外文翻译--小额信贷与不平等(编辑修改稿)

外文翻译--小额信贷与不平等(编辑修改稿)内容摘要：

selection are rampant in developing countries. Moreover, poor countries are fragile to external shocks because they depend on the agriculture industry, owing to which they face higher external risk. Accordingly, credit rationing takes place since the market excludes the poor without collateral which can assure these high risks. This is one of the significant reasons for high inequality in poor countries. In order to ease inequality and develop the financial sector, it is necessary to deal with such market failure. Financial deepening (or development of financial market) is considered a powerful tool that lowers inequality and has recently been analyzed from the theoretical and empirical perspectives. However, theoretical studies on financial deepening have not reached a uniform conclusion and have been controversial. Some argue that financial deepening leads to efficient credit allocation and reduction of risk through diversified investment and information production of financial intermediaries, which stimulates economic development and hence lowers inequality. Furthermore, it can be argued that financial depth eases the credit constraints on the poor and increases their productive assets and productivity, thus cont。