Is Investment In Africa Too Low Or Too High Macro And Micro Evidence
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Howard Pack, Shantayanan Devarajan, William Russell Easterly
Author : Howard Pack, Shantayanan Devarajan, William Russell Easterly Publisher : World Bank Publications Page : 42 pages File Size : 40,9 Mb Release : 2001 Category : Africa ISBN : 8210379456XXX
Is Investment in Africa Too Low or Too High? Macro and Micro Evidence by Howard Pack, Shantayanan Devarajan, William Russell Easterly Pdf
Many analysts decry the level of investment in Africa, saying it is too low. But there is no evidence, in cross-country data or in microeconomic data from Tanzania, that private and public capital is productive in Africa. In that sense, investment in Africa may be viewed as too high.
Is Investment in Africa Too Low Or Too High? Macro and Micro Evidence by Shantayanan Devarajan Pdf
January 2001 Many analysts decry the level of investment in Africa, saying it is too low. But there is no evidence, in cross-country data or in microeconomic data from Tanzania, that private and public capital is productive in Africa. In that sense, investment in Africa may be viewed as too high. Devarajan, Easterly, and Pack investigate the relationship between weak growth performance and low investment rates in Africa. The cross-country evidence suggests no direct relationship. The positive and significant coefficient on private investment appears to be driven by Botswana's presence in the sample. Allowing for the endogeneity of private investment, controlling for policy, and positing a nonlinear relationship make no difference to the conclusion. Higher investment in Africa would not by itself produce faster GDP growth. Africa's low investment and growth rates seem to be symptoms of underlying factors. To investigate those factors and to correct for some of the problems with cross-country analysis, Devarajan, Easterly, and Pack undertook a case study of manufacturing investment in Tanzania. They tried to identify why output per worker declined while capital per worker increased. Some of the usual suspects--such as shifts from high- to low-productivity sub-sectors, the presence of state-owned enterprises, or poor policies--did not play a significant role in this decline. Instead, low capacity utilization (possibly the byproduct of poor policies) and constraints on absorptive capacity for skill acquisition seem to be critical factors. If Tanzania is not atypical, the low productivity of investment in Africa was the result of a combination of factors that occurred simultaneously, not any single factor. What does this tell us? First, we should be more careful about calling for an investment boom so that Africa can resume growth. Unless some or all of the underlying problems are addressed, the results may be disappointing. We should also be more circumspect about Africa's low savings rate; it may be low because returns to investment were so low. The relatively high level of capital flight from Africa may have been a rational response to the lack of investment opportunities at home. Second, there is probably no single key to unlocking investment and GDP growth in Africa. All of the factors contributing to low productivity should be addressed simultaneously. This paper--a joint product of Public Economics and Macroeconomics and Growth, Development Research Group--is part of a larger effort in the group to study growth and development in Africa. The authors may be contacted at [email protected], [email protected], or [email protected].
'The big, era-defining questions and, at last, the subtle, tenable answers, teased out without clich? or compromise. A vital volume at a critical moment.' Dr Augustus Casely-Hayford, Director, Africa '05 'This book dispels the myth of a uniformly hopeless, hungry continent. It shows just how'extraordinarily diverse Africa is'and how much it'has changed in the last 20 years.'Full of fresh thinking on'problems that face Africa and new African approaches to development.' Richard Dowden, Director, Royal African Society This ground-breaking book, with a foreword by former President of Ireland (1990?1997) and UN Human Rights Commissioner (1997?2002) Mary Robinson, uniquely distils the complex issues surrounding Africa at the beginning of the 21st century. African and Western scholars provide a fascinating 'map' for the reader to navigate between issues such as urban and rural livelihoods, the potential of fresh water fishing, health, the HIV/AIDS crisis, conflict and efforts at peacemaking. Also included are critical assessments of Africa's role in the global economy, the growth of regional economic cooperation within Africa, the influence of ethnicity on the continent's politics, the evolution of its political institutions, and the impact of Africa's legal systems on its development. A substantial introductory essay by the editors measures the distance Africa has travelled and the lessons it has learned since Africa in Crisis, the classic Earthscan book, was published in 1985. Ben Wisner is visiting research fellow at DESTIN, London School of Economics and at Benfield Hazard Research Centre, University College London, and visiting professor of environmental studies, Oberlin College, USA. Camilla Toulmin is Director of the International Institute for Environment and Development. Rutendo Chitiga is a freelance writer and editor, and has a postgraduate degree in environment and development.
Development Centre Studies The Ladder of Competitiveness How to Climb it by Cohen Daniel,Causa Orsetta Pdf
Using empirical data from over 50 countries, this book shows how even small differences in a number of factors combine to boost or block productivity, and proposes two new measures as alternatives to simple comparisons of industrial productivity.
