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on Africa |
| By: | International Finance Corporation |
| Keywords: | Governance - Multinational & Corporate Governance Private Sector Development - Civic Participation and Corporate Governance Private Sector Development - Corporate Governance Private Sector Development - Corporate Social Responsibility Private Sector Development - Enterprise Development & Reform |
| Date: | 2018–05 |
| URL: | http://d.repec.org/n?u=RePEc:wbk:wboper:30205&r=afr |
| By: | Daouda SEMBENE (International Monetary Fund); Vigninou GAMMADIGBE (Université de Lomé); Ismaël ISSIFOU (Université d’Orléans); Sampawende J.-A. TAPSOBA (International Monetary Fund (IMF)) |
| Abstract: | The literature on Optimal Currency Areas (OCA) has identified several channels for the ex post justification of common monetary areas based on the synchronicity criterion. These include trade, cross-border investments, mobility of factors, mobility of goods and services, and fiscal convergence of member countries. We focus on the later for the African continent. We analyze the role of African regional economic communities (RECs) in convergence of fiscal policies from 1990 to 2015. Our estimates show that African RECs reduce significantly fiscal divergence between countries. We further find that common monetary areas are more effective in fostering fiscal convergence. This result is in line with the argument of self-validation of monetary arrangements in Africa, despite low levels of cycle synchronization and trade intensity. |
| Keywords: | Fiscal convergence, Common monetary areas, Africa |
| JEL: | E62 F15 O55 |
| Date: | 2018–09 |
| URL: | http://d.repec.org/n?u=RePEc:fdi:wpaper:4494&r=afr |
| By: | Daouda SEMBENE (Fonds monétaire international); Vigninou GAMMADIGBE (Université de Lomé); Ismaël ISSIFOU (Université d’Orléans); Sampawende J.-A. TAPSOBA (Fonds monétaire international) |
| Abstract: | The literature on Optimal Currency Areas (OCA) has identified several channels for the ex post justification of common monetary areas based on the synchronicity criterion. These include trade, cross-border investments, mobility of factors, mobility of goods and services, and fiscal convergence of member countries. We focus on the later for the African continent. We analyze the role of African regional economic communities (RECs) in convergence of fiscal policies from 1990 to 2015. Our estimates show that African RECs reduce significantly fiscal divergence between countries. We further find that common monetary areas are more effective in fostering fiscal convergence. This result is in line with the argument of self-validation of monetary arrangements in Africa, despite low levels of cycle synchronization and trade intensity. |
| Keywords: | Fiscal convergence, Common monetary areas, Africa |
| JEL: | E62 F15 O55 |
| Date: | 2018–09 |
| URL: | http://d.repec.org/n?u=RePEc:fdi:wpaper:4493&r=afr |
| By: | Jacqueline Doremus (Department of Economics, California Polytechnic State University) |
| Abstract: | Does Forest Stewardship Council certification of \responsible" commercial forestrychange nutrition, health and wealth for indigenous peoples, like the Aka of the Congo Basin? Using hand-collected data from the boundary of a certified and an uncertified forest in the Republic of Congo five years after certification, I compare nutrition, health, and wealth using questions that are locally salient and survey timing designed to reach semi-nomadic hunter-gatherers. Though I only observe outcomes after certification, I find suggestive evidence that forest certification may cause increased food insecurity and illness frequency for Aka households. I find no evidence of increased material wealth; instead, the poorest 15th percentile is poorer. Forest certification includes a bundle of activities, including participatory mapping, greater market integration and hunting restrictions, making it difficult to pinpoint the mechanisms driving these results. |
| Keywords: | Forestry; eco-label; sustainability; indigenous peoples |
| JEL: | O13 O18 Q56 |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:cpl:wpaper:1804&r=afr |
| By: | Andrew Phiri (Department of Economics, Nelson Mandela University) |
| Abstract: | The purpose of this study is to examine whether we can identify a Philips curve fit for the Kingdom of Swaziland as a low middle income Sub-Saharan Africa monarchy using data collected between 1991 and 2016. In our approach we rely on the recently introduced nonlinear autoregressive distributive lag (N-ARDL) model to a variety of Phillips curve specifications. For robustness sake, we further employ three filters (one-sided HP, two-sided HP and Corbae-Oularis filters) to extract the gap variables necessary for empirical analysis. Our findings point to a linear, short-run traditional Philips curve whereas we find strong support for concave shaped unemployment-gap and output –gap based Phillips curve specifications. Given the specific form of concavity discovered in the Phillips curves, the low inflation rate experienced over the last couple of decades can be attributed to a worsening labour and goods markets. Moreover, our evidence also cautions Swazi policymakers of ‘overheating’ of the economy during economic booms in which stabilization tools are required to implemented in such instances. Given the overall absence of empirical studies establishing the Philips curve for the Swazi economy our study makes a valid contribution to the literature. |
| Keywords: | Inflation, Unemployment, Phillips curve, Central Bank of Swaziland (CBS), Hodrick-Prescott (HP) filter, Corbae-Oularis (C-O) filter, Emerging Economies. |
| JEL: | C22 C32 C52 E24 E31 |
| Date: | 2018–09 |
| URL: | http://d.repec.org/n?u=RePEc:mnd:wpaper:1832&r=afr |
| By: | Mauro BOFFA (European University Institute); Jaime DE MELO (Ferdi) |
| Abstract: | This study provides an anatomy of the activities of Trade Promotion Organizations (TPOs) in Sub-Saharan Africa, mostly LDCs. Both opportunities and challenges facing TPOs were identified by using a quantitative survey administered online and a structured questionnaire used during phone interviews. The study relied on ITCs’ TPO Network and contacts through FERDI and IGC. Of the 40 online invitations, 12 were filled out and of the 20 invitations for phone interviews, 6 were obtained. Almost all answers were from TPOs not covered in previous evaluations. Data from the online survey were compared with results from previous surveys mostly outside SSA. TPOs in SSA are young, relative to those elsewhere (half were started after 2007) and relatively small (average of 25 employees). Strategic objectives from 88 TPOs previously evaluated are systematically compared. Comparisons with the data gathered for this study reveal a higher elasticity of budget size to employee for SSA than elsewhere probably suggesting greater diversification into new supporting activities in SSA than elsewhere.The study summarizes the challenges and opportunities in each area of operation gathered from the phone interviews (see table 7). The phone interviews revealed that successes were concentrated in the agricultural activities. Word-cloud analysis uncovered convergence of themes (market access, audit, performance). Two challenges facing TPOs in the future are issues relating to the use of the internet and helping firms integrate into value chains (regional or global).AcknowledgementWe thank Anders Aeroe and Anne Chappaz for guidance, Marcelo Olarreaga for feedback during preparation, and Henar Bonet Vega, Ben Mohamed Imamo, Saskia Marx, Andrea Santoni, for their help in contacting TPOs. Collaboration from colleagues at FERDI and IGC helped us expand the sample. We thank all the staff of the Trade Promotion Organizations included in this study for their time and contributions that remain anonymous to retain confidentiality. |
| Date: | 2018–09 |
| URL: | http://d.repec.org/n?u=RePEc:fdi:wpaper:4490&r=afr |