Showing papers on "Financial sector development published in 2017"

Information Sharing and Financial Sector Development in Africa

Abstract: This study investigates the effect information sharing has on financial sector development in 53 African countries for the period 2004 to 2011. Information sharing is measured with private credit bureaus and public credit registries. Hitherto unexplored dimensions of financial sector development are employed, namely: financial sector dynamics of formalization, informalization, and non-formalization. The empirical evidence is based on Ordinary Least Squares (OLS) and Generalized Method of Moments (GMM). The following findings are established. Information-sharing bureaus increase (reduce) formal (informal/non-formal) financial sector development. In order to ensure that information-sharing bureaus improve (decrease) formal (informal/non-formal) financial development, public credit registries should have between 45.45 and 50% coverage while private credit bureaus should have at least 26.25% coverage.

The nexus between economic growth, financial development, trade openness, and CO2 emissions in European countries

Abstract: In this paper, we empirically investigate the causal nexus between economic growth (GDP), CO2 emissions (environmental degradation), financial development, and trade openness using the ordinary least squares technique for a yearly panel data of 40 European economies, during the period of study from 1985 to 2014. To examine this causal link, we utilize the Cobb–Douglas production function. The empirical findings point to a bidirectional Granger causal linkage among GDP and pollution, GDP and financial sector development, GDP and trade openness, financial sector development and trade openness, and trade openness and pollution in the case of European economies. From the causal link between GDP and environmental pollutants, we validate the existence/confirm the validity of the environmental Kuznets curve hypothesis. Also, we confirm/bear out the feedback suggestion of the bidirectional causality among trade openness and financial sector development. Besides, we find the neutrality hypothesis linking c...

Financial Development, Growth Volatility and Information Asymmetry in Sub‐Saharan Africa: Does Law Matter?

Abstract: We re-examine the law–finance theory relying on 33 countries in sub-Saharan Africa over the period 2004–2011. Our evidence suggests that legal origin significantly explains cross-country differences in financial development and economic volatility. More importantly, relative to civil law, English common law countries and those in Southern Africa have higher financial sector development both in terms of financial activity and banking efficiency on the back of lower volatility. While private credit bureau positively (negatively) affects financial development (economic volatility) with economically large impact for English legal legacy countries, the latter effect is contingent on the form of legal origin suggesting that, the establishment of information sharing offices per se may be insufficient in taming growth vagaries.

The impact of the financial system on economic growth in the context of the global crisis: empirical evidence for the EU and OECD countries

Abstract: This study aims to analyze the impact of the development and stability of the financial sector on economic growth on the basis of the quantitative methods that produce robust results. The following research hypotheses are tested: /H1/ The relationship between financial sector development (stability) and economic growth is nonlinear; /H2/ An excessively large size of the financial system does not lead to more rapid economic growth: it may even negatively affect GDP dynamics; /H3/ The inclusion of the post-crisis period gives new insights of the nature of the relationship between financial system and economic growth. The analysis covers the 28 EU and 34 OECD economies and the 1993–2013 period. The following variables are used to measure the financial sector: domestic credit provided by financial sector, bank nonperforming loans, bank capital to assets ratio, market capitalization of listed companies, turnover ratio of stocks traded, and the monetization ratio. A new element of the empirical analysis is the application of the extended econometric and economic modelling, including testing nonlinear relationships, analyzing both levels and changes of the financial variables, as well as estimating the models on the basis of a moving panel with overlapping observations. The regression equations are estimated by Blundell and Bond’s GMM system estimator. Our results indicate that all the research hypotheses have been positively verified.

Financial sector development and economic growth: evidence from Cameroon

Abstract: For decades, African economies have embarked on financial sector reforms. However, the empirical implications of these reforms have been divergent. This paper investigates the impact of financial development on Economic growth using time series data in Cameroon. This investigation was carried out using three common indicators of financial development (broad money, deposit/GDP and domestic credit to private sector). Using the Auto Regressive Distributive Lag (ARDL) technique of estimation, it was discovered that there exist a short-run positive relationship between monetary mass (M2), government expenditure and economic growth, a short run negative relationship between bank deposits, private investment and economic growth equally exists. However in the long run, all indicators of financial development show a positive and significant impact on economic growth. This paper thus confirms the existence of a positive and long-term impact of all the indicators of financial development on economic growth through bound test. It is therefore proposed that the financial reforms in Cameroon should be pushed forward in order to boost the development of the financial sector thus an increase in its role on economic growth.

