[go: up one dir, main page]
IDEAS home Printed from https://ideas.repec.org/p/cdi/wpaper/653.html
   My bibliography  Save this paper

Développement financier, instabilité financière et réduction de la pauvreté

Author

Listed:
  • Sylviane GUILLAUMONT JEANNENEY

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

  • Kangni KPODAR
Abstract
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.

Suggested Citation

  • Sylviane GUILLAUMONT JEANNENEY & Kangni KPODAR, 2004. "Développement financier, instabilité financière et réduction de la pauvreté," Working Papers 200429, CERDI.
    • Handle: RePEc:cdi:wpaper:653
    as

    Download full text from publisher

    File URL: http://publi.cerdi.org/ed/2004/2004.29.pdf
    Download Restriction: no
    ---><---

    Other versions of this item:

    References listed on IDEAS

    as
    1. Arellano, Manuel & Bover, Olympia, 1995. "Another look at the instrumental variable estimation of error-components models," Journal of Econometrics, Elsevier, vol. 68(1), pages 29-51, July.
    2. Kanbur Ravi, 2001. "Economic Policy, Distribution and Poverty: The Nature of Disagreements," Peace Economics, Peace Science, and Public Policy, De Gruyter, vol. 7(2), pages 122-145, April.
    3. Robert G. King & Ross Levine, 1993. "Finance and Growth: Schumpeter Might Be Right," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 108(3), pages 717-737.
    4. 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 1138-1151, December.
    5. 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.
    6. 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.
    7. Ravallion, Martin, 2001. "Growth, Inequality and Poverty: Looking Beyond Averages," World Development, Elsevier, vol. 29(11), pages 1803-1815, November.
    8. Easterly, William & Fischer, Stanley, 2001. "Inflation and the Poor," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 33(2), pages 160-178, May.
    9. Ross Levine & Norman Loayza & Thorsten Beck, 2002. "Financial Intermediation and Growth: Causality and Causes," Central Banking, Analysis, and Economic Policies Book Series, in: Leonardo Hernández & Klaus Schmidt-Hebbel & Norman Loayza (Series Editor) & Klaus Schmidt-Hebbel (Se (ed.),Banking, Financial Integration, and International Crises, edition 1, volume 3, chapter 2, pages 031-084, Central Bank of Chile.
    10. Laumas, Prem S, 1990. "Monetization, Financial Liberalization, and Economic Development," Economic Development and Cultural Change, University of Chicago Press, vol. 38(2), pages 377-390, January.
    11. Demetriades, Panicos O. & Hussein, Khaled A., 1996. "Does financial development cause economic growth? Time-series evidence from 16 countries," Journal of Development Economics, Elsevier, vol. 51(2), pages 387-411, December.
    12. Philippe Aghion & Patrick Bolton, 1997. "A Theory of Trickle-Down Growth and Development," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 64(2), pages 151-172.
    13. 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..
    14. Luc Christiaensen & Lionel Demery & Stefano Paternostro, 2003. "Macro and Micro Perspectives of Growth and Poverty in Africa," The World Bank Economic Review, World Bank, vol. 17(3), pages 317-347, December.
    15. Christopoulos, Dimitris K. & Tsionas, Efthymios G., 2004. "Financial development and economic growth: evidence from panel unit root and cointegration tests," Journal of Development Economics, Elsevier, vol. 73(1), pages 55-74, February.
    16. Thornton, John & Poudyal, Sri Ram, 1990. "Money and Capital in Economic Development: A Test of the McKinnon Hypothesis for Nepal," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 22(3), pages 395-399, August.
    17. Edwards, Sebastian, 1988. "Financial deregulation and segmented capital markets: The case of Korea," World Development, Elsevier, vol. 16(1), pages 185-194, January.
    18. Easterly, William, 1993. "How much do distortions affect growth?," Journal of Monetary Economics, Elsevier, vol. 32(2), pages 187-212, November.
    19. 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.
    20. Khan, Ashfaque H & Hasan, Lubna, 1998. "Financial Liberalization, Savings, and Economic Development in Pakistan," Economic Development and Cultural Change, University of Chicago Press, vol. 46(3), pages 581-597, April.
    21. Rajan, Raghuram G. & Zingales, Luigi, 2003. "The great reversals: the politics of financial development in the twentieth century," Journal of Financial Economics, Elsevier, vol. 69(1), pages 5-50, July.
    22. 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 464-475, November.
