Biekpe / Cassimon / Mullineux Development Finance

Innovations for Sustainable Growth
1. Auflage 2017
ISBN: 978-3-319-54166-2
Verlag: Springer Nature Switzerland
Format: PDF
Kopierschutz: 1 - PDF Watermark

E-Book, Englisch, 299 Seiten

Reihe: Progress in Mathematics

This book presents a broad range of empirical research papers covering key issues in development finance. Despite having gained significant momentum in Africa and other emerging economies, textbooks and research publications on development finance are still very limited. This book shines a light on the main focal areas of the international 'finance for development' agenda and outlines innovative approaches to enhance economic growth and development finance to contribute towards realizing global sustainable development goals. Chapters from expert contributors cover topics such as domestic resource mobilization, debt relief, microfinance, financial sustainability, tax buoyancy, Foreign Direct Investment, foreign capital flows, and labour productivity. This book serves as a valuable reference tool for researchers, students and practitioners in this field.

Nicholas Biekpe is Professor of Development Finance and Econometrics at the Graduate School of Business, University of Cape Town, and Executive Chairman of the Chartered Institute of Development Finance, South Africa. He is Editor-in-Chief of the Review of Development Finance, Executive Editor of the African Finance Journal, Africagrowth Agenda, and Development Finance Agenda, and Editor of the Journal of African Trade.Danny Cassimon is Professor at the Institute of Development Policy and Management at the University of Antwerp, Belgium. He researches and publishes widely in the field of 'finance for development', particularly on topics related to sovereign debt sustainability and relief, and on applying real option theories to development-related (global) policy decisions. Andrew Mullineux is Professor of Financial Economics and Head of the Department of Finance, Birmingham Business School, University of Birmingham, UK. Andrew researches and publishes widely in the fields of money, banking and finance, including business cycles and financial crisis. In the development finance area, he works on access to finance, including micro and SME financing, financial sector development and monetary unions.

Autoren/Hrsg.

