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Développement financier, instabilité financière,croissance et pauvreté

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  • Kangni KPODAR

    ()
    (Fonds Monétaire International)

  • Sylviane GUILLAUMONT JEANNENEY

    ()
    (Centre d'Etudes et de Recherches sur le Développement International)

Abstract

This paper tries to take into account two points of view of the litterature, the first one shows that financial development has positive effect on economic growth, and the second one stresses on the unfavourable effect of financial crisis. Our main assumption is that financial instability is positively correlated with financial development. Therefore, the favorable impact of financial development on economic growth is reduced. Theoretical arguments are presented to support this assumption, which is tested successfully on a sample of developing countries over the period 1966-2000. In addition, financial development and financial instability seem to have specific effects on the mean income of the poorest 20%.

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Bibliographic Info

Paper provided by CERDI in its series Working Papers with number 200411.

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Length: 43
Date of creation: 2004
Date of revision:
Handle: RePEc:cdi:wpaper:621

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Keywords: Poverty; economic growth; Financial Development;

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  1. Dollar, David & Kraay, Aart, 2001. "Growth is good for the poor," Policy Research Working Paper Series, The World Bank 2587, The World Bank.
  2. Richard Blundell & Steve Bond, 1995. "Initial conditions and moment restrictions in dynamic panel data models," IFS Working Papers, Institute for Fiscal Studies W95/17, Institute for Fiscal Studies.
  3. Ross Levine, 1997. "Financial Development and Economic Growth: Views and Agenda," Journal of Economic Literature, American Economic Association, American Economic Association, vol. 35(2), pages 688-726, June.
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  6. Nouriel Roubini & Xavier Sala-i-Martin, 1991. "Financial Repression and Economic Growth," NBER Working Papers 3876, National Bureau of Economic Research, Inc.
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  8. Beck, T.H.L. & Levine, R. & Loayza, N., 2000. "Financial intermediation and growth: Causality and causes," Open Access publications from Tilburg University, Tilburg University urn:nbn:nl:ui:12-3125519, Tilburg University.
  9. Kangni KPODAR, 2004. "Le Développement Financier et la Problématique de Réduction de la Pauvreté," Working Papers, CERDI 200408, CERDI.
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  14. Pagano, Marco, 1993. "Financial markets and growth: An overview," European Economic Review, Elsevier, Elsevier, vol. 37(2-3), pages 613-622, April.
  15. Easterly, William & DEC, 1993. "How much do distortions affect growth?," Policy Research Working Paper Series, The World Bank 1215, The World Bank.
  16. Boot, Arnoud W. A., 2000. "Relationship Banking: What Do We Know?," Journal of Financial Intermediation, Elsevier, Elsevier, vol. 9(1), pages 7-25, January.
  17. Arellano, Manuel & Bond, Stephen, 1991. "Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations," Review of Economic Studies, Wiley Blackwell, Wiley Blackwell, vol. 58(2), pages 277-97, April.
  18. Aristomène Varoudakis & Jean-Claude Berthélemy, 1994. "Intermédiation financière et croissance endogène," Revue économique, Presses de Sciences-Po, Presses de Sciences-Po, vol. 0(3), pages 737-750.
  19. Thomas Barnebeck Andersen & Finn Tarp, 2003. "Financial liberalization, financial development and economic growth in LDCs," Journal of International Development, John Wiley & Sons, Ltd., John Wiley & Sons, Ltd., vol. 15(2), pages 189-209.
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