Financial development in the Caribbean

BECK, Thorsten Harald Leopold; MOONEY, Henry

Financial development in the Caribbean

dc.contributor.author	BECK, Thorsten Harald Leopold
dc.contributor.author	MOONEY, Henry
dc.date.accessioned	2024-02-12T11:33:38Z
dc.date.available	2024-02-12T11:33:38Z
dc.date.issued	2021
dc.description	Published online: February 2021	en
dc.description.abstract	An expansive literature has established the importance of deep, accessible, and efficient financial systems for economic development and poverty alleviation. Even though there is significant heterogeneity in this relationship across countries, the empirical evidence on the relationship between financial depth and economic growth points, on average, to a positive association. There is strong and mounting evidence that deeper and more efficient financial systems help to increase growth and reduce poverty and income inequality. Countries with higher levels of financial development (e.g., as measured by private credit as a proportion of GDP) experience higher per capita income growth rates over the long run. Evidence also suggests that financial deepening can help create jobs, particularly for developing countries, and that financial liberalization can lead to increased labor market participation, especially among low-skilled workers. There is also increasing evidence that financial development can help reduce income inequality and poverty. As in the case of finance and growth, the relationship does not necessarily come through a larger share of the population with access to credit, but rather through financial deepening that results in labor and product market effects that positively affect the poorer segments of the population.	en
dc.format.mimetype	application/pdf	en
dc.identifier.citation	Moises SCHWARTZ and Diether BEUERMANN (eds), Economic Institutions for a Resilient Caribbean, Washington DC : Inter-American Development Bank, 2021, pp. 499-554	en
dc.identifier.isbn	9781597824279
dc.identifier.isbn	9781597824286
dc.identifier.uri	https://hdl.handle.net/1814/76495
dc.language.iso	en	en
dc.orcid.upload	true	*
dc.publisher	Inter-American Development Bank	en
dc.rights	info:eu-repo/semantics/openAccess	en
dc.rights.license	Attribution-NonCommercial-NoDerivatives 4.0 International	*
dc.rights.uri	http://creativecommons.org/licenses/by-nc-nd/4.0/	*
dc.title	Financial development in the Caribbean	en
dc.type	Contribution to book	en
dspace.entity.type	Publication
person.identifier.other	45508
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