Does Financial Inclusion Spur Economic Growth in India

Abstract: Financial inclusion is a multi-dimensional concept with heterogeneous views prevailing across the globe. The motto of financial inclusion is to provide affordable financial services to all sections of society to improve their standard of living. This is an integral part of economic growth as it not only assures financial sector development but also spreads affordable financial services for the betterment of each section of the society. Broadly, it is the process of allocation of the financial services to the weaker section of the society at an affordable cost. The motivation of this study is to examine the effect of financial inclusion on economic growth in India over the 1980 to 2014 period. The present study uses annual time series data on number of deposit and credit account from scheduled commercial banks in proportion to 1,000 adults, number of bank branches in proportion to 1,000 adults, and number of bank employees as the ratio of bank branches, amounts of deposits and credits as ratio of GDP collected from Basic Statistical Returns, RBI. Data for other macroeconomic controls like inflation, total trade, total secondary school enrollment (as a proxy for human capital) and government expenditure are collected from World development Indicators.The study employs Principal Component Analysis (PCA) to construct a financial inclusion index which measures the financial access in the Indian economy. Using the Autoregressive Distributed Lag (ARDL) and Error Correction Model (ECM), the study finds a positive impact of financial inclusion on economic growth both in the long run and short run. In addition, the empirical estimates posit a unidirectional relationship between financial inclusion and economic growth. Moreover, this study reports that financial liberalization policy has contributed to the economic growth in India. Our estimates suggest that the most important task for the government of India is to improve the efficiency of financial institutions, which will simultaneously stimulate financial inclusion as well as economic growth.

Manufacturing as the key engine of economic growth for middle-income economies

Abstract: This paper revisits the role of the manufacturing sector during the middle-income stage of development. By exploiting a large dataset that covers different sectors, we find that in the middle-income stage, manufacturing pulls along all the other sectors, including the services sector. A decline in manufacturing growth negatively affects the growth of all the other sectors, in both the short-run and long-run. Additionally, we attempt to identify the underlying mechanisms of the essential role played by manufacturing during this development stage. We find that a larger share of manufacturing in the economy not only promotes gross private saving ratio but also accelerates the pace of technological accumulation. Our empirical findings in this paper indicate that the manufacturing sector is still the key engine of economic growth for middle-income economies.

Financial development – does it lessen poverty?

Abstract: Purpose The purpose of this paper is to empirically examine the impact of financial development on poverty reduction in developing countries. The paper also investigates whether financial development affects poverty via institutional quality and GDP growth. Design/methodology/approach To take into account the dynamics nature of panel data and country-specific effects, the authors use a two-step system GMM estimator. The authors also employ a large array of measures of financial development in order to check the robustness of the results. The analysis is carried out for a sample of developing countries using an unbalanced panel data set covering the period 1985-2008. Findings The authors find that financial development plays a significant role in reducing absolute poverty. However, the authors do not find any pro-poor impact of financial development when poverty is measured in relative terms. The authors show that the impact of financial development on poverty alleviation is statistically significant when liquid liabilities and credit granted to the private sector are used as a proxy of financial development. The results on the indirect effect of financial development indicate that financial sector development has larger effects on poverty reduction when institutional arrangements are sound or/and when economic growth is high. Practical implications The findings suggest that the inference for a pro-poor effect of financial development depends primarily on the measure of poverty and the choice of the proxy for financial development. Banking sector reforms may be an effective instrument to tackle absolute levels poverty. However, the policy makers should not rely only on financial reforms, regardless of whether they are based on banks or stock markets, to narrow the gap between the poorest quintile of the population and the richer quintiles. Rather, they should also utilize fiscal policies, such as progressive taxation and public-expenditure projects, to redistribute resources. Originality/value The paper differs from the previous studies in several ways. First, it studies the financial development-poverty nexus using three alternative indices of poverty. Second, this study focusses on a sample of developing countries only. As the structure and development level of the financial sector in poor and rich countries could differ significantly, focussing on developing countries helps mitigate the problem of heterogeneity arising from using a pooled sample of rich and poor countries. Third, robust estimation methods are applied that take into account the dynamic nature of empirical models and country-specific effects.

