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Développement financier, instabilité financière et croissance économique : implications pour la réduction de la pauvreté

Abstract : The economic theory suggests that financial development spurs economic growth. However, the implementation of financial liberalization policies in some countries had not yielded the results expected, casting doubt about the broad positive link between financial development and economic growth. The purpose of this dissertation is to figure out factors that can account for the contrasting views on the growth enhancing effects of financial development, and to draw implications for poverty alleviation. First, we consider that financial development may be positively correlated with financial instability, therefore dampening the favourable effect of finance on growth. As a result, we take this relationship into account in order to assess properly the contribution of finance on growth. Second, we study threshold effects in the relation between financial development and growth since below a given level of economic development, financial development may have no effect on economic growth, mainly because of low investment return and a lack of sufficient saving to fund projects. Finally, as much of the literature deals with the link between finance and growth and has devoted little attention to poverty reduction, we investigate the likely positive effect of finance development on poverty reduction beyond its favourable impact through economic growth. In addition, we also consider the negative effect financial instability may have on the poor. Econometric estimates on a sample of developing countries with panel data over the period 1966-2000 support our main hypotheses.
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https://tel.archives-ouvertes.fr/tel-00119136
Contributor : Agnès Carcenac <>
Submitted on : Thursday, December 7, 2006 - 4:57:59 PM
Last modification on : Thursday, January 11, 2018 - 6:17:17 AM
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  • HAL Id : tel-00119136, version 1

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Kangni Kpodar. Développement financier, instabilité financière et croissance économique : implications pour la réduction de la pauvreté. Gestion et management. Université d'Auvergne - Clermont-Ferrand I, 2006. Français. ⟨tel-00119136⟩

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