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12. To Formalize or Not to Formalize? Comparisons of Microenterprise Data from Southern and East Africa
- Author:
- Vijaya Ramachandran, Manju Kedia Shah, Alan Gelb, and Taye Mengistae
- Publication Date:
- 07-2009
- Content Type:
- Working Paper
- Institution:
- Center for Global Development
- Abstract:
- Why do firms choose to locate in the informal sector? Researchers often argue that the high cost of regulation prevents informal firms from becoming formal and productive. Our results point to a more nuanced story.
- Topic:
- Development, Economics, Markets, and Labor Issues
- Political Geography:
- Africa
13. A Fresh Look at Global Governance: Exploring Objective Criteria for Representation
- Author:
- Vijaya Ramachandran, Enrique Rueda-Sabater, and Robin Kraft
- Publication Date:
- 02-2009
- Content Type:
- Working Paper
- Institution:
- Center for Global Development
- Abstract:
- The geopolitical world of the 21st century is very different than that of the post–World War II era. In this new world order, what constitutes a system of global governance? We argue that it has to balance representation, which is made credible by the inclusion of key parts of the global community, and effectiveness, which means involving as small a number of actors as possible while having access to the resources—and clout—to turn decisions/intentions into action/results. In this paper, we propose simple, fundamental criteria—based on global shares of GDP and population—around which global governance might be organized. We analyze the role that these criteria would assign to different countries and compare them with some of the key components of the system of governance currently in place—the Bretton Woods institutions and the United Nations. We also examine the implications of our analysis for membership in the G-20 and the OECD. We find major disparities, which suggest the need for fundamental changes in sharp contrast to the incremental changes that are currently being considered. Overall, our analysis points to the need for a more comprehensive approach, and for much more than incremental solutions.
- Topic:
- Globalization, Government, International Organization, International Political Economy, and Political Theory
- Political Geography:
- United Nations
14. Africa's Private Sector: What's Wrong with the Business Environment and What to Do About It
- Author:
- Vijaya Ramachandran, Manju Kedia Shah, and Alan Gelb
- Publication Date:
- 03-2009
- Content Type:
- Policy Brief
- Institution:
- Center for Global Development
- Abstract:
- Why has the private sector failed to thrive in much of sub-Saharan Africa? Drawing on a unique set of enterprise surveys, we identify inadequate infrastructure (especially unreliable electricity and poor quality roads) and burdensome regulations as the biggest obstacles to doing business. We find as well that the private sector in many countries is dominated by ethnic minorities, which inhibits competition and lowers demand for a better business environment. Solutions include investing in infrastructure, providing risk guarantees, and reforming regulations to lower the cost of doing business, as well as increasing access to education for would-be entrepreneurs.
- Topic:
- Development, Economics, Emerging Markets, Globalization, and International Trade and Finance
- Political Geography:
- Africa
15. Does Influence-Peddling Impact Industrial Competition? Evidence from Enterprise Surveys in Africa
- Author:
- Vijaya Ramachandran, Manju Kedia Shah, and Gaiv Tata
- Publication Date:
- 10-2007
- Content Type:
- Working Paper
- Institution:
- Center for Global Development
- Abstract:
- Prior research has emphasized that the high costs and risks arising from a poor investment climate—lack of clear property rights, macro-instability , the burden of regulation and taxation, poor infrastructure, lack of finance, and lack of human capital—have impeded the development of the private sector in sub-Saharan Africa, despite adoption of structural adjustment and liberalization policies. Given the resulting wide differentials in productivity, it is not surprising that most of the African manufacturing sector has not been competitive in exports. However, trade liberalization should have had greater impact on domestic markets for manufactured goods in Africa, leading to either a rapid decline in the size of the manufacturing sector due to import competition, or to a rapid increase in productivity of surviving enterprises. In fact, neither has happened to any significant degree over the last 20 years.
- Topic:
- Development, Economics, and Regional Cooperation
- Political Geography:
- Africa
16. Why Doesn't Africa Get More Equity Investment? Frontier Stock Markets, Firm Size and Asset Allocations of Global Emerging Market Funds
- Author:
- Vijaya Ramachandran, Scott Standley, and Todd Moss
- Publication Date:
- 02-2007
- Content Type:
- Working Paper
- Institution:
- Center for Global Development
- Abstract:
- This paper addresses the question of investment in sub-Saharan African listed securities by examining characteristics of the continent's 15 equity markets, the rise and fall of African regional funds, and the asset allocation trends for global emerging market (GEM) funds. The data shows that South Africa is now a leading destination of capital, but that few managers invest elsewhere on the continent. However, we find that African markets are not treated differently than other markets and present evidence that small market size and low levels of liquidity are a binding deterrent for foreign institutional investors. Thus, orthodox market variables rather than market failure appear to explain Africa's low absolute levels of inward equity flows. The paper then turns to new data from firm surveys to explore why African firms remain small. The implications of our findings are threefold: (a) efforts to encourage greater private investment in these markets should concentrate on domestic audiences and specialized regional funds, (b) the depth and success of the Johannesburg Stock Exchange can perhaps be better utilized to benefit other parts of the continent, and (c) any long-term strategy should concentrate on the underlying barriers to firm entry and growth.
- Topic:
- Government, International Trade and Finance, and Markets
- Political Geography:
- Africa and South Africa
17. Why Are There So Few Black-Owned Firms in Africa? Preliminary Results from Enterprise Survey Data
- Author:
- Vijaya Ramachandran and Manju Kedia Shah
- Publication Date:
- 01-2007
- Content Type:
- Working Paper
- Institution:
- Center for Global Development
- Abstract:
- Much of the growth in Sub-Saharan Africa in the past decade has come from extractive industries, rather than from private, entrepreneurial activity. Furthermore, non-extractive activity in the private sector is often dominated by firms owned by ethnic minorities. This paper analyzes the characteristics of the formal private sector in five countries in sub-Saharan Africa, with a particular emphasis on Black African-owned (indigenous) firms. We find that indigenous firms start smaller and grow more slowly; however their rate of growth is positively influenced by whether the owner-entrepreneur has a university degree. We do not find overwhelming evidence that credit is the binding constraint but we do find that indigenous firms get less access to trade credit than firms owned by minority entrepreneurs. Finally, we discuss policy solutions that might enable a larger number of indigenous entrepreneurs to enter and survive in a vibrant, multi-ethnic private sector.
- Topic:
- International Relations, Development, Economics, and Humanitarian Aid
- Political Geography:
- Africa
18. Does the Private Sector Care About AIDS?
- Author:
- Vijaya Ramachandran, Manju Kedia Shah, and Ginger Turner
- Publication Date:
- 01-2006
- Content Type:
- Working Paper
- Institution:
- Center for Global Development
- Abstract:
- This paper analyzes the determinants of firms' decision to provide HIV/AIDS prevention activities. Using data from 860 firms and 4,955 workers in Uganda, Tanzania, and Kenya, it shows that larger firms, and firms with higher skilled workers tend to invest more in AIDS prevention. Firms where more than 50 percent of workers are unionized are also more likely to do more prevention activity. Finally, these characteristics are also significant in determining whether or not a firm carries out pre-employment health checks of its workers. The results shed light on the likelihood of private sector intervention and the gaps that will require public sector assistance.
- Topic:
- Health, Human Welfare, Humanitarian Aid, and Non-Governmental Organization
- Political Geography:
- Uganda, Kenya, and Tanzania