Financial sector development, economic volatility and shocks in sub-Saharan Africa

Abstract: The role of financial sector development in economic volatility has been extensively studied albeit without informative results largely on the failure of extant studies to decompose volatility into its various components. By disaggregating volatility using the spectral approach, this study examines the effect of financial development on volatility components as well as channels through which finance affects volatility in 23 sub-Saharan African countries over the period 1980–2014. Our findings based on the newly developed panel cointegration estimation strategy reveal that while financial development affects business cycle volatility in a non-linear fashion, its effect on long run fluctuation is imaginary. More specifically, well developed financial sectors dampen volatility. Further findings show that while monetary shocks have large magnifying effect on volatility, their effect in the short run is minuscule. The reverse, however, holds for real shocks. The channels of manifestation shows that financial development dampens (magnifies) the effect of real shocks (monetary shocks) on the components of volatility with the dampening effects consistently larger only in the short run. Strengthening financial sector supervision and cross-border oversight may be very crucial in examining the right levels of finance and price stability necessary to falter economic fluctuations.

Inequality in Financial Inclusion and Income Inequality

Abstract: We investigate the link between gender inequality in financial inclusion and income inequality, with three contributions to the recent literature. First, using a micro-dataset covering 146,000 individuals in over 140 countries, we construct novel, synthetic indices of the intensity of financial inclusion at the individual and country level. Second, we derive the distribution of individual financial access “scores” across countries to document a “Kuznets”-curve in financial inclusion. Third, cross-country regressions confirm that our measure of inequality in financial access is significantly related to income inequality, above and beyond other factors previously highlighted in the literature.

The Synergy of Financial Sector Development and Information Sharing in Financial Access: Propositions and Empirical Evidence

Abstract: This study assesses the role of information sharing in financialization (or coexistence of financial sub-systems) for financial access. The empirical evidence is based on contemporary and non-contemporary Fixed Effects and Quantile regressions on 53 African countries for the period 2004-2011. The positive complementarity of information sharing offices (ISOs) and financial formalization is an increasing function of financial activity (or access to credit) whereas the negative complementarity of ISOs and financial informalization is a decreasing function of financial activity. In order to leverage on the synergy between ISO and financial formalization for enhanced financial access, some policy measures are proposed.

Complementarity Effect of Financial Development and FDI on Investment in Sub‐Saharan Africa: A Panel Data Analysis

Abstract: This paper examines the interactive effect of financial development and foreign direct investment (FDI) inflows on domestic investment in sub-Sahara Africa (SSA). A panel data of 16 SSA countries sampled from 1980 to 2014 are employed. Using the fixed effect, pooled OLS and the FMOLS techniques, our empirical results show that financial development complements FDI inflows to augment domestic investment in SSA. Among other things, the direct effect of FDI inflows, financial sector development, real GDP growth, domestic savings and trade openness are investment promoting while lending rate and inflation inhibit domestic investment in the region. As a policy implication, deepening the financial sector demands considerable attention since it serves as an important channel through which FDI influences domestic investment. While developing the financial sector, it is equally essential that policymakers give enough attention to key macroeconomic stability.

ICT, conflicts in financial intermediation and financial access: evidence of synergy and threshold effects

Abstract: In this study we investigate the role of information and communication technology (ICT) in conflicts of financial intermediation for financial access. The empirical evidence is based on contemporary (or current values) and non-contemporary (or lagged by a year) quantile regressions in 53 African countries for the period 2004-2011. The main findings are: First, the net effect of ICT in formalization for financial activity in the banking system is consistently beneficial with positive thresholds. The fact that corresponding, unconditional and conditional effects are persistently positive is evidence of synergy or complementary effects. Second, the net effect of ICT in financial informalization for financial activity in the financial system is negative with a consistent negative threshold. Hence, the positive (negative) complementarity of ICT and financial formalization (informalization) is an increasing (decreasing) function of financial activity. Policy measures on how to leverage the synergy or complementarity between ICT and financial formalization in order to enhance financial access are discussed.

