Financial Sector Development, Economic Growth & Poverty Reduction: A Critical Review of the Theory & Evidence
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Date
2009-06
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A.A.U
Abstract
In this paper we critically re-examined the different theories and empirical evidences on the
relationship between financial development, economic growth and poverty reduction with a
view to identifying some outstanding issues.
The findings from this review imply that financial sector development is import ant for growth
and poverty reduction, and that without it development may be held back, even if other
conditions are met, suggesting that greater emphasis should be placed on promoting financial
sector development, improving substantially the efficiency of the financial sector, and
improving access to financial services for the poor
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Keywords
Economic Growth, Poverty Reduction