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Développement financier, instabilité financière, croissance et pauvreté

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Author Info

  • Sylviane GUILLAUMONT JEANNENEY

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

  • Kangni KPODAR

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

Abstract

Résumé : cet article tente de concilier deux courants de la littérature, l’un qui montre l’effet favorable du développement financier sur la croissance économique, l’autre l’effet défavorable des crises financières. L’hypothèse centrale est que l’instabilité du développement financier croît avec celui-ci. Cette relation positive entre les deux phénomènes diminue l’impact favorable du développement financier sur la croissance. Plusieurs arguments théoriques sont présentés à l’appui de cette hypothèse, qui est ensuite testée avec succès sur un vaste échantillon de pays en développement durant la période 1966-2000. Il est finalement montré que le développement financier et l’instabilité de ce développement exercent aussi un effet spécifique et de sens inverse sur le revenu du cinquième le plus pauvre de la population.

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File URL: http://128.118.178.162/eps/mac/papers/0407/0407003.pdf
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Bibliographic Info

Paper provided by EconWPA in its series Macroeconomics with number 0407003.

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Length: 43 pages
Date of creation: 05 Jul 2004
Date of revision:
Handle: RePEc:wpa:wuwpma:0407003

Note: Type of Document - pdf; pages: 43
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Web page: http://128.118.178.162

Related research

Keywords: Développement financier; Croissance économique; Pauvreté;

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References

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  1. King, Robert G. & Levine, Ross, 1993. "Finance and growth : Schumpeter might be right," Policy Research Working Paper Series 1083, The World Bank.
  2. Levine, Ross & Loayza, Norman & Beck, Thorsten, 1999. "Financial intermediation and growth : Causality and causes," Policy Research Working Paper Series 2059, The World Bank.
  3. Thomas Barnebeck Andersen & Finn Tarp, 2003. "Financial liberalization, financial development and economic growth in LDCs," Journal of International Development, John Wiley & Sons, Ltd., vol. 15(2), pages 189-209.
  4. Kevin C. Murdock & Thomas F. Hellmann & Joseph E. Stiglitz, 2000. "Liberalization, Moral Hazard in Banking, and Prudential Regulation: Are Capital Requirements Enough?," American Economic Review, American Economic Association, vol. 90(1), pages 147-165, March.
  5. Carmen M. Reinhart & Graciela L. Kaminsky, 1999. "The Twin Crises: The Causes of Banking and Balance-of-Payments Problems," American Economic Review, American Economic Association, vol. 89(3), pages 473-500, June.
  6. 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, vol. 58(2), pages 277-97, April.
  7. M Arellano & O Bover, 1990. "Another Look at the Instrumental Variable Estimation of Error-Components Models," CEP Discussion Papers dp0007, Centre for Economic Performance, LSE.
  8. Nouriel Roubini & Xavier Sala-i-Martin, 1991. "Financial Repression and Economic Growth," NBER Working Papers 3876, National Bureau of Economic Research, Inc.
  9. Norman Loayza & Romain Ranciere, 2002. "Financial Development, Financial Fragility, and Growth," Working Papers Central Bank of Chile 145, Central Bank of Chile.
  10. Easterly, William & DEC, 1993. "How much do distortions affect growth?," Policy Research Working Paper Series 1215, The World Bank.
  11. Aristomène Varoudakis & Jean-Claude Berthélemy, 1994. "Intermédiation financière et croissance endogène," Revue économique, Presses de Sciences-Po, vol. 0(3), pages 737-750.
  12. Blundell, Richard & Bond, Stephen, 1998. "Initial conditions and moment restrictions in dynamic panel data models," Journal of Econometrics, Elsevier, vol. 87(1), pages 115-143, August.
  13. Stiglitz, Joseph E, 1985. "Credit Markets and the Control of Capital," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 17(2), pages 133-52, May.
  14. repec:fth:wobaco:1083 is not listed on IDEAS
  15. Kangni KPODAR, 2004. "Le Developpement Financier Et La Problematique De Reduction De La Pauvrete," Macroeconomics 0407001, EconWPA.
  16. Boot, Arnoud W. A., 2000. "Relationship Banking: What Do We Know?," Journal of Financial Intermediation, Elsevier, vol. 9(1), pages 7-25, January.
  17. Dollar, David & Kraay, Aart, 2002. " Growth Is Good for the Poor," Journal of Economic Growth, Springer, vol. 7(3), pages 195-225, September.
  18. Pagano, Marco, 1993. "Financial markets and growth: An overview," European Economic Review, Elsevier, vol. 37(2-3), pages 613-622, April.
  19. Ross Levine, 1997. "Financial Development and Economic Growth: Views and Agenda," Journal of Economic Literature, American Economic Association, vol. 35(2), pages 688-726, June.
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