Finance and Economic Opportunity
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 pare...
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| Format: | Policy Research Working Paper |
| Language: | English |
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World Bank, Washington, DC
2012
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| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/2008/01/8922449/finance-economic-opportunity http://hdl.handle.net/10986/6438 |
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okr-10986-6438 |
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oai_dc |
| repository_type |
Digital Repository |
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Foreign Institution |
| institution |
Digital Repositories |
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World Bank Open Knowledge Repository |
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World Bank |
| language |
English |
| topic |
ACCESS BARRIERS ACCESS TO CAPITAL ACCESS TO CREDIT ACCESS TO EXTERNAL FINANCE ACCESS TO FINANCE ACCESS TO FINANCIAL SERVICES ACCURATE ESTIMATE AFFORDABILITY ASSET RATIO ATMS AUTOMATIC TELLER AVERAGE GROWTH BAD BANKS BANK ACCESS BANK ACCOUNT BANK ACCOUNTS BANK BRANCH BANK BRANCHES BANK COMPETITION BANK REGULATION BANK SERVICES BANKING SERVICES BANKS BARRIER BARRIER TO FINANCING BEQUEST BEQUESTS BLACK WORKER BOND BONDS BROAD ACCESS BUSINESS CYCLE BUSINESS CYCLES CAPITAL ACCUMULATION CAPITAL INVESTMENT CAPITAL MARKET CAPITAL MARKETS CHECKS COLLATERAL COMMERCIAL BANKS COMMUNICATIONS TECHNOLOGY CONSOLIDATION CONTRIBUTION CORPORATE GOVERNANCE CORRUPTION CREDIT ALLOCATION CREDIT CONSTRAINTS CREDIT INFORMATION CREDIT PROGRAMS CREDIT REGISTRIES CREDIT UNIONS CREDITOR CREDITOR RIGHTS DEPOSIT DEPOSIT ACCOUNT DEPOSIT ACCOUNTS DEPOSIT SERVICES DEREGULATION DEVELOPING COUNTRIES DEVELOPING ECONOMIES DEVELOPMENT ASSISTANCE DEVELOPMENT BANKS DISCRIMINATION DISTRIBUTION OF INCOME DISTRIBUTION OF WEALTH DIVERSIFICATION DOCUMENTATION REQUIREMENTS DOUBLE BOTTOM LINE DUMMY VARIABLE DUMMY VARIABLES EARNINGS ECONOMIC DEVELOPMENT ECONOMIC GROWTH ECONOMIC OPPORTUNITIES ECONOMIC OPPORTUNITY ECONOMIC PERFORMANCE ECONOMIC POLICY EMPLOYERS EMPLOYMENT ENTREPRENEUR ENTREPRENEURIAL ABILITY ENTREPRENEURIAL ACTIVITY ENTREPRENEURS ENTREPRENEURSHIP EQUALITY OF OPPORTUNITY EXCLUSION EXTERNAL FINANCE FAMILIES FINANCIAL ACCOUNTS FINANCIAL ARRANGEMENTS FINANCIAL ASSETS FINANCIAL DEPTH FINANCIAL DEVELOPMENT FINANCIAL DEVELOPMENTS FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL INTERMEDIARIES FINANCIAL