Do Workers Remittances Reduce The Probability Of Current Account Reversals

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Do Workers' Remittances Reduce the Probability of Current Account Reversals?

Author : Matteo Bugamelli
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 53 pages
Book Rating : 4./5 ( download)

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Book Synopsis Do Workers' Remittances Reduce the Probability of Current Account Reversals? by : Matteo Bugamelli

Download or read book Do Workers' Remittances Reduce the Probability of Current Account Reversals? written by Matteo Bugamelli and published by World Bank Publications. This book was released on 2005 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: The authors combine the literature on financial crises in emerging markets and developing economies with that on international migrations by investigating whether the increasingly large flows of workers' remittances can help reduce the probability of current account reversals. The rationale for this stands in the great stability and low cyclicality of remittances as compared with other private capital flows: these properties, combined with the fact that remittances are cheap inflows of foreign currencies, might reduce the probability that foreign investors suddenly flee out of emerging markets and developing economies and trigger a dramatic current account adjustment. The authors find that remittances can have such a beneficial effect. In particular, they show that a high level of remittances, as a ratio of GDP, makes the relationship between a decreasing stock of international reserves (over GDP) and a higher probability of current account crises less stringent. The same occurs, though less neatly, for the positive relationship between an increasing stock of external debt (over GDP) and the probability of current account reversals. The results point also to a threshold effect of remittances: the mechanisms just described are, in fact, much stronger when remittances are above 3 percent of GDP.

Do Workers' Remittances Reduce the Probability of Current Account Reversals?

Author : Matteo Bugamelli
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (931 download)

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Book Synopsis Do Workers' Remittances Reduce the Probability of Current Account Reversals? by : Matteo Bugamelli

Download or read book Do Workers' Remittances Reduce the Probability of Current Account Reversals? written by Matteo Bugamelli and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The authors combine the literature on financial crises in emerging markets and developing economies with that on international migrations by investigating whether the increasingly large flows of workers' remittances can help reduce the probability of current account reversals. The rationale for this stands in the great stability and low cyclicality of remittances as compared with other private capital flows: these properties, combined with the fact that remittances are cheap inflows of foreign currencies, might reduce the probability that foreign investors suddenly flee out of emerging markets and developing economies and trigger a dramatic current account adjustment. The authors find that remittances can have such a beneficial effect. In particular, they show that a high level of remittances, as a ratio of GDP, makes the relationship between a decreasing stock of international reserves (over GDP) and a higher probability of current account crises less stringent. The same occurs, though less neatly, for the positive relationship between an increasing stock of external debt (over GDP) and the probability of current account reversals. The results point also to a threshold effect of remittances: the mechanisms just described are, in fact, much stronger when remittances are above 3 percent of GDP.

Workers' Remittances and Current Account Reversals

Author : Matteo Bugamelli
Publisher :
ISBN 13 :
Total Pages : 63 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Workers' Remittances and Current Account Reversals by : Matteo Bugamelli

Download or read book Workers' Remittances and Current Account Reversals written by Matteo Bugamelli and published by . This book was released on 2006 with total page 63 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper combines the literature on financial crises with that on international migrations by investigating whether the increasingly large flows of workers' remittances can help reduce the probability of current account reversals. The rationale for this stands in the great stability and low cyclicality of remittances as compared to other private capital flows: these properties, combined with the fact that remittances are cheap inflows of foreign currencies, might reduce the probability that external financing gets restrained triggering a sharp current account adjustment. We find that remittances can indeed have such a beneficial effect. In particular, we show that a high level of remittances, as a ratio of GDP, makes the relationship between a decreasing stock of international reserves (over GDP) and a higher probability of current account reversals less stringent. The same occurs, though less neatly, for the positive relationship between an increasing stock of external debt (over GDP) and the probability of reversals. Our results point also to a threshold effect of remittances: the mechanism just described is, in fact, much stronger when remittances are above 3 percent of GDP.

