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

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208 Table 6.2 Approach to explain/ predict policies Interdependence approaches Society-centered approaches Approaches to Explain and Predict Financial Policy Patterns in Developing Countries Dominant or main actors State actors, private sector Private sector Main propositions State and society are interdependent Financial interests of political coalitions cutting across state and society are major determinants of financial policy patterns Policy is the outcome of competition among societal interest groups Policy is an exchange where politicians provide favorable policies to those interested constituencies on which their power depends What should reformers do? Policy implications Engage in political economy analysis of policy coalitions to explore niches for engagement across public-private divide Broker coalitions Strengthen those societal interest groups that have an interest in more inclusive financial systems Weakness of the approach Narrow focus on historically determined organization of the private sector sees policy choice as path-dependent and neglects international factors Neglects the role of technical capacity State interests and capacity to implement policies assumed perfectly flexible States as preference takers not preference makers Dismisses the role of state capacity Exemplary works Boone 2005; Maxfield 1990 Pagano and Volpin 2001; Rajan and Zingales 2003
State-centered approaches: The political institutions view States Politicians decide policy according to institutionally defined rules Without political institutions that limit government authority, governments have strong incentives to use the financial system as a source of government finance at the expense of the private sector Reform political institutions to limit the discretion of public officials Link between democracy and economic development is not straightforward Relationship between state and private sector is characterized by conflict and interdependence Dismisses the role of state capacity Girma and Shortland 2008; Haber, North, and Weingast 2008; Huang 2010 Source: Author. 209
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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
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98 Coates and Hofmeister agree to b
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100 Coates and Hofmeister Box 3.3 C
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102 Coates and Hofmeister Attitudes
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104 Coates and Hofmeister developin
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106 Coates and Hofmeister specifica
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108 Coates and Hofmeister ———
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CHAPTER 4 Housing Finance Simon Wal
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Housing Finance 113 Figure 4.1 Mort
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Housing Finance 115 countries, down
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Housing Finance 117 • The housing
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Housing Finance 119 limited to a fe
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Housing Finance 121 housing and inf
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Housing Finance 123 borrowed by ext
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Housing Finance 125 Box 4.1 Afforda
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Housing Finance 127 Box 4.2 South A
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Housing Finance 129 the degree to w
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Housing Finance 131 markets is the
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Housing Finance 133 are unable to o
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Housing Finance 135 greenfield vent
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Housing Finance 137 Figure 4.5 Obst
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Housing Finance 139 changes in the
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Housing Finance 141 • Introduce a
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Housing Finance 143 Box 4.6 Progres
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Housing Finance 145 of the impact o
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Housing Finance 147 funds. Within s
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Housing Finance 149 Hassler, O., an
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CHAPTER 5 The Reform Agenda for Fin
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The Reform Agenda for Financial Reg
Page 179 and 180: 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
Page 220 and 221: 198 Dafe The degree of success, in
Page 222 and 223: 200 Dafe Although the current conse
Page 224 and 225: 202 Dafe The interdependence of the
Page 226 and 227: 204 Dafe in the 1980s and 1990s wer
Page 228 and 229: 206 Dafe Alternative Approaches to
Page 232 and 233: 210 Dafe state-centered, and interd
Page 234 and 235: 212 Dafe particularly important fac
Page 236 and 237: 214 Dafe Table 6.3 (continued) Mana
Page 238 and 239: 216 Dafe activism in the developing
Page 240 and 241: 218 Dafe structures can undermine m
Page 242 and 243: 220 Dafe Conclusion There is strong
Page 244 and 245: 222 Dafe policy is not straightforw
Page 246 and 247: 224 Dafe banks that open agents in
Page 248 and 249: 226 Dafe Bankable Frontier Associat
Page 250 and 251: 228 Dafe Goldsheid, R. 1958. “A S
Page 252 and 253: 230 Dafe ———. 2001. Types of
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