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The paper combines various methodologies to assessing the level of the exchange rate in Botswana, explicitly taking into account the implications of its dependency on diamond exports. Real exchange rate estimation indicates that, after a period of overvaluation, Botswana's real effective exchange rate is now broadly in line with economic fundamentals. The projected current account path is also consistent with external sustainability, defined to ensure sufficient savings of diamond wealth in order to maintain a stable import and consumption path through 2050. Sustaining consumption over the longer term will however require to address obstacles to non-diamond exports' competitiveness.

Foreign exchange rates --- Diamond industry and trade --- Econometric models. --- Botswana --- Economic conditions --- Economic policy --- Exchange rates --- Fixed exchange rates --- Flexible exchange rates --- Floating exchange rates --- Fluctuating exchange rates --- Foreign exchange --- Rates of exchange --- Rates --- Botsvana --- GOB --- Republic of Botswana --- Lefatshe la Botswana --- Republiek van Botswana --- Botsuana --- Republica de Botsuana --- Botsouana --- Botsvana Respublikası --- Батсвана --- Batsvana --- Рэспубліка Батсвана --- Rėspublika Batsvana --- Bocvana --- Republika Bocvana --- Ботсвана --- Botswanská republika --- Repaboliki ya Botswana --- Gweriniaeth Botswana --- Republikken Botswana --- Republik Botsuana --- Botswana Vabariik --- Μποτσουάνα --- Δημοκρατία της Μποτσουάνας --- Dēmokratia tēs Botsouanas --- Bocvano --- Respubliko Bocvano --- Botswanako Errepublika --- République du Botswana --- Republik Botswana --- Lýðveldið Botsvana --- Repubblica del Botswana --- Jamhuri ya Botswana --- Botsvanas Republika --- Botsvanos Respublika --- Боцвана --- Република Боцвана --- Republiek Botswana --- ボツワナ --- Botsuwana --- Republika Botswany --- República do Botswana --- República do Botsuana --- Республика Ботсвана --- Respublika Botsvana --- Botswanan tasavalta --- Republiken Botswana --- Republika ng Botswana --- Botsvana Cumhuriyeti --- Республіка Ботсвана --- Cộng hoà Botswana --- 博茨瓦纳 --- Bociwana --- Jewelry trade --- Nonmetallic minerals industry --- Bechuanaland Protectorate --- Exports and Imports --- Foreign Exchange --- Current Account Adjustment --- Short-term Capital Movements --- Trade: General --- Currency --- International economics --- Real effective exchange rates --- Current account --- Real exchange rates --- Exports --- Balance of payments

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This paper studies the role of fiscal policies and institutions in building resilience in sub-Saharan African countries during 1990-2013, with specific emphasis on a group of twenty-six countries that were deemed fragile in the 1990s. As the drivers of fragility and resilience are closely intertwined, we use GMM estimation as well as a probabilistic framework to address endogeneity and reverse causality. We find that fiscal institutions and fiscal space, namely the capacity to raise tax revenue and contain current spending, as well as lower military spending and, to some extent, higher social expenditure, are significantly and fairly robustly associated with building resilience. Similar conclusions arise from a study of the progression of a group of seven out of the twenty-six sub- Saharan African countries that managed to build resilience after years of civil unrest and/or violent conflict. These findings suggest relatively high returns to focusing on building sound fiscal institutions in fragile states. The international community can help this process through policy advice, technical assistance, and training on tax administration and budget reforms.

Macroeconomics --- Public Finance --- Taxation, Subsidies, and Revenue: General --- Fiscal Policy --- National Government Expenditures and Related Policies: General --- National Security and War --- Public finance & taxation --- Revenue administration --- Fiscal space --- Current spending --- Defense spending --- Fiscal policy --- Expenditure --- Revenue --- Expenditures, Public --- Mozambique, Republic of

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Using a broad set of macroeconomic country characteristics to supplement a new and comprehensive micro-level dataset for 140 countries, we identify structural factors, policies, and individual characteristics that are associated with financial inclusion—in general, and for women in particular. We find that structural country characteristics, such as resource-richness and level of development, and policies, such as stronger institutions, and financial development are significantly related to financial inclusion. We find a robust negative relationship between being female and financial inclusion as in previous studies, and our analysis points to legal discrimination, lack of protection from harassment, including at the work place, and more diffuse gender norms as possible explanatory factors.

