Explaining Slow Growth in Africa

This paper critically reviews the empirical literature on growth, with a view to drawing some lessons for Africa. It illustrates the diversity of the results found by different authors, and calls for a more rigorous approach, paying attention to the identification of structural parameters and to simultaneity biases. It emphasizes the part played by openness and export orientation as the main policy variables affecting growth. Then, the choice of bad policies, which seems to be the main proximate cause of slow growth in Africa, is traced to the lack of social capital and deficient political institutions. Cet article est une critique de la littérature empirique sur le développement dont le but est d’en tirer quelques leçons sur l’Afrique. L’article démontre la diversité des conclusions tirées par plusieurs auteurs et fait appel à une démarche plus rigoureuse, prenant en compte l’identification des paramètres structurels et des penchants simultanés qui existent. L’importance du marché et son orientation vers l’export sont soulignées comme étant les deux variables principales qui touchent directement la croissance. Les auteurs démontrent ensuite que le choix de mauvaises politiques, qui semble Átre la cause principale de la faible croissance africaine, est due en effet à un manque de capital social ainsi qu’aux institutions politiques défectueuses.     

Explaining post-1964 earnings gains by black women: Race or sex?

This article examines the earnings position of black females relative to white males for the post-1964 period. It finds that over 70 percent of the 1965–78 growth in black female relative median earnings remains after controlling for previous trends, education, and cyclical and labor supply changes. For full-time, year-round workers, the post-1964 trend independently implies a growth rate about 50 percent higher than that actually observed. Approximately one-half of the gains are attributable to race and the rest to the interaction of race and sex. The study finds no support for the censoring hypothesis that allocates a substantial portion of the growth to labor supply decreases. While it suggests occupational mobility to be nonextraneous in the earnings equation, the author argues that the black female now faces a mobility constraint more formidable than previously.     

Explaining the High Incidence of Child Labour in Sub–Saharan Africa

There has been a growing interest on the issue of child labour among the academic and professional circles in recent times. Estimates show that the number of under–aged working children in Africa could reach some 100 million in the next 10–15 years, posing serious challenges to African policy–makers. Little is known about the likely causes for the rise in child labour in Africa. The lack of data has seriously undermined the amount and quality of research on the topic particularly in sub–Saharan Africa. The intent of the present study is to examine the link between children’s labour force participation and some macroeconomic variables using aggregated data from sub–Saharan Africa. The results show that the high incidence of child labour in sub–Saharan Africa could be explained, among other things, in terms of the high incidence of poverty, the predominance of a poorly developed agricultural sector, high fertility rates leading to high population growth, and low education participation. Contrary to some recent arguments, which questioned the direct link between poverty and child labour, the results of this study show that poverty is indeed one of the most important reasons for the high incidence of child labour in Africa. This complex problem calls for comprehensive and multi–faceted interventions including the adoption of poverty reduction strategies, introduction of labour–saving technologies for the agricultural production, an aggressive provision of primary education, and the mobilization of the communities for creating awareness. Ces dernières années, la problématique du travail des enfants a suscié un intérÁt croissant dans les cercles académiques et professionnels. Selon les estimations, le nombre d’enfants mineurs qui travaillent en l’Afrique pourrait atteindre quelque 100 millions au cours des dix è quinze prochaines années, ce qui pose un défi majeur pour les décideurs politiques africains. On sait peu de choses sur les causes probables de l’incidence croissante du travail des enfants en Afrique. Le manque de données a un effet négatif tant sur la quantité que sur la qualité des recherches sur le sujet, en particulier en Afrique subsaharienne. La présente étude a pour objet d’examiner les liens entre la participation des enfants au marché du travail et plusieurs variables macroéconomiques en se basant sur des données agrégées provenant d’Afrique subsaharienne. Les résultats indiquent que la forte incidence du travail des enfants en Afrique subsaharienne découle notamment de la forte incidence de la pauvreté, la prédominance d’un secteur agricole peu développé, les taux de fertilitéélevés entraÑnant une forte croissance démographique, et les faibles taux de scolarisation. Contrairement è ce que laissent entendre des arguments avancés récemment, qui mettent en cause le lien direct entre la pauvreté et le travail des enfants, les résultats de cette étude montrent que la pauvreté est en effet l’une des causes majeures de la forte incidence du travail des enfants en Afrique. Ce problème complexe appelle des interventions globales et multiples, axées notamment sur l’adoption de stratégies de réduction de la pauvreté, l’introduction de technologies génératrices d’économie de main d’uvre pour la production agricole, un programme agressif de scolarisation au niveau primaire, et la mobilisation des communautés pour la sensibilisation.     