Defying the Odds: Remittances During the COVID-19 Pandemic

Author : Mr. Kangni R Kpodar
Publisher : International Monetary Fund
ISBN 13 : 1513578456
Total Pages : 35 pages
Book Rating : 4.5/5 (135 download)

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Book Synopsis Defying the Odds: Remittances During the COVID-19 Pandemic by : Mr. Kangni R Kpodar

Download or read book Defying the Odds: Remittances During the COVID-19 Pandemic written by Mr. Kangni R Kpodar and published by International Monetary Fund. This book was released on 2021-07-16 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides an early assessment of the dynamics and drivers of remittances during the COVID-19 pandemic, using a newly compiled monthly remittance dataset for a sample of 52 countries, of which 16 countries with bilateral remittance data. The paper documents a strong resilience in remittance flows, notwithstanding an unprecedent global recession triggered by the pandemic. Using the local projection approach to estimate the impulse response functions of remittance flows during Jan 2020-Dec 2020, the paper provides evidence that: (i) remittances responded positively to COVID-19 infection rates in migrant home countries, underscoring its role as an important automatic stabilizer; (ii) stricter containment measures have the unintended consequence of dampening remittances; and (iii) a shift from informal to formal remittance channels due to travel restrictions appears to have also played a role in the surge in formal remittances. Lastly, the size of the fiscal stimulus in host countries is positively associated with remittances as the fiscal response cushions the economic impact of the pandemic.

Global Economic Prospects 2006

Author :
Publisher : World Bank Publications
ISBN 13 : 082136345X
Total Pages : 182 pages
Book Rating : 4.8/5 (213 download)

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Book Synopsis Global Economic Prospects 2006 by :

Download or read book Global Economic Prospects 2006 written by and published by World Bank Publications. This book was released on with total page 182 pages. Available in PDF, EPUB and Kindle. Book excerpt: International migration, the movement of people across international boundaries to improve economic opportunity, has enormous implications for growth and welfare in both origin and destination countries. An important benefit to developing countries is the receipt of remittances or transfers from income earned by overseas emigrants. Official data show that development countries' remittance receipts totaled 160 billion in 2004, more than twice the size of official aid. This year's edition of Global Economic Prospects focuses on remittances and migration. The bulk of the book covers remittances.

Macroeconomic Consequences of Remittances

Author : Connel Fullenkamp
Publisher : International Monetary Fund
ISBN 13 : 1451925255
Total Pages : 94 pages
Book Rating : 4.4/5 (519 download)

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Book Synopsis Macroeconomic Consequences of Remittances by : Connel Fullenkamp

Download or read book Macroeconomic Consequences of Remittances written by Connel Fullenkamp and published by International Monetary Fund. This book was released on 2008-03-11 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt: Given the large size of aggregate remittance flows (billions of dollars annually), they should be expected to have significant macroeconomic effects on the economies that receive them. This paper directly addresses the two main issues of interest to policymakers with regard to remittances--how to manage their macroeconomic effects, and how to harness their development potential--by reporting the results of the first global study of the comprehensive macroeconomic effects of remittances on recipient economies. In broad terms, the findings of this paper tend to confirm the main benefit cited in the microeconomic literature: remittances improve households' welfare by lifting families out of poverty and insuring them against income shocks. The findings also yield a number of important caveats and policy considerations, however, that have largely been overlooked. The main challenge for policymakers in countries that receive significant flows of remittances is to design policies that promote remittances and increase their benefits while mitigating adverse side effects. Getting these policy prescriptions correct early on is imperative. Globalization and the aging of developed economy populations will ensure that demand for migrant workers remains robust for years to come. Hence, the volume of remittances likely will continue to grow, and with it, the challenge of unlocking the maximum societal benefit from these transfers.

