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Financial Development and Poverty Reduction in Emerging Market Economies

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  • Yılmaz Bayar

Abstract

Poverty reduction is one of the key challenges in the globalized world. This study investigates the relationship between financial development and poverty reduction in emerging market economies during the period 1993-2012. The Carrión-i-Silvestre, del Barrio-Castro, and López-Bazo (2005) panel unit root test and the Basher and Westerlund (2009) cointegration test was applied considering the cross-sectional dependence and multiple structural breaks in the study period. The findings indicated that financial development, including banking sector development and stock market development, had a significant positive impact on poverty reduction in emerging market economies. Key words: Financial development, Poverty reduction, Multiple structural breaks, Panel cointegration.JEL: G20, I32, O16. Smanjenje siromaštva je jedan od ključnih izazova u globalizovanom svetu. Ova studija istražuje odnos između finansijskog razvoja i smanjenja siromaštva u tržišnim ekonomijama u razvoju u periodu između 1993-2012. Carrión-i-Silvestre, del Barrio-Castro, and López-Bazo (2005) panel testovi jediničnog korena i Basher and Westerlund (2009) kointegracioni test je je primenjen s obzirom na zavisnost između poprečnih preseka i s obzirom na višestruke strukturne lomove u periodu istraživanja. Nalazi su pokazali da je finansijski razvoj, uključujući razvoj bankarskog sektora i razvoj berzanskog tržišta, imao značajan pozitivan uticaj na smanjenje siromaštva u tržišnim privredama u razvoju. Ključne reči: Finansijski razvoj, Smanjenje siromaštva, Višestruki strukturni lomovi, Panel kointegracija.

Suggested Citation

  • Yılmaz Bayar, 2017. "Financial Development and Poverty Reduction in Emerging Market Economies," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 64(5), pages 593-606.
    • Handle: RePEc:voj:journl:v:64:y:2017:i:5:p:593-606:id:417
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    Cited by:

    1. Huizheng Liu & Muhammad Afaq Haider Jafri & Peihua Zhu & Muhammad Hafeez, 2024. "Fiscal policy-green growth nexus: Does financial efficiency matter in top carbon emitter economies?," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 26(8), pages 20379-20396, August.

    More about this item

    Keywords

    financial development; poverty reduction; multiple structuralbreaks; panel cointegration;
    All these keywords.

    JEL classification:

    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • I32 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - Measurement and Analysis of Poverty
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance

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