This book examines the impact of financing on Africa’s economic development. By exploring various financial instruments including the role of alternative sources of funding like migrant remittances and illicit flows, it analyses the role of financing for Africa’s macroeconomic development and other development indicators such as infrastructure, transport, global trade, industrialisation, social services, external indebtedness and governance. By presenting and examining case studies on various African countries and regions, the respective contributions investigate the capacity of institutions to facilitate and structure the economy’s funding activities, and to strengthen the ties between finance and development. Furthermore, they discuss various regional aspects, such as the integration of infrastructure, harmonization of fiscal policy, integration of financial markets, and the facilitation of intra-regional trade and movement of capital. Given its scope, the book will appeal to scholars of economics and development studies with an interest in the economic development of Africa.

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Pagination_Cover

Seck, Diery

Diéry Seck

Springer Nature Switzerland AG

Advances in African Economic, Social and Political Development, 1st edition 2020, Cham, 2020

Advances in African economic, social and political development, Cham, Switzerland, 2020

Place of publication not identified, 2020

Springer Nature, Cham, 2020

Switzerland, Switzerland

Jun 25, 2020

1, 20200624

sm83070955

producers:
Acrobat Distiller 10.1.16 (Windows)

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Source title: Financing Africa’s Development: Paths to Sustainable Economic Growth (Advances in African Economic, Social and Political Development)

Introduction 6
Contents 13
Development and Finance 15
Economic Distance and Regional Integration in Africa 16
1 Introduction 17
2 The Theoretical Model 18
3 The Empirical Evidence 19
4 Regional Integration Policies and Economic Distance 20
5 Regional Production Function and Economic Convergence 21
6 Geographical Contiguity or Dispersion of Regional Integration Members 22
7 External Geography and Regional Integration 23
8 Conclusion 23
References 26
Financing Development Without Tears: An Empirical Investigation on Sub-saharan Africa 27
1 Introduction 27
2 Mobilizing Resources: Stylized Facts 28
3 Concepts, Related Studies and Methodology 29
3.1 Sources of Financing Development 32
3.2 ‘Innovative’ Sources of Financing Development 33
3.3 Mobilizing Domestic Resources 34
4 Analysis of Panel Regression Results 37
5 Conclusion 38
Appendix 38
References 42
Financial Development and African Participation in Global Value Chains 44
1 Literature Review 46
2 Facts in Africa 48
3 Methodology and Data 52
4 Results and Discussion 55
4.1 Financial Development and African Participation in GVCs 55
4.2 Financial Institutions Development and African Integration in GVCs 57
4.3 Financial Market Development and Global Integration in GVCs 58
5 Conclusion 60
References 60
Infrastructure Development in West Africa: What Is the Role of Concessionary External Debt? 64
1 Introduction 65
1.1 Overview of Africa’s Infrastructure Development Index (AIDI) and Financing Trend 67
1.2 Financing Africa’s Infrastructure-Conceiving Policies Beyond National Boundaries 68
1.3 Brief Literature 72
2 Methodology 73
3 Results and Discussions 76
4 Conclusions 80
References 80
Does the Quality of Economic Institutions Influence the Link Between External Debt and Growth? Evidence from the African Franc Zone 83
1 Introduction 83
2 Presentation of the Theoretical Model and Variables of the Study 84
3 Presentation and Interpretation of Results 86
3.1 Relation Between External Debt and Economic Growth in the African Franc Zone 86
3.2 Interactions Between Economic Institutions and External Debt on Economic Growth 87
3.3 Relation Between the Quality of Each Type of Economic Institutions and Growth 88
4 Conclusion 90
Appendices: Stationary Tests 91
References 93
External Debt, Governance, and Economic Growth: The African Case 94
1 Introduction 94
2 Theoretical Framework 96
3 Data Description and Sources 99
3.1 Summary Statistics 100
3.2 Empirical Findings 102
4 Statistical Tests of Specification 104
5 Conclusion 104
References 105
Financing Alternatives 107
Infrastructure and Africa’s Development: The Imperative of Alternative Funding Options 108
1 Introduction 109
2 Literature Review 111
2.1 Theoretical Literature 111
2.2 Empirical Literature 113
2.3 Infrastructure in Africa: The Extent of the Deficit 117
3 Constraints to Infrastructure Development in Africa 119
4 Financial Requirements for Africa’s Infrastructure 120
5 Funding Options for Africa Infrastructure Needs 121
5.1 Sovereign Wealth Funds (SWFs) 124
5.2 Pension Funds 129
5.3 Public–Private Partnerships (PPPs) 133
6 Concluding Remarks and Recommendations 134
References 137
Financial Sector Development and Economic Growth: The Case of ECOWAS Countries 141
1 Introduction 142
2 Literature Review 143
2.1 Theoretical Literature 143
2.2 Empirical Literature 145
3 Data and Methodology 147
3.1 Data and Descriptive Statistics 147
3.2 Methodology 149
4 Empirical Findings 152
5 Conclusion and Policy Implications 155
Appendix 156
References 158
Transport and ICT Infrastructure Development in the ECOWAS Sub-Region: The PPP Funding Alternative 161
1 Introduction 161
2 Literature Review 163
2.1 Theoretical Issues 163
2.2 Overview of Infrastructure in Africa 164
2.3 Overview of Infrastructure in ECOWAS 164
3 Sub-regional Funding Needs for Transport and ICT Infrastructure 172
4 The PPP Model 174
5 Success Stories of PPPs 177
6 Conclusion and Recommendation 182
References 183
Illicit Financial Flows and Financing of Basic Social Services: A Comparative Study of Opportunity Cost Between CAEMC and WAEMU Zone 185
1 Introduction 185
2 IFFs and Funding of Basic Social Services: Let’s Talk About the Data 186
3 Channels Transmissions of the Effect of IFFs on the Financing of Basic Social Services 190
4 FFI and Financing of Basic Social Services: Empirical Validation 191
4.1 Modeling the IFFs Relationship and Basic Social Services in Africa 191
4.2 Presentation of Economic Simulations Model 191
5 Simulation Results 193
5.1 Opportunity Cost in Terms of Growth 193
5.2 Opportunity Cost in Terms of Public Expenditure on Education 194
5.3 Operating Cost in Terms of Public Health Expenditure 194
6 Conclusion 195
References 196
Migrant Remittance Inflow and Industrialization in Africa: What Role Does Financial Development Play? 197
1 Introduction 198
2 Stylized Facts on Migrant’s Remittance Inflow and Industrialization in Africa 200
3 Literature Review 203
4 Methodology 206
4.1 Theoretical Framework and Methodology 206
4.2 Model Specification 207
4.3 Data Source and Scope of the Study 208
4.4 Empirical Modeling and Estimation Strategies 208
4.5 General Method of Moment (GMM) 209
4.6 Instrumental Quantile Regressions 210
5 Empirical Findings and Discussion 211
6 Conclusion and Policy Recommendation 223
Appendices 223
References 224
The ECOWAS Common Investment Market Vision: A Conceptual Preview 227
1 Introduction 228
2 Review of Literature 231
3 Conceptual Preview of an ECOWAS CIM 232
3.1 Policy Frameworks 233
3.2 Free Movement 236
3.3 Infrastructural Networks 237
3.4 Financial Systems 238
3.5 Private Sector 239
3.6 Foreign Direct Investment 240
4 Conclusion 242
5 Recommendations 242
5.1 Need for a Uniformized Common Investment Code 242
5.2 Need for Freer Movement of Persons and Goods 243
5.3 Need for Networked Infrastructure 243
5.4 Need for Region-Wide Financial System 243
5.5 Need for Increased Private Sector Participation 244
5.6 Need for More Foreign Direct Investment Inflows 244
Appendix 1 244
Appendix 2 245
References 247