Migration and Remittances During the Global Financial Crisis and Beyond

Author : Ibrahim Sirkeci
Publisher : World Bank Publications
ISBN 13 : 0821388266
Total Pages : 471 pages
Book Rating : 4.8/5 (213 download)

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Book Synopsis Migration and Remittances During the Global Financial Crisis and Beyond by : Ibrahim Sirkeci

Download or read book Migration and Remittances During the Global Financial Crisis and Beyond written by Ibrahim Sirkeci and published by World Bank Publications. This book was released on 2012-05-30 with total page 471 pages. Available in PDF, EPUB and Kindle. Book excerpt: During the 2008 financial crisis, the possible changes in remittance-sending behavior and potential avenues to alleviate a probable decline in remittance flows became concerns. This book brings together a wide array of studies from around the world focusing on the recent trends in remittance flows. The authors have gathered a select group of researchers from academic, practitioner and policy making bodies. Thus the book can be seen as a conversation between the different stakeholders involved in or affected by remittance flows globally. The book is a first-of-its-kind attempt to analyze the effects of an ongoing crisis on remittance flows globally. Data analyzed by the book reveals three trends. First, The more diversified the destinations and the labour markets for migrants the more resilient are the remittances sent by migrants. Second, the lower the barriers to labor mobility, the stronger the link between remittances and economic cycles in that corridor. And third, as remittances proved to be relatively resilient in comparison to private capital flows, many remittance-dependent countries became even more dependent on remittance inflows for meeting external financing needs. There are several reasons for migration and remittances to be relatively resilient to the crisis. First, remittances are sent by the stock (cumulative flows) of migrants, not only by the recent arrivals (in fact, recent arrivals often do not remit as regularly as they must establish themselves in their new homes). Second, contrary to expectations, return migration did not take place as expected even as the financial crisis reduced employment opportunities in the US and Europe. Third, in addition to the persistence of migrant stocks that lent persistence to remittance flows, existing migrants often absorbed income shocks and continued to send money home. Fourth, if some migrants did return or had the intention to return, they tended to take their savings back to their country of origin. Finally, exchange rate movements during the crisis caused unexpected changes in remittance behavior: as local currencies of many remittance recipient countries depreciated sharply against the US dollar, they produced a “sale” effect on remittance behavior of migrants in the US and other destination countries.

Handbook of Frontier Markets

Author : Panagiotis Andrikopoulos
Publisher : Academic Press
ISBN 13 : 0128094915
Total Pages : 428 pages
Book Rating : 4.1/5 (28 download)

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Book Synopsis Handbook of Frontier Markets by : Panagiotis Andrikopoulos

Download or read book Handbook of Frontier Markets written by Panagiotis Andrikopoulos and published by Academic Press. This book was released on 2016-08-05 with total page 428 pages. Available in PDF, EPUB and Kindle. Book excerpt: Handbook of Frontier Markets: Evidence from Asia and International Comparative Studies provides novel insights from academic perspectives about the behavior of investors and prices in several frontier markets. It explores finance issues usually reserved for developed and emerging markets in order to gauge whether these issues are relevant and how they manifest themselves in frontier markets. Frontier markets have now become a popular investment class among institutional investors internationally, with major financial services providers establishing index-benchmarks for this market-category. The anticipation for frontier markets is optimistic uncertainty, and many people believe that, given their growth rates, these markets will be economic success stories. Irrespective of their degrees of success, The Handbook of Frontier Markets can help ensure that the increasing international investment diverted to them will aid in their greater integration within the global financial system. Presents topics in the contexts of frontier markets and uses tests based on established methodologies from finance research Features contributing authors who are established university academics Emphasizes financial institutions and applications of financial risk models Explores finance issues usually reserved for developed and emerging markets in order to gauge whether these issues are relevant and how they manifest themselves in frontier markets

Remittance Concentration and Volatility: Evidence from 72 Developing Countries

Author : Amr Hosny
Publisher : International Monetary Fund
ISBN 13 : 1513525883
Total Pages : 22 pages
Book Rating : 4.5/5 (135 download)

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Book Synopsis Remittance Concentration and Volatility: Evidence from 72 Developing Countries by : Amr Hosny

Download or read book Remittance Concentration and Volatility: Evidence from 72 Developing Countries written by Amr Hosny and published by International Monetary Fund. This book was released on 2020-01-17 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper contributes to the literature by introducing the role of geographic concentration of the source of remittances. Specifically, using data over 2010-2015 for 72 developing countries, we study the impact of (i) large remittances and (ii) the geographic concentration of the source of remittances on economic volatilities. Results suggest that while (i) large remittances can be stabilizing on average, (ii) high remittance concentration from source countries can aggravate economic volatilities in recipient countries. Results are robust to global shocks affecting both source and recipient countries, and volatility in the remittance-sending country.

