Financial Sector Development in Africa: Opportunities ... - World Bank

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148 Walley property rights and register liens on property. This system should be cheap, efficient, and reliable. In addition, taxes related to property transactions should carefully balance fiscal revenue-raising needs with the efficient working of the property market. The recommendations laid out here are just a beginning. Africa’s housing needs are vast and especially difficult to manage because they are so diverse. But, as these recommendations show, there is much that can be done to begin to address the issues and look for solutions. Each country will need to find its own way forward, but many lessons have already been learned, and there are many ways to improve the situation. Some of them have been presented here. References Beck, T., A. Demirgüç-Kunt, and R. Levine. 2007. “Finance, Inequality and the Poor.” Journal of Economic Growth 12: 27–49. Chiquier, L., O. Hassler, and M. Lea. 2004. “Mortgage Securities in Emerging Markets.” Policy Research Working Paper 3370, World Bank, Washington, DC. Chiquier, L., and M. Lea, eds. 2009. Housing Finance Policy in Emerging Markets. Washington, DC: World Bank. Collins, D., J. Morduch, S. Rutherford, and O. Ruthven. 2009. Portfolios of the Poor: How the World’s Poor Live on $2 a Day. Princeton, NJ: Princeton University Press. de Soto, H. 2000. The Mystery of Capital: Why Capitalism Triumphs in the West and Fails Everywhere Else. New York: Basic Books. Deb, A., A. Karamchandani, and R. Singh. 2010. Building Houses, Financing Homes. Monitor Group. http://www.mim.monitor.com/downloads/ whitepaper-BuildingHousesFinancingHomes-final-screen.pdf. Duebel, A. 2007. “Does Housing Finance Promote Economic and Social Development in Emerging Markets?” IFC. http://www.finpolconsult.de/ mediapool/16/169624/data/IFC_Duebel_HF_Impact_Study_Final_SV_07 .pdf. The Economist. 2010. “Africa’s Banking Boom: Scrambled in Africa.” The Economist, September 16. http://www.economist.com/node/17043662. FSD Kenya (Financial Sector Deepening Kenya). 2009. Costs of Collateral in Kenya: Opportunities for Reform. Nairobi: FSD Kenya. http://www.fsdkenya .org/pdf_documents/09-11-24_Costs_of_Collateral_Study.pdf. Hassler, O. 2011. Housing and Real Estate Finance in Middle East and North Africa. Washington, DC: World Bank. http://siteresources.worldbank.org/ INTMNAREGTOPPOVRED/Resources/MENAFlagshipHousingFinance.pdf.
Housing Finance 149 Hassler, O., and S. Walley. 2007. “Mortgage Liquidity Facilities.” Housing Finance International 22 (December): 16–22. Honohan, P. 2008. “Cross-Country Variation in Household Access to Financial Services.” Journal of Banking and Finance 32: 2493–500. Kelley, P., and T. Baumann. 2011. How Can Microfinance for Housing, Land, and Infrastructure Catalyze Slum Improvements and New Settlements? Habitat for Humanity International. Global Microcredit Summit, commissioned workshop paper, November 14–17, Valladolid, Spain. http://www.habitat.org/gov/ suppdoc/Microfinance_Improving_Slums.pdf. Safavian, M. 2008. Financing Homes: Comparing Regulation in 42 Countries. Washington, DC: World Bank. Sagashya, D., and C. English. 2009. Designing and Establishing a Land Administration System for Rwanda: Technical and Economic Analysis. http://www.fig.net/pub/ fig_wb_2009/papers/sys/sys_2_english_sagashya.pdf. Sing, L. 2009. Pension-Secured Loans: Facilitating Access to Housing in South Africa? FinMark Trust, June. http://www.housingfinanceafrica.org/wp-content/ uploads/2009/06/Pension_secured_loans.pdf. Singh, R., and Y. Huang. 2011. “Financial Deepening, Property Rights and Poverty: Evidence from Sub-Saharan Africa.” Working Paper WP/11/196, IMF, Washington, DC. UN-HABITAT. 2010. The State of African Cities 2010: Governance, Inequalities and Urban Land Markets. Nairobi: UNEP. Uy, W. J. 2006. “Medium Rise Housing: The Philippines Experience.” Presentation Paper for the 5th Asian Forum, Subdivision and Housing Developers Association, 2006. Walley, S. 2008. “Case Study: Egypt Mortgage Refinance Company. Johannesburg, November 4.” Wharton Housing Finance Workshop, World Bank, Washington, DC. ———. 2011. “Developing Kenya’s Mortgage Market.” Report No. 63391-KE, World Bank, Washington, DC. Whitehead, C., and S. Monk. 2010. What Does the Literature Tell Us about the Social and Economic Impact of Housing? Report to the Scottish Government: Communities Analytical Services, Cambridge University Centre for Housing and Planning Research. World Bank. 2011. Doing Business 2011. Washington, DC: World Bank. www .doingbusiness.org. World Bank, Financial Sector Assessment Program. Technical Notes on Housing Finance for numerous Africa countries, unpublished.
