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...

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...

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...

Using PSID data for the years 1984-99, we estimate the level and severity of asset poverty. We find that despite a sharp decline in the official poverty rate, the asset poverty rate barely budged over this period. Moreover, the severity of asset poverty increased during this period. The...

Standard official measures of economic well-being are based on money income. The general consensus is that such measures are seriously flawed because they ignore several crucial determinants of well-being. We examine two such determinants-household wealth and public consumption-in the context of...

Using PSID data for the years 1984 to 1999, we estimate the level and severity of asset poverty. Our results indicate that the share of asset- poor households remained almost the same and the severity of poverty increased during this period, despite the growth in the economy and the financial...