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Financial development, institutions and poverty alleviation: an empirical analysis

Author

Listed:
  • Alessandra Cepparulo
  • Juan Carlos Cuestas

  • Maurizio Intartaglia

Abstract

The aim of this paper is to analyse empirically whether the level of institutional quality influences how financial development affects poverty for a sample of developing countries covering the period from 1984 to 2012. Using an interaction term constructed as a product between financial development and institutional quality we find that the pro-poor impact of financial development decreases as the quality of institutions rises. Such a differential effect can be ascribed to the capacity of banks to provide functions that mimic those performed by an institutional framework that works well. The results of this paper can be used for policy management

Suggested Citation

  • Alessandra Cepparulo & Juan Carlos Cuestas & Maurizio Intartaglia, 2016. "Financial development, institutions and poverty alleviation: an empirical analysis," Bank of Estonia Working Papers wp2016-2, Bank of Estonia, revised 03 May 2016.
    • Handle: RePEc:eea:boewps:wp2016-2
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    Keywords

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    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
    • O17 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Formal and Informal Sectors; Shadow Economy; Institutional Arrangements

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