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Effects of Globalization on the Convergence of Poverty Levels among Asian Countries

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  • Yilin Li
  • Jingbu Wang
  • Keunyeob Oh

Abstract

This study empirically analyzed the effects of economic globalization on differences in poverty levels among Asian countries using data for a 25-year period, as well as the effects of economic globalization on the process. Trade openness (TO) and foreign direct investment (FDI) data were used as proxy variables for globalization. Using a headcount ratio (HCR) and per capita gross domestic product (PGDP), we analyzed the convergence of poverty levels using the σ- and β-convergence concepts. It was found that poverty levels have been substantially reduced in Asia and that economic globalization assisted in this change. The PGDP gaps among countries have gradually decreased and trade openness and FDI have had a strong effect on poverty reduction. Finally, there was no evidence for convergence in terms of the HCR during the recent globalization period and, therefore, it was concluded that economic globalization has not assisted in the convergence of HCR, while it helped the convergence of PGDP. This implies that the poverty issue is different from the income level issue. Thus, care must be taken to consider policy beyond the simple approach of economic growth.

Suggested Citation

  • Yilin Li & Jingbu Wang & Keunyeob Oh, 2022. "Effects of Globalization on the Convergence of Poverty Levels among Asian Countries," International Economic Journal, Taylor & Francis Journals, vol. 36(2), pages 193-205, April.
    • Handle: RePEc:taf:intecj:v:36:y:2022:i:2:p:193-205
    DOI: 10.1080/10168737.2022.2052742
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    Cited by:

    1. Megha Chhabra & Arun Kumar Giri & Arya Kumar, 2023. "Does good governance and trade openness contribute to poverty reduction in BRICS? An empirical analysis," Australian Economic Papers, Wiley Blackwell, vol. 62(4), pages 650-667, December.
    2. Enock Kojo Ayesu & Daniel Sakyi & Alexander Bilson Darku, 2023. "Seaport efficiency, port throughput, and economic growth in Africa," Maritime Economics & Logistics, Palgrave Macmillan;International Association of Maritime Economists (IAME), vol. 25(3), pages 479-498, September.

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