MARKET FINANCIAL MARKETS FINANCIAL PERFORMANCE FINANCIAL POLICY FINANCIAL SECTOR POLICIES FINANCIAL SECTOR POLICY FINANCIAL SECTOR REFORMS FINANCIAL SERVICES FINANCIAL SYSTEM FINANCIAL SYSTEMS FINANCING OBSTACLES FIRM GROWTH FIXED COST FOREIGN BANK FOREIGN OWNERSHIP FOREIGN OWNERSHIP OF BANKS FORMAL FINANCIAL SECTOR FORMAL FINANCIAL SERVICES GENERAL POPULATION GOVERNMENT BANK GOVERNMENT OWNERSHIP GOVERNMENT OWNERSHIP OF BANKS GROSS DOMESTIC PRODUCT GROWTH OPPORTUNITIES GROWTH RATE GROWTH RATES HOLDING HOUSEHOLDS HUMAN CAPITAL INCOME INCOME DISTRIBUTION INCOME GROWTH INCOME INEQUALITY INCOME LEVELS INCOMES INDICATORS OF ACCESS INEQUALITY INFLATION INFORMATION DISCLOSURE INFORMATION INFRASTRUCTURES INTEREST INCOME INTEREST RATE INTERNATIONAL BANK INTERNATIONAL ECONOMICS INVESTING INVESTMENT PROJECTS INVESTMENT RETURNS LABOR FORCE LABOR FORCE PARTICIPATION LARGE BANKS LAWS LEGAL CONSTRAINTS LEGAL ENFORCEMENT LENDERS LIQUIDITY LIQUIDITY RISK LOAN LOAN AMOUNT LOAN APPLICATIONS LOAN BALANCES LOCAL BANK LOCAL BANKS LOW-INCOME MACROECONOMICS MARGINAL COST MARKET PARTICIPANTS MEDIUM ENTERPRISES MICRO DATA MICRO ENTERPRISES MICRO-CREDIT MICROCREDIT MICROENTERPRISES MICROFINANCE MICROFINANCE INSTITUTIONS MIDDLE EAST MONEY MARKET MONEY MARKET MUTUAL FUNDS MONOPOLIES MONOPOLY MUTUAL FUNDS NORTH AFRICA OUTREACH PHYSICAL ACCESS POLITICAL ECONOMY POSTAL SAVINGS POVERTY ALLEVIATION PRIVATE CREDIT PROFIT MARGINS PROVISION OF CREDIT PUBLIC POLICY RATE OF RETURN REGULATORS RENTS RETURN ON ASSETS RETURN ON SAVINGS RISK DIVERSIFICATION RISK MANAGEMENT SAVINGS SAVINGS BANKS SAVINGS BEHAVIOR SCHOOL FINANCE SECURITIES SECURITIES MARKETS SELF-EXCLUSION SENIOR SMALL ENTERPRISES SMALLER ENTERPRISES SMALLER FIRMS SUB-SAHARAN AFRICA SUPERVISORY POWER TRANSACTION TRANSACTION COSTS TRANSACTIONS COSTS TRANSFER PAYMENTS WAGE WAGE RATES WORK FORCE WORTH |
| spellingShingle |
ACCESS BARRIERS ACCESS TO CAPITAL ACCESS TO CREDIT ACCESS TO EXTERNAL FINANCE ACCESS TO FINANCE ACCESS TO FINANCIAL SERVICES ACCURATE ESTIMATE AFFORDABILITY ASSET RATIO ATMS AUTOMATIC TELLER AVERAGE GROWTH BAD BANKS BANK ACCESS BANK ACCOUNT BANK ACCOUNTS BANK BRANCH BANK BRANCHES BANK COMPETITION BANK REGULATION BANK SERVICES BANKING SERVICES BANKS BARRIER BARRIER TO FINANCING BEQUEST BEQUESTS BLACK WORKER BOND BONDS BROAD ACCESS BUSINESS CYCLE BUSINESS CYCLES CAPITAL ACCUMULATION CAPITAL INVESTMENT CAPITAL MARKET CAPITAL MARKETS CHECKS COLLATERAL COMMERCIAL BANKS COMMUNICATIONS TECHNOLOGY CONSOLIDATION CONTRIBUTION CORPORATE GOVERNANCE CORRUPTION CREDIT ALLOCATION CREDIT