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Financial Crisis in Asia: Its Genesis, Severity and Impact on Poverty and Hunger

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Author Info

  • Katsushi S. Imai

    (Economics, School of Social Sciences, University of Manchester (UK) and RIEB, Kobe University (Japan))

  • Raghav Gaiha

    (Department of Urban Studies and Regional Planning, MIT, Cambridge, USA)

  • Ganesh Thapa

    (International Fund for Agricultural Development, Rome, Italy)

  • Samuel Kobina Annim

    (University of Manchester, UK)

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, while 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, though the severity is much smaller during the recent financial crisis than Asian financial crisis.

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File URL: http://www.rieb.kobe-u.ac.jp/academic/ra/dp/English/DP2013-10.pdf
File Function: First version, 2013
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Bibliographic Info

Paper provided by Research Institute for Economics & Business Administration, Kobe University in its series Discussion Paper Series with number DP2013-10.

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Length: 39 pages
Date of creation: Mar 2013
Date of revision:
Handle: RePEc:kob:dpaper:dp2013-10

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Keywords: Finance; Economic Development; Agriculture; Inequality; Poverty; Asia;

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  1. Katsushi S. Imai & Samuel Kobina Annim, 2010. "Microfinance and Household Poverty Reduction: New evidence from India," Discussion Paper Series DP2010-14, Research Institute for Economics & Business Administration, Kobe University.
  2. Blundell, Richard & Bond, Stephen, 1998. "Initial conditions and moment restrictions in dynamic panel data models," Journal of Econometrics, Elsevier, vol. 87(1), pages 115-143, August.
  3. Badi H. Baltagi & Panicos O. Demetriades & Siong Hook Law, 2008. "Financial Development and Openness: Evidence from Panel Data," Center for Policy Research Working Papers 107, Center for Policy Research, Maxwell School, Syracuse University.
  4. Katsushi S. Imai & Raghav Gaiha & Ganesh Thapa & Samuel Kobina Annim, 2010. "Microfinance and Poverty -A Macro Perspective," Discussion Paper Series DP2010-33, Research Institute for Economics & Business Administration, Kobe University.
  5. 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.
  6. 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.
  7. Stefan Dercon & Luc Christiaensen, 2007. "Consumption risk, technology adoption and poverty traps: evidence from Ethiopia," Economics Series Working Papers WPS/2007-06, University of Oxford, Department of Economics.
  8. Steven Stillman & Duncan Thomas, 2008. "Nutritional Status During an Economic Crisis: Evidence from Russia," Economic Journal, Royal Economic Society, vol. 118(531), pages 1385-1417, 08.
  9. Nixson, Frederick I & Walters, Bernard, 1999. "The Asian Crisis: Causes and Consequences," Manchester School, University of Manchester, vol. 67(5), pages 496-523, Special I.
  10. 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.
  11. Jha, Raghbendra & Gaiha, Raghav & Sharma, Anurag, 2009. "Calorie and Micronutrient Deprivation and Poverty Nutrition Traps in Rural India," World Development, Elsevier, vol. 37(5), pages 982-991, May.
  12. 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, vol. 58(2), pages 277-97, April.
  13. Dasgupta, Partha & Ray, Debraj, 1986. "Inequality as a Determinant of Malnutrition and Unemployment: Theory," Economic Journal, Royal Economic Society, vol. 96(384), pages 1011-34, December.
  14. 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.
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