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Finance and Economic Opportunity / Demirguc-Kunt, Asli
World Bank Open Knowledge Repository (formerly "World Bank E-Library Publications") Available online
View online- Format:
- Book
- Government document
- Author/Creator:
- Demirguc-Kunt, Asli
- Series:
- Policy research working papers.
- World Bank e-Library.
- Language:
- English
- Subjects (All):
- Access to Finance.
- Banks and Banking Reform.
- Debt Markets.
- Economic Opportunities.
- Economic Opportunity.
- Economic Theory and Research.
- Emerging Markets.
- Finance and Financial Sector Development.
- Financial Markets.
- Financial Services.
- Financial System.
- Financial Systems.
- Formal Financial Sector.
- Households.
- Inequality.
- Macroeconomics and Economic Growth.
- Private Sector Development.
- Small Enterprises.
- Local Subjects:
- Access to Finance.
- Banks and Banking Reform.
- Debt Markets.
- Economic Opportunities.
- Economic Opportunity.
- Economic Theory and Research.
- Emerging Markets.
- Finance and Financial Sector Development.
- Financial Markets.
- Financial Services.
- Financial System.
- Financial Systems.
- Formal Financial Sector.
- Households.
- Inequality.
- Macroeconomics and Economic Growth.
- Private Sector Development.
- Small Enterprises.
- Physical Description:
- 1 online resource (34 pages)
- Place of Publication:
- Washington, D.C., The World Bank, 2008
- System Details:
- data file
- Summary:
- An influential body of theoretical research and an emerging line of empirical work suggest that the operation of the formal financial system affects the degree to which economic opportunities are defined by talent and initiative rather than by parental wealth and social connections. This paper discusses the theory of how financial markets influence economic opportunity and reviews recent empirical work on the relation between formal financial systems and poverty, income inequality, and economic opportunity. The authors consider recent efforts to measure the ability of households and small enterprises to access financial services, the impact of this access, and the mechanisms through which finance affects poverty and inequality. The authors argue that considerably more research is needed to identify which formal financial sector policies enhance the operation of the financial system in ways that expand the economic horizons of the economically disenfranchised.
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