CONSTRAINTS CREDIT INFORMATION CREDIT PROGRAMS CREDIT REGISTRIES CREDIT UNIONS CREDITOR CREDITOR RIGHTS DEPOSIT DEPOSIT ACCOUNT DEPOSIT ACCOUNTS DEPOSIT SERVICES DEREGULATION DEVELOPING COUNTRIES DEVELOPING ECONOMIES DEVELOPMENT ASSISTANCE DEVELOPMENT BANKS DISCRIMINATION DISTRIBUTION OF INCOME DISTRIBUTION OF WEALTH DIVERSIFICATION DOCUMENTATION REQUIREMENTS DOUBLE BOTTOM LINE DUMMY VARIABLE DUMMY VARIABLES EARNINGS ECONOMIC DEVELOPMENT ECONOMIC GROWTH ECONOMIC OPPORTUNITIES ECONOMIC OPPORTUNITY ECONOMIC PERFORMANCE ECONOMIC POLICY EMPLOYERS EMPLOYMENT ENTREPRENEUR ENTREPRENEURIAL ABILITY ENTREPRENEURIAL ACTIVITY ENTREPRENEURS ENTREPRENEURSHIP EQUALITY OF OPPORTUNITY EXCLUSION EXTERNAL FINANCE FAMILIES FINANCIAL ACCOUNTS FINANCIAL ARRANGEMENTS FINANCIAL ASSETS FINANCIAL DEPTH FINANCIAL DEVELOPMENT FINANCIAL DEVELOPMENTS FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL INTERMEDIARIES FINANCIAL MARKET FINANCIAL MARKETS FINANCIAL PERFORMANCE FINANCIAL POLICY FINANCIAL SECTOR POLICIES FINANCIAL SECTOR POLICY FINANCIAL SECTOR REFORMS FINANCIAL SERVICES FINANCIAL SYSTEM FINANCIAL SYSTEMS FINANCING OBSTACLES FIRM GROWTH FIXED COST FOREIGN BANK FOREIGN OWNERSHIP FOREIGN OWNERSHIP OF BANKS FORMAL FINANCIAL SECTOR FORMAL FINANCIAL SERVICES GENERAL POPULATION GOVERNMENT BANK GOVERNMENT OWNERSHIP GOVERNMENT OWNERSHIP OF BANKS GROSS DOMESTIC PRODUCT GROWTH OPPORTUNITIES GROWTH RATE GROWTH RATES HOLDING HOUSEHOLDS HUMAN CAPITAL INCOME INCOME DISTRIBUTION INCOME GROWTH INCOME INEQUALITY INCOME LEVELS INCOMES INDICATORS OF ACCESS INEQUALITY INFLATION INFORMATION DISCLOSURE INFORMATION INFRASTRUCTURES INTEREST INCOME INTEREST RATE INTERNATIONAL BANK INTERNATIONAL ECONOMICS INVESTING INVESTMENT PROJECTS INVESTMENT RETURNS LABOR FORCE LABOR FORCE PARTICIPATION LARGE BANKS LAWS LEGAL CONSTRAINTS LEGAL ENFORCEMENT LENDERS LIQUIDITY LIQUIDITY RISK LOAN LOAN AMOUNT LOAN APPLICATIONS LOAN BALANCES LOCAL BANK LOCAL BANKS LOW-INCOME MACROECONOMICS MARGINAL COST MARKET PARTICIPANTS MEDIUM ENTERPRISES MICRO DATA MICRO ENTERPRISES MICRO-CREDIT MICROCREDIT MICROENTERPRISES MICROFINANCE MICROFINANCE INSTITUTIONS MIDDLE EAST MONEY MARKET MONEY MARKET MUTUAL FUNDS MONOPOLIES MONOPOLY MUTUAL FUNDS NORTH AFRICA OUTREACH PHYSICAL ACCESS POLITICAL ECONOMY POSTAL SAVINGS POVERTY ALLEVIATION PRIVATE CREDIT PROFIT MARGINS PROVISION OF CREDIT PUBLIC POLICY RATE OF RETURN REGULATORS RENTS RETURN ON ASSETS RETURN ON SAVINGS RISK DIVERSIFICATION RISK MANAGEMENT SAVINGS SAVINGS BANKS SAVINGS BEHAVIOR SCHOOL FINANCE SECURITIES SECURITIES MARKETS SELF-EXCLUSION SENIOR SMALL ENTERPRISES SMALLER ENTERPRISES SMALLER FIRMS SUB-SAHARAN AFRICA SUPERVISORY POWER TRANSACTION TRANSACTION COSTS TRANSACTIONS COSTS TRANSFER PAYMENTS WAGE WAGE RATES WORK FORCE WORTH Demirgüç-Kunt, Asli Levine, Ross Finance and Economic Opportunity |
