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

Author

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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.

Suggested Citation

  • Katsushi Imai & Raghav Gaiha & Ganesh Thapa, 2010. "Is the Millennium Development Goal on Poverty Still Achievable? The Role of Institutions, Finance and Openness," Oxford Development Studies, Taylor & Francis Journals, vol. 38(3), pages 309-337.
  • Handle: RePEc:taf:oxdevs:v:38:y:2010:i:3:p:309-337
    DOI: 10.1080/13600818.2010.505685
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    Citations

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    Cited by:

    1. 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.
    2. Raghav Gaiha & Katsushi S. Imai & Ganesh Thapa, 2011. "Role of Agriculture in Achieving MDG 1 in Asia and the Pacific Region," The School of Economics Discussion Paper Series 1104, Economics, The University of Manchester.
    3. 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.
    4. 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.
    5. Annim, Samuel Kobina & Mariwah, Simon & Sebu, Joshua, 2012. "Spatial inequality and household poverty in Ghana," Economic Systems, Elsevier, vol. 36(4), pages 487-505.
    6. Katsushi S. Imai & Raghav Gaiha & Constanza Di NUCCI, 2014. "Agricultural Employment, Wages and Poverty in Developing Countries," Discussion Paper Series DP2014-32, Research Institute for Economics & Business Administration, Kobe University.
    7. Raghav Gaiha & Samuel Annim, 2010. "Agriculture, GDP and Prospects of MDG 1 in Lao PDR," The School of Economics Discussion Paper Series 1012, Economics, The University of Manchester.
    8. Imai, Katsushi S. & Gaiha, Raghav & Garbero, Alessandra, 2017. "Poverty reduction during the rural–urban transformation: Rural development is still more important than urbanisation," Journal of Policy Modeling, Elsevier, vol. 39(6), pages 963-982.
    9. Katsushi S. Imai & Raghav Gaiha, 2014. "Dynamic and Long-term Linkages among Growth, Inequality and Poverty in Developing Countries," The School of Economics Discussion Paper Series 1410, Economics, The University of Manchester.
    10. 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.
    11. 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.
    12. Taha Zaghdoudi & Abdelaziz Hakimi, 2017. "Does external debt- poverty relationship confirm the debtoverhang hypothesis for developing counties?," Economics Bulletin, AccessEcon, vol. 37(2), pages 653-665.

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