to changes in the poverty ratios in rural areas, urban areas and the whole economy.

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File URL: http://hdl.handle.net/10.1080/09603107.2011.613764
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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal Applied Financial Economics.

Volume (Year): 22 (2012)
Issue (Month): 5 (March)
Pages: 395-408

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Handle: RePEc:taf:apfiec:v:22:y:2012:i:5:p:395-408

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Cited by:
  1. Uddin, Gazi Salah & Shahbaz, Muhammad & AROURI, Mohamed El Hedi, 2013. "Financial Development and Poverty Reduction Nexus:A Cointegration and Causality Analysis in Bangladesh," MPRA Paper 49264, University Library of Munich, Germany, revised 23 Aug 2013.
  2. Inoue, Takeshi & Hamori, Shigeyuki, 2011. "Financial permeation as a role of microfinance : has microfinance actually been helpful to the poor?," IDE Discussion Papers 299, Institute of Developing Economies, Japan External Trade Organization(JETRO).
  3. Shahbaz, Muhammad & Ur Rehman, Ijaz, 2013. "Multivariate–Based Granger Causality between Financial Deepening and Poverty: The Case of Pakistan," MPRA Paper 50834, University Library of Munich, Germany, revised 20 Oct 2013.

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