Potentiel de Productivité et Efficacité Technique du Secteur Agricole en Afrique

This study utilizes frontier metaproduction functions to analyze inter‐region agricultural productivity differences. Technical efficiency scores are examined through estimation of stochastic frontiers for 16 African countries divided into three different regions (West Africa, East and Southern Africa, and North Africa) from 1970 to 2001. The idea is to explore the differences in efficiency and technological gaps of agricultural sector. Apart of common traits that characterize African agricultural sector, countries exhibit national and regional specificities. These diversities are such that it is difficult to make valuable generalizations. It appears from the results that: in West Africa, the level of technology is relatively good, meaning that there is no problem of input constraints. By contrast, the efficiency with which inputs are used is very low. The situation is very different in the East and Southern Africa, with the level of technology relatively low and appreciable technical level. At least, the North Africa countries make a performing mixture between technology and efficiency. Cette étude utilise les Meta frontières de production pour analyser les différences inter‐régionales de la productivité agricole. Les niveaux d'efficacité technique sont examinées par l'estimation des frontières stochastiques de 16 pays africains regroupés en trois régions (l'Afrique de l'Ouest, l'Afrique de l'Est et Australe, et l'Afrique du Nord), sur une période allant de 1970 à 2001. L'idée étant d'explorer les différences d'efficacité et les écarts technologiques du secteur agricole. Au‐delà des simples traits communs qui caractérisent le secteur agricole africain, on trouve des expériences nationales et régionales dont il est difficile, du fait de leur grande diversité, de tirer des généralisations valables. Des résultats de l'étude, il ressort que: en Afrique de l'Ouest, le niveau technologique est relativement satisfaisant, traduisant le fait que la présence des inputs ne représente pas une contrainte. Par contre le niveau d'efficacité avec lequel ces intrants sont utilisés est assez faible. La situation est tout autre en Afrique de l'Est et Australe avec un niveau technologique relativement faible et un niveau d'efficacité appréciable. L'Afrique du nord enfin fait un savant dosage entre efficacité et technologie.     

Loss Coverage as a Public Policy Objective for Risk Classification Schemes

This article suggests that from a public policy perspective, some degree of adverse selection may be desirable in some insurance markets. The article suggests that a public policymaker should consider the criterion of “loss coverage,” and that in some markets a policymaker may wish to regulate risk classification with a view to increasing loss coverage. Either too much or too little risk classification may reduce loss coverage. The concept is explored by means of examples and formulaic and graphical interpretations. An application to the UK life insurance market is considered.     

Valuing animal genetic resources: a choice modeling application to indigenous cattle in Kenya

In an effort to improve productivity and profits, many farmers have replaced traditional livestock breeds with higher yielding alternatives. While such changes may bring about short‐term economic gains, the loss of traditional livestock breeds could result in the loss of an important genetic resource as a variety of important genetic traits adapted to local conditions gradually become less common in the population. This is a particular problem in Africa, where livestock make a substantial contribution to human livelihoods. Using the example of cattle in Kenya's pastoral livestock markets this study uses a choice experiment approach to investigate buyers' preferences for indigenous breeds such as the Maasai Zebu. The analysis employs a latent class approach to characterize heterogeneity in valuations both within and across respondents buying cattle for breeding, slaughter, or resale. The results show that there are at least three classes of buyers with distinct preferences for cattle traits and that most buyers favor exotic rather than indigenous breeds. Such preferences have implications for the conservation of indigenous cattle in Kenya and in other developing countries and suggest that some form of intervention may be required to ensure the preservation of this important animal genetic resource.     

INCOMES POLICY

LLOYD ULMAN AND ROBERT J. FLANAGAN, Wage Restraint: A Study of Incomes Policies in Western Europe (University of California Press, 1971)
JOAN MITCHELL, The National Board for Prices & Incomes (Secker & Warburg, 1972)
ALLAN FELS, The British Prices and Incomes Board (Cambridge University Press, 1972)
HUGH CLEGG, How to Run an Incomes Policy and Why We Made Such a Mess of the Lust One (Heinemann, 1971)
MICHAEL PARKIN AND MICHAEL T. SUMNER (eds.), Incomes Policy and Inflation (Manchester University Press, 1972)
FRANK BLACKABY (ed.), An Incomes Policy for Britain (Heinemann, 1972)     

Money in the pure consumption loan model

The purpose of this paper is to show how modern techniques of Temporary competitive equilibrium analysis can be applied to models of the “pure consumption loan model” type. One considers Samuelson's simplest model where traders live two periods and where money is the only store of value. It is proved that a temporary equilibrium exists if price expectations are sufficiently independent of current prices. A stationary market equilibrium is shown to exist if there is a set of traders (i) whose total resources are greater when they are young than when they are old, (ii) who are indifferent between present and future consumption. It is proved that this existence theorem still holds if the economy is sufficiently “close” to an economy which has this property. A stationary market equilibrium is shown to be Pareto optimal if all traders hold positive cash balances. It may be inefficient if this condition is not satisfied, for some traders may then be willing to borrow, which they cannot do in this model.     

IDENTIFYING THE RESPONSE OF FERTILITY TO FINANCIAL INCENTIVES

While using financial incentives to increase fertility has become relatively common, the effects of such policies are difficult to assess. We propose an identification strategy that relies on the fact that the variation in wages induces variation in benefits and tax credits among ‘comparable’ households. We implement our approach by estimating a discrete‐choice model of female participation and fertility using individual data from the French Labor Force Survey and a detailed representation of the French tax–benefit system. Our results suggest that financial incentives have had a significant effect on fertility decisions in France. As an example, we simulate the effects of an additional, unconditional child credit of 150 euros per month. The effects are strongest for the third child. Copyright © 2013 John Wiley & Sons, Ltd.     

Current Account Adjustment and Capital Flows*

We examine episodes of current account adjustment in industrial countries over the past 30 years. We find that they were typically associated with a sizable growth slowdown and a large exchange rate depreciation. There was no discernible change in the nature of capital flows just prior to an adjustment. Hence, adjustments may be responding to the resolution of domestic imbalances rather than being an exogenous event. We show that global developments triggered the adjustment, possibly by triggering the unwinding of the domestic imbalances. Most of the ex post adjustment of the financial account was in private sector flows, primarily by foreign investors.