Title
Financial Crisis in Asia: Its Genesis, Severity and Impact on Poverty and Hunger
Abstract
Building on the recent literature on finance, growth and hunger, we have examined the experience of Asian countries over the last five decades, using dynamic panel models. Although the results are mixed, depending on the specification and variables used, there is some evidence favouring a positive role of finance in growth of GDP and agricultural value added. While financial development reduces income inequality, the effects on hunger are not so robust. Although microfinance has considerable potential for ameliorating deprivation, the contraction of credit and risk aversion of investors, together with a faltering global recovery, underlie gloomy prospects for the poor in Asia.
Keywords
Finance, Economic Development, Agriculture, Inequality, Poverty, Asia
JEL Classification
C33, E44, G01, I32, O15
Inquiries
Economics, School of Social Sciences, University of Manchester, UK
and
Research Institute for Economics & Business Administration (RIEB), Kobe University
Rokkodai-cho, Nada-ku, Kobe
657-8501 Japan
Phone: +81-78-803-7036
FAX: +81-78-803-7059
Raghav GAIHA
Massachusetts Institute of Technology, USA & Faculty of Management Studies, University of Delhi, India
Ganesh THAPA
International Fund for Agricultural Development, Italy
Samuel Kobina ANNIM
Economics, School of Social Sciences, University of Manchester, UK