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Financial Sector Development, Institutional Development and Benefits for the Poor

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  • Jonathan Levine

Abstract

Thorsten Beck, Asli Demirguc-Kunt & Ross Levine (2004) argue that financial sector development in a country disproportionately benefits its poor. When controls for improvement in the security of property rights and the fairness of the legal system, freedom to trade internationally and levels of trust are added to their research, the benefits from financial sector development disappear. Financial sector development seems to proxy for these institutions or be a mechanism through which they work.

Suggested Citation

  • Jonathan Levine, 2009. "Financial Sector Development, Institutional Development and Benefits for the Poor," The American Economist, Sage Publications, vol. 54(2), pages 119-134, October.
    • Handle: RePEc:sae:amerec:v:54:y:2009:i:2:p:119-134
    DOI: 10.1177/056943450905400213
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    References listed on IDEAS

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    1. Philip Keefer & Stephen Knack, 2008. "Social Capital, Social Norms and the New Institutional Economics," Springer Books, in: Claude Ménard & Mary M. Shirley (ed.), Handbook of New Institutional Economics, chapter 27, pages 701-725, Springer.
    2. North, Douglass C., 1984. "Government and the Cost of Exchange in History," The Journal of Economic History, Cambridge University Press, vol. 44(2), pages 255-264, June.
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