The increasing globalization and migration enabled people to move beyond their national boundaries for improved life and better economic opportunities. This has resulted in the changed national demographic landscape in the UK. Currently, the UK is hosting more than 10% ethnic minorities, and the South Asians constitute an ethnic group. Living in a dissimilar culture may cause an acculturative stress on the immigrants. They may undergo the process of adapting to a new culture. On the contrary, some individuals may attempt to maintain their heritage culture. Both scenarios have implications on their consumer behaviour. The studies in acculturation have explicated the process of acculturation, however, a few shed lights on the influences on the process itself. This study aims to investigate the factors that may accelerate the acculturation process or otherwise and the relationship between the degree of acculturation and food consumption. This study applies to the individuals who belong to South Asian countries (including India, Pakistan and Bangladesh). Drawing upon existing literature 22 hypotheses were developed. Data was collected from a sample of 924 South Asian immigrants. The hypotheses were tested using SEM (structural equation modelling). The study found that the Religiosity has a strong negative influence on acculturation, followed by Age. The length of stay and income positively influences the acculturation. The level of Acculturation was measured with the help of 22 items on the five-point Likert scale. The data showed that the high level of acculturation positively influences the mainstream food consumption, and has a negative influence on the consumption of ethnic food. The moderating effects of Religious Identity and the neighbourhood suggest that an individual’s religious identity moderates the relationship between influences and acculturation as well as between the level of acculturation and food consumption. However, the data showed that the type of Neighbourhood moderates the relationship between income and acculturation, and between acculturation and the mainstream food consumption only.

As the volume of the remittance inflow has increased remarkably in developing countries, it has attracted the interest of international organisations, academics, and policy makers. In this context, this study analyses the determinants of the receipt of remittances and its impact of on household expenditure and child welfare in Nepal using Nepal living standard survey (NLSSIII) data. It takes the receipt of remittances by households as the cause and their proportional expenditure on different bundles of goods, services (food, housing, consumer goods and durables, education, health and others) and child welfare as an outcome. This study divides the Nepalese households into two groups: one that does not receive any remittances is the control group, and the other receiving remittances from within the country or abroad is the treated group. To estimate the impact of remittances, the treatment effect model calculates potential outcome means (POMs) in the population. The difference between the two means is the average effect of the remittance. The study finds that the variables rural/urban region, ecological zone, family size, gender and education of head, the number of children, poverty of households, and migration network have a significant effect on the receipt of remittances. Although the probability of the receiving remittance is higher in rural households, they have received significantly less amount of remittances than the urban households. This study finds that households’ expenditure behaviour on food, consumer goods, health, and other bundles has not changed by the receipt of remittances in Nepal. However, there is an increase in the budget share of education and a decrease in the housing expenditure. It is highly likely that malnutrition in Nepalese children increases with the increase in their age. The research findings reveal that the receipt of remittances is helpful in reducing child malnutrition. The receipt of remittances does not increase the educational expenditure of school going children, and there is no difference in educational expenses between boys and girls. Finally, the study does not find any evidence to support that receipt of remittances increases conspicuous consumption of households as proposed by the findings of Chami et al. (2003). Instead, the research findings support the view that Nepalese households invest more in the education with the receipt of remittances. This higher investment may have been caused by the altruism towards the family members or by a knowledge gain.

The World Bank is a major development and lending institution, and as such often sets important aspects of the development agenda. The goal of poverty reduction has in recent years become the World Bank's institutional objective. With poverty reduction as the declared aim, the study looks at the World Bank's main instruments for achieving this goal, i.e. policy-based lending, and how the Bank's approaches to, and discourse on poverty have changed since its creation in 1946 up to the current Poverty Reduction Strategy Paper (PRSP) approach. The hypothesis of this study was that the Bank's understanding of poverty and development has not evolved so much as it has revolved since the 1970s. The study found that the institution had evolved in process, but not in macroeconomic frameworks. Therefore, the neo-liberal paradigms in place do not lead to a fundamental questioning or reshaping of the Bank's approach to Africa. The thesis argues that the purpose of these frameworks may deliberately and/or unconsciously be to reproduce the global capitalist system, but in the context of the poverty reduction objective, it raises unrealistic expectations for donor and recipient. The Bank would be strengthened as an institution by being more conscious of its revolving history and by being more forthright about policy aims. The Bank has not been the only actor who has recast its objectives vis-a-vis poverty reduction. The study also critically investigates how two very different recipient countries have been active in interpreting poverty through their own national policies, and the ways in which these policies and discourses now replicate those manifested at an international level.

