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This paper studies the main determinants of total factor productivity (TFP) growth using principal component analysis and a dynamic panel data model and, through a case study, explores key areas where accelerated reforms in the Maghreb countries would boost TFP gains. The results reveal that reforms targeted at attracting foreign direct investment and rationalizing government size, shifting resources from low-productivity sectors to higher ones, and encouraging women to enter the work force, could accelerate TFP gains. Equally important are reforms aimed at strengthening human capital, increasing the volume of trade, and improving the business environment.

Export marketing -- Africa -- Econometric models. --- Industrial productivity -- Africa -- Econometric models. --- Women -- Employment -- Africa -- Econometric models. --- Exports and Imports --- Labor --- Macroeconomics --- Production and Operations Management --- Macroeconomics: Production --- Production --- Cost --- Capital and Total Factor Productivity --- Capacity --- Human Capital --- Skills --- Occupational Choice --- Labor Productivity --- International Investment --- Long-term Capital Movements --- Labor Economics: General --- Labour --- income economics --- Finance --- Productivity --- Total factor productivity --- Human capital --- Foreign direct investment --- Balance of payments --- Industrial productivity --- Investments, Foreign --- Labor economics --- Algeria

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The West African Economic and Monetary Union (WAEMU) regional securities market saw increasing activity in the last decade, but still fell short of supplying sufficient long-term financing for growth-enhancing public and private investment projects. In addition to providing an institutional background, this paper studies recent developments and the determinants of interest rates on the market—using yield curve and principal component analyses. It also identifies challenges and prospective reforms that could help the region reap the full benefits of a more dynamic securities market and assesses the potential systemic risk the market may pose for the region’s banking system.

Law - Non-U.S. --- Law, Politics & Government --- Law - Africa, Asia, Pacific & Antarctica --- Securities --- Investments --- Investing --- Investment management --- Portfolio --- Blue sky laws --- Capitalization (Finance) --- Investment securities --- Scrip --- Securities law --- Underwriting --- Law and legislation --- Finance --- Disinvestment --- Loans --- Saving and investment --- Speculation --- Investment banking --- Finance: General --- Investments: General --- Investments: Bonds --- Interest Rates: Determination, Term Structure, and Effects --- Financial Markets and the Macroeconomy --- Economic Integration --- General Financial Markets: General (includes Measurement and Data) --- Investment & securities --- Treasury bills and bonds --- Securities markets --- Bonds --- Government securities --- Financial institutions --- Financial markets --- Financial instruments --- Capital market --- Burkina Faso

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This paper analyzes the process of Internet diffusion across the world using a panel of 199 countries during 1990-2004. The authors group countries in two categories-low and high-income countries-and show that the Internet diffusion process is well characterized by an S-shape curve for both groups. Low-income countries display a steeper diffusion curve that is equivalent to a right shift of the diffusion curve for high-income countries. The estimated diffusion curves provide evidence of a "catching-up" process, although a very slow one. The paper explores the determinants of Internet diffusion at the country level and across the same income groups. The most novel finding is that network effects seem to be crucial-the number of Internet users in a country in a given year is positively associated with the number of users in the previous year. The findings also show that the degree of competition in the provision of Internet service contributes positively to its diffusion, and there are significant positive language externalities.

Basic --- Computers --- Connectivity --- Digital --- E-Business --- Education --- Education for the Knowledge Economy --- High-Speed --- Income --- Industry --- Information Security and Privacy --- Information Technologies --- Innovations --- Internet Services --- Macroeconomics and Economic Growth --- New Technology --- Private Sector Development --- Simulation --- Social Protections and Labor --- Technology Industry