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Publications (24)
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– The case of Ghana
One essential condition of economic progress in any society is an ample supply of savings, which depends on the growth of real capital.Economists agree that higher investment rates will lead to higher growth. Thus, domestic savings is considered an important determinant of growth in developing...
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– Unity in diversity
This paper examines the national savings behaviour in the process of economic growth through a comparative analysis of countries in developing Asia from a historical perspective. Developing Asia provides an ideal laboratory for the study with considerable differences in the savings behaviour among...
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– Empirical evidence
This paper examines trends and determinants of gross domestic savings in Tanzania using data for the period 1990–2020. The autoregressive distributed lag approach is employed to empirically analyse the short-run and long-run relationships. There has been a fairly stable increase in the domestic...
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– Do sovereign wealth funds serve development?
Do sovereign wealth funds (SWFs) contribute to Africa’s development? This paper assesses the objectives of SWFs (fiscal stabilization, productive investment, intergenerational saving) and discusses alternatives. We argue that fiscal stabilization funds are often necessary, but entail considerable...
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The savings–growth nexus is widely acknowledged, both in policy and in the literature. But Kenya’s numerous policy initiatives to encourage savings mobilization are yet to yield the expected outcomes. This paper identifies the key drivers of domestic saving in Kenya, exploiting fintech as an...
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Capital markets facilitate capital growth by mobilizing savings and converting them into investments, and they are therefore a stimulant of economic growth. There is evidence that countries with high savings rates tend to grow faster. Although most sub-Saharan Africa countries recognize the...
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This paper traces the development of fintech in sub-Saharan Africa, its evolution over time, and the unfolding benefits attained at each stage of its adoption and market evolution. From the onset, fintechs have revolutionized retail electronic payment systems—a revolution that has evolved into a...
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The population structure the world over is going through a demographic shift, and the elderly proportion is projected to increase with population growth. This change is a matter of concern for sub-Saharan African (SSA) countries, where the majority of the people are young and the rates of both...
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This paper employs data from 103 developing countries between 1981 and 2012 to examine the determinants of private savings in sub-Saharan Africa (SSA), with a focus on the effect of financial liberalization on private savings. It also analyses why the savings rate for SSA countries is lower than for...
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– Disentangling the roles of trend and cycle
Resource mobilization continues to be an important policy challenge for developing economies, raising questions as to what determines differences in saving behaviour across countries. Using a panel of 47 economies with at least 40 years of continuous time series data, we causally identify, using a...
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– Property, Politics and Development Trajectories
As institutional approaches have come to dominate the mainstream of development economics, they have outgrown earlier and simpler analyses of ‘property rights’. This paper focuses on the work of Acemoglu, Johnson, and Robinson, which suggests that the distribution of property rights to a ‘broad...
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– The Successful Experience of Switzerland (1870-1950)
This research paper discusses the role of institutions in the rapid growth and successful international integration of Switzerland during the late nineteenth and early twentieth century. In analysing the emergence and consolidation of the institutions whose existence was crucial, the paper looks...
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– Industrial Catching-up, Institutional Innovation and Financial Fragility
This paper seeks to explain the dynamics of Brazilian industrial catch-up in the last 60 years by discussing its background institutional conditions as well as its main macroeconomic features. After a brief introduction, the second section describes how after the institutional innovations introduced...
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– A Historical Perspective on Institutions and Uneven Development
This paper argues for an ‘ancient’ institutional school, predating Thorstein Veblen’s ‘old’ institutionalism. In this view, going back as far as the thirteenth century, institutions tended to be seen as specific to a mode of production. Here both institutions and development itself are context...
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– Development Strategies and Institutions in Taiwan and China
Conventional explanations of Taiwan and China’s economic success point to the shift from an import-substituting industrialization (ISI) strategy to an export-oriented industrialization (EOI) strategy. This paper argues that the development strategies in Taiwan and China have always been a...
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New institutional economics lacks a theory of state formation which could help us to deal with the mega question of why some states became more efficient than others at establishing and sustaining institutions. Some kind of middle range theory could be formulated based upon historical case studies...
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