Biekpe, Nicholas

Cassimon, Danny

Mullineux, Andrew William

Inhaltsverzeichnis

1;Development Finance;3
1.1;Preface;5
1.2;Acknowledgements;7
1.3;Contents;8
1.4;List of contributors;10
2;List of abbreviations;13
2.1;List of Figures;16
2.2;List of Tables;18
3;1 Development Finance and Its Innovations for Sustainable Growth. An Introduction;20
3.1;1.1 Introduction;20
3.2;1.2 Development Finance from a ‘Financing for Development’ Perspective;22
3.3;1.3 An Overview of the Chapters and Their Link with the International FfD Debate;27
3.3.1;1.3.1 Domestic (Public) Resource Mobilization;27
3.3.2;1.3.2 Mobilizing Private Domestic Resources: The Role of Innovative and Sustainable Micro-Finance;28
3.3.3;1.3.3 Debt Relief as Innovative International Aid and Vehicle to Restore Debt Sustainability;30
3.3.4;1.3.4 International Private Capital Flows for Development;31
3.3.5;1.3.5 Remittances for Development;32
3.4;Bibliography;33
4;2 Domestic Resource Mobilization in Africa: Capacity Imperatives;35
4.1;2.1 Introduction;35
4.2;2.2 Domestic Resource Mobilization in the African Context: Importance and State;37
4.2.1;2.2.1 Why Is It Important to Focus on Domestic Resource Mobilization?;37
4.2.2;2.2.2 What Is the State of Domestic Resource Mobilization in Africa?;39
4.2.2.1;2.2.2.1 Savings;39
4.2.2.2;2.2.2.2 Taxation;41
4.2.2.3;2.2.2.3 Illicit Financial Flows;41
4.3;2.3 Brief Review of the Literature;45
4.3.1;2.3.1 Selected Evidence at the International Level;45
4.3.2;2.3.2 Selected Evidence on Africa;46
4.4;2.4 Looking at the Capacity Issues: Methodological Framework;48
4.4.1;2.4.1 Assessing the Overall State of Capacity: the Africa Capacity Index;48
4.4.2;2.4.2 Looking at Capacities Specific to Domestic Resources Mobilization: The Three Dimensions;50
4.4.3;2.4.3 Measuring the Domestic Resource Mobilization Efforts: Tax Effort Index;51
4.4.4;2.4.4 Looking at Country Cases: Specific Experiences and Lessons;52
4.5;2.5 Key Findings;52
4.5.1;2.5.1 Overall Capacity: The Africa Capacity Index;52
4.5.2;2.5.2 Capacities Specific to Domestic Resource Mobilization: Soft and Societal Capacities, Human Capacity and Institutional Capacity;54
4.5.3;2.5.3 Capacity for DRM: Tax Effort Index;55
4.5.4;2.5.4 Country Cases Studies: Success Stories and Challenges;57
4.5.4.1;2.5.4.1 Countries’ Initiatives and Achievements;57
4.5.4.2;2.5.4.2 Challenges Highlighted by the Country Case Studies;61
4.6;2.6 Lessons and Policy Implications;62
4.6.1;2.6.1 Overall Capacity;62
4.6.2;2.6.2 Capacities Specific to Domestic Resources Mobilization;63
4.6.3;2.6.3 Tax Effort Index;63
4.6.4;2.6.4 Country Cases;64
4.7;2.7 Conclusion;64
4.8;Bibliography;65
5;3 Tax Buoyancy: A Comparative Study Between Kenya and South Africa;68
5.1;3.1 Introduction;68
5.2;3.2 Literature Review;70
5.3;3.3 Data and Model Specification;78
5.3.1;3.3.1 Data Description;78
5.3.2;3.3.2 Model Specification;79
5.4;3.4 Data Analysis and Presentation of Results;81
5.4.1;3.4.1 Stationarity;81
5.4.2;3.4.2 Johansen Cointegration Test Results;82
5.4.3;3.4.3 Buoyancy Estimates;82
5.5;3.5 Conclusion and Recommendations;85
5.6;Appendices;87
5.7;Bibliography;88
6;4 The Impact of Microfinance on Household Livelihoods: Evidence from Rural Eritrea;90
6.1;4.1 Introduction;90
6.2;4.2 Background;93
6.3;4.3 Methodology;96
6.3.1;4.3.1 Methodological Framework and Empirical Model;96
6.3.2;4.3.2 Data Sources and Collection;102
6.4;4.4 Results and Discussion;102
6.4.1;4.4.1 Description of Observable Characteristics of Respondents;102
6.4.2;4.4.2 Covariate Balance Diagnostics;107
6.4.3;4.4.3 Impact Estimation Using Propensity Score Matching Model;108
6.4.3.1;4.4.3.1 Estimation of the Propensity Scores and Evaluating the Balancing Test Between Treated and Controlled Groups;110
6.4.3.2;4.4.3.2 Impact Outcomes on Selected Livelihood Indicators;116
6.5;4.5 Conclusion;119
6.6;Bibliography;120
7;5 Reflections on Microfinance;125
7.1;5.1 Introduction;125
7.2;5.2 Roots of Microfinance: What Can We Learn from History?;126
7.3;5.3 Outreach;129
7.4;5.4 Microfinance Mechanism;131
7.5;5.5 Competition in Microfinance;137
7.6;5.6 Microfinance Performance;139
7.7;5.7 Legal, Regulatory and Governance Issues in Microfinance;156
7.8;5.8 Conclusion;160
7.9;References;161
8;6 A Chameleon Called Debt Relief: Aid Modality Equivalence of Official Debt Relief to Poor Countries;176
8.1;6.1 Introduction;176
8.2;6.2 Debt Relief as Seen from an Aid Modality Perspective;178
8.2.1;6.2.1 Conditionality and Alignment;178
8.2.2;6.2.2 Cash Flow Equivalence Between Debt Relief and Aid;181
8.2.3;6.2.3 A Chameleon Called Debt Relief;184
8.2.3.1;6.2.3.1 Debt Relief Before the HIPC Initiative;187
8.2.3.2;6.2.3.2 Debt Relief Under the HIPC Initiative;193
8.2.3.3;6.2.3.3 Debt Relief Beyond the HIPC Initiative;197
8.3;6.3 Insights for Debt Relief Policy;199
8.3.1;6.3.1 Assessing the Chameleon;199
8.3.1.1;6.3.1.1 Debt Relief Effectiveness at Output Level;201
8.3.1.2;6.3.1.2 Debt Relief Effectiveness at Outcome Level;202
8.3.1.3;6.3.1.3 Debt Relief Relevance;203
8.3.2;6.3.2 Debt Relief as Disguised Budget Support;204
8.4;6.4 Conclusions;206
8.5;Bibliography;207
9;7 Foreign Direct Investment and Economic Growth: The Structural Vector Autoregressive Approach for South Africa;213
9.1;7.1 Introduction;213
9.2;7.2 Methodology;218
9.2.1;7.2.1 The SVAR Model;218
9.2.2;7.2.2 Data and Econometric Tests;221
9.2.3;7.2.3 Recursive Approach;221
9.3;7.3 Econometric Model;222
9.3.1;7.3.1 Impulse Response Function;222
9.3.2;7.3.2 Variance Decomposition;223
9.4;7.4 Econometric Analysis;224
9.4.1;7.4.1 Impulse Response Analysis;225
9.4.2;7.4.2 Variance Decomposition Analysis;228
9.5;7.5 Conclusions and Policy Implications;228
9.6;Appendices;232
9.7;Bibliography;234
10;8 Foreign Capital Flows and Output Growth Volatility in Selected Sub-Saharan African Countries;238
10.1;8.1 Introduction;238
10.2;8.2 Literature Review;240
10.3;8.3 Methodology;241
10.3.1;8.3.1 Hypothesis;241
10.3.2;8.3.2 Empirical Model;241
10.4;8.4 Data and Variable Definition;244
10.4.1;8.4.1 Data Type and Source;244
10.4.2;8.4.2 Variable Definitions and Measurements;245
10.4.2.1;8.4.2.1 Output Volatility;245
10.4.2.2;8.4.2.2 Foreign Capital Flows;246
10.4.2.3;8.4.2.3 Domestic Financial Depth or Development;247
10.4.2.4;8.4.2.4 Country-Specific Characteristics;247
10.4.2.5;8.4.2.5 Monetary Policy;248
10.4.2.6;8.4.2.6 Fiscal Policy;248
10.4.2.7;8.4.2.7 Political Environment;249
10.5;8.5 Estimation Results;249
10.6;8.6 Conclusions and Recommendations;258
10.7;Appendix;259
10.8;Bibliography;260
11;9 Do Remittances Matter in Accelerating Labour Productivity and Capital Accumulation?;263
11.1;9.1 Introduction;263
11.2;9.2 Stylized Facts;265
11.3;9.3 Conceptual Framework: Remittance Impact on Labour Productivity and Capital Accumulation;268
11.4;9.4 Literature;268
11.5;9.5 Methodology;273
11.5.1;9.5.1 Introduction;273
11.5.2;9.5.2 Model Specification and Description of Data;273
11.5.3;9.5.3 Methods of Estimation;277
11.6;9.6 Discussion of Results;279
11.6.1;9.6.1 The Role of Remittance in Capital Accumulation;283
11.7;9.7 Concluding Remarks;287
11.7.1;9.7.1 Policy implications;288
11.8;Appendices;289
11.9;Bibliography;290
12;Index;296