ICT, Financial Sector Development and Financial Access

Abstract: This study assesses the role of ICT (internet and mobile phone penetration) in complementing financial sector development (financial formalization and informalization) for financial access. The empirical evidence is based on Generalised Method of Moments with 53 African countries for the period 2004-2011. The following findings are established from linkages between ICT, financial sector development and financial activity. First, the interaction between ICT and financial formalization (informalization) decreases (increases) financial activity. Second, with regards to net effects, the expected signs are established for the most part. In spite of the negative marginal effects from financial informalization, the overall net effects are positive. Third, the potentially appealing interaction between ICT and informalization produces positive thresholds that are within ranges. Policy implications are discussed in three main strands. They include implications for (i) mobile/internet banking; (ii) a quiet life and (iii) ICT in reducing information asymmetry and surplus liquidity.

Targeted SME financing and employment effects : what do we know and what can we do differently?

Abstract: SME’s form a dominant share of the private sector in developing countries, and account for more than 50 percent of jobs in their respective economies. Besides their positive employment effects, the growth and vibrancy of these firms is also important for broader economic growth, diversification of economic base and as a source of innovation that is exhibited by some of the start-ups. Women-owned SMEs are emerging as one of the fast growing segments within the SME sector. Youth play an important role in the creation of new firms and start up activities. Given this importance of SMEs for creation of more, better and inclusive jobs, there is significant focus on understanding the constraints to growth of this sector and implementing programs to address them in the World Bank Group and the other development institutions. Among the several constraints that they face, access to finance is usually cited as the most important and there are several instruments that can be applied to address this constraint. However, what is the evidence of impact of these programs on the employment effects? This note brings together the learnings and evidence from access to finance interventions on employment and provides some recommendations for development practitioners who seek to maximize this objective from their access to finance interventions.

Financial Development and Source of Growth : New Evidence

Abstract: This paper examines how financial development affects the sources of growth—productivity and investment—using a sample of 145 countries for the period 1960-2011. We employ a range of econometric approaches, focusing on the CCA and MENA countries. The analysis looks beyond financial depth to capture the access, efficiency, stability, and openness dimensions of financial development. Yet even in this broad interpretation, financial development does not appear to be a magic bullet for economic growth. We cannot confirm earlier findings of an unambiguously positive relationship between financial development, investment, and productivity. The relationship is more complex. The influence of the different dimensions of financial development on the sources of growth varies across income levels and regions.

Do remittances supplement South Asian development

Abstract: Remittance inflows have been recorded as the second major external source of finance after ODA and an important source of funds for growth in South Asian countries. This paper examines the interaction between remittances and development in South Asia. Most receiving countries have experienced a major increase in remittance inflows and increase in growth of their GDP. The migration-development nexus is drawn, however, generally on the contribution of migrants’ remittances to the GDP of receiving countries. While this contribution could no way be undermined, the calculation of this contribution is largely done by excluding some significant factors such as loan-with high interest; opportunity cost; remittances fee; risks and life lost. There are arguments that the entire amount of remittances channelled into South Asian countries does not go to development. Though there is huge potential to contribute to the development, South Asia did not fully benefit from migrant remittances. This is may be because of the fact that channelling remittances, uses of it and lack of financial sector development have thwarted the potential

Cointegration and causality between macroeconomic variables and life insurance demand in India

Abstract: Purpose The purpose of this paper is to analyze the macroeconomic determinants of life insurance demand in India. The recent decline in life insurance activity calls for a study on the factors influencing life insurance demand in India. Design/methodology/approach This study employs econometric techniques like augmented Dickey-Fuller test, Johansen cointegration test, vector error correction models and the Granger causality test to estimate the macroeconomic predictors of life insurance demand in India, during the period 1980-1981 to 2013-2014. Findings Financial sector development and inflation positively influence life insurance demand in India. The real rate of interest and income are negatively related to life insurance consumption. The study finds an insignificant relation between the level of social security expenditure and life insurance buying. Financial sector development is found to Granger-cause life insurance demand. Research limitations/implications Product-wise analysis of life insurance demand is not attempted due to lack of unit-level data. The impact of regulatory changes on life insurance demand in India is not attempted. Practical implications Intervention by the policy makers is required to arrest the decline of life insurance activity in India. Efforts are required to widen the financial sector of the Indian economy to accelerate the growth of life insurance activity. Originality/value The paper introduces a new measure of life insurance demand, the total regular new business premium, in the estimation of life insurance demand determination.

