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Financial development, financial Instability and poverty

Abstract:
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.
Publication status:
Published
Peer review status:
Not peer reviewed
Version:
Author's Original

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Institution:
"CERDI- CNRS - University of Auvergne", "University of Oxford"
Department:
Social Sciences Division - Economics - Centre for the study of African Economies
Role:
Author
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Institution:
"CERDI- CNRS - University of Auvergne", "International Monetary Fund (IMF)"
Role:
Author
Series:
CSAE working paper series
Publication date:
2005-01-01
URN:
uuid:16665b66-fdc4-4684-879f-f4781231944a
Local pid:
ora:2633

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