Finance, Growth and Shared Prosperity: Beyond Credit Deepening

doi:10.1016/j.jpolmod.2016.06.004

Publication:
Finance, Growth and Shared Prosperity: Beyond Credit Deepening

dc.contributor.author	Gould, David M.
dc.contributor.author	Panterov, Georgi
dc.contributor.author	Melecky, Martin
dc.date.accessioned	2016-08-10T18:17:36Z
dc.date.available	2016-08-10T18:17:36Z
dc.date.issued	2016-06-09
dc.description.abstract	Finance might help mobilize greater resources for investment, improve allocation efficiency, and boost economic growth, but since the global economic crisis this relationship has come under increased skepticism. Particularly, the often used indicator of financial depth—private credit to GDP—has been questioned as a robust and reliable contributor to economic growth. Moreover, little research has been undertaken on the broader income distribution effects of finance and economic growth. This paper builds on the literature examining the relationship between finance and growth, inequality, and poverty. It investigates how financial development, broadly defined to include depth, efficiency, stability, and inclusion, influence the growth of aggregate income and the income of people in the bottom 40 percent of the income distribution (B40). It also examines how these relationships vary through banking crises. A key contribution of this study is to empirically unpack the multiple effects of financial development on growth across different income groups and finds, interestingly, that firm inclusion is perhaps the most important contributor to B40 long-run income growth.	en
dc.identifier.citation	Journal of Policy Modeling
dc.identifier.doi	10.1596/24870
dc.identifier.issn	0161-8938
dc.identifier.uri	https://hdl.handle.net/10986/24870
dc.language.iso	en_US
dc.publisher	Elsevier
dc.rights	CC BY-NC-ND 3.0 IGO
dc.rights.holder	World Bank
dc.rights.uri	http://creativecommons.org/licenses/by-nc-nd/3.0/igo/
dc.subject	global economic crisis
dc.subject	economic growth
dc.subject	shared prosperity
dc.subject	credit deepening
dc.subject	poverty
dc.subject	income distribution
dc.subject	extreme poverty
dc.subject	bottom 40 percent
dc.title	Finance, Growth and Shared Prosperity	en
dc.title.subtitle	Beyond Credit Deepening	en
dc.type	Journal Article	en
dc.type	Article de journal	fr
dc.type	Artículo de revista	es
dspace.entity.type	Publication
okr.associatedcontent	http://www.sciencedirect.com/science/article/pii/S0161893816300552 Journal website (version of record)
okr.crossref.title	Finance, Growth and Shared Prosperity: Beyond Credit Deepening
okr.date.disclosure	2019-06-09
okr.date.doiregistration	2025-04-07T08:44:30.810192Z
okr.date.doiregistration	2025-04-08T16:22:10.491601Z
okr.date.doiregistration	2025-04-09T02:54:24.761070Z
okr.doctype	Publications & Research::Journal Article
okr.doctype	Publications & Research
okr.externalcontent	External Content
okr.identifier.doi	10.1016/j.jpolmod.2016.06.004
okr.identifier.doi	10.1596/24870
okr.identifier.report	108324
okr.journal.nbpages	737-58
okr.language.supported	en
okr.peerreview	Academic Peer Review
okr.topic	Finance and Financial Sector Development::Access to Finance
okr.topic	Finance and Financial Sector Development::Financial Crisis Management & Restructuring
okr.topic	Macroeconomics and Economic Growth::Economic Conditions and Volatility
okr.topic	Poverty Reduction::Achieving Shared Growth
okr.topic	Poverty Reduction::Inequality
okr.volume	38(4)
relation.isAuthorOfPublication	c2369c70-649c-4c08-a1c8-b1dcb7d123de
relation.isAuthorOfPublication.latestForDiscovery	c2369c70-649c-4c08-a1c8-b1dcb7d123de