FINANCIAL CRISIS IN ASIA: ITS GENESIS, SEVERITY AND IMPACT ON POVERTY AND HUNGER. (November 2013)

• Record Type: Journal Article
• Authors: Imai, Katsushi S.; Gaiha, Raghav; Thapa, Ganesh; Annim, Samuel Kobina; Lawson, David; Amann, Edmund
• Is Part Of: Journal of international development. Volume 25:Number 8(2013:Nov.)
• Page Start: 1105
• Page End: 1116
• Publication Date: 2013-11
• Subjects: Economic development projects -- Developing countries -- Periodicals; Developing countries -- Economic policy -- Periodicals; Developing countries -- Foreign economic relations -- Periodicals; Economic development -- Periodicals; 330.91724
• DOI: 10.1002/jid.2972
• Languages: English
• ISSNs: 0954-1748

Abstract

<abstract abstract-type="main"> <title>Abstract</title> <p>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 &amp; Sons, Ltd.</p> </abstract>