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Is the Millennium Development Goal on Poverty Still Achievable? The Role of Institutions, Finance and Openness

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  • Katsushi Imai
  • Raghav Gaiha
  • Ganesh Thapa

Abstract

Drawing upon new World Bank poverty data, the analysis examines the feasibility of attaining the Millennium Development Goal of halving extreme poverty (MDG1) when the interrelationships between finance, institutions, trade liberalization, growth and poverty are taken into account. The authors' econometric results suggest a slowing down of poverty reduction in the more recent years since 2000. They also confirm: the role of better institutions in income growth, poverty reduction, trade openness and financial development; the role of financial development in economic growth; and the positive effect of capital liberalization on financial development. Simulations for different regions show that MDG1 is attainable in most regions if the historical growth rate is maintained over 2006-15. However, improvements in institutional quality are crucial for halving extreme poverty in sub-Saharan Africa.

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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal Oxford Development Studies.

Volume (Year): 38 (2010)
Issue (Month): 3 ()
Pages: 309-337

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Handle: RePEc:taf:oxdevs:v:38:y:2010:i:3:p:309-337

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Cited by:
  1. Katsushi S. Imai & Raghav Gaiha & Ganesh Thapa, 2011. "Role of Agriculture in Achieving MDG 1 in Asia and the Pacific Region," Discussion Paper Series DP2011-01, Research Institute for Economics & Business Administration, Kobe University.
  2. Imai, Katsushi S. & Gaiha, Raghav & Thapa, Ganesh & Annim, Samuel Kobina, 2012. "Microfinance and Poverty—A Macro Perspective," World Development, Elsevier, vol. 40(8), pages 1675-1689.
  3. Ugur, Mehmet & Dasgupta, Nandini, 2011. "Corruption and economic growth: A meta-analysis of the evidence on low-income countries and beyond," MPRA Paper 31226, University Library of Munich, Germany, revised 31 May 2011.
  4. Charbel José Chiappetta Jabbour & Angelo Saturnino Neto & Wesley Ricardo Souza Freitas & Adriano Alves Teixeira & Erik Januario da Silva, 2012. "Organizations and the United Nations Millennium Development Goals: Evidence from some of the largest companies in Brazil," Humanomics: The International Journal of Systems and Ethics, Emerald Group Publishing, vol. 28(1), pages 26-41, February.
  5. Imai, Katsushi S. & Gaiha, Raghav & Ali, Abdilahi & Kaicker, Nidhi, 2014. "Remittances, growth and poverty: New evidence from Asian countries," Journal of Policy Modeling, Elsevier, vol. 36(3), pages 524-538.
  6. Katsushi S. Imai & Raghav Gaiha & Ganesh Thapa & Samuel Kobina Annim & Aditi Gupta, 2012. "Financial Performance of Microfinance Institutions-A Macroeconomic and Institutional Perspective," Discussion Paper Series DP2012-04, Research Institute for Economics & Business Administration, Kobe University.
  7. Annim, Samuel Kobina & Mariwah, Simon & Sebu, Joshua, 2012. "Spatial inequality and household poverty in Ghana," Economic Systems, Elsevier, vol. 36(4), pages 487-505.

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