Financial development and its effects on the economic development of a country has recently been one of the most prolific areas of research in the fields of development, finance, and international economics. So far, however, very little work has been done to analyze comprehensively the...

The literature on the theoretical and empirical aspects of the relationship between finance and economic growth is both substantial and extensive. The same cannot be said on the relationship between financial development and poverty reduction--an equally important aspect. In this study, we visit...

We investigate the possibility of further channels through which financial liberalization policies might affect poverty and discuss how various factors have produced varying outcomes in different countries. The growth channel is the only one widely accepted in the literature. We suggest that...