African Development Review

Abstract This study analyzes the factors influencing financial inclusion and financial resilience in Africa. Using national surveys of 40 African countries and the doing business database, multiple models are performed to analyze financial inclusion drivers. The results show that individual characteristics, barriers to formal accounting, financial literacy and innovation condition the decision to have a traditional or mobile account. Informal savings are common among women, youth and in rural areas while formal savings predominate among men, the elderly and in urban areas. A high level of education and income leads people to migrate to formal savings. For business purposes, informal savings are preferred while for old age, individuals resort to formal savings because of interest rates. Social lifestyles make informal credit predominate in Africa. However, when people have employment, high income or education, they turn more to formal credit to preserve their reputation because of the respect and popularity they enjoy in their community. Marriage, financial literacy and innovation improve the resilience of individuals, while employment increases their vulnerability. Key policy recommendations are to improve the banking sector, institutions, innovations and income‐generating activities to attract women and reduce the gender gap.

Abdoulganiour Almame Tinta

Idrissa Mohamed Ouédraogo

Ramatu Mahama Al‐Hassan

The micro determinants of financial inclusion and financial resilience in Africa

Abstract: The paper empirically investigates the degree of bank competition and intermediation efficiency in Ghana. The evidence obtained suggests a non-competitive market structure in the Ghanaian banking system, which hampers financial intermediation. The study also finds that Ghanaian banks are monopolistically competitive. It is argued that the structure, as well as the other markets characteristics, constitutes an indirect barrier to entry thereby shielding the large profits in the Ghanaian banking system. Further, it is argued that policies that encourage and stimulate greater consolidation in the financial sector would go a long way to enhance competition among banks and improve efficiency and profitability.

Nicholas Biekpe

The Competitiveness of Commercial Banks in Ghana

加纳商业银行的竞争力

Abstract Recent research on international trade suggests that economic development and growth occur as countries gain knowledge and learn to produce and export more sophisticated products. This study examines the effect of trade facilitation on economic complexity in selected African countries over the period 2004–2017. It uses four indicators of trade facilitation capturing physical infrastructure, information, and communication technology (ICT), business, and regulatory environment as well as border, and transport efficiency. The empirical analysis using ordinary least square, and the two‐stage least square estimators shows that effective trade facilitation reform targeted particularly at improving ICT as well as border, and transport efficiency enhances economic complexity. The results remain consistent when an alternative estimation strategy is used. These findings offer scope for a reminder that reforms aimed at simplifying border procedures should be implemented and accelerated in African countries.

Moukaila Mouzamilou Takpara

Constant Fouopi Djiogap

Manfred Kouty

Bouraïma Sawadogo

Effect of Trade Facilitation on Economic Complexity in Selected African Countries

贸易便利化对选定非洲国家经济复杂性的影响

Abstract This paper examines the role of inequality on the link between governance and economic growth in 44 African countries with data running from 2008 to 2018. Using a system GMM and the generalized least square (GLS) estimators, we establish that the effects of governance on growth are rightly conditioned by inequality. The GMM and GLS estimates portray positive effects of inequality on growth, but only the GMM estimates are significant. For both estimators, the effect of institutions on economic growth is positive and significant. However, inequality retards growth when embedded in selected institutions, which implies a substitution relationship between institutions and inequality on growth. The turning point beyond which inequality begins to contribute negatively to economic growth ranges between 34% and 49% based on the GMM estimates or 40.15% and 44.5% for the GLS analysis depending on the institutional indicator used. Therefore, institutions can only be effective in economic development if income inequality levels of not less than 0.34 and not more than 0.49 are maintained to ensure that inequality does not negate growth. Policy makers of African countries should ensure better income distribution alongside good institutions to achieve sustainable economic growth in the region.

Johannes Tabi Atemnkeng

Laura Senke Ngeh

Nkwetta Ajong Aquilas

Afuge Ramsy Akame

Income inequality thresholds that should be avoided for governance to promote economic growth with evidence from Africa

