Economic growth-financial development-poverty nexus in emerging markets Online publication date: Fri, 05-Mar-2021
by Kunofiwa Tsaurai
International Journal of Services, Economics and Management (IJSEM), Vol. 12, No. 1, 2021
Abstract: The study's three objectives were to investigate: 1) impact of economic growth on poverty; 2) financial development's influence on poverty; 3) if financial development is an avenue through which economic growth alleviates poverty in emerging markets. The study used the dynamic generalised methods of moments (dynamic GMM) with annual panel data covering the period from 2005 to 2019. Economic growth was found to have non-significantly reduced poverty whilst financial development significantly reduced poverty levels in emerging markets. On the other hand, the complementarity between economic growth and financial development was found to have enhanced poverty reduction efforts in emerging markets. Financial development was found to be a channel through which economic growth reduced poverty in emerging markets. Emerging markets are therefore urged to implement financial development enhancement policies in order to successfully fight off poverty.
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