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Market Institutions in Sub-Saharan Africa : Theory and Evidence - Marcel Fafchamps

Market Institutions in Sub-Saharan Africa

Theory and Evidence

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In "Market Institutions in Sub-Saharan Africa," Marcel Fafchamps synthesizes the results of recent surveys of indigenous market institutions in twelve countries, including Benin, Ghana, Kenya, Madagascar, Malawi, and Zimbabwe, and presents findings about economics exchange in Africa that have implications both for future research and current policy. Employing empirical data as well as theoretical models that clarify the data, Fafchamps takes as his unifying principle the difficulties of contract enforcement. Arguing that in an unpredictable world contracts are not always likely to be respected, he shows that contract agreements in sub-Saharan Africa are affected by the absence of large hierarchies (both corporate and governmental) and as a result must depend to a greater degree than in more developed economies on social networks and personal trust. Fafchamps considers policy recommendations as they apply to countries in three different stages of development: countries with undeveloped market institutions, like Ghana; countries at an intermediate stage, like Kenya; and countries with developed market institutions, like Zimbabwe. "Market Institutions in Sub-Saharan Africa" caps ten years of personal research by the author. Fafchamps, in collaboration with such institutions as the Africa Division of the World Bank and the International Food Policy Research Institute, participated in the surveys of manufacturing firms and agricultural traders that provide the empirical basis for the book. The result is a work that makes a significant contribution to research on the continuing economic stagnation of many countries in sub-Saharan Africa and is also largely accessible to researchers in other fields and policy professionals.

"By placing enforcement at the center of his study of firms' market transactions, Marcel Fafchamps makes a convincing case for the relevance of economic analysis for developing countries. By providing evidence on when and why breaches of contracts occur, and on when and how creditors screen potential debtors, he can not only test some of his theory's predictions, but stimulates further research on the use of incentives for the analysis of the developing world."--Jean-Jacques Laffont, IDEI, University of Toulouse, and University of Southern California "In this book Marcel Fafchamps has done more than summarize the exciting economic research on firms and markets in Africa over the last decade. He has provided a framework for understanding African economies that will serve as the reference on Africa for the foreseeable future." Garth Frazer, University of Toronto "In this book, Marcel Fafchamps has done more than summarize the exciting economic research on firms and markets in Africa over the last decade. He has provided a framework for understanding African economies that will serve as *the* reference on Africa for the foreseeable future."--Garth Frazer, University of Toronto

Prefacep. xv
Issues And Datap. 1
Markets and Tradersp. 3
Market Transactions as Contractsp. 23
The Datap. 39
Contract Enforcementp. 49
Evidence from Case Studies in Ghana, Kenya, and Zimbabwep. 53
Evidence from African Manufacturersp. 81
Evidence from Agricultural Tradersp. 111
Inventories and Contractual Riskp. 137
Trust And Relationshipsp. 151
The Formation of Trustp. 155
Trust and Businessp. 171
Relationships and Agricultural Tradep. 187
Information Sharingp. 205
Markets and Informationp. 209
Decentralized Reputational Penaltiesp. 235
Information Sharing and Socializationp. 251
Networks And Marketsp. 261
Market Formationp. 265
Business Networks in Africap. 293
Returns to Network Capital in Agricultural Tradep. 313
Ethnicity And Discriminationp. 327
Discrimination and Networksp. 331
Supplier Credit and Ethnicityp. 359
Discrimination and Networks in African Manufacturingp. 371
Discrimination and Networks in Agricultural Tradep. 397
Finance, Investment, and Networksp. 421
Conclusions And Policy Implicationsp. 437
What Have We Learned?p. 441
Policy Implicationsp. 455
Postscriptp. 485
Bibliographyp. 487
Indexp. 501
Table of Contents provided by Publisher. All Rights Reserved.

ISBN: 9780262062367
ISBN-10: 0262062364
Series: Comparative Institutional Analysis
Audience: Professional
For Ages: 18+ years old
Format: Hardcover
Language: English
Number Of Pages: 464
Published: 5th December 2003
Country of Publication: US
Dimensions (cm): 23.8 x 18.8  x 3.1
Weight (kg): 1.04