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The goal of this paper is to assess how knowledge economy (KE) plays out in financial sector competition. It suggests a practicable way to disentangle the effects of different components of KE on various financial sectors. The variables identified under the World Bank´s four knowledge economy index (KEI) are employed. An endogeneity robust panel instrumental variable fixed-effects estimation strategy is employed on data from 53 African countries for the period 1996-2010. The following findings are established. First, education and innovation in terms of scientific and technical publications broadly bear an inverse nexus with financial development. Second, the incidence of information and communication technologies is positive on all financial sectors but increases the non-formal sectors to the detriment of the formal sector. Third, economic incentives have positive implications for all sectors though the formal financial sector benefits most. Fourth, institutional regime is positive (negative) for the semi-formal (informal) financial sector. The findings contribute at the same time to the macroeconomic literature on measuring financial development and respond to the growing fields of informal sector importance, microfinance and mobile banking by means of KE promotion. Policy implications and future research directions are discussed.

 


The Okada & Samreth (2012, EL) and Asongu (2012, EB; 2013, EEL) debate on ‘the effect of foreign aid on corruption´ has had an important influence in policy and academic circles. This paper provides a unifying framework by using investment and fiscal behavior transmission channels in 53 African countries for the period 1996-2010. Findings unite the two streams of the debate and broadly suggest that while the ‘government´s final consumption expenditure´ channel is consistent with the latter author, the investment and tax effort channels are in line with the former authors. Justifications for the nexuses are provided. Policy implications on how to use foreign aid constraints in managing fiscal behavior as means of reducing (increasing) corruption (corruption-control) are discussed.


This paper prolongs the reflection on the business and investment environment which remains the major determinant of the quality and quantity of Foreign Direct Investment (FDI) destined for a country. Socio-political instability creates an unfavourable environment and represents a risk for the private investment in general and for FDI in particular. The unattractive nature of sub-Saharan African countries for foreign investors and the coexistence of socio-political instability factors such as civil wars, “coups d´états”, and different civil problems have pushed to use specific context of Cameroon to evaluate the relation between socio-political instability and the influx of FDI.

 


Dans le contexte du Cameroun où l´exclusion financière est assez importante, l´intérêt de lié au développement du «mobile banking» pour le développement reste important. En dépit d´un nombre limité d´adhésions aux services du «mobile banking», l´on a décelé une grande prédisposition de la population jeune, instruite et ayant des connaissances préalables à adopter les produits les services financiers mobiles ; leurs principaux motifs sont le gain de temps et la commodité des services. Les opposants au «mobile banking» s´attachent { leurs habitudes de paiement et au contact personnel avec les partenaires commerciaux. Si des progrès restent { faire en matière de réglementation, l´avenir du «mobile banking» au Cameroun semble prometteur. Dans un cadre de mobilisation et de libération le potentiel du « mobile banking », un partenariat entre les opérateurs de télécommunications et les banques commerciales devrait par exemple être encouragé par l´Etat camerounais. Les institutions financières devraient dans leurs démarches de communication, chercher à atteindre les jeunes ayant des habitudes de paiement en ligne ; de plus, les autorités publiques sont appelées à sensibiliser les agents sur les avantages des services financiers à distance en renforçant le cadre juridique sur la sécurité et l´anonymat des opérations.


Why is African financial system less developed in general and how can it impact the real economy? Is Islamic finance development instrumental for inclusive and pro-poor financial system in Africa? Does it matter in improvement of financial development impact on GDP per capita in particular? Are findings valid when we consider non-Muslim countries? This paper assesses the Ben Jedidia and Ben Ayed (2012) conclusions in the African context. Thus the intuition was to assess if Islamic finance can be instrumental in the way toward pro poor and inclusive financial system in Africa through improvement of financial development impact on GDP per capita. A TSLS-IV estimation technique is applied to undertake the analyses. In the analyses, while the Islamic finance dimensions have been approximated by the gap between overall financial depth and traditional banking depth, the financial development dimension was captured by an indicator constructed with Principal component analyses. The main finding is that Islamic finance is a powerful tool for pro poor and inclusive financial system in Africa regardless the fact that they are Muslim country or not. African countries should put emphasis on Islamic finance development for pro poor and inclusive financial system and thus pro poor economic growth, regardless of their religion affiliations. This paper has tested the Ben Jedidia and Ben Ayed (2012) hypotheses in the continent where concerns of less developed financial system, poverty and low economic development are most acute.

 

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