    23. Jalilian, Hossein & Kirkpatrick, Colin, 2002. "Financial Development and Poverty Reduction in Developing Countries," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 7(2), pages 97-108, April.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Sylviane Guillaumont Jeanneney & Kangni Kpodar, 2011. "Financial Development and Poverty Reduction: Can There be a Benefit without a Cost?," Journal of Development Studies, Taylor & Francis Journals, vol. 47(1), pages 143-163.
    2. Sylviane Guillaumont Jeanneney & Kangni Kpodar, 2006. "Développement financier, instabilité financière et croissance économique," Economie & Prévision, La Documentation Française, vol. 0(3), pages 87-111.
    3. Seven, Unal & Coskun, Yener, 2016. "Does financial development reduce income inequality and poverty? Evidence from emerging countries," Emerging Markets Review, Elsevier, vol. 26(C), pages 34-63.
    4. Popov, Alexander, 2017. "Evidence on finance and economic growth," Working Paper Series 2115, European Central Bank.
    5. Akhter, Selim & Daly, Kevin J., 2009. "Finance and poverty: Evidence from fixed effect vector decomposition," Emerging Markets Review, Elsevier, vol. 10(3), pages 191-206, September.
    6. Igue, Charlemagne Babatoundé, 2013. "Intermédiation financière et croissance économique : une approche basée sur le concept d’efficacité-X appliquée à la zone UEMOA," L'Actualité Economique, Société Canadienne de Science Economique, vol. 89(1), pages 7-37, Mars.
    7. Levine, Ross, 2005. "Finance and Growth: Theory and Evidence," Handbook of Economic Growth, in: Philippe Aghion & Steven Durlauf (ed.), Handbook of Economic Growth, edition 1, volume 1, chapter 12, pages 865-934, Elsevier.
    8. James B. Ang, 2010. "Finance and Inequality: The Case of India," Southern Economic Journal, John Wiley & Sons, vol. 76(3), pages 738-761, January.
    9. Effiong, Ekpeno, 2015. "Financial Development, Institutions and Economic Growth: Evidence from Sub-Saharan Africa," MPRA Paper 66085, University Library of Munich, Germany.
    10. Sylviane Guillaumont Jeanneney & Kangni Kpodar, 2011. "Financial Development, Financial Instability and Poverty," CERDI Working papers halshs-00564573, HAL.
    11. Raja Almarzoqi & Sami Ben Naceur & Akshay Kotak, 2015. "What Matters for Financial Development and Stability?," IMF Working Papers 2015/173, International Monetary Fund.
    12. Jagadish Prasad Bist & Nar Bahadur Bista, 2018. "Finance–Growth Nexus in Nepal: An Application of the ARDL Approach in the Presence of Structural Breaks," Vikalpa: The Journal for Decision Makers, , vol. 43(4), pages 236-249, December.
    13. Laurent Cavenaile & Christian Gengenbach & Franz Palm, 2014. "Stock Markets, Banks and Long Run Economic Growth: A Panel Cointegration-Based Analysis," De Economist, Springer, vol. 162(1), pages 19-40, March.
    14. Donou-Adonsou, Ficawoyi & Sylwester, Kevin, 2017. "Growth effect of banks and microfinance: Evidence from developing countries," The Quarterly Review of Economics and Finance, Elsevier, vol. 64(C), pages 44-56.
    15. Sylviane GUILLAUMONT JEANNENEY & Kangni KPODAR, 2004. "Développement financier, instabilité financière, croissance et pauvreté," Macroeconomics 0407003, University Library of Munich, Germany.
    16. António Afonso & M. Carmen Blanco-Arana, 2018. "Financial Development and Economic Growth: A Study for OECD Countries in the Context of Crisis," Working Papers REM 2018/46, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    17. Muhammad Shahbaz & Faridul Islam, 2011. "Financial Development And Income Inequality In Pakistan: An Application Of Ardl Approach," Journal of Economic Development, Chung-Ang Unviersity, Department of Economics, vol. 36(1), pages 35-58, March.
    18. Thorsten Beck, 2009. "The Econometrics of Finance and Growth," Palgrave Macmillan Books, in: Terence C. Mills & Kerry Patterson (ed.), Palgrave Handbook of Econometrics, chapter 25, pages 1180-1209, Palgrave Macmillan.

    More about this item

    Keywords

    Financial Development; Financial instability; Poverty;
    All these keywords.

    JEL classification:

    • G0 - Financial Economics - - General
    • O15 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Economic Development: Human Resources; Human Development; Income Distribution; Migration
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:cdi:wpaper:653. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Vincent Mazenod (email available below). General contact details of provider: https://edirc.repec.org/data/ceauvfr.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.