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  • Author: Cheryl R. Doss, Carmen Diana Deere
  • Publication Date: 10-2006
  • Content Type: Working Paper
  • Institution: United Nations University
  • Abstract: Only recently has it been recognized that women may not share in the wealth of men, even within the same household or family. Moreover, there is growing evidence that the gender distribution of wealth matters. This paper first reviews the available evidence for developing countries on the gender asset gap and finds that it is significant. It then considers the constraints on women's asset ownership with particular attention to the role of legal marital and inheritance regimes. The paper then turns to a more detailed examination of women's land ownership in Latin America and Africa. The final section considers the impact of women's land ownership on household income and welfare.
  • Topic: International Relations, Development, International Political Economy, Third World
  • Political Geography: Africa, Latin America
  • Author: Alemayehu Geda
  • Publication Date: 10-2006
  • Content Type: Working Paper
  • Institution: United Nations University
  • Abstract: Since 1992 Ethiopia has been engaged in liberalizing its financial sector. The hallmark of the strategy is gradualism. The approach is not without problems especially from Bretton Woods Institutions that saw the reform as a sluggish process. This study examines this liberalization program by analyzing the performance of the sector before and after the reform. The study notes that given the nascent development of the financial sector in the country, the relatively good shape in which the existing financial institutions find themselves, and given that supervision and regulation capacity of the regulating agency is weak, the government's strategy of gradualism and its over all reform direction is encouraging. However, we argue for charting out clearly defined time frame for liberalization and exploring the possibility of engaging with foreign banks to acquire new technology that enhance the efficiency of the financial sector in general and the banking sector in particular.
  • Topic: International Relations, Development, International Political Economy
  • Political Geography: Africa, Ethiopia
  • Author: David Fielding, Kevin Lee, Kalvinder Shields
  • Publication Date: 03-2004
  • Content Type: Working Paper
  • Institution: United Nations University
  • Abstract: In this paper we fit a VECM in output and prices to data from ten countries of the CFA Franc Zone. This model allows for various cross-country interactions in both the short run and the long run. The VECM parameters are used to estimate persistence profiles of different kinds, in order to identify the degree of homogeneity in the way in which the countries respond to macroeconomic shocks. In this way we can shed light on questions about the likely size of the costs incurred from these countries' membership of a monetary union.
  • Topic: Economics, International Organization, International Political Economy, International Trade and Finance
  • Political Geography: Africa
  • Author: Anja Shortland, David Stasavage
  • Publication Date: 02-2004
  • Content Type: Working Paper
  • Institution: United Nations University
  • Abstract: This paper examines to what extent the central bank for the West African Economic and Monetary Union (BCEAO) has used interest rate policy in response to domestic economic developments. We show that while in the long run the BCEAO matches changes in French (Eurozone) interest rates one for one, in the short run it retains freedom to react to domestic economic variables, such as inflation, the output gap, its foreign exchange position and government borrowing.
  • Topic: Economics, International Organization, International Political Economy, International Trade and Finance
  • Political Geography: Africa, France, West Africa
  • Author: Jean-Paul Azam
  • Publication Date: 02-2004
  • Content Type: Working Paper
  • Institution: United Nations University
  • Abstract: This paper brings out that poverty increased massively in the wake of the 1994 devaluation of the CFA franc, despite a significant recovery of economic growth. Although this increase affected all the social groups, it fell mostly on the urban poor. An analytical model is presented, which explains this puzzle by the stratification of the labour market, assuming that the formal sector workers are at the same time the investors in the informal sector. Then, capital intensity in the latter increases as the former anticipate the cut in formal sector wages that the long-awaited devaluation brings about. Ex post, they run down their assets for consumption-smoothing purposes, thus de-capitalizing the informal sector firms, with a negative impact on incomes in the (urban) informal sector.
