Financial Deepening Inequality And Growth

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Financial Deepening, Inequality, and Growth

Robert M. Townsend,Mr.Kenichi Ueda
Financial Deepening Inequality and Growth Book PDF

Author : Robert M. Townsend,Mr.Kenichi Ueda
Publisher : International Monetary Fund
Page : 66 pages
File Size : 54,6 Mb
Release : 2003-09-01
Category : Business & Economics
ISBN : 9781451859836

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Financial Deepening, Inequality, and Growth by Robert M. Townsend,Mr.Kenichi Ueda Pdf

We propose a coherent unified approach to the study of the linkages among economic growth, financial structure, and inequality, bringing together disparate theoretical and empirical literature. That is, we show how to conduct model-based quantitative research on transitional paths. With analytical and numerical methods, we calibrate and make tractable a prototype canonical model and take it to an application, namely, Thailand 1976-1996, an emerging economy in a phase of economic expansion with uneven financial deepening and increasing inequality. We broadly replicate the actual data, test the model formally, and identify anomalies.

Finance, Growth, and Inequality

Mr. Ross Levine
Finance Growth and Inequality Book PDF

Author : Mr. Ross Levine
Publisher : International Monetary Fund
Page : 80 pages
File Size : 51,9 Mb
Release : 2021-06-11
Category : Business & Economics
ISBN : 9781513583365

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Finance, Growth, and Inequality by Mr. Ross Levine Pdf

Finance and growth emerged as a distinct field of economics during the last three decades as economists integrated the fields of finance and economic growth and then explored the ramifications of the functioning of financial systems on economic growth, income distribution, and poverty. In this paper, I review theoretical and empirical research on the connections between the operation of the financial system and economic growth and inequality. While subject to ample qualifications, the preponderance of evidence suggests that (1) financial development—both the development of banks and stock markets—spurs economic growth and (2) better functioning financial systems foster growth primarily by improving resource allocation and technological change, not by increasing saving rates. Some research also suggests that financial development expands economic opportunities and tightens income distribution, primarily by boosting the incomes of the poor. This work implies that financial development fosters growth by expanding opportunities. Finally, and more tentatively, financial innovation—improvements in the ability of financial systems to ameliorate information and transaction costs—may be necessary for sustaining growth.

Finance and Inequality

Mr.Martin Cihak,Ms.Ratna Sahay
Finance and Inequality Book PDF

Author : Mr.Martin Cihak,Ms.Ratna Sahay
Publisher : International Monetary Fund
Page : 50 pages
File Size : 43,8 Mb
Release : 2020-01-17
Category : Business & Economics
ISBN : 9781513526546

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Finance and Inequality by Mr.Martin Cihak,Ms.Ratna Sahay Pdf

The study examines empirical relationships between income inequality and three features of finance: depth (financial sector size relative to the economy), inclusion (access to and use of financial services by individuals and firms), and stability (absence of financial distress). Using new data covering a wide range of countries, the analysis finds that the financial sector can play a role in reducing inequality, complementing redistributive fiscal policy. By expanding the provision of financial services to low-income households and small businesses, it can serve as a powerful lever in helping create a more inclusive society but—if not well managed—it can amplify inequalities.

Finance, Inequality, and Poverty

Thorsten Beck,Asl? Demirgüç-Kunt,Ross Levine
Finance Inequality and Poverty Book PDF

Author : Thorsten Beck,Asl? Demirgüç-Kunt,Ross Levine
Publisher : World Bank Publications
Page : 36 pages
File Size : 43,7 Mb
Release : 2004
Category : Finance
ISBN : 8210379456XXX

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Finance, Inequality, and Poverty by Thorsten Beck,Asl? Demirgüç-Kunt,Ross Levine Pdf

"While substantial research finds that financial development boosts overall economic growth, we study whether financial development disproportionately raises the incomes of the poor and alleviates poverty. Using a broad cross-country sample, we distinguish among competing theoretical predictions about the impact of financial development on changes in income distribution and poverty alleviation. We find that financial development reduces income inequality by disproportionately boosting the incomes of the poor. Countries with better-developed financial intermediaries experience faster declines in measures of both poverty and income inequality. These results are robust to controlling for other country characteristics and potential reverse causality"--National Bureau of Economic Research web site.