Remittance Markets in Africa

Author : Sanket Mohapatra
Publisher : World Bank Publications
ISBN 13 : 0821385534
Total Pages : 380 pages
Book Rating : 4.8/5 (213 download)

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Book Synopsis Remittance Markets in Africa by : Sanket Mohapatra

Download or read book Remittance Markets in Africa written by Sanket Mohapatra and published by World Bank Publications. This book was released on 2011-01-01 with total page 380 pages. Available in PDF, EPUB and Kindle. Book excerpt: Remittances sent by African migrants have become an important source of external finance for countries in the Sub-Saharan African region. In many African countries, these flows are larger than foreign direct investment and portfolio debt and equity flows. In some cases, they are similar in size to official aid from multilateral and bilateral donors. Remittance markets in Africa, however, remain less developed than other regions. The share of informal or unrecorded remittances is among the highest for Sub-Saharan African countries. Remittance costs tend to be significantly higher in Africa both for sending remittances from outside the region and for within-Africa (South-South) remittance corridors. At the same time, the remittance landscape in Africa is rapidly changing with the introduction of new remittance technologies, in particular mobile money transfers and branchless banking. This book presents findings of surveys of remittance service providers conducted in eight Sub-Saharan African countries and in three key destination countries. It looks at issues relating to costs, competition, innovation and regulation, and discusses policy options for leveraging remittances for development in Africa.

Latin American Economic Outlook 2010

Author : OECD
Publisher : OECD Publishing
ISBN 13 : 926407791X
Total Pages : 253 pages
Book Rating : 4.2/5 (64 download)

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Book Synopsis Latin American Economic Outlook 2010 by : OECD

Download or read book Latin American Economic Outlook 2010 written by OECD and published by OECD Publishing. This book was released on 2009-11-30 with total page 253 pages. Available in PDF, EPUB and Kindle. Book excerpt: The OECD Latin American Economic Outlook 2010 provides a fresh analysis of economic trends in the region with a particular focus on the role that international migration and remittances play in shaping the current context.

Banking the World

Author : Robert Cull
Publisher : MIT Press
ISBN 13 : 0262544016
Total Pages : 519 pages
Book Rating : 4.2/5 (625 download)

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Book Synopsis Banking the World by : Robert Cull

Download or read book Banking the World written by Robert Cull and published by MIT Press. This book was released on 2021-08-03 with total page 519 pages. Available in PDF, EPUB and Kindle. Book excerpt: Experts report on the latest research on extending access to financial services to the 2.5 billion adults around the world who lack it. About 2.5 billion adults, just over half the world's adult population, lack bank accounts. If we are to realize the goal of extending banking and other financial services to this vast “unbanked” population, we need to consider not only such product innovations as microfinance and mobile banking but also issues of data accuracy, impact assessment, risk mitigation, technology adaptation, financial literacy, and local context. In Banking the World, experts take up these topics, reporting on new research that will guide both policy makers and scholars in a broader push to extend financial markets. The contributors consider such topics as the complexity of surveying people about their use of financial services; evidence of the impact of financial services on income; the occasional negative effects of financial services on poor households, including disincentives to work and overindebtedness; and tools for improving access such as nontraditional credit scores, financial incentives for banking, and identification technologies that can dramatically reduce loan default rates.

