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Financial development is influenced by the dynamics of multiple factors which have remained insufficiently explored up to date. In view of this, an attempt is made in this paper to investigate the impact of internet adoption on financial development in sub‐Saharan Africa, using Nigeria and Kenya as case studies. The dynamic ordinary least squares and vector error correction mechanism methods were employed in the study which revealed that the internet, complemented by financial openness, exerted a significant positive impact on financial development in the period 2000–16. The null hypothesis which states that the internet does not encourage financial development is therefore rejected. It follows that the level of financial development in both countries, and indeed most countries in sub‐Saharan Africa, could be enhanced by adopting appropriate policies that encourage more inclusive use of the internet. The policy recommendations of this study therefore include (i) relaxing the stringent requirements for licensing internet operators in order to make more services available for financial transactions, (ii) integrating internet technology into the national infrastructure framework in order to sustain its application, (iii) fostering local skills and expertise that will be maintaining internet infrastructure and (iv) providing a legal framework that protects personal information and ensures responsible usage of internet.  相似文献   

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Abstract: The central argument of this paper is that African countries stand to benefit more from the goodwill currently being shown by industrialized countries who have committed themselves to further opening up of their markets for commodities from the region. However, more needs to be done by African governments and the international community if these benefits are to trickle down to the African farmers and result in attaining the goal of poverty reduction. This paper identifies the issues that need to be addressed by all parties involved. At the macro level, our results find that the distortion in the macro environment is a major factor hindering African exports. At the micro level, our results show that for farmers to benefit from the opening up of the international market, they would need more access to market information, easier road access to the markets for both their output and inputs, improve their farming techniques by utilizing modern scientific farming methods and inputs, and to increase their productivity. At the international level, our study finds strong results indicating that foreign tariff rate, price support (PNAC) and standards act as a market barrier to African agricultural exports.  相似文献   

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The objective of this paper is to investigate the factors that influence citizens' support for costly economic reforms in sub‐Saharan Africa. This is relevant for several reasons, but the most obvious perhaps is that economic reform will be difficult if faced by strong resistance from citizens. In this paper, individual data from Round 4 of the Afrobarometer surveys is used to investigate how support for economic reforms is influenced by factors falling under the following broad categories: (i) Economic variables; (ii) group identity and fairness variables; (iii) Institutional and state/government variables; (iv) Demographic and control variables. An individual's trust in the president and the belief that the government manages the economy well are two of the most significant and robust factors. This is in keeping with the results found in Williamson (The Political Economy of Policy Reform, Institute for International Economics, Washington, DC, 1994 ). Another robustly significant variable is satisfaction with how democracy works in the country. Variables related to ethnic identity and community membership also play a significant role in support for costly economic reforms, which is in line with the theories put forward by van de Walle (African Economies and the Politics of Permanent Crisis, 1979–1999. Cambridge University Press, New York, 2001 ). Females are less likely to support economic reforms, while individuals with higher levels of education are more likely to support economic reforms.  相似文献   

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Abstract: The paper examines the dynamically evolving triangular relationships between institutions, growth and inequality in the process of economic development, in order to deepen the understanding of institutional conditions for pro‐poor growth and shared growth. In this context, the paper discusses the institutional conditions found in sub‐Saharan Africa, which may have produced the growth pattern that is unequal and against the poor. The analysis shows that sub‐Saharan African countries require transforming institutions for embarking upon and sustaining a development path which would ensure shared growth in years to come. The paper first evaluates the growth‐inequality‐poverty nexus, as found in the recent literature, which increasingly challenges the trade‐off between growth and equity, as postulated in the traditional theories. Various definitions of pro‐poor growth are discussed and a sharper definition of the concept of ‘shared’ growth is provided. Definitions of institutions are then examined, as well as the triangular inter‐relationships between institutions, inequality and poverty. The paper finally analyses specific institutional conditions found in sub‐Saharan Africa that prevent economies from emerging out of low‐equilibrium poverty traps that are characterized by low economic growth, unequal distribution of income and wealth as well as unequal access to resources and power.  相似文献   

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Abstract: In the light of the current global financial and economic crises, how would governments in sub‐Saharan Africa (SSA) allocate their budgets across sectors in response to a binding debt‐servicing constraint? Within a framework of public‐expenditure choice, the present paper estimates constraint‐consistent debt‐service ratios and employs them in a Seemingly Unrelated Regression involving a five‐year panel for up to 35 African countries over 1975–94, a period preceding the Highly Indebted Poor Countries (HIPC) initiatives. While observed debt service is found to be a poor predictor of expenditure allocation, constraining debt servicing shifts spending away from the social sector, with similar impacts on education and health. The implied partial elasticity of the sector's expenditure share with respect to debt is estimated at 1.5, the highest responsiveness by far among all the explanatory variables considered, including external aid. Thus, if the social sector is to be protected, sufficient debt relief for SSA countries should be pursued.  相似文献   