Collaborative programmes between Government and NGOs have been identified as an effective mechanism to alleviate poverty in developing countries. This policy study explores the collaboration in programmes of rural agricultural improvements in Bangladesh to assess the benefits received by the target groups of village farmers and the poor women and the outcome of the collaborative process. This research carried out interview with 45 persons from the partner organisations like NGOs and the implementing government organisations, the international donor, and officials of the executing ministry. The study is based on these semi-structured interviews, and participatory research from 14 villages representing different parts of Bangladesh. The findings indicated that the NGOs were not involved until the implementation stage and, therefore, so had not been able to engage the poor people in a participatory process of planning, but in some cases the government officials at grass root level were effective in selecting competent participants. In some respect, the participants received better services from the grass-root level government officials than NGOs, though in some cases the expertise of the field level government officials regarding technical services was undermined. However, a good network of relationship among the field officials of partner organisations and the participants was underway in some cases. Lack of co-ordination, monitoring, and communication prevailed in the overall project management activities, which resulted in severe delay in the distribution of donor's fund for the NGOs. As a result participants dropped out in a few cases. Nevertheless, the study found an improvement in income as well as in the position of the poor people in the rural society. This raises a policy dilemma in that overall the programmes benefited their target populations even though some aspects of collaborative mechanisms have not worked well in some cases.

This thesis adopts a range of different methodologies in an attempt to evaluate the performance of consumption-based asset pricing models. In particular, it sets out to investigate the relationship between asset prices, consumption and investment decisions. Different utility functions are used in an attempt to examine their roles in pricing assets, reducing pricing errors and solving the equity premium puzzle. First considered is whether the value of relative risk aversion can be changed by using parametric tests and different utility functions. Whereas the power utility model introduces a basic learning framework of the relation between consumption and asset returns, there is general consensus that there is evidence against the model as an asset pricing tool and for its ability to resolve the equity premium puzzle. Within the context of representation of agent models, various studies have attempted to introduce more general preferences. In this study, tests are made of the traditional CCAPM, the Epstein and Zin (1989, 1991) model, and two external habit formation specifications using GMM on a quarterly data set spanning 35 years. In a novel approach the models are estimated for both the whole economy and four separate industrial sector groupings. The structural stability tests advocated by Hall and Sen (1999) are used to test the models further. There is little evidence found to support the traditional CCAPM and the recursive preferences model of Epstein and Zin (1989, 1991). There is highly supportive evidence for the performance of the habit formation models, particularly the Campbell-Cochrane specification. Importantly, the analysis of the four sector groupings shows that estimated levels of risk aversion are similar across these groupings, conforming with theory. In line with previous studies, the models show signs of sensitivity to choices of asset return data, consumption measures, and particularly, instrumental variables. Second, a non-parametric framework is used in an attempt to investigate the performance of the models. In particular, investigation of the pricing errors of consumption asset pricing models by estimating the vertical and minimum distances to the Hansen-Jagannathan bound. Additionally, bootstrap experiments are conducted in a further attempt to examine the performance of the models. The power utility model produces high pricing errors associated with higher values of relative risk aversion. The Epstein-Zin (1991) recursive preferences model and the Abel (1990) formulation manage to reduce the pricing errors. However, these pricing errors are associated with higher values of relative risk aversion. In the bootstrap experiments, in the majority of simulations, the models violate the Hansen and Jagannathan bound, and the distance is an order of magnitude larger than the IMRS volatility. However, the lower risk aversion coefficient associated with the lower distance is obtained from the Campbell-Cochrane model. Third, investigation of the performance of the consumption-based asset pricing models in pricing bonds. Additionally, an investigation of whether the term structure in the UK can reflect information about consumption growth. In this study, the methodology adopted by Harvey (1988) is used to test the relation between term structure and the consumption asset pricing models. Also used are the structure stability tests of Hall and Sen (1999). The models perform better with longer horizons. The results suggest that the estimates of the coefficient of relative risk aversion/curvature parameter are negative and insignificant, very often with the models that no longer consider the habit formation specification. The empirical evidence based on the regression are broadly supportive of efficiency in using lagged consumption and yield spread as predictors of consumption growth, rather than other lagged stock returns. The final study investigates the recent explorations of asset pricing in the UK, using the OLS and GMM methodology to revisit the conditional Sharp-Linter CAPM model with fixed and time varying parameters. Additionally, an examination is made to the performance of the consumption-based asset pricing models and the conditional asset pricing model with the Famma-F'rench factors, 8MB and HML. Following Harvey (1988), a specification is estimated that allows for the time variation in conditional covariance, conditionally expected returns, and the conditional variance of the market and it is found that the restriction can not be rejected. However, there is evidence that the conditional Sharpe-Linter model with fixed parameter is unable to capture the dynamic behaviour of asset returns. Additionally, the estimation of the conditional CAPM that allows for time variation performs better with the inclusion of BMS and HML. As for the consumption-based asset pricing models, the Campbell-Cochrane specification still best characterises the UK market.