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lic Disclosure Authorized Public Di
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Financial Sector Development in Afr
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Contents Foreword Acknowledgments E
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Contents vii PART III Safeguarding
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Contents ix 4.4 Size of Mortgage Lo
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xii Foreword In their own way, each
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xiv Acknowledgments led by Stefan N
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xvi Editors and Contributors of Acc
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xviii Editors and Contributors deve
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xx Abbreviations FSB FSD FSDT FSI G
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2 Beck and Maimbo to the bottom of
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4 Beck and Maimbo advocate a “bui
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CHAPTER 1 Microfinance in Africa Al
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Microfinance in Africa 9 Figure 1.1
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Microfinance in Africa 11 A Special
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Microfinance in Africa 13 Figure 1.
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Microfinance in Africa 15 Impedimen
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Microfinance in Africa 17 Figure 1.
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Microfinance in Africa 19 to physic
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Microfinance in Africa 21 Understan
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Microfinance in Africa 23 Some exam
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Table 1.2 Fanikisha Project Type of
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Microfinance in Africa 27 world reg
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Microfinance in Africa 29 implicitl
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Microfinance in Africa 31 Financial
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Microfinance in Africa 33 situation
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Microfinance in Africa 35 have yet
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Microfinance in Africa 37 9. This i
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Microfinance in Africa 39 Ehrbeck,
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CHAPTER 2 Mobile Financial Services
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Mobile Financial Services in Africa
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Table 2.2 African First- and Second
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Table 2A.1 ID and SIM Registration
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79 Guinea Yes http://fr.allafrica.c
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Togo Yes http://www.mediaf.org/fr/t
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84 Coates and Hofmeister chains. It
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86 Coates and Hofmeister unions in
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88 Coates and Hofmeister trap for t
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90 Coates and Hofmeister Sources of
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92 Coates and Hofmeister Box 3.1 Ca
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94 Coates and Hofmeister farm input
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96 Coates and Hofmeister Technical
Page 120 and 121: 98 Coates and Hofmeister agree to b
Page 122 and 123: 100 Coates and Hofmeister Box 3.3 C
Page 124 and 125: 102 Coates and Hofmeister Attitudes
Page 126 and 127: 104 Coates and Hofmeister developin
Page 128 and 129: 106 Coates and Hofmeister specifica
Page 130 and 131: 108 Coates and Hofmeister ———
Page 133 and 134: CHAPTER 4 Housing Finance Simon Wal
Page 135 and 136: Housing Finance 113 Figure 4.1 Mort
Page 137 and 138: Housing Finance 115 countries, down
Page 139 and 140: Housing Finance 117 • The housing
Page 141 and 142: Housing Finance 119 limited to a fe
Page 143 and 144: Housing Finance 121 housing and inf
Page 145 and 146: Housing Finance 123 borrowed by ext
Page 147 and 148: Housing Finance 125 Box 4.1 Afforda
Page 149 and 150: Housing Finance 127 Box 4.2 South A
Page 151 and 152: Housing Finance 129 the degree to w
Page 153 and 154: Housing Finance 131 markets is the
Page 155 and 156: Housing Finance 133 are unable to o
Page 157 and 158: Housing Finance 135 greenfield vent
Page 159 and 160: Housing Finance 137 Figure 4.5 Obst
Page 161 and 162: Housing Finance 139 changes in the
Page 163 and 164: Housing Finance 141 • Introduce a
Page 165 and 166: Housing Finance 143 Box 4.6 Progres
Page 167 and 168: Housing Finance 145 of the impact o
Page 169: Housing Finance 147 funds. Within s
Page 175 and 176: CHAPTER 5 The Reform Agenda for Fin
Page 177 and 178: The Reform Agenda for Financial Reg
Page 199: PART IV Financial Sector Reform: Ac
Page 202 and 203: 180 Dafe lack access to external in
Page 204 and 205: 182 Dafe having a positive theory o
Page 206 and 207: 184 Dafe In sum, high transaction c
Page 208 and 209: 186 Dafe through the selective allo
Page 210 and 211: 188 Dafe institutions of the indust
Page 212 and 213: 190 Dafe the boundaries of informat
Page 214 and 215: 192 Dafe range of examples of both
Page 216 and 217: 194 Table 6.1 Period Since the end
Page 218 and 219: 196 Dafe state-owned financial inst
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198 Dafe The degree of success, in
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200 Dafe Although the current conse
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202 Dafe The interdependence of the
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204 Dafe in the 1980s and 1990s wer
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206 Dafe Alternative Approaches to
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208 Table 6.2 Approach to explain/
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210 Dafe state-centered, and interd
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212 Dafe particularly important fac
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214 Dafe Table 6.3 (continued) Mana
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216 Dafe activism in the developing
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218 Dafe structures can undermine m
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220 Dafe Conclusion There is strong
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222 Dafe policy is not straightforw
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224 Dafe banks that open agents in
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226 Dafe Bankable Frontier Associat
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228 Dafe Goldsheid, R. 1958. “A S
Page 252 and 253:
230 Dafe ———. 2001. Types of
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