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Education and Health for Inclusiveness
We discuss existing shortfalls and inequalities in the accumulation of human capital—knowledge, skills, and health. We analyze their immediate and systemic causes, and assess the scope for public intervention. The broad policy goals should be to improve: the quality, and not just the quantity, of education and health care; outcomes for disadvantaged groups; and lifelong outcomes. The means to achieve these goals, while maximizing value for money, include: focusing on results rather than just inputs; moving from piecemeal interventions to systemic reform; and adopting a “whole-of-society” approach. Reforms must be underpinned by a robust evidence base.
Is FinTech Eating the Bank's Lunch?
This paper examines how the growing presence of FinTech firms affects the performance of traditional financial institutions. The findings point to a negative impact on profitability, primarily due to a reduction in interest income and a rise in operational costs. Although established financial institutions have tried to diversify their revenue streams, these efforts have proven inadequate to offset the losses associated with increased competition from FinTech firms. Our study also reveals that various FinTech business models, such as Peer-to-Peer (P2P) lending and Balance Sheet lending, have varying effects on financial institutions. Cooperative banks experience more significant profit deter...
Does FinTech Increase Bank Risk Taking?
Motivated by its rapid growth, this paper investigates how FinTech activities influence risk taking by financial intermediaries (FIs). In this context, this paper revisits an ongoing debate on the impact of competition on financial stability: on one side, it is argued that greater competition encourages greater risk taking (competition-fragility hypothesis), while the other side of the debate asserts that more competition can increase financial stability (competition-stability hypothesis). Using a curated databased covering over 10,000 FIs and global FinTech activities, we find a robust relationship whereby greater FinTech presence is associated with heightened risk taking by FIs, offering s...
Climate Change in Sub-Saharan Africa Fragile States: Evidence from Panel Estimations
Fragile states in sub-Saharan Africa (SSA) face challenges to respond to the effects of climate shocks and rising temperatures. Fragility is linked to structural weaknesses, government failure, and lack of institutional basic functions. Against this setup, climate change could add to risks. A panel fixed effects model (1980 to 2019) found that the effect of a 1◦C rise in temperature decreases income per capita growth in fragile states in SSA by 1.8 percentage points. Panel quantile regression models that account for unobserved individual heterogeneity and distributional heterogeneity, corroborate that the effects of higher temperature on income per capita growth are negative while the impact of income per capita growth on carbon emissions growth is heterogeneous, indicating that higher income per capita growth could help reduce carbon emissions growth for high-emitter countries. These findings tend to support the hypothesis behind the Environmental Kuznets Curve and the energy consumption growth literature, which postulates that as income increases, emissions increase pari passu until a threshold level of income where emissions start to decline.
Climate Challenges in Fragile and Conflict-Affected States
Fragile and conflict-affected states (FCS) already face higher temperatures than other countries and will be more exposed to extreme heat and weather events going forward. Using innovative approaches, the paper finds that in FCS, climate vulnerability and underlying fragilities—namely conflict, heavy dependence on rainfed agriculture, and weak capacity—exacerbate each other, amplifying the negative impact on people and economies. FCS suffer more severe and persistent GDP losses than other countries due to climate shocks because their underlying fragilities amplify the impact of shocks, in particular in agriculture. At the same time, climate shocks worsen underlying fragilities, namely conflict. Macro-critical adaptation policies are needed to facilitate the immediate response to climate shocks and to build climate resilience over time. Sizeable and sustained international support—especially grants, concessional financing and capacity development—is urgent to avoid worse outcomes, including forced displacement and migration. The IMF is stepping up support to FCS in dealing with climate challenges through carefully tailored policy advice, financing, and capacity development.
Environmental Security in Africa
Environmental Security in Africa: Conflicts, Politics, and Development investigates the nature, scope, and dimension of environmental security in Africa from a multidisciplinary perspective to examines the history, theories, spatial patterns, sociocultural, socioeconomic consequences, and legal ramifications of Africa’s environmental concerns. This book is grounded in theories that cut across the social, behavioral, and environmental sciences, arguing that environmental security is a multifaceted subject intricately linked to global climate change and magnified by globalization. Drawing from case studies across different parts of Africa, Elisha Jasper Dung, Leonard Sitji Bombom, Augustine ...
How to Achieve Inclusive Growth
This authoritative book explains the sources and scale of current economic challenges and proposes solutions to craft a brighter future by building a sustainable, green, and inclusive society in the years ahead.
Do Coronavirus Containment Measures Work?
Using a daily data base covering 158 countries during January to August 2020, this paper assesses the effectiveness of coronavirus containment measures in reducing contagion and death rates. To estimate the effectiveness of different containment measures, the paper uses a methodological approach that takes into consideration the persistence in the dynamics between coronavirus containment measures and contagion/death rates, countries' idiosyncratic characteristics, and the endogeneity of the containment measures. To obtain efficient estimates of the effect of coronavirus containment measures on contagion and death rates, a dynamic panel-data technique is used, complemented by efficient instru...
Links Between Growth, Inequality, and Poverty: A Survey
Is there a tradeoff between raising growth and reducing inequality and poverty? This paper reviews the theoretical and empirical literature on the complex links between growth, inequality, and poverty, with causation going in both directions. The evidence suggests that growth can be effective in reducing poverty, but its impact on inequality is ambiguous and depends on the underlying sources of growth. The impact of poverty and inequality on growth is likewise ambiguous, as several channels mediate the relationship. But most plausible mechanisms suggest that poverty and inequality reduce growth, at least in the long run. Policies play a role in shaping these relationships and those designed to improve equality of opportunity can simultaneously improve inclusiveness and growth.
Progressive Policies for Economic Development
Despite the unprecedented gravity of the challenges posed by global warming, most political systems have not given them the required priority. This book examines the progressive options available to today's developing countries as they face the limitations of neoliberalism and the existential challenge of global warming.
