The Impact of Financial Crises on the Poor


Financial crises have detrimental impacts on the economy via depressed economic growth and rising unemployment, however, their impact on the poorest in society is relatively under-researched. This paper investigates the impact of three different types of financial crises on the income of the poor. Using a variety of estimation techniques and controlling for a lagged dependent variable, the results suggest that currency crises are the most harmful to the poor, followed by banking crises. Debt crises only have a statistically significant effect on the income of the poor in richer countries.

Publication DOI:
Divisions: College of Business and Social Sciences > Aston Business School
College of Business and Social Sciences > Aston Business School > Economics, Finance & Entrepreneurship
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Additional Information: © 2017 The Authors Journal of International Development Published by John Wiley & Sons Ltd. This is an open access article under the terms of the Creative Commons Attribution License, which permits use, distribution and reproduction in any medium, provided the original work is properly cited. Funding: ESRC-DFID grant number ES/J009067/1.
Uncontrolled Keywords: financial development; financial crises; poverty reduction
Publication ISSN: 1099-1328
Full Text Link:
Related URLs: http://onlineli ... d.3334/abstract (Publisher URL)
PURE Output Type: Article
Published Date: 2018-01-01
Published Online Date: 2017-11-09
Accepted Date: 2017-10-08
Authors: Rewilak, Johan (ORCID Profile 0000-0001-5337-8873)



Version: Published Version

License: Creative Commons Attribution

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