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Nora Lustig

Lustig is senior adviser on poverty and inequality, Inter-American Development Bank; director of the World Development Report 2000/1, "Attacking Poverty," World Bank; and nonresident senior fellow, Brookings Institution. She was president of the Latin American and Caribbean Economic Association, 1998-99.

Footnotes

1. Macroeconomic crises here include the array of crises that affect the entire economy, such as financial crises, liquidity crises, currency crises, debt crises, and terms-of-trade shocks.

2. Based on a study using data for Ethiopia, Dercon (1999) finds some evidence that poor people resist using assets to smooth consumption during aggregate shocks. The poor cut consumption to dangerously low levels rather than sell their assets when prices have collapsed.

3. The benchmark is given by the income risk only (no assets).

4. Fields (1991). Morley (1994) finds a similar result.

5. IDB (1995).

6. De Janvry and Sadoulet (forthcoming).

7. Data for Argentina refer to the Greater Buenos Aires area. No data are available for other urban centers or rural areas.

8. Some of the Gini coefficients refer to urban areas only, however.

9. See Lustig (1995, pp. 4-5).

10. Lustig (1995).

11. INEGI, "Encuesta nacional de ingresos y gastos de los hogares" (National Survey of Household Income and Expenses) (1994; 1996).

12. See, for example, the studies by Jalan and Ravallion (1998) and Gaiha and Deolalikar (1993) for India.

13. Behrman, Duryea, and Székely (1999).

14. Binder (1996).

15. Author's calculations based on table 11 of Behrman, Duryea, and Székely (1999). The economy's average growth rate for the 1982-88 period was around zero.

16. Jacoby and Skoufias (1997); Rose (1994); Foster (1995); Behrman (1988). Jacoby and Skoufias (1997) find that in South India, children are often taken out of school in response to adverse shocks. See also Morduch (1995).

17. See discussion in World Bank (2000b, chapter 9). For a discussion of when stabilization policies are contractionary or expansionary in the short run, see Calvo and Végh (1994).

18. Dornbush and Edwards (1991).

19. See, for example, the discussion by Perry and Lederman (1999).

20. See, for example, Bourguignon and Morrisson (1992); World Bank (1991); Thorbecke (1994); de Janvry, Fargeix, and Sadoulet (1991); Bruno, Ravallion, and Squire (1999).

21. No optimal tool is available to assess the distributive implications of adjustment policies. However, analysts have mainly followed three approaches: the partial-equilibrium approach (Kanbur, 1986); the Social Accounting Matrix/Computable General Equilibrium Approach (Dervis, de Melo, and Robinson, 1982; Thorbecke, 1985; Taylor, 1990; Bourguignon and Morrisson, 1992); and the macro-dynamic models (Rios-Rull, 1994). See IDB (2000) for a synthesis.

22. Throughout this discussion, I am assuming that the poor are credit constrained.

23. World Bank (1999).

24. Yaqub (1999).

25. Wodon and Hicks (1999).

26. Ravallion (1999).

27. Ravallion (1999, pp. 13-14).

28. See www.smeru.or.id/about.htm.

29. Rodrik (1997).

30. Newman, Jorgensen, and Pradham (1991); also see Lustig (1997); World Bank (2000b, chapter 8).

31. See IDB (2000, chapter 5).

32. Progresa is an acronym for Programa de Educación, Salud y Alimentación (Education, Health, and Feeding Program).

33. Schultz (1999).

34. Davis, Handa, and Soto (1999).

35. Lipton and Ravallion (1995).

36. Márquez (1999); Verdera (1998).

37. These estimates are author's calculations; they refer to Trabajar II.

Copyright © 2000 Latin American and Caribbean Economic Association

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