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Développement financier, instabilité financière et réduction de la pauvreté

  • Sylviane GUILLAUMONT JEANNENEY

    ()

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

  • Kangni KPODAR

    ()

    (Fonds Monétaire International)

This article investigates how financial development is beneficial to the reduction of poverty, on the one hand by promoting growth and on the other hand directly due to the Mac Kinnon “conduit effect”. But simultaneously financial development induces financial instability what is detrimental to the poor and dampened the positive effect of financial development on the reduction of poverty. These hypotheses are tested with success on a sample of developing countries over the period 1966-2000 and lead to straightforward policy implications.

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Paper provided by CERDI in its series Working Papers with number 200429.

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Length: 33
Date of creation: 2004
Date of revision:
Handle: RePEc:cdi:wpaper:653
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  1. Ramey, Garey & Ramey, Valerie A, 1995. "Cross-Country Evidence on the Link between Volatility and Growth," American Economic Review, American Economic Association, vol. 85(5), pages 1138-51, December.
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  18. Fry, Maxwell J, 1978. "Money and Capital or Financial Deepening in Economic Development?," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 10(4), pages 464-75, November.
  19. de Melo, Jaime & Tybout, James, 1986. "The Effects of Financial Liberalization on Savings and Investment in Uruguay," Economic Development and Cultural Change, University of Chicago Press, vol. 34(3), pages 561-87, April.
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  21. 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.
  22. Paul Mosley, 1999. "Micro-macro linkages in financial markets: the impact of financial liberalization on access to rural credit in four African countries," Journal of International Development, John Wiley & Sons, Ltd., vol. 11(3), pages 367-384.
  23. Stiglitz, Joseph E & Weiss, Andrew, 1981. "Credit Rationing in Markets with Imperfect Information," American Economic Review, American Economic Association, vol. 71(3), pages 393-410, June.
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