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

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212 Dafe particularly important factor in the African context. Although private sector development has increased the political clout of the private sector in financial policy making in most African countries, the success of ongoing financial reform efforts across countries continues to vary. Some states reform relatively eagerly; others fail to respond to the pressures both from private bankers to improve the investment climate and from donors and financially excluded businesses to make the financial sector more development oriented. Such a variation suggests that technical capacity is a major mediating factor in explaining and predicting successful activism or policy choice more generally. Table 6.3 summarizes the ideas presented in this chapter in an analytical framework, indicating key issues in the different arenas of the political economy analysis. Future research could analyze these arenas in the proposed sequence, and it might be useful to revisit, reassess, and reinterpret earlier information during the research process. The framework also takes into account two more general issues: First, history plays an important role in policy choice through its effect on the organizational structure of the private economy as well as on the financial incentives of various private and public agents. Second, the state varies, and there are intra-state variations in state capacity. 21 While it should not be seen as an inventory, this preliminary framework offers some starting points for thinking about which elements might be important to consider in an analysis of the potential of activism as a tool to increase finance for development in a particular country. The framework could also more generally inform research seeking to explore the political economy in developing countries faced with the task of governing finance in a way that supports national development and, at the same time, responds to pressures from international markets to limit the role of the state in financial markets. Implications of the Approach Supporting an activist strategy—a strategy of deliberate government interventions in the financial sector to promote the outreach of financial services to segments of the private sector that have been underserved— requires an understanding of the political environment, particularly of the financial interests and the political clout of key actors. If the political conditions suggest that government entities have governance that is good enough to pursue activist policies effectively, then, in line with welfare economic theory, there are convincing arguments for development
The Potential of Pro-Market Activism for Finance in Africa: A Political Economy Perspective 213 Table 6.3 Analytical Framework to Study the Potential of Activism as a Development Strategy Key issues for the analysis Mapping key players in the sector (for example, ministries, central banks, bankers’ associations) Key issues for the analysis Economic structure: Economic development, private sector development, revenue base of the state Financial sector development Government capacity Development of (political) institutions Stage 1: Defining the financial sector Selected guiding questions What are the roles of the different actors in the financial sector? How much influence do different actors have in government and what is the historical basis for the differences? Stage 2: Basic country analysis Selected guiding questions What is the level of economic and private sector development (including technical skills base and autonomy from government)? What is the organizational structure of the private sector? What are the main sources of government income? To what extent is the government dependent on private sector taxation? How do these structural factors affect the composition and influence of key actors in the financial sector? What have been the main policy trajectories within the sector? How have sector roles changed over time, and why? What have been the consequences for policy making and implementation? Does government exercise authority over bureaucracy, military, raising public revenue, and policy making? How well institutionalized are the government apparatus, policy-making processes, and political parties? Stage 3: Analysis of key organizational players in the financial sector Key issues for the analysis Selected guiding questions Roles and mandates What are the official and unofficial roles and mandate of the organization? Organizational structure What is the structure of the organization? What form does the balance of power across the organization take? (continued next page)
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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
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Page 183 and 184: 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 230 and 231: 208 Table 6.2 Approach to explain/
Page 232 and 233: 210 Dafe state-centered, and interd
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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