| relation |
Policy Research Working Paper; No. 4468 |
| description |
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. |
| format |
Publications & Research :: Policy Research Working Paper |
| author |
Demirgüç-Kunt, Asli Levine, Ross |
| author_facet |
Demirgüç-Kunt, Asli Levine, Ross |
| author_sort |
Demirgüç-Kunt, Asli |
| title |
Finance and Economic Opportunity |
| title_short |
Finance and Economic Opportunity |
| title_full |
Finance and Economic Opportunity |
| title_fullStr |
Finance and Economic Opportunity |
| title_full_unstemmed |
Finance and Economic Opportunity |
| title_sort |
finance and economic opportunity |
| publisher |
World Bank, Washington, DC |
| publishDate |
2012 |
| url |
http://documents.worldbank.org/curated/en/2008/01/8922449/finance-economic-opportunity http://hdl.handle.net/10986/6438 |
| _version_ |
1764400114850332672 |
| spelling |
okr-10986-64382021-04-23T14:02:30Z Finance and Economic Opportunity Demirgüç-Kunt, Asli Levine, Ross ACCESS BARRIERS ACCESS TO CAPITAL ACCESS TO CREDIT ACCESS TO EXTERNAL FINANCE ACCESS TO FINANCE ACCESS TO FINANCIAL SERVICES ACCURATE ESTIMATE AFFORDABILITY ASSET RATIO ATMS AUTOMATIC TELLER AVERAGE GROWTH BAD BANKS BANK ACCESS BANK ACCOUNT BANK ACCOUNTS BANK BRANCH BANK BRANCHES BANK COMPETITION BANK REGULATION BANK SERVICES BANKING SERVICES BANKS BARRIER BARRIER TO FINANCING BEQUEST BEQUESTS BLACK WORKER BOND BONDS BROAD ACCESS BUSINESS CYCLE BUSINESS CYCLES CAPITAL ACCUMULATION CAPITAL INVESTMENT CAPITAL MARKET CAPITAL MARKETS CHECKS COLLATERAL COMMERCIAL BANKS COMMUNICATIONS TECHNOLOGY CONSOLIDATION CONTRIBUTION CORPORATE GOVERNANCE CORRUPTION CREDIT ALLOCATION CREDIT CONSTRAINTS CREDIT INFORMATION CREDIT PROGRAMS CREDIT REGISTRIES CREDIT UNIONS CREDITOR CREDITOR RIGHTS DEPOSIT DEPOSIT ACCOUNT DEPOSIT ACCOUNTS DEPOSIT SERVICES DEREGULATION DEVELOPING COUNTRIES DEVELOPING ECONOMIES DEVELOPMENT ASSISTANCE DEVELOPMENT BANKS DISCRIMINATION DISTRIBUTION OF INCOME DISTRIBUTION OF WEALTH DIVERSIFICATION DOCUMENTATION REQUIREMENTS DOUBLE BOTTOM LINE DUMMY VARIABLE DUMMY VARIABLES EARNINGS ECONOMIC DEVELOPMENT ECONOMIC GROWTH ECONOMIC OPPORTUNITIES ECONOMIC OPPORTUNITY ECONOMIC PERFORMANCE ECONOMIC POLICY EMPLOYERS EMPLOYMENT ENTREPRENEUR ENTREPRENEURIAL ABILITY ENTREPRENEURIAL