The Oxford Handbook of Africa and Economics: Volume 2: Policies and Practices

by Celestin Monga, Justin Yifu Lin

Overview

A popular myth about the travails of Africa holds that the continent's long history of poor economic performance reflects the inability of its leaders and policymakers to fulfill the long list of preconditions to be met before sustained growth can be achieved. These conditions are said to vary from the necessary quantity and quality of physical and human capital to the appropriate institutions and business environments. While intellectually charming and often elegantly formulated, that conventional wisdom is actually contradicted by historical evidence and common sense. It also suggests a form of intellectual mimicry that posits a unique path to prosperity for all countries regardless of their level of development and economic structure.

In fact, the argument underlining that reasoning is tautological, and the policy prescriptions derived from it are fatally teleological: low-income countries are by definition those where such ingredients are missing. None of today's high-income countries started its growth process with the "required" and complete list of growth ingredients. Unless one truly believes that the continent of Africa-and most developing countries-are ruled predominantly if not exclusively by plutocrats with a high propensity for sadomasochism, the conventional view must be re-examined, debated, and questioned.

This volume-the second of the Oxford Handbook of Africa and Economics-reassesses the economic policies and practices observed across the continent since independence. It offers a collection of analyses by some of the leading economists and development thinkers of our time, and reflects a wide range of perspectives and viewpoints. Africa's emergence as a potential economic powerhouse in the years and decades ahead amply justifies the scope and ambition of the book.

Product Details

ISBN-13:	9780198819714
Publisher:	Oxford University Press
Publication date:	04/15/2018
Series:	Oxford Handbooks
Pages:	990
Product dimensions:	6.70(w) x 9.50(h) x 1.80(d)

About the Author

Celestin Monga is Chief Economist and Vice President of Economic Governance and Knowledge Management at the African Development Bank (AfDB), and Managing Director at the United Nations Industrial Development Organization (UNIDO). He previously worked as Senior Advisor for Structural Transformation at the World Bank and has held various board and senior positions in academia and financial services, including as a pro bono member of the advisory boards at the MIT's Sloan School of Management, the Quantam Global Group, and the Official Monetary and Fianancial Institutions Forum (OMFIF). Dr Monga was the Economics editor for the 5-volume New Encyclopedia of Africa (Charles Scribner's, 2007). His published works have been translated into multiple languages.


Justin Yifu Lin is Councillor of the State Council and Professor and Honorary Dean of the National School of Development at Peking University. He was the Senior Vice President and Chief Economist of the World Bank, 2008-2012. Prior to this, Professor Lin served for 15 years as Founding Director and Professor of the China Centre for Economic Research (CCER) at Peking University. He is a member of the Standing Committee, Chinese People's Political Consultation Conference, and Vice Chairman of the All-China Federation of Industry and Commerce. He is a Corresponding Fellow of the British Academy and a Fellow of the Academy of Sciences for Developing World.