International Handbook of Development Economics by Amitava Krishna Dutt,Jaime Ros Pdf
The essays are concise, yet comprehensive, and each essay contains a substantial set of references, which an interested researcher or student could follow up. . . In addition to representing multidisciplinary interactions, this collection encompasses several different perspectives within development economics, so the reader can learn, for example, both about neoclassical approaches and dependency theories in the same volume. This makes the collection unique and all the more valuable. . . This is a very good reference collection, as the individual essays are informative and provide a good overall perspective on the topic that they set out to address. The extensive bibliography at the end of each essay adds further value to this collection. Ashwini Deshpande, Economic and Political Weekly These new volumes impress along two dimensions. First, they highlight important connections between economic development and variables such as culture, warfare, and ethnicity, which are sometimes ignored by mainstream economists. Second, they analyze the economic development experience of different regions such as Africa, Latin America, and East Asia. . . a valuable reference for scholars and practitioners in the field. Highly recommended. H.A. Faruq, Choice This two-volume original reference work provides a comprehensive overview of development economics and comprises contributions by some of the leading scholars working in the field. Authors are drawn from around the world and write on a wide range of topics. After providing an introduction to the subject (by examining issues like the meaning and measurement of development, historical and interdisciplinary approaches, empirical regularities and data problems), the contributors provide a wealth of perspectives on, and analyses of, development economics. They discuss alternative approaches to development, the macroeconomics of growth, factors and sources of economic development (such as capital, labor, entrepreneurship, resources and technology), major sectors of concern (such as agriculture, industry, services and the informal sector) and international issues (such as trade, capital and labor flows and technology transfers). Income distribution and poverty, the state and other institutions, and actual development experiences are explored. The contributors provide analytical contributions, as well as the relation between these contributions and real world and policy issues from a variety of alternative perspectives. Scholars, students, policymakers and other development practitioners will all find this comprehensive reference invaluable.
The Study of Africa Volume 2: Global and Transnational Engagements by Tiyambe Zeleza Pdf
This is the second of a two-volume work taking stock of the study of Africa in the twenty-first century: its status, research agenda and approaches, and place. It is divided into two parts, the first entitled Globalisation Studies and African Studies, and the second, African Studies in Regional Contexts. Topics addressed in part one include: trans-boundary formations and the study of Africa; global economic liberalisation and development in Africa; African diasporas, academics and the struggle for a global epistemic presence; and the problem of translation in African studies. Part two considers: African and area studies in France, the US, the UK, Australia, Germany and Sweden; anti-colonialism and Russian/soviet African studies; African studies in the Caribbean in historical perspective; the teaching of African history and the history of Africa in Brazil; African studies in India; African studies and historiography in China in the twenty-first century; and African studies and contemporary scholarship in Japan.
Mutual Fund Investment in Emerging Markets by Graciela Laura Kaminsky,Richard K. Lyons,Sergio L. Schmukler Pdf
January 2001 How do mutual funds behave when they invest in emerging economies? For one thing, mutual funds' flows are not stable. Withdrawals from emerging markets during recent crises were large, which squares with existing evidence of financial contagion. International mutual funds are one of the main channels for capital flows to emerging economies. Although mutual funds have become important contributors to financial market integration, little is known about their investment allocation and strategies. Kaminsky, Lyons, and Schmukler provide an overview of mutual fund activity in emerging markets. First, they describe international mutual funds' relative size, asset allocation, and country allocation. Second, they focus on fund behavior during crises, by analyzing data at the level of both investors and fund managers. Among their findings: Equity investment in emerging markets has grown rapidly in the 1990s, much of it flowing through mutual funds. Collectively, these funds hold a sizable share of market capitalization in emerging economies. Asian and Latin American funds achieved the fastest growth, but are smaller than domestic U.S. funds and world funds. When investing abroad, U.S. mutual funds invest more in equity than in bonds. World funds invest mainly in developed nations (Canada, Europe, Japan, and the United States). Ten percent of their investment is in Asia and Latin America. Mutual funds usually invest in a few countries within each region. Mutual fund investment was very responsive to the crises of the 1990s. Withdrawals from emerging markets during recent crises were large, which squares with existing evidence of financial contagion. Investments in Asian and Latin American mutual funds are volatile. Because redemptions and injections are large relative to total funds under management, funds' flows are not stable. The cash held by managers during injections and redemptions does not fluctuate significantly, so investors' actions are typically reflected in emerging market inflows and outflows. This paper--a product of Macroeconomics and Growth, Development Research Group--is part of a larger effort in the group to understand the operation of financial markets and the effects of financial globalization. The study was funded by the Bank's Research Support Budget under the research project "Mutual Funds in Emerging Markets." The authors may be contacted at [email protected], lyons@haas. berkeley.edu, or [email protected].
The Study of Africa Volume 2: Global and Transnational Engagements by Paul Tiyambe Zeleza Pdf
This is the second of a two-volume work taking stock of the study of Africa in the twenty-first century: its status, research agenda and approaches, and place. It is divided into two parts, the first entitled Globalisation Studies and African Studies, and the second, African Studies in Regional Contexts. Topics addressed in part one include: trans-boundary formations and the study of Africa; global economic liberalisation and development in Africa; African diasporas, academics and the struggle for a global epistemic presence; and the problem of translation in African studies. Part two considers: African and area studies in France, the US, the UK, Australia, Germany and Sweden; anti-colonialism and Russian/soviet African studies; African studies in the Caribbean in historical perspective; the teaching of African history and the history of Africa in Brazil; African studies in India; African studies and historiography in China in the twenty-first century; and African studies and contemporary scholarship in Japan.