ACTIVITY ENTREPRENEURS ENTREPRENEURSHIP EQUALITY OF OPPORTUNITY EXCLUSION EXTERNAL FINANCE FAMILIES FINANCIAL ACCOUNTS FINANCIAL ARRANGEMENTS FINANCIAL ASSETS FINANCIAL DEPTH FINANCIAL DEVELOPMENT FINANCIAL DEVELOPMENTS FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL INTERMEDIARIES FINANCIAL MARKET FINANCIAL MARKETS FINANCIAL PERFORMANCE FINANCIAL POLICY FINANCIAL SECTOR POLICIES FINANCIAL SECTOR POLICY FINANCIAL SECTOR REFORMS FINANCIAL SERVICES FINANCIAL SYSTEM FINANCIAL SYSTEMS FINANCING OBSTACLES FIRM GROWTH FIXED COST FOREIGN BANK FOREIGN OWNERSHIP FOREIGN OWNERSHIP OF BANKS FORMAL FINANCIAL SECTOR FORMAL FINANCIAL SERVICES GENERAL POPULATION GOVERNMENT BANK GOVERNMENT OWNERSHIP GOVERNMENT OWNERSHIP OF BANKS GROSS DOMESTIC PRODUCT GROWTH OPPORTUNITIES GROWTH RATE GROWTH RATES HOLDING HOUSEHOLDS HUMAN CAPITAL INCOME INCOME DISTRIBUTION INCOME GROWTH INCOME INEQUALITY INCOME LEVELS INCOMES INDICATORS OF ACCESS INEQUALITY INFLATION INFORMATION DISCLOSURE INFORMATION INFRASTRUCTURES INTEREST INCOME INTEREST RATE INTERNATIONAL BANK INTERNATIONAL ECONOMICS INVESTING INVESTMENT PROJECTS INVESTMENT RETURNS LABOR FORCE LABOR FORCE PARTICIPATION LARGE BANKS LAWS LEGAL CONSTRAINTS LEGAL ENFORCEMENT LENDERS LIQUIDITY LIQUIDITY RISK LOAN LOAN AMOUNT LOAN APPLICATIONS LOAN BALANCES LOCAL BANK LOCAL BANKS LOW-INCOME MACROECONOMICS MARGINAL COST MARKET PARTICIPANTS MEDIUM ENTERPRISES MICRO DATA MICRO ENTERPRISES MICRO-CREDIT MICROCREDIT MICROENTERPRISES MICROFINANCE MICROFINANCE INSTITUTIONS MIDDLE EAST MONEY MARKET MONEY MARKET MUTUAL FUNDS MONOPOLIES MONOPOLY MUTUAL FUNDS NORTH AFRICA OUTREACH PHYSICAL ACCESS POLITICAL ECONOMY POSTAL SAVINGS POVERTY ALLEVIATION PRIVATE CREDIT PROFIT MARGINS PROVISION OF CREDIT PUBLIC POLICY RATE OF RETURN REGULATORS RENTS RETURN ON ASSETS RETURN ON SAVINGS RISK DIVERSIFICATION RISK MANAGEMENT SAVINGS SAVINGS BANKS SAVINGS BEHAVIOR SCHOOL FINANCE SECURITIES SECURITIES MARKETS SELF-EXCLUSION SENIOR SMALL ENTERPRISES SMALLER ENTERPRISES SMALLER FIRMS SUB-SAHARAN AFRICA SUPERVISORY POWER TRANSACTION TRANSACTION COSTS TRANSACTIONS COSTS TRANSFER PAYMENTS WAGE WAGE RATES WORK FORCE WORTH 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. 2012-05-25T17:54:41Z 2012-05-25T17:54:41Z 2008-01 http://documents.worldbank.org/curated/en/2008/01/8922449/finance-economic-opportunity http://hdl.handle.net/10986/6438 English Policy Research Working Paper; No. 4468 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Publications & Research :: Policy Research Working Paper Publications & Research |