Sub-Saharan African Migration

Author : Mr.Jesus R Gonzalez-Garcia
Publisher : International Monetary Fund
ISBN 13 : 1475550715
Total Pages : 19 pages
Book Rating : 4.4/5 (755 download)

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Book Synopsis Sub-Saharan African Migration by : Mr.Jesus R Gonzalez-Garcia

Download or read book Sub-Saharan African Migration written by Mr.Jesus R Gonzalez-Garcia and published by International Monetary Fund. This book was released on 2016-11-02 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt: Amid rapid population growth, migration in sub-Saharan Africa has been increasing briskly over the last 20 years. Up to the 1990s, the stock of migrants—citizens of one country living in another country—was dominated by intraregional migration, but over the last 15 years, migration outside the region has picked up sharply. In the coming decades, sub-Saharan African migration will be shaped by an ongoing demographic transition involving an enlargement of the working-age population, and migration outside the region, in particular to advanced economies, is set to continue expanding. This note explores the main drivers of sub-Saharan African migration, focusing on migration outside the region, as this has greater global spillovers. It finds that the economic impact of migration for the region occurs mainly through two channels. First, the migration of young and educated workers—brain drain—takes a toll as human capital is already scarce in the region, although some recent studies suggest that migration may have also a positive effect—brain gain. Second, remittances represent an important source of foreign exchange and income in a number of sub-Saharan African countries, contribute to the alleviation of poverty, and help smooth business cycles.

Migration and Remittances during the Global Financial Crisis and Beyond

Author : Ibrahim Sirkeci
Publisher : World Bank Publications
ISBN 13 : 0821388274
Total Pages : 470 pages
Book Rating : 4.8/5 (213 download)

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Book Synopsis Migration and Remittances during the Global Financial Crisis and Beyond by : Ibrahim Sirkeci

Download or read book Migration and Remittances during the Global Financial Crisis and Beyond written by Ibrahim Sirkeci and published by World Bank Publications. This book was released on 2012-05-31 with total page 470 pages. Available in PDF, EPUB and Kindle. Book excerpt: During the 2008 financial crisis, the possible changes in remittance-sending behavior and potential avenues to alleviate a probable decline in remittance flows became concerns. This book brings together a wide array of studies from around the world focusing on the recent trends in remittance flows. The authors have gathered a select group of researchers from academic, practitioner and policy making bodies. Thus the book can be seen as a conversation between the different stakeholders involved in or affected by remittance flows globally. The book is a first-of-its-kind attempt to analyze the effects of an ongoing crisis on remittance flows globally. Data analyzed by the book reveals three trends. First, The more diversified the destinations and the labour markets for migrants the more resilient are the remittances sent by migrants. Second, the lower the barriers to labor mobility, the stronger the link between remittances and economic cycles in that corridor. And third, as remittances proved to be relatively resilient in comparison to private capital flows, many remittance-dependent countries became even more dependent on remittance inflows for meeting external financing needs. There are several reasons for migration and remittances to be relatively resilient to the crisis. First, remittances are sent by the stock (cumulative flows) of migrants, not only by the recent arrivals (in fact, recent arrivals often do not remit as regularly as they must establish themselves in their new homes). Second, contrary to expectations, return migration did not take place as expected even as the financial crisis reduced employment opportunities in the US and Europe. Third, in addition to the persistence of migrant stocks that lent persistence to remittance flows, existing migrants often absorbed income shocks and continued to send money home. Fourth, if some migrants did return or had the intention to return, they tended to take their savings back to their country of origin. Finally, exchange rate movements during the crisis caused unexpected changes in remittance behavior: as local currencies of many remittance recipient countries depreciated sharply against the US dollar, they produced a sale effect on remittance behavior of migrants in the US and other destination countries.

