Assessing poverty in south asia

Bangladesh - Poverty assessment: Analysis is undertaken to identify which factors contributed to the rapid decline Analysis is undertaken to identify which factors contributed to the rapid decline in poverty over time.

Assessing poverty in south asia

Thailand's economy developed into an economic bubble fueled by hot money.

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More and more was required as the size of the bubble grew. The same type of situation happened in Malaysia and Indonesia, which had the added complication of what was called " crony capitalism ".

Development money went in a largely uncontrolled manner to certain people only - not necessarily the best suited or most efficient, but those closest to the centers of power. In the mids, a series of external shocks began to change the economic environment.

Summary of publication

The devaluation of the Chinese Assessing poverty in south asiaand the Japanese yen due to the Plaza Accord ofthe raising of U. This made the United States a more attractive investment destination relative to Southeast Asia, which had been attracting hot money flows through high short-term interest rates, and raised the value of the U.

For the Southeast Asian nations which had currencies pegged to the U. At the same time, Southeast Asia's export growth slowed dramatically in the spring ofdeteriorating their current account position.

Some economists have advanced the growing exports of China as a factor contributing to ASEAN nations' export growth slowdown, though these economists maintain the main cause of their crises was excessive real estate speculation.

Other economists dispute China's impact, noting that both ASEAN and China experienced simultaneous rapid export growth in the early s. The resulting large quantities of credit that became available generated a highly leveraged economic climate, and pushed up asset prices to an unsustainable level.

Panic among lenders and withdrawal of credit[ edit ] The resulting panic among lenders led to a large withdrawal of credit from the crisis countries, causing a credit crunch and further bankruptcies. In addition, as foreign investors attempted to withdraw their money, the exchange market was flooded with the currencies of the crisis countries, putting depreciative pressure on their exchange rates.

Assessment of Micro-Macro Linkages in Poverty Alleviation: South Asia Assessment of Micro-Macro Linkages in Poverty Alleviation: South Asia UNITED NATIONS DEV E L OPMENT PRO G RA M M E EVA L UATION OFFICE Octo b er efforts in South meeting was titled “Assessing Linkages betw e e n. F E 4 T T T T T 2 0 1 5 T his year´s annual State of Food Insecurity in the World report takes stock of progress made towards achieving the internationally established hunger targets, and reflects on what needs to be done, as we transition to the new post Sustainable Development Agenda. Sep 24,  · With member countries, staff from more than countries, and offices in over locations, the World Bank Group is a unique global partnership: five institutions working for sustainable solutions that reduce poverty and build shared prosperity in developing countries.

To prevent currency values collapsing, these countries' governments raised domestic interest rates to exceedingly high levels to help diminish flight of capital by making lending more attractive to investors and intervened in the exchange market, buying up any excess domestic currency at the fixed exchange rate with foreign reserves.

Neither of these policy responses could be sustained for long. Very high interest rates, which can be extremely damaging to a healthy economy, wreaked further havoc on economies in an already fragile state, while the central banks were hemorrhaging foreign reserves, of which they had finite amounts.

When it became clear that the tide of capital fleeing these countries was not to be stopped, the authorities ceased defending their fixed exchange rates and allowed their currencies to float.

The resulting depreciated value of those currencies meant that foreign currency-denominated liabilities grew substantially in domestic currency terms, causing more bankruptcies and further deepening the crisis. Other economists, including Joseph Stiglitz and Jeffrey Sachshave downplayed the role of the real economy in the crisis compared to the financial markets.

The rapidity with which the crisis happened has prompted Sachs and others to compare it to a classic bank run prompted by a sudden risk shock.

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Sachs pointed to strict monetary and contractionary fiscal policies implemented by the governments on the advice of the IMF in the wake of the crisis, while Frederic Mishkin points to the role of asymmetric information in the financial markets that led to a " herd mentality " among investors that magnified a small risk in the real economy.

The crisis has thus attracted interest from behavioral economists interested in market psychology. During the s, hot money flew into the Southeast Asia region through financial hubsespecially Hong Kong. The investors were often ignorant of the actual fundamentals or risk profiles of the respective economies, and once the crisis gripped the region, the political uncertainty regarding the future of Hong Kong as an Asian financial centre led some investors to withdraw from Asia altogether.

Assessing poverty in south asia

This shrink in investments only worsened the financial conditions in Asia [14] subsequently leading to the depreciation of the Thai baht on 2 July Soros claims to have been a buyer of the ringgit during its fall, having sold it short in A year earlier, the finance ministers of these same countries had attended the 3rd APEC finance ministers meeting in KyotoJapan, on 17 Marchand according to that joint declaration, they had been unable to double the amounts available under the "General Agreement to Borrow" and the "Emergency Finance Mechanism".

The crisis could be seen as the failure to adequately build capacity in time to prevent currency manipulation. However, this hypothesis enjoyed little support among economists, who argue that no single investor could have had enough impact on the market to successfully manipulate the currencies' values.

In addition, the level of organization necessary to coordinate a massive exodus of investors from Southeast Asian currencies in order to manipulate their values rendered this possibility remote.

Since the countries melting down were among not only the richest in their region, but in the world, and since hundreds of billions of dollars were at stake, any response to the crisis was likely to be cooperative and international, in this case through the International Monetary Fund IMF.

Assessing poverty in south asia

The IMF created a series of bailouts "rescue packages" for the most-affected economies to enable affected nations to avoid defaulttying the packages to currency, banking and financial system reforms.

The SAPs called on crisis-struck nations to reduce government spending and deficits, allow insolvent banks and financial institutions to fail, and aggressively raise interest rates. The reasoning was that these steps would restore confidence in the nations' fiscal solvencypenalize insolvent companies, and protect currency values.

Above all, it was stipulated that IMF-funded capital had to be administered rationally in the future, with no favored parties receiving funds by preference. In at least one of the affected countries the restrictions on foreign ownership were greatly reduced.

Insolvent institutions had to be closed, and insolvency itself had to be clearly defined. In addition, financial systems were to become "transparent", that is, provide the kind of reliable financial information used in the West to make sound financial decisions.1.

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