Table of Contents

Introduction: Africa's Evolving Policy Frameworks, Celestin Monga and Justin Yifu LinPart I: The Macroeconomics of Growth and Structural Transformation1. African Growth Strategies: The Past, Present, and Future, Augustin Kwasi Fosu and Eric Kehinde Ogunleye2. Africa's Quiet Revolution, Margaret McMillan and Kenneth Harttgen3. Monetary Policy Issues in Sub-Saharan Africa, Andrew Berg, Stephen O'Connell, Catherine Pattillo, Rafael Portillo, and Filiz Unsal4. The Future of African Monetary Geography, Paul R. Masson, Catherine Pattillo, and Xavier Debrun5. The CFA Franc Zone: A Biography, Jean-Claude Tchatchouang6. African Monetary Unions: An Obituary, Celestin Monga7. Challenges of Central Banking in Africa, Benno Ndulu and Joseph Leina Masawe8. Fiscal Policy in Africa, Willi Leibfritz9. African Debt and Debt Relief, Mark R. Thomas and Marcelo M. Giugale10. Savings, Capital Flight, and African Development, Leonce Ndikumana11. Regional Integration in Africa: Challenges and Prospects, Jaime de Melo and Yvonne Tsikata12. Natural Resources: Utilizing the Precious Boon, Ibrahim Ahmed Elbadawi and Nadir Abdellatif Mohammed13. Rediscovering Structural Change: Manufacturing, Natural Resources and Industrialization, John Page14. Innovation Capabilities for Sustainable Development in Africa, Keun Lee, Calestous Juma, and John MathewsPart II: Microeconomic and Sectoral Issues15. Land Tenure and Agricultural Intensification in Sub-Saharan Africa, Keijiro Otsuka and Frank Place16. Agriculture, Growth, and Development in Africa: Theory and Practice, Ousmane Badiane and Tsitsi Makombe17. Capacity Development for Transformation, Frannie A. Leautier18. Gold Mining and Economic and Social Change in West Africa, Michael Kevane19. The Economic Impacts of New Technologies in Africa, Jenny C. Aker and Joshua E. Blumenstock20. Infrastructure in Africa, Jean-Jacques Dethier21. Financial Inclusion in Africa : Obstacles and Opportunities, Asli Demirguc-Kunt, Leora Klapper, and Peter van Oudheusden22. Financial Markets Development in Africa: Reflections and the Way Forward, Kalu Ojah and Odongo Kodongo23. Islamic Finance in North Africa, Wafik Grais24. Regulatory Reform for Closing Africa's Competitiveness Gap, Ioannis N. KessidesPart III: Institutional/Social Economics25. School Enrollment, Attainment, and Returns to Education in Africa, Ruth Uwaifo Oyelere26. Mobility, Human Capital, Remittances, and Economic Transformation, Yaw Nyarko27. Health, Growth, and Development in Africa, Germano Mwabu28. The Economics of Malaria in Africa, Jean-Claude Berthelemy and Josselin Thuilliez29. An Empirical Analysis of the Economics of Marriage in Egypt, Morocco, and Tunisia, Ragui Assaad and Caroline Krafft30. Economics, Women, and Gender: The African Story, Sophie Bessis31. Gender, Economic Growth, and Development in Sub-Saharan Africa, Stephanie Seguino and Maureen Were32. Gender Economics in North Africa, Mina Baliamoune-Lutz33. The Economics of the African Media, Julia CagePart IV: Old and New Development Players34. What Do Development NGOs Achieve?, Chris Elbers and Jan Willem Gunning35. Trade Unions in South Africa, Haroon Bhorat, Karmen Naidoo, and Derek Yu36. African Development Banks: Lessons for Development Economics, Ernest Aryeetey37. The Political Economy of Aid in North Africa, Hamed El-Said38. Aid to Africa: The Changing Context, Tony Addison, Saurabh Singhal, and Finn Tarp39. Remittances to Africa and Economics, Christian Nsiah and Bichaka Fayisssa40. Foreign Direct Investment in Africa: Lessons for Economics, John C. Anyanwu41. International Capital Flows to Africa, Mwanza Nkusu and Malokele Nanivazo42. The Three Phases/Faces of China in Independent Africa: Reconceptualizing China-Africa Engagement, Emmanuel Akyeampong and Liang Xu43. Aid to Africa: Emerging Trends and Issues, Peter Quartey and Gloria Afful-Mensah44. China-Africa Cooperation in Structural Transformation: Ideas, Opportunities, and Finances, Justin Yifu Lin and Yan WangPart V: Looking Forward45. China's Rise and Structural Transformation in Africa: Ideas and Opportunities, Justin Yifu Lin46. Economics and Policy: Some Lessons from Africa's Experience, Akbar Noman and Joseph Stiglitz47. The Prospects for an Imminent Demographic Dividend in Africa: The Case for Cautious Optimism, Alaka M. Basu Kaushik Basu48. Africa's Demographic Transition and Economic Prospects, Jeffrey D. Sachs