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This paper uses a production function to examine the channels through which remittances affect output per worker in 31 Sub‐Saharan African countries from 1980 to 2010. Lagged remittances increase physical capital per worker, average years of schooling and total factor productivity, but the effectiveness of remittances varies with the income level of the recipient nation. Although remittances have increased both physical capital and total factor productivity among the upper middle income nations, among the lower middle income, they have increased only the physical capital. Meanwhile a reduction in institutional risk has encouraged investment and efficiency, but its relationship to the effectiveness of remittances has been inconclusive.  相似文献   

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Abstract: During the 1970s cereal imports in sub‐Saharan Africa increased at an annual rate in excess of 20 percent. As a result, it was assumed Africa had two choices: reduce the rate of population growth or become increasingly dependent on food imports and aid. In this paper we investigate the relative importance of food shortfalls versus policy choices that resulted in a taste change away from roots and tubers and coarse grains to imported wheat and rice. Of the 41 countries studied, 17 are still net exporters of food commodities, cereal imports serve to supplement inadequate production of food, but these imports, generally, are not driven by severe nutritional needs within any one country. Rather, the observed cereal imports are primarily wheat and rice flowing into the countries with adequate levels of nutrition available.  相似文献   

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This paper studies the role of fiscal policies and institutions in building resilience in sub‐Saharan African countries, focussing on 26 countries that were deemed fragile in the 1990s. We use a probabilistic framework together with GMM estimation to address endogeneity and reverse causality. We find that fiscal institutions and fiscal space, namely the capacity to raise tax revenue and contain current spending, as well as the quality of public expenditure, are significantly and robustly associated with building resilience. Similar conclusions arise from a qualitative study of 7 sub‐Saharan African countries in the sample that built resilience since the 1990s.  相似文献   

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Abstract: The literature on capital flight and remittances is copious, as a plethora of studies in recent years have focused greater attention on the determinants and impact of capital flight and remittances in the development process. These issues are particularly pertinent to Africa in view of its relatively high incidence of capital flight in the presence of foreign exchange constraints, limited foreign capital inflows, external indebtedness and high dependence on overseas development assistance. The principal aim of this paper is to estimate the extent and magnitude of capital flights from Africa and remittance inflows to Africa, and to assess their role in current account sustainability. The paper employs standard methodological approaches to estimating capital flight and remittances for selected African countries and analyses their relationships with current account balance and key economic indicators. The findings from the statistical exercises in the paper yielded a number of important results:
  • ? The magnitude of capital flight from Africa has increased considerably in recent years, with widespread fluctuations and volatility.
  • ? The volume of remittances into Africa has increased dramatically but steadily.
  • ? There is a negative association between balances on current account and capital flight, implying that capital flights tend to worsen current account difficulties.
  • ? There is a positive relationship between remittances and current account, suggesting that remittances could play an important role in mitigating current account problems.
  • ? The link between remittances and economic growth is positive, albeit insignificantly in the statistical sense, suggesting some evidence of the crucial role of remittances in the economic growth and development process.
  • ? External debt and capital flight are positively intertwined, providing support to the so‐called ‘round‐tripping’ or ‘back‐to‐back’ hypothesis
The policy implications of these findings are that in spite of the good progress made by many African countries towards economic and political reforms, more innovative policy thinking and reform deepening must be initiated to create a conducive environment for private sector participation in general and foreign capital (including capital flight reversal) in particular. Similarly, there is a need for incentivising and mainstreaming remittances into national development strategies with the view to promoting the growth‐enhancing effects of remittances. A wide range of policy options and forward thinking analyses were advanced in the paper.  相似文献   

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Do government spending patterns and composition influence the behaviour of the real exchange rate in sub‐Saharan Africa (SSA)? First, we present a two‐sector small open economy model which proposes that government spending together with productivity differential leads to real exchange rate appreciation. Then, we take these propositions to SSA data and perform a coordinated empirical analysis. Interestingly, we find empirical support for the propositions in SSA. Finally, we disaggregate government spending into three components—consumption, investment and transfer payments—and check whether the composition of government spending provides any insight into the behaviour of the real exchange rate in SSA. Our results suggest that government composition does influence the real exchange rate in SSA. Specifically, we find that government consumption induces a real appreciation while government investment leads to a real depreciation. Although these findings yield appropriate magnitudes and signed directions, their effects are not always significant.  相似文献   

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Terrorism is undesirable as it adversely affects the economic development of countries. This study explores the determinants of terrorism in 29 countries of sub‐Saharan Africa (SSA). The data is extracted from reliable sources spanning over 2005 to 2016. Econometric techniques relevant for panel data that control for unobserved heterogeneity (fixed effects) and endogeneity (generalized method of moment) are employed to estimate the specified models. The results indicated that low growth in per capita incomes along with political instability are the main driving forces responsible for terrorism. Similarly, military expenditures are influencing terrorism positively whereas corruption has impacted terrorism negatively in the SSA region. Further, the growth of both physical as well as human capital reduces terrorism. The paper suggests that the region should take appropriate steps for increasing income of the population, education and capital stock, along with ensuring political stability to eradicate terrorism from the region.  相似文献   

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