Indigenois Ethnicity and Entrepreneurial Success in Africa by Taye Mengistae Pdf
January 2001 Manufacturing businesses owned by an indigenous ethnic group, the Gurage, typically perform better than those of members of any other (major or minority) groups in Ethiopia. Gurage-owned businesses are normally larger and grow faster. Yet Gurage business owners typically are less educated than their counterparts in other groups and have less formal vocational training. Researchers have recently been asking why Asian and European minorities in Africa seem to be more successful in business than are people of indigenous ethnicity. Mengistae draws attention to the significant disparity in business ownership and performance that seems to exist among African ethnic groups as well. After analyzing a random selection of small to medium-size manufacturers in Ethiopia, he finds that establishments owned by an indigenous minority ethnic group, the Gurage, typically perform better than those owned by other (major or minority) groups. Other things being equal, Gurage-owned businesses are normally larger, partly because they are bigger as start-ups and partly because they grow faster. And yet Gurage business owners are the least educated ethnic group in the sample. Because the size and growth rate of a business also increases with the entre-preneur's education, the performance of other businesses would have been even worse if their owners hadn't been better educated than the Gurage. Indeed, dropping education variables from the size determination equation drastically reduces the estimated advantage of Gurage-run businesses. This suggests that the observed effect of ethnicity could be indicative of intergroup differences in unmeasured ability. More important, it means that whether or not the effect will persist in the long run will depend on the trend in interethnic differences in investment in education. This paper--a product of Macroeconomics and Growth, Development Research Group--is part of a larger effort in the group to investigate the microeconomic foundation of the association between ethnic diversity and the poor growth performance that seems to characterize Sub-Saharan Africa. The study was funded by the Bank's Research Support Budget under the research project "The Economics of Ethnicity and Entrepreneurship in Africa." The author may be contacted at [email protected].
African Development Bank,Organisation for Economic Co-operation and Development,United Nations Development Programme,United Nations Economic Commission for Africa
Author : African Development Bank,Organisation for Economic Co-operation and Development,United Nations Development Programme,United Nations Economic Commission for Africa Publisher : OECD Publishing Page : 294 pages File Size : 53,8 Mb Release : 2012-05-28 Category : Electronic ISBN : 9789264176119
African Economic Outlook 2012 Promoting Youth Employment by African Development Bank,Organisation for Economic Co-operation and Development,United Nations Development Programme,United Nations Economic Commission for Africa Pdf
This 11th edition of the African Economic Outlook provides coverage of all African countries except Somalia. This edition's focus concerns the promotion of youth employment in Africa.
Capital Flight from Africa by Simeon Ibidayo Ajayi,Léonce Ndikumana Pdf
A comprehensive thematic analysis of capital flight from Africa, it covers the role of safe havens, offshore financial centres, and banking secrecy in facilitating illicit financial flows and provides rich insights to policy makers interested in designing strategies to address the problems of capital flight and illicit financial flows
Africa Under Neoliberalism by Nana Poku,Jim Whitman Pdf
The period since the 1980s has seen sustained pressure on Africa’s political elite to anchor the continent’s development strategies in neoliberalism in exchange for vitally needed development assistance. Rafts of policies and programmes have come to underpin the relationship between continental governments and the donor communities of the West and particularly their institutions of global governance – the International Financial Institutions. Over time, these policies and programmes have sought to transform the authority and capacity of the state to effect social, political and economic change, while opening up the domestic space for transnational capital and ideas. The outcome is a continent now more open to international capital, export-oriented and liberal in its political governance. Has neoliberalism finally arrested under development in Africa? Bringing together leading researchers and analysts to examine key questions from a multidisciplinary perspective, this book involves a fundamental departure from orthodox analysis which often predicates colonialism as the referent object. Here, three decades of neoliberalism with its complex social and economic philosophy are given primacy. With the changed focus, an elucidation of the relationship between global development and local changes is examined through a myriad of pressing contemporary issues to offer a critical multi-disciplinary appraisal of challenge and change in Africa over the past three decades.
Economic Liberalisation and Development in Africa by Jomo Kwame Sundaram Pdf
In this endnote address delivered at the 11th General Assembly of CODESRIA, held in Maputo in 2005, Sundaram notes that over three decades of economic stagnation, contraction and increased poverty have taken a huge toll on Africa's economic, social and political fabric; and pro-active efforts are urgently required in order to build new capacities and capabilities for development. He argues that much of the ostensible conventional wisdom regarding African development and poverty is often both erroneous and harmful; and calls for greater 'policy space' for African governments to choose or design their own development strategies, as well as implement more appropriate development policies. (This dual language edition is in both English and French).
