Has Financial Development Any Effect on Poverty Alleviation in Terms of Education?

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The relationship between financial and economic development was recognized long time ago (Schumpeter, 1912) but it was not until the end of the 1990’s that the relationship between the financial depth of the countries and their poverty was empirically studied for the first time. Despite there are many different ways to tackle the issue, this work uses education as an indicator of poverty because of the important role played by education in the economic and social progress of the economies. Using data from 93 countries from all the world-wide regions during the period 1960-2000, this study analyses the relationship between the financial development and the progress in the levels of enrollment in primary, secondary and higher education during the mentioned period. The main contribution to the literature resides in both the use of a methodology – fixed effects – in the comprehensive approach given to the indicator of poverty, since different stages of education are analysed, and in the distinction between developed and developing countries.

Stream: Economic Sustainability

Paper: A paper has not yet been submitted.

BA in Economics and Business Administration from University Complutense (Madrid, Spain), MA in Economics (Georgetown University) and MA in Public Policy (expected graduation in August 2008). Second best position in the competitive exams for working as a civil servant in the Central Bank of Spain where she worked as an economist in the Monetary Policy department (1999-2003) and in the International Relations Department dealing with the international issues debated in the IMF and World Bank agendas (2004-2006). National Central Bank expert in the European Central Bank (Frankfurt, Germany) in 2003. After several years of experience in central banking, she got a scholarship for graduate studies at Georgetown University where she graduated in Economics and I am finishing the MA in Public Policy. Interested in international issues and international development with an approach that involves not only economic considerations but also political issues. She has published in a number of Spanish journals and books about international issues, like the Turkish candidacy to the EU and aid resources for development.