Market Institutions in Sub-Saharan Africa: Theory and Evidence

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