  • Topic: Economics, International Organization, International Political Economy, International Trade and Finance
  • Political Geography: Africa
  • Author: David Fielding, Kalvinder Shields
  • Publication Date: 02-2004
  • Content Type: Working Paper
  • Institution: United Nations University
  • Abstract: In this paper we use data from 17 African nations in order to investigate the hypothesis that monetary union – represented in this case by the CFA Franc Zone – augments the extent of macroeconomic integration. The paper covers a number of dimensions of integration including the volume of bilateral trade, real exchange rate volatility and the magnitude of cross-country business cycle correlation.
  • Topic: Economics, International Organization, International Political Economy, International Trade and Finance
  • Political Geography: Africa
  • Author: Anja Shortland, David Stasavage
  • Publication Date: 02-2004
  • Content Type: Working Paper
  • Institution: United Nations University
  • Abstract: This paper examines whether the BCEAO has made use of the various policy instruments at its disposal for steering credit in the individual CFA zone member countries to complement interest rate policy at the zone level. We estimate whether private sector credit has responded systematically to different monetary policy variables using iterated 3-stage least squares regressions for Burkina Faso, Côte d'Ivoire, Mali, Senegal and Togo. If we constrain the coefficient estimates there is some support for the hypothesis that the BCEAO has contracted private sector credit in response to a higher inflation differential with France. However, there seems to be no policy rule to restrict private sector credit in response to increasing government borrowing from the central bank or increased foreign borrowing. If the coefficient estimates are unconstrained, there does not appear to be any systematic policy to control credit expansion at the domestic level.
  • Topic: Economics, International Organization, International Political Economy, International Trade and Finance
  • Political Geography: Africa, France
  • Author: Mireille Linjouom
  • Publication Date: 02-2004
  • Content Type: Working Paper
  • Institution: United Nations University
  • Abstract: The paper determines an analytical framework defining the choice of an optimal exchange rate regime for a typical CFA country. The policymakers behave strategically to decide to adopt alternative exchange rate regime by minimizing their loss function under specific constraints like economic characteristics and political consideration. One concludes a CFA economy with less inflationary propensity and greater external shocks volatility will tend to select a flexible exchange rate regime. Moreover, the model suggests that a CFA country with a more unstable political system and a higher propensity to apply inflationary policies will prefer a flexible arrangement than a fixed one.
  • Topic: Economics, International Organization, International Political Economy, International Trade and Finance
  • Political Geography: Africa
  • Author: Simeon Coleman
  • Publication Date: 02-2004
  • Content Type: Working Paper
  • Institution: United Nations University
  • Abstract: This paper investigates the impacts and responses of macroeconomic shocks in some domestic economies in Sub-Saharan Africa over the period 1961-99; more specifically, it seeks to answer the question of whether there are any systematic differences in the responses of the CFA franc zones and the non-CFA franc zone countries to macroeconomic shocks. Based on the Blanchard-Quah methodology, we identify shocks to the changes in real exchange rate and output using a structural VAR (SVAR) model for these small open economies. Our finding that the real exchange rate innovations in the CFA franc zones are largely independent of domestic variables suggests that external influence is more important in the CFA zones. There is also some evidence that money demand shocks are more significant in the non-CFA franc zone countries.
  • Topic: Economics, International Political Economy, International Trade and Finance
  • Political Geography: Africa
  • Author: Michael Bleaney, Akira Nishiyama
  • Publication Date: 01-2004
  • Content Type: Working Paper
  • Institution: United Nations University
  • Abstract: The causes of the slow growth of CFA countries are investigated. There is little difference in this respect between the CFA and other sub-Saharan African countries. Since 1970, GDP growth in the CFA countries has shown no significant trend but one or two medium-term fluctuations (positive in 1979-83 and negative in 1989-93). Internationally, the income share of the poorest 20 per cent of the population of any country has improved most in poor countries, and there is no evidence that this does not apply to CFA countries also.
  • Topic: Economics, Human Welfare, International Political Economy, International Trade and Finance
  • Political Geography: Africa