Poverty reduction through microfinance is tied to the belief that access to credit enables poor people to increase business earnings and improve livelihoods. Indeed, the church has often embraced microfinance as part of its theology of social transformation. Microfinance practitioners therefore, have to prudently manage their institutions and ensure improvements in poor people’s lives- a complex combination given that livelihood changes can only be confirmed by people experiencing poverty. This action research aimed to investigate how poor people can inform microfinance practitioners for improved livelihoods. In assessing the efficacy of poor people’s voices, two initial case studies analysed and compared data from the Chinyika Community in rural Zimbabwe, which achieved food security against famine; and the COSUN women’s group of peri-urban Zambia, which was part of a community-driven microfinance initiative. In the next phase of the research, the COSUN group designed and accessed a loan. An innovative aspect of the research is the use of activity theory to frame and theorise the wider social and cultural context of microfinance dialogues and exchanges. The key finding of the research is the value of genuine ‘dialogue space’ where poor people can influence beneficial actions. However, due to limited capacity to recognise root causes of poverty, and lack of informed competence to negotiate livelihood solutions, the efficacy of poor people’s voices will be compromised even where notional dialogue space is afforded. Thus the research identified the need for community dialogue spaces characterised by: enabling contexts for individual and collective agency; structures that enable recourse; alignment of object motives towards benevolent outcomes; capacity to identify root problems; and action triggers before livelihoods deteriorate. The research also identified the need for dialogue spaces between microfinance institutions and community structures in order to respond with appropriate financial products and services that would lead to transformation. The research recommends partnerships with community institutions like the Church who can galvanise social capital and create empowering community dialogue spaces.

Despite the positive economic growth over the last decade, poverty in Kosovo and Albania remains one of the highest in Europe. Both countries have experienced large migration flows which, together with remittances, seem to have been an effective mechanism for mitigating poverty, which would otherwise be even higher. This thesis investigates the determinants of poverty with a specific focus on the effect of education on poverty in Kosovo and Albania using data from the Kosovar Household Budget Survey 2011 and the Albanian Living Standard Measurement Survey 2012. The review of studies suggests that there is no single unified theory of poverty. Moreover, there is no underpinning study that would fully inform the modelling approaches in this thesis. The economic theory of consumer behavior, duality theory as well as unitary approach provide the theoretical basis for measurement of household welfare. On the other hand, several theories and studies have been concerned with structural relations that affect poverty. According to human capital theory, education leads to increased income and thus decreases the risk of poverty. Literature also highlights the importance of migration, remittances and fertility in relation to poverty but also emphasizes the importance of education with regards to remittances and fertility. A key contribution of this thesis is that, it attempts to put all these theories and approaches together to inform the models to be estimated in this thesis. Ordinary Least Squares and Probit estimation techniques are used to model consumption and poverty while quantile regression is used to gain further insights into how the determinants of household welfare change across the welfare distribution. Some of the factors which influence household poverty are expected to be endogenously related to poverty. In this thesis, this issue is addressed by controlling for the effect of the endogenous variables using pre-determined and exogenous indicators. One of the most important factors affecting household welfare is education. Indicators such as the highest level of education in the household, share of adult members with respective education attainments, and mean years of education of adults are considered in the estimation, in addition to education of the household head (a commonly used education indicator), as they tend to better reflect the impact of education on household poverty. Considering theoretical and empirical literature on migration, fertility and poverty, it seems appropriate to expect that poverty, remittances and fertility are simultaneously determined; estimating each of the relationships separately would therefore not be appropriate. Hence, another important contribution of this thesis is that it models the three factors within a simultaneous equations system and thus explores the impact of education on poverty via different channels at the same time. For this purpose, Three-stage Least Squares (3SLS) estimation technique is utilized. An advantage of the 3SLS approach is that endogenous variables are allowed to appear on the right-hand side of the equations. Findings are largely in accordance with theoretical expectations; education is found to be related to increased consumption and reduced poverty in both Kosovo and Albania, and the effect is higher for higher levels of education attained. The Quantile regression results indicate that the positive effect of increased levels of education on consumption is highest for the poorest households in Kosovo, while the same applies to the richest households in Albania. The results also underline the importance of migration and fertility in terms of household welfare in Kosovo and Albania. The 3SLS estimation results confirm our expectations regarding the joint determination of poverty, fertility and remittances. Due to some limitations of the Kosovar dataset however, this analysis is performed using the Albanian dataset only.

