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

Katsushi Imai, Raghav Gaiha, Ganesh Thapa and Samuel Annim
Additional contact information
Raghav Gaiha: Department of Urban Studies and Regional Planning, MIT, Cambridge, USA
Ganesh Thapa: International Fund for Agricultural Development, Rome, Italy

No DP2013-10, Discussion Paper Series from Research Institute for Economics & Business Administration, Kobe University

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.

Keywords: Finance; Economic Development; Agriculture; Inequality; Poverty; Asia (search for similar items in EconPapers)
Pages: 39 pages
Date: 2013-03
New Economics Papers: this item is included in nep-agr, nep-cwa, nep-mfd and nep-sea
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Citations: View citations in EconPapers (2)

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https://www.rieb.kobe-u.ac.jp/academic/ra/dp/English/DP2013-10.pdf First version, 2013 (application/pdf)

Related works:
Journal Article: FINANCIAL CRISIS IN ASIA: ITS GENESIS, SEVERITY AND IMPACT ON POVERTY AND HUNGER (2013)
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Persistent link: https://EconPapers.repec.org/RePEc:kob:dpaper:dp2013-10

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