Financial Development, Inequality and Poverty

Mr.Sami Ben Naceur,RuiXin Zhang
Financial Development Inequality and Poverty Book PDF

Author : Mr.Sami Ben Naceur,RuiXin Zhang
Publisher : International Monetary Fund
Page : 28 pages
File Size : 50,8 Mb
Release : 2016-02-19
Category : Business & Economics
ISBN : 9781498359283

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Financial Development, Inequality and Poverty by Mr.Sami Ben Naceur,RuiXin Zhang Pdf

This paper provides evidence on the link between financial development and income distribution. Several dimensions of financial development are considered: financial access, efficiency, stability, and liberalization. Each aspect is represented by two indicators: one related to financial institutions, and the other to financial markets. Using a sample of 143 countries from 1961 to 2011, the paper finds that four of the five dimensions of financial development can significantly reduce income inequality and poverty, except financial liberalization, which tends to exacerbate them. Also, banking sector development tends to provide a more significant impact on changing income distribution than stock market development. Together, these findings are consistent with the view that macroeconomic stability and reforms that strengthen creditor rights, contract enforcement, and financial institution regulation are needed to ensure that financial development and liberalization fully support the reduction of poverty and income equality.

Reaching Out

Anonim
Reaching Out Book PDF

Author : Anonim
Publisher : World Bank Publications
Page : 52 pages
File Size : 42,9 Mb
Release : 2005
Category : Banks and banking, International
ISBN : 8210379456XXX

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Reaching Out by Anonim Pdf

"The authors (1) present new indicators of banking sector penetration across 99 countries based on a survey of bank regulatory authorities, (2) show that these indicators predict household and firm use of banking services, (3) explore the association between the outreach indicators and measures of financial, institutional, and infrastructure development across countries, and (4) relate these banking outreach indicators to measures of firms' financing constraints. In particular, they find that greater outreach is correlated with standard measures of financial development, as well as with economic activity. Controlling for these factors, the authors find that better communication and transport infrastructure and better governance are also associated with greater outreach. Government ownership of financial institutions translates into lower access, while more concentrated banking systems are associated with greater outreach. Finally, firms in countries with higher branch and ATM penetration and higher use of loan services report lower financing obstacles, thus linking banking sector outreach to the alleviation of firms' financing constraints. "--World Bank web site.

Finance and Income Inequality

George R. G. Clarke,Heng-fu Zou,Lixin Colin Xu
Finance and Income Inequality Book PDF

Author : George R. G. Clarke,Heng-fu Zou,Lixin Colin Xu
Publisher : World Bank Publications
Page : 32 pages
File Size : 44,9 Mb
Release : 2003
Category : Equality
ISBN : 8210379456XXX

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Finance and Income Inequality by George R. G. Clarke,Heng-fu Zou,Lixin Colin Xu Pdf

Although theoretical models make distinct predictions about the relationship between financial sector development and income inequality, little empirical research has been conducted to compare their relative explanatory power. Clarke, Xu, and Zou examine the relation between financial intermediary development and income inequality in a panel data set of 91 countries for the period 1960-95. Their results provide evidence that inequality decreases as economies develop their financial intermediaries, consistent with the theoretical models in Galor and Zeira (1993) and Banerjee and Newman (1993). Moreover, consistent with the insight of Kuznets, the relation between the Gini coefficient and financial intermediary development appears to depend on the sectoral structure of the economy: a larger modern sector is associated with a smaller drop in the Gini coefficient for the same level of financial intermediary development. But there is no evidence of an inverted-U-shaped relation between financial sector development and income inequality, as suggested by Greenwood and Jovanovic (1990). The results are robust to controlling for biases introduced by simultaneity. This paper--a product of Investment Climate, Development Research Group--is part of a larger effort in the group to understand the link between economic development and financial sector performance.

Finance and Growth

Asli Demirgüç-Kunt,Ross Levine
Finance and Growth Book PDF

Author : Asli Demirgüç-Kunt,Ross Levine
Publisher : Unknown
Page : 1616 pages
File Size : 52,8 Mb
Release : 2018-07-27
Category : Economic development
ISBN : 1785367420

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Finance and Growth by Asli Demirgüç-Kunt,Ross Levine Pdf

This two-volume collection brings together major contributions to the study of finance and growth. It includes conceptual and empirical papers that use a range of methodologies to discover the connections between financial systems - including financial contracts, markets, and intermediaries - and the functioning of the economy - including economic growth, entrepreneurship, technological innovation, poverty alleviation, the distribution of income, and the structure and volatility of economies. It also discusses contributions to the study of the legal, political, institutional, social capital and policy determinants of financial development. With an original introduction by the editors, this collection is an important resource for students, academics and practitioners.