Blockchain : Opportunities for Private Enterprises in Emerging Markets

Abstract: Blockchain is an emerging technology that offers the possibility of re-engineering economic models and enabling the creation of markets and products that were previously unavailable or unprofitable across emerging markets. This report is intended to introduce readers to current developments in distributed ledger technology, or blockchain, with the vantage point of possible benefits to emerging markets. The first six chapters were written a year ago, while the last three are more recent and bring the perspective of a year of development in the nascent technology. Chapter 1 provides an overview of blockchain technology, followed by a look at its unfolding applications in emerging markets in Chapter 2. Chapter 3 examines whether blockchain can be used to mitigate de-risking by financial institutions. Chapters 4 and 5 look more closely at the financial services sector, including an overview of how blockchain fits into the spectrum of financial technology (fintech) innovations and the resulting provision of financial services (Chapter 4), and an analysis of blockchain’s contribution to reaching the unbanked and underbanked in various emerging markets, including in Latin America, Asia, and Sub-Saharan Africa (Chapter 5). Chapter 6 looks beyond fintech to explore how developments in applied blockchain technology can impact agribusiness, drug safety, and more generally provide enforcement tools to promote the reach of sustainable and inclusive business. Chapter 7 discusses the proper regulatory environment needed to stimulate competition and investment in blockchain technologies in emerging markets and beyond. Chapter 8 examines the potential of blockchain to accelerate the transition to low-carbon energy solutions in these countries. Chapter 9 offers a review of legal issues associated with the use of blockchain and how these can be addressed.

What's happening in the missing middle? : lessons from financing SMEs

Abstract: Small and medium enterprises (SMEs) are the economic backbone of virtually every economy in the world. SMEs represent more than 95 percent of registered firms worldwide, account for more than 50 percent of jobs, and contribute more than 35 percent of Gross Domestic Product (GDP) in many emerging markets. Yet despite their vital role in almost every economy in the world, these enterprises remain significantly underserved by financial institutions. In an effort to bridge this financing gap, the World Bank Group works across a number of its Global Practices – and in conjunction with the International Finance Corporation’s Financial Institutions Group (FIG) and Cross-Cutting Advisory Services – to provide support to SMEs Bringing together the diverse expertise and perspectives of staff working across the institution, this compendium of lessons illuminates the World Bank Group`s experience with SMEs, exploring its policies and frameworks to support SMEs, analyzing innovations in the SME finance realm, and describing some country specific examples. These lessons will provide SME practitioners with practical guidance for their work with the SME sector, and will also inform and educate policymakers about interventions and approaches that they can consider.

Natural Resources, Financial Development and Sectoral Value Added in a Resource Based Economy

Abstract: This chapter vestigates the effects of natural resource dependence and financial development on the sectoral value added in a resource based economy, Yemen. We allow the effect of these two factors to be different for the growth of agricultural, manufacturing and service sectors respectively. We remark on one hand that natural resource curse hypothesis is strongly supported. The agricultural and manufacturing sectors are affected by this phenomenon which implies the existence of Dutch disease symptoms in Yemen. On the other hand, financial sector development does not play an important role in fostering real sectors activities. The service sector is the only sector that benefit from the financial sector development in Yemen. This finding opens up a new insight for Yemeni economy to sustain sectoral growth by controlling the level of natural resource dependence and proactiveness sectoral strategy for financial sector development.

Bank, Stock Market And Economic Growth: Bangladesh Perspective

Abstract: The paper empirically investigates the relationship between bank, stock market and economic growth in Bangladesh. In investigating empirical relationship, GDP at the current price, private sector credit given by banks and market capitalization are considered as indicators of economic growth, banks' development and stock market development, respectively. Three possible regression models are estimated to know the relationship between economic growth and financial sector development. The paper shows that bank's credit to the private sector is both positively and robustly contributing to the economic development of the country when bank credit to private sector entered alone in regression as an independent variable. Besides long-term relationship, contemporaneous change in bank's credit to the private sector has profound positive short-run feedback effects to the economic growth. In assessing impact of stock market development on economic growth, no significant long-run relationship is found between stock market development and economic growth in Bangladesh. However, net positive subdued short-term effect of stock market development is evident. But when both bank and equity market jointly enter the model to find out the relationship of both variables with economic growth, a long-run relationship has been evident without statistical significance. It indicates that Bangladeshi financial system comprising both banking sector and stock market jointly is not still a strong promoter of its economic growth, although banking development alone is robustly associated with economic development.Bangladesh therefore needs to enhance the efficiency of banks for increasing credit to the private sector. An immediate initiative is also required to make both equity and debt market as regular sources of finance for the economy. In this perspective, ensuring smooth operation of primary and secondary market, increasing financial literacy among investors, minimizing volatility of the market, expanding issuer base, creating both individual and institutional investors, enhancing efficiency of the brokerage house, adding innovative financial services, initiating knowledge based trading, introducing shelf registration system, creating more professional trustee and ensuring authenticate credit rating from the rating agencies are required to be ensured.