Finance: General --- Macroeconomics --- Industries: Financial Services --- Women''s Studies' --- Gender Studies --- Personal Finance --- Macroeconomics: Consumption --- Saving --- Wealth --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Financial Institutions and Services: Government Policy and Regulation --- Economics of Gender --- Non-labor Discrimination --- Financial Markets and the Macroeconomy --- Personal Income, Wealth, and Their Distributions --- Finance --- Gender studies --- women & girls --- Social discrimination & equal treatment --- Financial inclusion --- Women --- Financial services --- Personal income --- Gender inequality --- Financial services industry --- Income --- Sex discrimination --- Women & girls --- Women's Studies

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This study analyzes the drivers of the use of formal vs. informal financial services in emerging and developing countries using the 2017 Global FINDEX data. In particular, we investigate whether individuals’ choice of financial services correlates with macro-financial and macro-structural policies and conditions, in addition to individual and country characteristics. We start our analysis on middle and low-income countries, and then zoom in on sub-Saharan Africa, currently the region that most relies on informal financial services, and which has the largest uptake of mobile banking. We find robust evidence of an association between macroprudential policies and individuals’ choice of financial access after controlling for personal and country-level characteristics. In particular, macroprudential policies aimed at controlling credit supply seem to be associated with greater resort to informal financial services compared with formal, bank-based access. This highlights the importance for central bankers and financial sector regulators to consider the potential spillovers of monetary policy and financial stability measures on financial inclusion.

Kenya --- Finance: General --- Macroeconomics --- Industries: Financial Services --- Personal Finance --- Informal Economy --- Underground Econom --- Financial Markets and the Macroeconomy --- Monetary Policy --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Financial Institutions and Services: Government Policy and Regulation --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Finance --- Computer applications in industry & technology --- Financial services --- Financial inclusion --- Mobile banking --- Macroprudential policy --- Macroprudential policy instruments --- Financial markets --- Technology --- Financial sector policy and analysis --- Financial services industry --- Economic policy --- Banks and banking, Mobile

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The paper uses a unique database covering 44 countries in sub-Saharan Africa (SSA) countries between 2000 and 2007 to study the determinants of the allocation and composition of flows across countries, as well as channels through which private capital flows could affect growth. In our sample, the degree of financial market development is an important determinant of the distribution of capital flows across countries as opposed to property rights institutions. The fairly consistent positive association between net capital flows and growth for SSA countries contrasts with the more pessimistic results of recent studies, though our data do not allow us to make conclusive inferences about a causality relationship.

Finance --- Business & Economics --- International Finance --- Capital movements --- Economic development --- International finance. --- International monetary system --- International money --- Development, Economic --- Economic growth --- Growth, Economic --- Capital flight --- Capital flows --- Capital inflow --- Capital outflow --- Flight of capital --- Flow of capital --- Movements of capital --- International economic relations --- Economic policy --- Economics --- Statics and dynamics (Social sciences) --- Development economics --- Resource curse --- Balance of payments --- Foreign exchange --- International finance --- Exports and Imports --- Finance: General --- International Investment --- Long-term Capital Movements --- Financial Aspects of Economic Integration --- Economic Growth of Open Economies --- Economic Development: Financial Markets --- Saving and Capital Investment --- Corporate Finance and Governance --- Institutions and Growth --- Economywide Country Studies: Africa --- Financial Markets and the Macroeconomy --- International economics --- Private capital flows --- Capital inflows --- Financial sector development --- Foreign direct investment --- Financial markets --- Financial services industry --- Investments, Foreign --- South Africa