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Banking sector crises and inequality

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  • Honohan, Patrick

Abstract

An apparent temporary narrowing of income inequality has been observed during several recent banking crises. But it would be a mistake to conclude that such crises don't matter for the poor. For one thing, the correlation is not strong, and the opposite pattern has also been present. Besides, the poor are much less able to absorb a cut in income: safety-net policies are crucial during a downturn even if the gap between rich and poor has temporarily narrowed. More fundamentally, distributional shifts during the crisis may be less important than the fact that underlying financial policy and infrastructures conducive to crisis can also be associated with more unequal societies.

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Bibliographic Info

Paper provided by The World Bank in its series Policy Research Working Paper Series with number 3659.

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Date of creation: 06 Jul 2005
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Handle: RePEc:wbk:wbrwps:3659

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References

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  1. International Monetary Fund, 2002. "Financial Crises, Poverty, and Income Distribution," IMF Working Papers, International Monetary Fund 02/4, International Monetary Fund.
  2. Jed Friedman & James Levinsohn, 2002. "The Distributional Impacts of Indonesia's Financial Crisis on Household Welfare: A "Rapid Response" Methodology," World Bank Economic Review, World Bank Group, World Bank Group, vol. 16(3), pages 397-423, December.
  3. Levinsphn, J. & Berry, S. & Friedman, J., 1999. "Impacts of the Indonesian Economic Crisis: Price Changes and the Poor," Working Papers, Research Seminar in International Economics, University of Michigan 446, Research Seminar in International Economics, University of Michigan.
  4. repec:fth:michin:446 is not listed on IDEAS
  5. Patrick Honohan, 2004. "Financial Sector Policy and the Poor : Selected Findings and Issues," World Bank Publications, The World Bank, number 14874, August.
  6. Ravallion, Martin, 2001. "Growth, Inequality and Poverty: Looking Beyond Averages," World Development, Elsevier, Elsevier, vol. 29(11), pages 1803-1815, November.
  7. Patrick Honohan, 2004. "Financial development, growth, and poverty: how close are the links?," Policy Research Working Paper Series, The World Bank 3203, The World Bank.
  8. Patten, Richard H. & Rosengard, Jay k. & Johnston, Don JR., 2001. "Microfinance Success Amidst Macroeconomic Failure: The Experience of Bank Rakyat Indonesia During the East Asian Crisis," World Development, Elsevier, Elsevier, vol. 29(6), pages 1057-1069, June.
  9. Asep Suryahadi & Sudarno Sumarto & Lant Pritchett, 2003. "Evolution of Poverty During the Crisis in Indonesia," Asian Economic Journal, East Asian Economic Association, East Asian Economic Association, vol. 17(3), pages 221-241, 09.
  10. Cameron, Lisa A., 2002. "The impact of the Indonesian financial crisis on children : data from 100 villages survey," Policy Research Working Paper Series, The World Bank 2799, The World Bank.
  11. Honohan, Patrick, 2005. "Measuring microfinance access : building on existing cross-country data," Policy Research Working Paper Series, The World Bank 3606, The World Bank.
  12. Beck, Thorsten & Demirguc-Kunt, Asli & Levine, Ross, 2004. "Finance, inequality, and poverty: cross-country evidence," Policy Research Working Paper Series, The World Bank 3338, The World Bank.
  13. Patrick Honohan, 1997. "Banking system failures in developing and transition countries: Diagnosis and predictions," BIS Working Papers 39, Bank for International Settlements.
  14. Marina Halac & Sergio L. Schmukler, 2004. "Distributional Effects of Crises: The Financial Channel," JOURNAL OF LACEA ECONOMIA, LACEA - LATIN AMERICAN AND CARIBBEAN ECONOMIC ASSOCIATION.
  15. Ferreira, Francisco & Prennushi, Giovanna & Ravallion, Martin, 1999. "Protecting the poor from macroeconomic shocks," Policy Research Working Paper Series, The World Bank 2160, The World Bank.
  16. Kraay, Aart, 2006. "When is growth pro-poor? Evidence from a panel of countries," Journal of Development Economics, Elsevier, Elsevier, vol. 80(1), pages 198-227, June.
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Cited by:
  1. Birdsall, Nancy, 2006. "Stormy Days on an Open Field: Asymmetries in the Global Economy," Working Paper Series, World Institute for Development Economic Research (UNU-WIDER) RP2006/31, World Institute for Development Economic Research (UNU-WIDER).
  2. Céline Gimet & Thomas Lagoarde-Segot, 2011. "A closer look at financial development and income distribution," Post-Print, HAL halshs-00564641, HAL.

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