日本企业营销模式的变迁：从独立到合作

在过去几十年中,日本企业最为流行的营销模式是独立营销模式,但是由于日本企业所面临的经营环境的变化,独立营销模式受到了前所未有的挑战,许多日本企业正试图用一种风格迥异的合作营销模式代替它。本文论述了日本近年来经营环境的变化以及由此引发的营销模式的变革和发展方向。     

Economic and Geographical Distance: Explaining Mercosur Sectoral Exports to the EU

The objective of this paper is to apply a modified gravity model to annual exports disaggregated by sector, from MERCOSUR + Chile to the 15 current members of the EU. In doing so, we aimed to classify sectors according to their sensitivity to geographical and economic distance and to identify which commodities enjoy export strength even without further progress in trade liberalisation with the EU. In the estimation we made use of two additional explanatory variables which are found to be relevant when explaining trade, namely, infrastructure and exchange rates. An exchange rate index is built that takes into account protection. Our results support the view that different sectors have a different sensitivity to distance and highlight the importance of using disaggregated data when analysing international trade flows.     

河南企业 投资非洲正当时

非洲是一块古老的土地,如今正成为全球投资的热土。在大好的历史机遇面前,河南省企业应乘势而上．有所作为。     

医药产业投资非洲

非洲已成为中国企业“走出去”的首选地之一。中非经贸关系互补性很强,对于日益增长的中国经济来说,非洲是可靠的投资和贸易目的地;对于非洲来说,中国可以提供成功的发展经验,分享技术和开展贸易投资。非洲是各种流行性疾病多发地区,多种致命疾病不仅威胁人的生命健康,而且也对各国的经济发展构成重大负面影响,因此．非洲国家非常关注医药产业的发展,良好的贸易环境为中国企业创造了最佳的投资时机。     

关于中国对非洲援助能源导向的观点分析

受大国竞争非洲能源的影响,中国对非援助受到能源导向的质疑。对此,本文从中国对非援助的历史发展、特点和中非贸易的比较优势方面进行了分析。中国对非援助从根本上讲是以援助促发展,以发展促合作,最终实现中非共同发展。     

Independence in Appearance and in Fact: An Experimental Investigation*

In this study, we use experimental markets to assess the effect of the Security and Exchange Commission's (SEC's) new independence rule on investors' perceptions of independence, investors' payoff distributions, and market prices. The new rule requires client firms to disclose in their annual proxy statements the amount of nonaudit fees paid to their auditors. The new disclosure is intended to inform investors of auditors' incentives to compromise their independence. Our experimental design is a 2 3 between‐subjects design, where we control the presence (unbiased reports) or absence of auditor independence in fact (biased reports). While independence in fact was not immediately observable to investors, we controlled for independence in appearance by varying the public disclosure of the extent of nonaudit services provided by the auditor to the client. In one market setting, investors were not given any information about whether the auditor provided such nonaudit services; in a second setting, investors were explicitly informed that the auditor did not provide any non‐audit services; and in a third setting, investors were told that the auditor provided nonaudit services that could be perceived to have an adverse effect on independence in fact. We found that disclosures of nonaudit services reduced the accuracy of investors' beliefs of auditors' independence in fact when independence in appearance was inconsistent with independence in fact. This then caused prices of assets to deviate more from their economic predictions (lower market efficiency) in the inconsistent settings relative to the no‐disclosure and consistent settings. Thus, disclosures of fees for nonaudit services could reduce the efficiency of capital markets if such disclosures result in investors forming inaccurate beliefs of auditor independence in fact ‐ that is, auditors appear independent but they are not independent in fact, or vice versa. The latter is the maintained position of the American Institute of Certified Public Accountants (AICPA), which argued against the new rule. Further research is needed to assess the degree of correspondence between independence in fact and independence in appearance.     

Households,history and black urbanisation: response to Graaff

A critique of a recent article by J. F. de V. Graaff concerning urbanization of blacks in South Africa is presented. A reply by Graaff (pp. 402-4) is included.     

Stimulating Growth and Investment in Africa: From Macro to Micro Reforms

Abstract: How do we stimulate investment and growth in Africa? This paper focuses on low‐income countries that are ‘good performers’ and not especially endowed with natural resources. Many of these countries have undertaken a set of economic reforms, and have recorded growth rates in per capita GDP of around 5 percent over the past 10 years. But some constraints to growth persist. We look at three things — how business environments create ‘external costs’ for firms and inhibit performance, how investors perceive the constraints to doing business, and the role of political economy factors especially in those countries with lagging indigenous business sectors. Our analysis of investment climate and other data leads us to several recommendations for governments, donors and the private sector itself, including the following: deepen macro reforms; build a strong, unified business forum; create incentives for more responsive governments; and improve risk mitigation and broaden this to domestic investors.