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The Oxford Handbook of Africa and Economics

Volume 2: Policies and Practices

Edited by Celestin Monga and Justin Yifu Lin

Oxford Handbooks

Critical and analytical essays that make new and original arguments about economic thinking, policy, and practice in the African context
Covers all main areas of economics and reflects a very wide range of knowledge and perspectives
Offers a balanced analysis of approaches without developing the defense of any particular paradigm
Together, the 2 volumes provide an extensive survey of cutting-edge research on Africa, as well as an in-depth assessment of the economic policy and institutional issues across the continent

The Oxford Handbook of Africa and Economics

Volume 2: Policies and Practices

Edited by Celestin Monga and Justin Yifu Lin

Description

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 lOxford 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.

The Oxford Handbook of Africa and Economics

Volume 2: Policies and Practices

Edited by Celestin Monga and Justin Yifu Lin

Oxford Handbooks

Introduction: Africa's Evolving Policy Frameworks, Celestin Monga and Justin Yifu Lin
Part I: The Macroeconomics of Growth and Structural Transformation
1. African Growth Strategies: The Past, Present and Future, Augustin Kwasi Fosu and Eric Kehinde Ogunleye
2. Africa's Quiet Revolution, Margaret McMillan and Kenneth Harttgen
3. Monetary Policy Issues in Sub-Saharan Africa, Andrew Berg, Stephen O'Connell, Catherine Pattillo, Rafael Portillo, and D. Filiz Unsal
4. The Future of African Monetary Geography, Paul Masson, Xavier Debrun, and Catherine Pattillo
5. The CFA Franc: A Biography, Jean-Claude Tchatchouang
6. Challenges of Central Banking in Africa, Benno Ndulu and Joseph Leina Masawe
7. Fiscal Policy in Africa, Willi Leibfritz
8. African Debt and Debt Relief, Marcelo Giugale and Mark Roland Thomas
9. Savings, Capital Flight, and African Development, Leonce Ndikumana
10. Regional Integration in Africa, Jaime de Melo and Yvonne Tsikata
11. Natural Resources: Utilizing the Precious Boon, Ibrahim Elbadawi and Nadir Mohammed
12. Rediscovering Structural Change: Manufacturing, Natural Resources and Industrialization, John Page
13. Innovation Capabilities for Sustainable Development in Africa, Keun Lee and Calestous Juma
Part II: Microeconomic and Sectoral Issues
14. Land Tenure and Agricultural Intensification in Sub-Saharan Africa, Keijiro Otsuka and Frank Place
15. Agriculture, Growth, and Development in Africa: Theory and Practice, Ousmane Badiane and Tsitsi Makombe
16. Capacity Development for Transformation, Frannie A. Leautier
17. Gold Mining and Economic and Social Change in West Africa, Michael Kevane
18. The Economic Impacts of New Technologies in Africa, Jenny Aker and Joshua Blumenstock
19. Infrastructure in Africa, Jean-Jacques Dethier
20. Financial Inclusion in Africa : Obstacles and Opportunities, Asli Demirguc-Kunt, Leora Klapper, and Peter Van Oudheusden
21. Financial Markets Development in Africa, Kalu Ojah and Odongo Kodongo
22. Islamic Finance in North Africa, Wafik Grais
23. Regulatory Reform for Closing Africa's Competitiveness Gap, Ioannis Kessides
Part III: Institutional and Social Economics
24. School Enrolment, Attainment, and Returns to Education in Africa, Ruth Uwaifo Oyelere
25. Mobility, Human Capital, Remittances, and Economic Transformation, Yaw Nyarko
26. Health, Growth, and Development in Africa, Germano Mwabu
27. The Economics of Malaria, Jean-Claude Berthelemy and Josselin Thuilliez
28. An Empirical Analysis of the Economics of Marriage in Egypt, Morocco, and Tunisia, Ragui Assaad, and Caroline Krafft
29. Economics, Women, and Gender: The African Story, Sophie Bessis
30. Gender, Economic Growth, and Development in Sub-Saharan Africa, Stephanie Seguino and Maureen Were
31. Gender Economics in North Africa, Mina Baliamoune
32. The Economics of the African Media, Julia Cage
Part IV: Old and New Development Players
33. What Do Development NGOs Achieve?, Chris Elbers and Jan Willem Gunning
34. Trade Unions in South Africa, Haroon Bhorat, Karmen Naidoo, and Derek Yu
35. African Development Banks: Lessons for Development Economics, Ernest Aryeetey
36. The Political Economy of Aid in North Africa, Hamed El-Said
37. Aid to Africa: The Changing Context, Finn Tarp, Tony Addison, and Saurabh Singhal
38. Remittances to Africa and Economics, Christian Nsiah-Baldwin Wallace University and Bichaka Fayisssa
39. Foreign Direct Investment in Africa: Lessons for Economics, John Anyanwu
40. International Capital Flows to Africa, Mwanza Nkusu and Malokele Nanivazo
41. The Three Phases/Faces of China in Independent Africa, Emmanuel Akyeampong and Liang Xu
42. Aid to Africa: merging Trends and Issues, Peter Quartey and Gloria Afful-Mensah
43. China-Africa Cooperation in Structural Transformation, Justin Yifu Lin and Yan Wang
Part V: Looking Forward
44. China's Rise and Structural Transformation in Africa: Ideas and Opportunities, Justin Yifu Lin
45. Economics and Policy: Some Lessons from Africa's Experience, Akbar Noman and Joseph Stiglitz
46. The Prospects for an Imminent Demographic Dividend in Africa: The Case for Cautious Optimism, Kaushik Basu and Alaka Basu
47. Africa's Demographic Transition and Economic Prospects, Jeffrey Sachs

