Abstract
![CDATA[Using panel data from 54 developing countries for the period 1993-2004, this paper provides evidence that beyond the indirect effect that transmitted through economic growth, financial development has a direct effect on poverty alleviation. But the direct effect can be identified when financial development is measured by the ratio of aggregate money balance (currency plus deposits) to GDP rather than the ratio of private credits to GDP. Our analysis also reveals that financial development and financial instability are positively correlated and that while financial development is good, financial instability is detrimental to the poor.]]
Original language | English |
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Title of host publication | Proceedings of the Asian Finance Association International Conference 2009: New Knowledge for Finance: Brisbane, Australia, 30 June – 3 July 2009 |
Publisher | University of Queensland |
Number of pages | 40 |
Publication status | Published - 2009 |
Event | Asian Finance Association. International Conference - Duration: 30 Jun 2009 → … |
Conference
Conference | Asian Finance Association. International Conference |
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Period | 30/06/09 → … |