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In this volume, world-renowned contributors, including Martin Ravallion, Michael Kremer and Robert Townsend, deal with the institutional characteristics of poverty resulting from the time pattern of aid, the nature of financial systems and the political economy of budgetary decisions. Going beyond the traditional literature on poverty, this original book deals with themes of broad interest to both scholars and policymakers in a clear yet technically sophisticated manner. Departing from conventional methods employed in poverty studies, these innovative essays enquire into the institutional characteristics of poverty, and using current case studies, they examine the crucial idea that periods of crises seriously affect poverty.

This book brings together academics in the fields of economics, political science, and law, with business practitioners in the fields of risk assessment and portfolio management. Their contributions are sequenced to tell a story. Africa is perceived as being a highly risky continent. As a result, investment is discouraged. These risks are partly exaggerated. However, to the extent that they reflect genuine problems, they are capable of being mitigated by insurance and reduced by political restraints such as central banks, investment charters, and international agreements.

In this volume, world-renowned contributors, including Martin Ravallion, Michael Kremer and Robert Townsend, deal with the institutional characteristics of poverty resulting from the time pattern of aid, the nature of financial systems and the political economy of budgetary decisions. Going beyond the traditional literature on poverty, this original book deals with themes of broad interest to both scholars and policymakers in a clear yet technically sophisticated manner. Departing from conventional methods employed in poverty studies, these innovative essays enquire into the institutional characteristics of poverty, and using current case studies, they examine the crucial idea that periods of crises seriously affect poverty.

Cover; Macroeconomic Policies and Poverty Reduction; Title Page; Copyright Page; Table of Contents; List of figures; List of boxes; List of tables; List of contributors; PART I Issues in macroeconomics and poverty; Can public policies lower poverty? An overview; 1 Macroeconomic policies and poverty reduction: stylized facts and an overview of research; 2 Evaluating the poverty impact of economic policies: some analytical challenges; 3 Trade, growth, and poverty: a selective survey; PART II Public finances; 4 Odious debt; 5 Aid and fiscal management

Amongst their many other problems, development in sub-Saharan African (SSA) countries is handicapped by weak financial sectors. While banking facilities have expanded and improved in the last decade, insurance, non-bank financial intermediaries and stock markets are in general little advanced, and any shock to a major export sector in the less diversified countries could turn most of the banking loans bad. The authors discuss the situation and make practical suggestions as to how improvement could be effected. Adapted from the source document.

This paper assesses the impact of the steadily growing remittance flows to sub-Saharan Africa (SSA). Though the region receives only a small portion of the total recorded remittances to developing countries, and the volume of aid flows to SSA swamps remittances, this paper finds that remittances, which are a stable, private transfer, have a direct poverty mitigating effect, and promote financial development. These findings hold even after factoring in the reverse causality between remittances, poverty and financial development. The paper posits that formalizing such flows can serve as an effec