Routledge Handbook of Contemporary African Migration

Author : Daniel Makina
Publisher : Taylor & Francis
ISBN 13 : 1000927644
Total Pages : 399 pages
Book Rating : 4.0/5 (9 download)

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Book Synopsis Routledge Handbook of Contemporary African Migration by : Daniel Makina

Download or read book Routledge Handbook of Contemporary African Migration written by Daniel Makina and published by Taylor & Francis. This book was released on 2023-09-01 with total page 399 pages. Available in PDF, EPUB and Kindle. Book excerpt: This handbook provides an authoritative multidisciplinary overview of contemporary African international migration. It endeavours to present a single source of reference on issues such as migration history, trends, migrant profiles, narratives, migration-development nexus, migration governance, diasporas, impact of the COVID-19 pandemic, among others. The handbook assembles a multidisciplinary contributor team of distinguished and upcoming Africanist scholars, practitioners, researchers, and policy experts both inside and outside Africa to contribute their perspectives on contemporary African migration. It attempts to address some of the following pertinent questions: What drives contemporary migration in Africa? How are its patterns and trends evolving? What is the architecture of migration governance in Africa? How do migration, diaspora engagement and development play out in Africa? What are the future trajectories of African migration? The handbook is a valuable resource for practitioners, politicians, researchers, university students, and academics interested in studying and understanding contemporary African migration.

India Migration Report 2012

Author : S. Irudaya Rajan
Publisher : Routledge
ISBN 13 : 1317809866
Total Pages : 329 pages
Book Rating : 4.3/5 (178 download)

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Book Synopsis India Migration Report 2012 by : S. Irudaya Rajan

Download or read book India Migration Report 2012 written by S. Irudaya Rajan and published by Routledge. This book was released on 2014-03-21 with total page 329 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume is a collection of articles dealing with various dimensions of the Global Financial Crisis and its economic and social impact in terms of governance, emigration, remittances, return migration and re-integration. The crisis, which had its origin in the United States in 2008, spread its economic effects on developed as well as developing countries. Some of these countries were able to recover in the short run while some are in the process of recovery, with continuous efforts by both national governments and international agencies. In this backdrop, is there any impact on the outflow of emigrants from the countries of origin and inflow of remittances to the countries of destination? The third volume in the annual series ‘India Migration Report’ answers the question through rigorous quantitative and qualitative analyses and fieldwork both in the Gulf region and South Asia, and concludes that both emigration and remittances are more resilient than expected. This report: contains findings based on an extensive survey conducted in Kerala; has additional evaluations based on other surveys and case studies conducted in different parts of India, Pakistan, Bangladesh, Nepal and Sri Lanka to reflect on the consequences of the global crisis on the countries of origin, as well as a quick assessment and site visits to the United Arab Emirates, Kuwait, Qatar and Malaysia; includes essays that examine the linkages between emigration and remittances based on international data from the World Bank, the International Labour Organization, the International Organization of Migration, the United Nations and other organizations that closely deal with international migration. It will be of interest to students and scholars of migration studies, sociology, law, economics, gender studies, diaspora studies, international relations and demography, apart from non-governmental organizations, policy-makers and government institutions working in the field of migration.

The Routledge Handbook of Poverty in the Global South

Author : Rajendra Baikady
Publisher : Taylor & Francis
ISBN 13 : 1003814204
Total Pages : 724 pages
Book Rating : 4.0/5 (38 download)

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Book Synopsis The Routledge Handbook of Poverty in the Global South by : Rajendra Baikady

Download or read book The Routledge Handbook of Poverty in the Global South written by Rajendra Baikady and published by Taylor & Francis. This book was released on 2023-12-01 with total page 724 pages. Available in PDF, EPUB and Kindle. Book excerpt: This handbook initiates fresh debates on poverty and its impact in a constantly changing Global South society. It studies the concept, theories, and causes of poverty, as well as the design and delivery of social welfare policies related to specific groups, such as women, children, and the elderly. The chapters are theoretical, evidence-based, and empirical in nature and bring together a holistic understanding of social problems and issues in developing countries. The volume brings together researchers, educators, and practitioners from across the globe to develop a hands-on reference work that will be requisite for several social science disciplines concerned with poverty and the welfare of poor people. The first of its kind, the handbook will be indispensable for scholars and researchers of development studies, economics, social work, political studies, poverty studies, population and demographic studies, sociology, social anthropology, public policy, and political economy, especially those concerned with the Global South.