Transitional Growth with Increasing Inequality and Financial Deepening

Mr.Kenichi Ueda
Transitional Growth with Increasing Inequality and Financial Deepening Book PDF

Author : Mr.Kenichi Ueda
Publisher : INTERNATIONAL MONETARY FUND
Page : 0 pages
File Size : 54,8 Mb
Release : 2001-08-01
Category : Business & Economics
ISBN : 1451853106

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Transitional Growth with Increasing Inequality and Financial Deepening by Mr.Kenichi Ueda Pdf

We study models that display growth with financial deepening and increasing inequality along the way to perpetual steady state growth. A benchmark model is essentially a complete markets model but with transaction costs of financial intermediation. New proofs are required and thus provided for stochastic dynamic programming for the case of unbounded return functions and perpetual growth with a non-convex transaction technology. We calibrate the model and report quantitative predictions for Thailand during 1976-96. We find a discrepancy between the model and the data, suspect barriers to financial deepening as a cause, and evaluate the associated welfare loss.

Financial Inclusion, Growth and Inequality

Ms.Izabela Karpowicz
Financial Inclusion Growth and Inequality Book PDF

Author : Ms.Izabela Karpowicz
Publisher : International Monetary Fund
Page : 31 pages
File Size : 53,6 Mb
Release : 2014-09-12
Category : Business & Economics
ISBN : 9781498344838

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Financial Inclusion, Growth and Inequality by Ms.Izabela Karpowicz Pdf

Financial inclusion has been one of the key pillars of Colombia’s development strategy for a number of years. Financial inclusion policies have aimed at channeling microcredit to poor, spreading formal banking system usage, fostering electronic payment acceptance, and making financial services more affordable. Using simulations from a general equilibrium model it is possible to identify the most binding financial sector frictions that preclude financial inclusion of enterprises, and study the effects on growth and inequality of efforts to remove these frictions. The study finds that lowering contraints on collateral promises higher growth while inequality is better tackled through measures that lower the financial participation cost.

Financial Development and Economic Growth

Ross Levine
Financial Development and Economic Growth Book PDF

Author : Ross Levine
Publisher : World Bank Publications
Page : 84 pages
File Size : 54,8 Mb
Release : 2024-06-15
Category : Electronic
ISBN : 8210379456XXX

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Financial Development and Economic Growth by Ross Levine Pdf

The International Monetary Fund (IMF) presents the full text of the December 2000 paper entitled "Financial Development and Economic Growth: An Overview," prepared by Mohsin S. Khan and Abdelhak S. Senhadji. The text is available in PDF format and the paper is part of the IMF's Working Paper series. This paper provides a review of literature on financial markets and discusses the relationship between financial development and economic growth.

Sharing the Growth Dividend

Ms.Sonali Jain-Chandra,Mr.Tidiane Kinda,Ms.Kalpana Kochhar,Shi Piao,Johanna Schauer
Sharing the Growth Dividend Book PDF

Author : Ms.Sonali Jain-Chandra,Mr.Tidiane Kinda,Ms.Kalpana Kochhar,Shi Piao,Johanna Schauer
Publisher : International Monetary Fund
Page : 53 pages
File Size : 40,8 Mb
Release : 2016-03-04
Category : Business & Economics
ISBN : 9781513546773

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Sharing the Growth Dividend by Ms.Sonali Jain-Chandra,Mr.Tidiane Kinda,Ms.Kalpana Kochhar,Shi Piao,Johanna Schauer Pdf

This paper focusses on income inequality in Asia, its drivers and policies to combat it. It finds that income inequality has risen in most of Asia, in contrast to many regions. While in the past, rapid growth in Asia has come with equitable distribution of the gains, more recently fast-growing Asian economies have been unable to replicate the “growth with equity” miracle. There is a growing consensus that high levels of inequality can hamper the pace and sustainability of growth. The paper argues that policies could have a substantial effect on reversing the trend of rising inequality. It is imperative to address inequality of opportunities, in particular to broaden access to education, health, and financial services. Also fiscal policy could combat rising inequality, including by expanding and broadening the coverage of social spending, improving tax progressivity, and boosting compliance. Further efforts to promote financial inclusion, while maintaining financial stability, can help.