Risks and Returns: Managing Financial Trade-Offs for Inclusive Growth in Europe and Central Asia

Abstract: During the 1990s, Emerging Europe and Central Asia (ECA) chose a model of rapid financial development emphasizing bank credit expansion often funded by foreign capital. Although boosting financial inclusion of firms and households, the model was accompanied by lower efficiency and increased financial vulnerability. After two waves of crises, in the late 1990s and after 2008, ECA’s banking systems again face major stress. The crises and stresses have eroded trust in banks and job creation in credit-dependent fi rms. ECA’s shallow and illiquid capital markets offer no additional support. Stagnating income growth, particularly of middle- to lower-income earners, has led to increasing dissatisfaction with low productivity growth and limited opportunities. This frustration provides the impetus for reshaping financial policies. A healthy and balanced financial sector could strengthen structural adjustment in ECA’s eastern, oil-dependent economies and innovation in its western countries. Risks and Returns: Managing Financial Trade-Offs for Inclusive Growth in Europe and Central Asia argues for reaching beyond increasing access to credit. ECA countries must build integrated financial systems, enabling prudent financial inclusion in a region significantly lagging in the use of saving products. Striking the right balance across all dimensions of financial development (stability, efficiency, inclusion, and overall depth) is crucial for achieving and sustaining inclusive growth.

Venture capital investment, financial development, and economic growth: the case of European single market countries

Abstract: Venture capital (VC) is a key catalyst for nurturing start-up firms with high-growth potential to undertake innovative endeavors that contribute to national wealth. Existing literature concentrates on the impact of venture capital on firm-level performance. Unlike much of the earlier work, we conduct a macro study examining short-term and long-term relationships between VC investment, the state of the financial sector, and economic growth in 20 European single market countries between 1989 and 2015. We show that major transformations (political, economic, financial and institutional) over the sample period in the Eurozone region have resulted in the data series used in the study (economic growth, financial sector development, and VC investment) to be non-stationary. As such, the vector error-correction model (VECM) and Granger-Causality test are used to examine short-term and long-term relationships between VC investment, financial development, and economic growth for the sample countries. The fin...

Comparative development experiences of Sub-Saharan Africa and East Asia : an institutional approach

Abstract: The Context: Introduction - comparative development experiences in Sub-Saharan Africa and East Asia, Ernest Aryeetey and Machiko Nissanke Comparative institutional analysis - Sub-Saharan Africa and East Asia, Machiko Nissanke and Ernest Aryeetey. Macroeconomic Management and the Development Process: Macroeconomic performance in Sub-Saharan Africa in a comparative setting, Ibrahim A. Elbadawi, Benno J. Ndulu and Njuguna S. Ndung'u Macroeconomic management and the development process - a perspective of Francophone Africa, Hiey Jacques Pegatienan Korea's experience in macroeconomic management and stabilization policy, Sung-Hee Jwa and Kwanghee Nam Macroeconomic management and the development process - the Southeast Asian perspective, Bhanupong Nidhiprabha. Trade, Industry and Technology: Trade, industry and technology development in Sub-Saharan Africa - policies, response and effects, Ademola Oyejide and Samuel M. Wangwe Trade, industry and technology policies in Northeast Asia, Ha-Joon Chang Trade and the industrial and technological development of the ASEAN countries, Thee Kian Wie. Financial Policies and Financial Sector Development: Financial policies and financial sector development in Sub-Saharan Africa, Ernest Aryeetey and Machiko Nissanke Financial institution building in Meiji Japan, Juro Teranishi. Rural Development, Income Distribution and Poverty: The state of rural poverty, income distribution and rural development in Sub-Saharan Africa, Ali Abdel Gadir Ali and Erik Thorbecke Rural development, income distribution and poverty alleviation - a Northeast Asian perspective, Toshihiko Kawagoe Rural development, income distribution and poverty decline in Southeast Asia, Anne Booth.