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Financial Development, Financial Instability and Poverty

Listed author(s):
  • Sylviane Guillaumont Jeanneney

    (CERDI - Centre d'études et de recherches sur le developpement international - CNRS - Université d'Auvergne - Clermont-Ferrand I)

  • Kangni Kpodar

    (CERDI - Centre d'études et de recherches sur le developpement international - CNRS - Université d'Auvergne - Clermont-Ferrand I)

This article investigates how financial development is beneficial to the reduction of poverty, on the one hand by promoting growth and in the other hand directly by the McKinnon conduit effect. At the same time, however, financial instability which accompanies financial development is detrimental to the poor and dampens the positive effect of financial development on the reduction of poverty. These hypotheses are tested successfully on a sample of developing countries over the period 1966-2000, resulting in straightforward policy implications.

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File URL: https://halshs.archives-ouvertes.fr/halshs-00564573/document
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Paper provided by HAL in its series Working Papers with number halshs-00564573.

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Date of creation: 09 Feb 2011
Handle: RePEc:hal:wpaper:halshs-00564573
Note: View the original document on HAL open archive server: https://halshs.archives-ouvertes.fr/halshs-00564573
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  1. Luc Christiaensen & Lionel Demery & Stefano Paternostro, 2003. "Macro and Micro Perspectives of Growth and Poverty in Africa," World Bank Economic Review, World Bank Group, vol. 17(3), pages 317-347, December.
  2. Jaime de Melo & James Tybout, 2015. "The Effects of Financial Liberalization on Savings and Investment in Uruguay," World Scientific Book Chapters, in: Developing Countries in the World Economy, chapter 3, pages 55-81 World Scientific Publishing Co. Pte. Ltd..
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