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Excerpt: Women, Work, and Economic Growth
This paper analyzes various linkages and interconnections between gender inequality and the macroeconomy. The prevalence of gender inequality, particularly the presence of gender gaps in the labor force and in economic opportunities, can weigh on and impede inclusive growth. The precise nature of gender gaps varies, but in the majority of countries there are differences between men and women in decision-making power, economic participation, access to opportunities, and social norms and expectations. The analysis shows that gender gaps in pay and in access to resources, occupations, and credit, among other things, not only have negative microeconomic effects on women but also imply large costs for the aggregate economy. Differences in economic outcomes may be a consequence of unequal opportunities and enabling conditions for men and women and for boys and girls. Raising female participation could provide an important boost to growth, but women face two hurdles in participating in the workforce in Japan.
Good Governance in Sub-Saharan Africa
Governance and corruption issues have taken the center stage in international discussions, especially after the adoption by the IMF in 2018 of a new framework for engagement on governance and corruption. Sound institutions that guarantee integrity in the management of public affairs are critical on the path toward higher and more inclusive growth. Corruption undermines the quality of institutions, weakens the effectiveness of government programs, and compromises social trust in government policies. Indeed, countries around the world that improved their governance systems are reaping a “governance dividend,” and governance-enhancing reformist countries in sub-Saharan Africa include Botswa...
Financial Development in Sub-Saharan Africa
This paper discusses how sub-Saharan Africa’s financial sector developed in the past few decades, compared with other regions. Sub-Saharan African countries have made substantial progress in financial development over the past decade, but there is still considerable scope for further development, especially compared with other regions. Indeed, until a decade or so ago, the level of financial development in a large number of sub-Saharan African countries had actually regressed relative to the early 1980s. With the exception of the region’s middle-income countries, both financial market depth and institutional development are lower than in other developing regions. The region has led the world in innovative financial services based on mobile telephony, but there remains scope to increase financial inclusion further. The development of mobile telephone-based systems has helped to incorporate a large share of the population into the financial system, especially in East Africa. Pan-African banks have been a driver for homegrown financial development, but they also bring a number of challenges.
Gender Equality and Economic Diversification
We show that gender inequality decreases the variety of goods countries produce and export, in particular in low-income and developing countries. We argue that this happens through at least two channels: first, gender gaps in opportunity, such as lower educational enrollment rates for girls than for boys, harm diversification by constraining the potential pool of human capital available in an economy. Second, gender gaps in the labor market impede the development of new ideas by decreasing the efficiency of the labor force. Our empirical estimates support these hypotheses, providing evidence that gender-friendly policies could help countries diversify their economies.
Evaluating the Impact of Non-Financial IMF Programs Using the Synthetic Control Method
We use the Synthetic Control Method to study the effect of IMF advice on economic growth, inflation, and investment. The analysis exploits the existence of IMF programs that do not involve any financing (Policy Support Instruments, “PSIs”). This enables us to focus on the effects of IMF monitoring, advice, and approval (as opposed to direct financial assistance). In addition, countries with non-financial programs are typically not crisis-struck – thereby mitigating the reverse causality problem and facilitating the construction of counterfactuals. Results suggest that treated countries add about 1 percentage point in annual real GDP per capita growth, with inflation being lower by some 3 percentage points per year. While we do not find evidence for an impact on total investment and the resulting capital stock, PSI-treatment does seem to stimulate foreign direct investment.
Catalyst for Change
This study shows empirically that gender inequality and income inequality are strongly interlinked, even after controlling for standard drivers of income inequality. The study analyzes gender inequality by using and extending the United Nation’s Gender Inequality Index (GII) to cover two decades for almost 140 countries,. The main finding is that an increase in the GII from perfect gender equality to perfect inequality is associated with an almost 10 points higher net Gini coefficient. For advanced countries, with higher gender equity in opportunities, income inequality arises mainly through gender gaps in economic participation. For emerging market and developing countries, inequality of opportunity, in particular in education and health, appear to pose larger obstacles to income equality.
Through the Gender Lens
As its name suggests, this book has viewed certain social practices, beliefs and phenomena from a gender perspective—perspectives of the male, female and the third gender. Since there are essential differences between the ways the people of different sexual categories—those whose orientations match with their sex assigned t\at birth and those whose do not—are socialized and trained, people develop different perspectives of the same social phenomenon and react accordingly. Furthermore, they experience the same things as poverty and natural calamities, for example in different ways. This is not to say that gender identities are not wrought by class/caste and other socially produced differences. The volume explores and questions the different forms that the gender differences, twisted by class/caste and rural/urban divides, take. It exposes the different ways in which gender difference affect our known world of family, health care, political rights, rapidly changing economic environment and entertainment, as also the lesser known world of folk lore and tribal land rights.
Fair Play:
This Staff Discussion Note examines the effect of gender-based legal restrictions and other policy choices and demographic characteristics on female labor force participation. Drawing on a large and novel panel data set of gender-related legal restrictions, the study finds that restrictions on women’s rights to inheritance and property, as well as legal impediments to undertaking economic activities such as opening a bank account or freely pursuing a profession, are strongly associated with larger gender gaps in labor force participation. These factors have a significant additional impact on female labor force participation over and above the effects of demographic characteristics and policies. In many cases, the gender gaps caused by these restrictions also have macro-critical effects in terms of an impact on GDP. The results from this study suggest that it would be beneficial to level the playing field by removing obstacles that prevent women from becoming economically active if they choose to do so. In recommending equal opportunities, however, this study does not intend to render a judgment of countries’ broadly accepted cultural and religious norms.
Sierra Leone
This paper discusses Sierra Leone’s 2019 Article IV Consultation, Second Review Under the Extended Credit Facility Arrangement, Request for a Waiver of Nonobservance of Performance Criterion. Sierra Leone continued to make good progress under the IMF-supported program. While the program’s medium-term goals remain appropriate to enable future growth and development, the dramatic onset of the global coronavirus disease 2019 pandemic poses significant near-term risks. Combating the economic fallout of the crisis and protecting the health of Sierra Leoneans should be the immediate priority. The authorities’ cautious fiscal policy has been important. They have made commendable progress in m...
Gender Equality and Economic Development in Sub-Saharan Africa
Efforts to achieve gender equality will not only help sub-Saharan Africa revive its inclusive growth engine but also will ensure progress towards the Sustainable Development Goals and help address the main disruptive challenges of this century. This book explores the progress made in gender equality in the region, highlighting both the challenges and successes in areas such as legal reforms; education; health; gender-based violence; harmful practices, such as child marriage; and financial inclusion. It takes stock of initiatives towards integrating gender into core macroeconomic and structural reforms, such as through implementing gender budgeting and examines the role that fiscal and other ...