The Oxford Handbook of Africa and Economics

Volume 2: Policies and Practices

Edited by Celestin Monga and Justin Yifu Lin

Oxford Handbooks

Author Information

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.

Contributors:

Tony Addison, UNU-WIDER
Gloria Afful-Mensah, University of Ghana
Jenny C. Aker, Tufts University and Southern Methodist University
Emmanuel Akyeampong, Harvard University
John C. Anyanwu, African Development Bank
Ernest Aryeetey, University of Ghana and WIDER
Ragui Assaad, University of Minnesota
Ousmane Badiane, IFPRI
Mina Baliamoune-Lutz, University of North Florida and ACET
Alaka M. Basu, World Bank and Cornell University
Kaushik Basu, World Bank and Cornell University
Andrew Berg, International Monetary Fund
Jean-Claude Berthelemy, University of Paris 1 Pantheon-Sorbonne
Sophie Bessis, University of Paris
Haroon Bhorat, University of Cape Town
Joshua E. Blumenstock, University of Washington
Julia Cage, Harvard University
Stephen O'Connell, International Monetary Fund and Swarthmore College/USAID
Xavier Debrun, International Monetary Fund
Asli Demirguc-Kunt, The World Bank
Jean-Jacques Dethier, The World Bank
Hamed El-Said, Manchester Metropolitan University
Ibrahim Ahmed Elbadawi, Dubai Economic Council
Chris Elbers, VU University Amsterdam
Bichaka Fayisssa, Middle Tennessee University
Augustin Kwasi Fosu, United Nations University
Marcelo M. Giugale, The World Bank
Wafik Grais, Viveris Mashrek
Jan Willem Gunning, Tinbergen Institute
Kenneth Harttgen, ETH
Calestous Juma, Harvard University
Ioannis N. Kessides, Yale University
Michael Kevane, Santa Clara University
Leora Klapper, The World Bank
Odongo Kodongo, University of Witwatersrand
Caroline Krafft, University of Minnesota
Frannie A. Leautier, African Capacity Building Foundation
Keun Lee, Seoul National University
Willi Leibfritz, OECD and African Development Bank
Justin Yifu Lin, Peking University
Tsitsi Makombe, IFPRI
Joseph Leina Masawe, Central Bank of Tanzania
Paul R. Masson, University of Toronto
Margaret McMillan, Tufts University
John Mathews, MGSM Macquarie University
Jaime de Melo, University of Geneva and World Bank
Nadir Abdellatif Mohammed, The World Bank
Celestin Monga, African Development Bank (AfDB)
Germano Mwabu, University of Nairobi
Karmen Naidoo, University of Cape Town
Malokele Nanivazo, UNU-WIDER
Leonce Ndikumana, University of Massachusetts
Benno Ndulu, Central Bank of Tanzania
Mwanza Nkusu, International Monetary Fund
Akbar Noman, Columbia University
Christian Nsiah, Baldwin Wallace University
Yaw Nyarko, New York University
Eric Kehinde Ogunleye, Presidency of Nigeria
Kalu Ojah, University of Witwatersrand
Keijiro Otsuka, GRIPS
Peter van Oudheusden, The World Bank
Ruth Uwaifo Oyelere, Emory University
John Page, Brookings Institution
Catherine Pattillo, International Monetary Fund
Frank Place, World Agroforestry Centre
Rafael Portillo, International Monetary Fund
Peter Quartey, University of Ghana
Jeffrey D. Sachs, Columbia University
Stephanie Seguino, Central Bank of Kenya
Saurabh Singhal, UNU-WIDER
Joseph Stiglitz, Columbia University
Finn Tarp, UNU-WIDER
Jean-Claude Tchatchouang, The World Bank
Mark R. Thomas, The World Bank
Josselin Thuilliez, University of Paris 1 Pantheon-Sorbonne
Yvonne Tsikata, University of Geneva and World Bank
Filiz Unsal, International Monetary Fund
Yan Wang, George Washington University
Maureen Were, Central Bank of Kenya
Liang Xu, Harvard University
Derek Yu, University of the Western Cape