The problem of poverty and its conceptualisation has been a central concern of many extant literature, especially in emerging economies. A central issue underpinning these studies is the assumption that poverty is a multidimensional construct. Thus, these various concepts of poverty constitute a conceptual plurality. Consistent with the burgeoning interest in understanding the various meanings of poverty, and using the conceptual pluralism approach, this study seeks to investigate the similarities and divergences concerning poverty understanding in Nigeria. Of particular concern are concepts of poverty used by various anti-poverty organisations, and by people in communities where anti-poverty organisations work. Using field interviews and extensive Focus Group Discussions spanning various anti-poverty organisations, and the four geo-political zones in Nigeria, this study carries out its investigation on the conceptual pluralism in the understanding of poverty in Nigeria and its relationship to formulated poverty reduction strategies. The findings reveal that there are wide variations in the conceptualisation of poverty from the voices of the poor and anti-poverty organisations involved in poverty reduction campaigns. Of particular interest are the traditional, cultural and non-material understandings of poverty. Furthermore, the findings reveal that the definitions of poverty presented by the poor and actors of anti-poverty measures unveiled some perceived causes of poverty in Nigeria. The research also finds that there is an underlying dynamism over time in the understanding and conceptualisation of poverty; and that these changes are anchored on certain economic, social, cultural and political factors operating in different periods. It equally finds that there are underlying linkages between poverty conceptualisation and the adopted strategies and policies employed by anti-poverty organisations. This is predicated on the fact that the type of poverty identified and prioritised by these organisations largely shapes the measures taken to address poverty gaps in Nigeria. Finally, the research particularly reveals internal and external tensions as the implications of conceptual pluralism in the understanding of poverty amongst anti-poverty organisations, as well as challenges faced in the implementations of anti-poverty measures.

Micro-finance institutions (MFIs) aim to reduce poverty by providing small loans to poor people. Governments and international agencies such as the World Bank are spending billions of dollars to increase the outreach of MFIs across the world. However, the empirical evidence of micro-credit on poverty reduction is mixed. Some of the studies claim that micro-credit has a positive impact on poverty reduction while some others find no impact. The purpose of this thesis is twofold. First, this thesis investigates the factors affecting the branch placement decision as well as branch density of MFIs in Bangladesh. Data, such as the presence of Grameen, BRAC and village market centre, were collected from all branches (2,936) of ASA Bangladesh and 2,936 non-ASA villages using a structured questionnaire. Secondary data on the rate of poverty and population were collected from the Bangladesh Bureau of Statistics. The findings reveal that there is no systematic relationship between the distance and branch placement. The results also suggest that ASA is highly likely to place a branch in a particular location where there is a branch of its competitors. ASA is less likely to place a branch in a village where there is a branch of a commercial bank. In addition, ASA is highly likely to place a branch in a village where the rate of poverty is high. Second, another goal of this thesis is to evaluate the impact of micro-credit on poverty in Bangladesh. Particularly, it aims to investigate the impact of micro-credit on the two dimensions of poverty: the incidence of poverty and average deprivation of poverty. To do this, primary data were collected from 2,598 households. Five types of households are included in the sample and these are: current borrowers, drop-outs, refused, pipeline borrowers and non-borrowers. With this data set, it aims to control for some biases that arise in the impact assessment of micro-credit. In particular, this study controls for the non-random programme placement and selection bias while estimating the impact. The results suggest that the incidence of poverty is the highest among drop-out borrowers and the lowest among the current borrowers. Drop-out borrowers have the highest average deprivation of poverty, while the current borrowers have the lowest. The empirical evidence suggests that micro-credit has a positive impact on poverty reduction in Bangladesh.

No description available.