Identifying Constraints to Financial Inclusion and Their Impact on GDP and Inequality: A Structural Framework for Policy

Ms. Era Dabla-Norris,Yan Ji,Robert Townsend,D. Filiz Unsal
Identifying Constraints to Financial Inclusion and Their Impact on GDP and Inequality A Structural Framework for Policy Book PDF

Author : Ms. Era Dabla-Norris,Yan Ji,Robert Townsend,D. Filiz Unsal
Publisher : International Monetary Fund
Page : 49 pages
File Size : 55,7 Mb
Release : 2015-01-27
Category : Business & Economics
ISBN : 9781484352878

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Identifying Constraints to Financial Inclusion and Their Impact on GDP and Inequality: A Structural Framework for Policy by Ms. Era Dabla-Norris,Yan Ji,Robert Townsend,D. Filiz Unsal Pdf

We develop a micro-founded general equilibrium model with heterogeneous agents to identify pertinent constraints to financial inclusion. We evaluate quantitatively the policy impacts of relaxing each of these constraints separately, and in combination, on GDP and inequality. We focus on three dimensions of financial inclusion: access (determined by the size of participation costs), depth (determined by the size of collateral constraints resulting from limited commitment), and intermediation efficiency (determined by the size of interest rate spreads and default possibilities due to costly monitoring). We take the model to a firm-level data from the World Bank Enterprise Survey for six countries at varying degrees of economic development—three low-income countries (Uganda, Kenya, Mozambique), and three emerging market countries (Malaysia, the Philippines, and Egypt). The results suggest that alleviating different financial frictions have a differential impact across countries, with country-specific characteristics playing a central role in determining the linkages and tradeoffs between inclusion, GDP, inequality, and the distribution of gains and losses.

Links Between Growth, Inequality, and Poverty: A Survey

Ms. Valerie Cerra,Mr. Ruy Lama,Norman Loayza
Links Between Growth Inequality and Poverty A Survey Book PDF

Author : Ms. Valerie Cerra,Mr. Ruy Lama,Norman Loayza
Publisher : International Monetary Fund
Page : 54 pages
File Size : 44,6 Mb
Release : 2021-03-12
Category : Business & Economics
ISBN : 9781513572666

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Links Between Growth, Inequality, and Poverty: A Survey by Ms. Valerie Cerra,Mr. Ruy Lama,Norman Loayza Pdf

Is there a tradeoff between raising growth and reducing inequality and poverty? This paper reviews the theoretical and empirical literature on the complex links between growth, inequality, and poverty, with causation going in both directions. The evidence suggests that growth can be effective in reducing poverty, but its impact on inequality is ambiguous and depends on the underlying sources of growth. The impact of poverty and inequality on growth is likewise ambiguous, as several channels mediate the relationship. But most plausible mechanisms suggest that poverty and inequality reduce growth, at least in the long run. Policies play a role in shaping these relationships and those designed to improve equality of opportunity can simultaneously improve inclusiveness and growth.

Inequality and Growth

Theo S. Eicher,Stephen J. Turnovsky
Inequality and Growth Book PDF

Author : Theo S. Eicher,Stephen J. Turnovsky
Publisher : MIT Press
Page : 343 pages
File Size : 45,9 Mb
Release : 2007-01-26
Category : Business & Economics
ISBN : 9780262550642

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Inequality and Growth by Theo S. Eicher,Stephen J. Turnovsky Pdf

Even minute increases in a country's growth rate can result in dramatic changes in living standards over just one generation. The benefits of growth, however, may not be shared equally. Some may gain less than others, and a fraction of the population may actually be disadvantaged. Recent economic research has found both positive and negative relationships between growth and inequality across nations. The questions raised by these results include: What is the impact on inequality of policies designed to foster growth? Does inequality by itself facilitate or detract from economic growth, and does it amplify or diminish policy effectiveness? This book provides a forum for economists to examine the theoretical, empirical, and policy issues involved in the relationship between growth and inequality. The aim is to develop a framework for determining the role of public policy in enhancing both growth and equality. The diverse range of topics, examined in both developed and developing countries, includes natural resources, taxation, fertility, redistribution, technological change, transition, labor markets, and education. A theme common to all the essays is the importance of education in reducing inequality and increasing growth.