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Finance, inequality, and poverty: cross-country evidence
 
Author:Beck, Thorsten; Demirguc-Kunt, Asli; Levine, Ross; Collection Title:Policy, Research working paper ; no. WPS 3338
Country:World; Date Stored:2004/07/23
Document Date:2004/06/01Document Type:Policy Research Working Paper
SubTopics:Environmental Economics & Policies; Achieving Shared Growth; Governance Indicators; Payment Systems & Infrastructure; Economic Theory & Research; Economic Conditions and Volatility; Inequality; Health Economics & FinanceLanguage:English
Region:The World RegionReport Number:WPS3338
Volume No:1 of 1Related Dataset:Finance, Inequality, and Poverty;

Summary: While substantial research finds that financial development boosts overall economic growth, the authors study whether financial development is pro-poor: Does financial development disproportionately raise the income of the poor? Using a broad cross-country sample, the authors find that the answer is yes: Financial intermediary development reduces income inequality by disproportionately boosting the income of the poor and therefore reduces poverty. This result is robust to controlling for simultaneity bias and reverse causation.

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