Stijn Claessens, Erik Feijen's Financial Sector Development and the Millennium Development PDF

Risk Management

By Stijn Claessens, Erik Feijen

This examine investigates the connection among monetary zone improvement and growth in achieving the Millennium improvement pursuits (MDGs). It assesses the contribution of nations' monetary quarter improvement to reaching the MDGs. the focal point is at the relationships among monetary improvement and financial welfare and progress, and the subsequent 4 MDG-themes: Poverty, schooling, overall healthiness, and Gender Equality. In doing so, the booklet stories the theoretical channels, surveys present empirical facts - either cross-country and case learn facts, and offers new facts. monetary quarter improvement and the Millennium improvement ambitions unearths that monetary improvement is a vital motive force for monetary welfare in that it reduces the superiority of source of revenue poverty and undernourishment. furthermore, new proof is supplied of a good organization among monetary improvement and future health, schooling, and gender equality.

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Additional resources for Financial Sector Development and the Millennium Development Goals (World Bank Working Papers) (World Bank Working Papers)

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25. Important contributions include Goldsmith (1969), McKinnon and Shaw (1973), Levine and Zervos (1998), and Rousseau and Wachtel (1998). Other considerations are omitted variable bias and simultaneity bias. 6 Period mean = 1,89% per year OECD countries Source: Data from Levine and King (1993) and Beck and Levine (2004). 9 percent per year faster. 5 percent over this period. 26 A developed stock market has also proven to be an important driver of economic growth. One important indicator of stock market development is the stock market trading volume as a fraction of GDP.

Affordable credit can help households overcome shocks like illness and death, “smooth” their consumption, and give them the opportunity to invest and increase their productivity. For example, credit empowers would-be entrepreneurs and enables households to buy fertilizers, better seeds, tractors, and education services for their children. In turn, higher (agricultural) productivity and higher incomes provide households with access to better nutrition, reducing the prevalence of undernourishment.

Fourth, we take a closer look at how financial development affects the drivers of economic growth. A Brief Overview of the Financial Sector The financial sector brings together demand and supply of capital (savings) via banks, securities markets, and other financial intermediaries such as mutual funds and pension funds. A high performing financial sector has the following functions: it mobilizes savings and ensures that savings are allocated to users of capital who put it to its most productive task; it enables risk-sharing amongst investors; and it provides an efficient payments system to facilitate financial transactions.

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