FINANCIAL DEVELOPMENT, GROWTH AND POVERTY金融发展、增长与贫困.pdf

FINANCIAL DEVELOPMENT, GROWTH AND POVERTY金融发展、增长与贫困.pdf

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FINANCIAL DEVELOPMENT, GROWTH AND POVERTY: HOW CLOSE ARE THE LINKS? Patrick Honohan Development Research Group and Financial Sector Operations and Policy Department The World Bank Based on a talk presented at the British Association Festival of Science Salford University, Manchester, England, September 8, 2003 Abstract The causal link between finance and growth is one of the most striking empirical macroeconomic relationships uncovered in the past decade. As this branch of the literature matures, the focus shifts from growth to other aspects of economic prosperity and from financial depth to multidimensional measures of financial development. This paper reviews the evolution of the literature and contributes by (i) showing that financial depth is negatively associated with headcount poverty, even after taking account of mean income and inequality; (ii) illustrating the pitfalls in equating financial development with financial depth and (iii) proposing alternative measures of financial development that, though summary, capture its multidimensional nature. World Bank Policy Research Working Paper 3203, February 2004 The Policy Research Working Paper Series disseminates the findings of work in progress to encourage the exchange of ideas about development issues. An objective of the series is to get the findings out quickly, even if the presentations are less than fully polished. The papers carry the names of the authors and should be cited accordingly. The findings, interpretations, and conclusions expressed in this paper are entirely those of the authors. They do not necessarily represent the view of the World Bank, its Executive Directors, or the co

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