Front Matter ....Pages i-xiv
Front Matter ....Pages 1-1
Economic Distance and Regional Integration in Africa (Diery Seck)....Pages 3-13
Financing Development Without Tears: An Empirical Investigation on Sub-saharan Africa (Akpan H. Ekpo)....Pages 15-31
Financial Development and African Participation in Global Value Chains (Françoise Okah Efogo)....Pages 33-52
Infrastructure Development in West Africa: What Is the Role of Concessionary External Debt? (Kenneth U. Onye, Ofem O. Akpama, Amara F. Ikegwuonu)....Pages 53-71
Does the Quality of Economic Institutions Influence the Link Between External Debt and Growth? Evidence from the African Franc Zone (Yann Nounamo)....Pages 73-83
External Debt, Governance, and Economic Growth: The African Case (Douglason G. Omotor, Baba Y. Musa, Juliet Elu)....Pages 85-97
Front Matter ....Pages 99-99
Infrastructure and Africa’s Development: The Imperative of Alternative Funding Options (Lionel Effiom, Friday Agala)....Pages 101-133
Financial Sector Development and Economic Growth: The Case of ECOWAS Countries (Ibrahima Camara, Ibrahima Diallo)....Pages 135-154
Transport and ICT Infrastructure Development in the ECOWAS Sub-Region: The PPP Funding Alternative (Lionel Effiom)....Pages 155-178
Illicit Financial Flows and Financing of Basic Social Services: A Comparative Study of Opportunity Cost Between CAEMC and WAEMU Zone (François Colin Bouhem, Daniel Gbetnkom)....Pages 179-190
Migrant Remittance Inflow and Industrialization in Africa: What Role Does Financial Development Play? (B. W. Adeoye, Chinenye Ifeoma Nwokolo, Nnenna Ifunanyachukwu Igboanugo)....Pages 191-220
The ECOWAS Common Investment Market Vision: A Conceptual Preview (Ernest Amoabeng Ortsin)....Pages 221-245

2020-07-20