应避免的收入不平等门槛：治理促进非洲经济增长的实证研究

Abstract This paper contributes to the emerging literature on the economic impacts of the Russia–Ukraine war by estimating the effects of that war on FCFA‐denominated sovereign bond yields and spreads for the West African Economic and Monetary Union (WAEMU) countries. Using ordinary least squares regressions on monthly panel data from January 2020 to December 2022, we found three key results. First, the Russia–Ukraine war significantly increased long‐term government bonds but had no impact on short‐term sovereign bond yields. Second, the Russia–Ukraine war raised sovereign bond spreads in WAEMU countries. These results suggest that WAEMU countries may consider reducing sovereign long‐term bond issuances and exploiting alternative financing sources, such as concessional financing, until the war and its corollary of global economic and financial imbalances are resolved. Finally, we found that the Central Bank of West African States's policy rate hikes increase governments' borrowing costs. Given this impact, we recommend complementing monetary policy with nonmonetary and fiscal policy measures to ease inflationary pressure from the Russia–Ukraine war. This approach may help mitigate the upward pressure driven by monetary policy tightening on sovereign borrowing costs in the WAEMU government securities markets.

Seydou Coulibaly

Russia–Ukraine war and the cost of borrowing in the West African Economic and Monetary Union sovereign debt market

俄罗斯-乌克兰战争与西非经济和货币联盟主权债务市场的借贷成本

Abstract This paper assesses the impacts of food price increase on households' consumption and welfare in Togo and the efficiency of policy measures, such as cash transfers and food subsidies, implemented by the Togolese government to dampen the adverse impacts. A computable general equilibrium (CGE) model is used given its appropriateness in handling economy‐wide and the welfare effect of specific policies. Simulation results show that an increase in food prices has adversely affected the consumption and welfare of all categories of households. The most affected households are self‐employed in the agriculture and other sectors, seasonal workers, trainees, and housekeepers. However, the study reveals that these adverse effects are mitigated by the government's policy responses, notably through cash transfers and food subsidies. Furthermore, the cash transfer policy seems to have a slightly greater positive effect on household consumption and welfare in response to rising food prices in Togo compared to food subsidies. This indicates that cash transfers mitigated the negative impact of food price increases on the population more effectively than food subsidies policies. These findings offer valuable insights for policymakers in optimizing public interventions and striking a balance between various policy options to address hunger and malnutrition within targeted households in Togo.

Nimonka Bayale

Tomgouani Lanie

Eric Allara Ngaba

Madow Nagou

Kokou Abah

From food inflation to cash transfers and food subsidies: Assessing impacts on households' consumption and welfare in Togo

从食品通胀到现金转移和食品补贴：评估多哥家庭消费和福利的影响

Abstract This paper examines the effectiveness of macroprudential regulations in promoting bank stability and the credit market in the Kenyan financial system. The study applies a panel estimation methodology on bank‐level and non‐bank credit data for the period 2001–2021 to achieve its objectives. The study reveals three key findings. First, overall, the banking sector remains resilient as evidenced by the S‐score stability measure. Second, liquidity‐related, capital‐based, and asset‐side macroprudential regulations lower bank stability. Third, there is evidence of dampened bank credit and domestic leakage associated with macroprudential regulations. The paper concludes that macroprudential regulations are ineffective in promoting stability and the credit market. This paper recommends policymakers to use caution when implementing macroprudential conditions. This is to balance out the policy objectives of banking sector stability and access to finance. Additionally, policy makers should be mindful when implementing macroprudential measures that may cause banks to adjust their behavior, leading to domestic credit leakages and cross‐border spillovers.

Abbreviation	Afr Dev Rev
Journal Impact	3.13
Quartiles(Global)	DEVELOPMENT STUDIES(Q1)

ISSN	1017-6772, 1467-8268
h-index	48

Publication Information	Publisher: Wiley-Blackwell Publishing Ltd，Publishing cycle: ，Journal Type: journal，Open Access Journals: No
Basic data	Year of publication: 1989，Proportion of original research papers: 100.00%，Self Citation Rate:12.90%， Gold OA Rate: 2.37%

African Development Review

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The micro determinants of financial inclusion and financial resilience in Africa

The Competitiveness of Commercial Banks in Ghana

Effect of Trade Facilitation on Economic Complexity in Selected African Countries

Income inequality thresholds that should be avoided for governance to promote economic growth with evidence from Africa

Russia–Ukraine war and the cost of borrowing in the West African Economic and Monetary Union sovereign debt market

Effect of Trade Facilitation on Economic Complexity in Selected African Countries

Russia–Ukraine war and the cost of borrowing in the West African Economic and Monetary Union sovereign debt market

Income inequality thresholds that should be avoided for governance to promote economic growth with evidence from Africa

From food inflation to cash transfers and food subsidies: Assessing impacts on households' consumption and welfare in Togo

Macroprudential regulation, bank stability, and the credit market in Kenya