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Mr. Paul Henri Mathieu, Mr. Marco Pani, Shiyuan Chen, and Mr. Rodolfo Maino
Using data collected from pan-African banks’ (PABs), balance sheets and other sources (Orbis, Fitch), this study identifies some key patterns of cross-border investment in bank subsidiaries by key banking groups in sub-Saharan Africa (SSA) and discusses some of the determinants of this investment. Using a gravity model relating the annual value of a banking group’s investment in the net equity of its subsidiaries to a set of explanatory variables, the analysis finds that cross-border banking is in part driven by a search for yield, diversification, and expansion for strategic reasons.
Mr. Ali M. Mansoor, Salifou Issoufou, and Mr. Daouda Sembene

Abstract

Economic transformation and diversification require solutions that take account of the political economy of reform. This book explores the process of economic transformation, using Senegal as an example. Sound macroeconomic and fiscal policies are prerequisites for achieving this kind of transformation, but these policies need to include the appropriate industrial policies and good economic governance, which provide incentives to help small- and medium-sized enterprises emerge from the informal sector and for foreign direct investment to use the country as a platform for globally competitive production. In many low-income countries extensive rent seeking and patronage have generated stability at the expense of inclusive growth and held back development. Although policymakers know what is needed to address these problems and achieve economic transformation and diversification, how to do it remains a challenge. This book shows how the political economy of reform may be navigated to achieve transformation. For example, the use of special economic zones may solve the problem if good global governance is emphasized, along with linking the zones to the global economy.

Mr. Ali M. Mansoor, Salifou Issoufou, and Mr. Daouda Sembene

Abstract

Through 18 chapters, this book draws on policy lessons from successful countries that have managed to overcome political economy constraints and reach upper-middle-income emerging market economy status to examine how Senegal can achieve per capita growth rates of four to five percent per year over a 20-year period, as well as lessons for other low-income countries. Contributors working in academia, civil society, and government in Senegal, as well as at the World Bank, in peer countries like Mauritius, Morocco, and Seychelles, and the International Monetary Fund, address creating a sound, balanced, and efficient fiscal framework through new revenue-raising measures, expenditure rationalization, and more efficient public investment; promoting an inclusive and deeper financial sector; relieving constraints on doing business and promoting private investment, including foreign direct investment; and achieving high, sustained, and inclusive growth. They discuss Senegal's macroeconomic environment and what it means to be an upper-middle-income emerging market economy, including the country's industrial framework, the Plan Senegal emergent growth targets, and dimensions of inclusive growth; revenue mobilization, public expenditure efficiency and rationalization, and debt sustainability; ways to make Senegal's financial system more stable, deeper, and more inclusive in the context of the West African Economic and Monetary Union; aspects of structural reform in the country and ways to implement reforms to achieve growth; and social inclusion and protection in Senegal.

Mr. Charles Enoch, Mr. Paul Henri Mathieu, Mr. Mauro Mecagni, and Mr. Jorge I Canales Kriljenko
Pan-African banks are expanding rapidly across the continent, creating cross-border networks, and having a systemic presence in the banking sectors of many Sub-Saharan African countries. These banking groups are fostering financial development and economic integration, stimulating competition and efficiency, introducing product innovation and modern management and information systems, and bringing higher skills and expertise to host countries. At the same time, the rise of pan-African banks presents new challenges for regulators and supervisors. As networks expand, new channels for transmission of macro-financial risks and spillovers across home and host countries may emerge. To ensure that the gains from cross border banking are sustained and avoid raising financial stability risks, enhanced cross-border cooperation on regulatory and supervisory oversight is needed, in particular to support effective supervision on a consolidated basis. This paper takes stock of the development of pan-African banking groups; identifies regulatory, supervisory and resolution gaps; and suggests how the IMF can help the authorities address the related challenges.
International Monetary Fund
There has been a rapid expansion of pan-African banks (PABs) in recent years, with seven major PABs having a presence in at least ten African countries: three of these are headquartered in Morocco, two in Togo, and one each in Nigeria and South Africa. Additional banks, primarily from Kenya, Nigeria, and South Africa, have a regional presence with operations in at least five countries. PABs have a systemic presence in around 36 countries. Overall, the PABs are now much more important in Africa than the long-established European and American banks.
International Monetary Fund
This Selected Issues paper for Tunisia presents a literary survey of the research on constant real exchange rate rule (CRERR). It assesses Tunisia’s experience with CRERR in terms of inflation performance and discusses possible reasons for Tunisia’s apparent success at avoiding the pitfalls of CRERR as predicted by the theoretical models. The paper presents a regression analysis estimating the equilibrium real exchange rate based on different fundamental variables and compares this with the path of the actual exchange rate. The paper also assesses Tunisia’s external competitiveness over the past decade using a range of indicators.

Abstract

Edited by G.K. Helleiner, this volume contains the proceedings of a symposium jointly sponsored by the Association of African Central Banks and the IMF that was held in Nairobi, Kenya, in May 1985.