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Making Finance the Servant not the Master![Placeholder](https://www.wider.unu.edu/sites/default/files/styles/expert_45x45/public/tony_addison_87363af4b3de300e5211e81b8d521d70.png?itok=-MPVkzbW)
Tony Addison Today, there is much frustration with the financial sector. Society’s precious savings are not being put to the best of uses—investing...
Tony Addison Today, there is much frustration with the financial sector. Society’s precious savings are not being put to the best of uses—investing...
This special issue of the Journal of International Development presents the results of a study initiated two years ago by UNU/WIDER on `The impact of the liberalization of the exchange rate and financial markets in sub-Saharan Africa'. The project...
The volume Institutional Change and Economic Development fills some important gaps in our understanding of the relationship between institutional changes and economic development. It does so by developing new discourses on the 'technology of...
George Mavrotas While recent years have witnessed new interest in the finance–growth nexus, the relationship between domestic resource mobilization...
This paper investigates the impact of income and non-income shocks on child labour using a model in which the household maximizes utility from consumption as well as human capital development of the child. Two types of shocks are considered...
A survey of the changing relationship between the market for political services and the market for financial services.
Part of Book Resetting the International Monetary (Non)System
Part of Book Resetting the International Monetary (Non)System
Part of Book Resetting the International Monetary (Non)System
Part of Book Resetting the International Monetary (Non)System
Part of Book Resetting the International Monetary (Non)System
Beginning with an empirical analysis of banking crises using a logit econometric model covering a sample of developed and developing countries between 1980-97, the paper suggests that crises are more likely in years of low growth and high real...
We analyse the prospects for greater monetary integration in Africa, in the wake of EMU. We argue that the structural characteristics of African economies are quite different to the EMU members but that much can be gained from monetary cooperation...
This paper discusses the process, problems and impacts of the financial sector reform in Indonesia, particularly since the late 1980s. The reform has encouraged a surge in private sector capital inflows to supplement the already high domestic savings...
Using a unique district-level panel dataset, we investigate the effect of banking system penetration on financial inclusion in Ghana. To purge potential endogeneity bias in the underlying relationship, we exploit a change in the policy environment of...
This article argues that developing countries face inherent obstacles in setting up efficient financial regulation, and building up a sound banking sector: the presence of multiple tasks and multiple principals, poor institutions, lack of economies...
by Helmut Reisen The case for mutual benefits arising from the global diversification of portfolios holds well for funded retirement savings. While...
by Tony Addison The last ten years or so have seen 56 major armed conflicts in 44 different locations, most of them civil wars. Different types of...
In C. Green, C. Kirkpatrick, and V. Murinde (eds), Finance and Development: Survey of Theory, Evidence and Policy.
Twenty years after the fall of the iron curtain—which for decades had separated East from West—most countries of Central and Eastern Europe are now members of the European Union; some have even adopted the euro. Nonetheless, these countries have also...
Modern financial regulation has been about the spread of market-sensitive risk-management systems for banks, the spill-over of this approach to other financial institutions and the retreat of regulatory ambition. There is evidence that these trends...
by Deepak Nayyar The United Nations, the World Bank and the International Monetary Fund, created at the end of the Second World War, today operate on...
Poor rural and urban households in developing countries face substantial risks, which they handle with risk-management and risk-coping strategies, including self-insurance through savings and informal insurance mechanisms. Despite these mechanisms...
Poor people in developing countries are often affected by droughts, floods, illness, crop failure, job loss, and economic downturns. Much of their energy goes into coping with these shocks and into day-to-day survival. While insurance and credit...
This significant and timely volume offers crucial insights into the constantly evolving debate within the international development community regarding the mobilization of domestic resources and the crucial role that financial development can and...
This volume explores the various linkages between financial development, institutions, growth and poverty reduction in low-income and transition countries. It is the result of a two-year research project undertaken by UNU-WIDER, and the strong range...
Financial development can exert a significant influence on the distribution of income. In this paper, using Chinese provincial data over the period of 1991-2000 and applying the generalized method of moment (GMM) techniques, we investigate the...
The paper examines the source of financial market fragmentation in sub-Saharan Africa in the framework of institutional economics. Based on fieldwork data from Ghana, Malawi, Nigeria, and Tanzania, it analyses financial risk management, the...
This paper documents the financial and institutional developments of China during the past two decades, when China was successfully transformed from a rigid central-planning economy to a dynamic market economy following its unique path. We...
Insolvency and debt recovery procedures are as crucial to a well-performing financial sector as credit provision itself. They are even more important in Africa, where attempts are underway to create fully-fledged financial markets. For the financial...
This paper reviews the challenges and experiences in rebuilding fiscal institutions in postconflict environments, based on advice from the IMF's Fiscal Affairs Department to selected countries. The recommended strategy involved a three-step process...
This paper proposes to organize thinking about the opportunities for improving and extending financial markets and safety nets for the poor, by focusing on factors that may explain why the linkage of local financial networks and safety nets with the...
This study is an attempt towards an integration of financial development and its effect on the real sector via the transmission mechanism with special reference to developing and emerging market economies. It finds two cointegrating relations between...
The paper tries to improve our understanding on the role of institutions in development by critically examining the current orthodox discourse on institutions and highlighting some of its key problems. After discussing some definitional problems, the...
We analyse two potential effects arising from regional (and with EU) integration—increased quality of institutions (including the quality of financial institutions) and, economic policies and reduced multilateral exchange rate volatility—in a...
Our paper investigates the unexplored impact of education on inflation and of this relationship on economic growth. By using a sample of 102 countries observed on non-overlapping five-year data spells over the period 1963-2001, we find that average...
Recent years have witnessed important structural changes around the world as a result of the globalization process, the creation of new economic blocks and the liberalization of financial sector in many countries. Responding to these changes many...
Utilizing the stochastic frontier approach, this study conducts a comparative analysis of profit efficiency and cost inefficiency of commercial banks operating in 29 sub-Saharan African (SSA) countries by bank ownership (domestic bank, SSA foreign...
The paper deals with changes in the regulation and supervision of the Latin American financial sector in the aftermath of the ‘Tequila Crisis’ of 1994–95. While it finds that both have improved, regulation and supervision cannot resolve all problems...
Financial development is vulnerable to social conflict. Conflict reduces the demand for domestic currency as a medium of exchange and a store of value. Conflict also leads to poor quality governance, including weak regulation of the financial system...
by Stephany Griffith-Jones The appalling attack on September 11th has moved the US administration towards seeking multilateral solutions in the fight...
Part of Book Understanding Inequality and Poverty in China
Part of Book Insurance Against Poverty
Part of Book Advancing Development
Part of Book Institutional Change and Economic Development
Part of Book Linking the Formal and Informal Economy