In the midst of the very serious resumption of violence in Democratic Republic of Congo, an interesting debate has broken out between Paul Collier and Adekeye Adebajo on the question of who should deliver basic services in post-conflict societies. Paul suggests these services be provided by non-state actors, such as NGOs and church groups. Dr.
As world leaders gather in Washington later this week to discuss coordinated solutions to the global financial crisis, the question of restructuring the international financial architecture, which has remained more or less what was decided at the Bretton Woods conference of 1944, has come up.
I gave the Jerome A.Chazen lecture at Columbia Business School the other day. The gist of my talk was that:
The conventional wisdom that African financial systems have little to worry about in the wake of the global financial crisis needs to be challenged. In the attached note, I raise five* concerns:
It's 11 p.m. and Barack Obama has just been elected President of the United States. I am thinking of what this historic election will mean for Africa. My colleague Bob Zoellick has already spoken of how the next U.S.
Sub-Saharan Africa received almost $12 billion in remittances in 2007, and that was only the official number. With "informal" flows added the total amount can easily be double that number. Nigeria, Kenya, Sudan, Senegal, Uganda and South Africa received the highest volume of remittances, while in smaller countries such as Lesotho remittances represent up to a quarter of GDP.
My earlier post on the lessons to be drawn (and not drawn) from the financial crisis for the balance between state and market in developing countries elicited a lively discussion on this blog. Many of the comments responded to other comments, which gladdens the blogger’s heart (and eases his workload). More seriously, I recently came across two papers that significantly deepened the points I was making in that original post. On t
There is widespread consensus that financial development is critical to economic growth, globally, and in Africa. Yet Mozambique, a country with very low levels of financial development (in a recent survey, only 13 percent of firms had obtained credit from the banking sector, rural credit is almost nonexistent), registered a GDP growth rate of over 8 percent a year over the last decade.
I attended a very interesting seminar today on the role of the media in governance and anti-corruption. Key speaker for the session was the first African-born winner of the Pulitzer Prize, Nigerian journalist Dele Olojede. Mr. Olojede talked about the information and communication revolution that has taken place in Africa in the last decade and how it has transformed the role of the media all across the continent.
This question comes up frequently in discussions with policymakers, civil society and journalists. Two things need to happen for the crisis to lead to a significant reduction in foreign aid. First, the financial crisis has to lead to a major recession in donor countries. Second, the recession leads to such fiscal constraints that foreign aid is cut. Since the first is the subject of intense discussion among macroeconomists around the world (not all of whom agree) that a recession is inevitable, I loo