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Financial Crisis In Asia: Its Genesis, Severity And Impact On Poverty And Hunger

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  • Katsushi S. Imai
  • Raghav Gaiha
  • Ganesh Thapa
  • Samuel Kobina Annim

Abstract

Abstract Building on the recent literature on finance, growth and hunger, we have examined the experience of Asian countries over the period 1960–2010 by dynamic and static panel data models. We have found evidence favouring a positive role of finance—defined as private credit by banks—on growth of GDP and agricultural value added. Private credit as well as loans from the World Bank significantly reduces undernourishment, whereas remittances and loans from microfinance institutions appear to have a negative impact on poverty. Our empirical evidence shows that growth performance was significantly lower during the recent global financial crisis than non‐crisis periods, although the severity is much smaller during the recent financial crisis than Asian financial crisis. Copyright © 2013 John Wiley & Sons, Ltd.

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Article provided by John Wiley & Sons, Ltd. in its journal Journal of International Development.

Volume (Year): 25 (2013)
Issue (Month): 8 (November)
Pages: 1105-1116

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Handle: RePEc:wly:jintdv:v:25:y:2013:i:8:p:1105-1116

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  1. Imai, Katsushi S. & Arun, Thankom & Annim, Samuel Kobina, 2010. "Microfinance and Household Poverty Reduction: New Evidence from India," World Development, Elsevier, Elsevier, vol. 38(12), pages 1760-1774, December.
  2. R Blundell & Steven Bond, . "Initial conditions and moment restrictions in dynamic panel data model," Economics Papers W14&104., Economics Group, Nuffield College, University of Oxford.
  3. Dercon, Stefan & Christiaensen, Luc, 2011. "Consumption risk, technology adoption and poverty traps: Evidence from Ethiopia," Journal of Development Economics, Elsevier, Elsevier, vol. 96(2), pages 159-173, November.
  4. Beck, T.H.L. & Demirgüç-Kunt, A. & Levine, R., 2007. "Finance, inequality and the poor," Open Access publications from Tilburg University urn:nbn:nl:ui:12-3125426, Tilburg University.
  5. Baltagi, Badi H. & Demetriades, Panicos O. & Law, Siong Hook, 2009. "Financial development and openness: Evidence from panel data," Journal of Development Economics, Elsevier, Elsevier, vol. 89(2), pages 285-296, July.
  6. Barro, Robert J & Lee, Jong-Wha, 2001. "International Data on Educational Attainment: Updates and Implications," Oxford Economic Papers, Oxford University Press, vol. 53(3), pages 541-63, July.
  7. Nixson, Frederick I & Walters, Bernard, 1999. "The Asian Crisis: Causes and Consequences," Manchester School, University of Manchester, University of Manchester, vol. 67(5), pages 496-523, Special I.
  8. Beck, T.H.L. & Demirgüç-Kunt, A. & Levine, R., 2000. "A new database on financial development and structure," Open Access publications from Tilburg University urn:nbn:nl:ui:12-3125518, Tilburg University.
  9. Arellano, Manuel & Bond, Stephen, 1991. "Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations," Review of Economic Studies, Wiley Blackwell, Wiley Blackwell, vol. 58(2), pages 277-97, April.
  10. Steven Stillman & Duncan Thomas, 2008. "Nutritional Status During an Economic Crisis: Evidence from Russia," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 118(531), pages 1385-1417, 08.
  11. Katsushi Imai & Raghav Gaiha & Ganesh Thapa & Samuel Kobina Annim, 2010. "Microfinance and Poverty A Macro Perspective," The School of Economics Discussion Paper Series, Economics, The University of Manchester 1020, Economics, The University of Manchester.
  12. Jha, Raghbendra & Gaiha, Raghav & Sharma, Anurag, 2009. "Calorie and Micronutrient Deprivation and Poverty Nutrition Traps in Rural India," World Development, Elsevier, Elsevier, vol. 37(5), pages 982-991, May.
  13. Guariglia, Alessandra & Poncet, Sandra, 2008. "Could financial distortions be no impediment to economic growth after all? Evidence from China," Journal of Comparative Economics, Elsevier, vol. 36(4), pages 633-657, December.
  14. Dasgupta, Partha & Ray, Debraj, 1986. "Inequality as a Determinant of Malnutrition and Unemployment: Theory," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 96(384), pages 1011-34, December.
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