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Financing Africa: Through The Crisis And Beyond,New
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Financing Africa takes stock of Africa s financial systems in light of recent changes in the global financial system including the greater risk aversion of international investors, a shift in economic and financial powers towards emerging markets and the regulatory reform debate and the increasing role of technology. Using a wider and more detailed array of data than previous publications, we observe a trend towards financial deepening, more stability and more inclusion leading up to the crisis; serious challenges, however, continue, including limited access to financial services, focus on shortterm contracts and hidden fragility, related to weak regulatory frameworks, undue government interference and governance deficiencies. Our policy analysis therefore focuses on (i) expanding outreach, (ii) fostering longterm finance and (iii) improving regulation and supervision. We identify the positive role of innovation and competition, a stronger focus on nontraditional financial service providers, and more emphasis on demandside constraints as priority areas for policy actions. Specifically, competition from new players outside the banking system, including telecomm companies can increase outreach with technological innovation that changes the economics of retail finance. Moving beyond national stock exchanges that are not sustainable in most African countries towards regional solutions and overthecounter trades can help foster longterm finance, as can addressing governance challenges in contractual savings institutions, including life insurance companies and pension funds. Finally, there is a need to look beyond supplyside constraints towards users of financial services, focusing more on financial literacy of households and firms, but also consumer protection. In formulating policy messages, we carefully distinguish between different country groupings, differentiating among others between low and middleincome and small and larger economies, with a special focus on resourcebased economies and postconflict countries.This book reaches out to both policy makers concerned about a more inclusive and effective financial system and other stakeholders, including practitioners and development partners. With this book we aim to contribute to the ongoing financial sector debate on Africa, with the ultimate goal of faster economic development and poverty reduction.
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