Monetary stability and financial development in Sub-Saharan countries

Abstract We analyze the interrelation between monetary stability and financial structure in 20 Sub-Saharan economies. Using a panel data set we estimate the impact of monetary stability and financial development on income per capita. Special interest is given to the conditions of the so-called CFA-countries, that have a fixed exchange rate vis-à-vis the French Franc. Is the impact of the financial system development in these countries bigger than in non-CFA countries? We measure monetary uncertainty using an auxiliary (G)ARCH model of monthly inflation. For financial development we take both the role of M2 as credit to the private sector into account. Our sample covers the years 1970-1997. We estimate growth regressions in three different forms: cross-section, interval, and a pooled model. We do find that inflationary uncertainty is relevant for growth of GDP per capita. Financial development is relevant in the low data-frequency models. The differences between CFA and non-CFA countries become apparent in the interval and pooled models. CFA-countries seem to rely more on credit in the interval model. Moreover, in the years 1985-1993 non-CFA countries seemed to suffer more from inflationary uncertainty.

Assessing the performance of social spending in Europe

Based on the construction of a new composite index to assess the relative performance of welfare policies, we show that the variability of performances cannot be explained only by the amount of resources devoted to social policies, but also by its composition: countries with higher shares of social public expenditure, specifically aimed at reducing income concentration, obtain better results. This associates the traditional classification of the welfare systems to the performance obtained in the social sector

Retirement Flexibility and Portfolio Choice

This paper explores the interaction between retirement flexibility and portfolio choice in an overlapping-generations model. We analyse this interaction both in a partial-equilibrium and general-equilibrium setting. Retirement flexibility is often seen as a hedge against capital-market risks which justifies more risky asset portfolios. We show, however, that this positive relationship between risk taking and retirement fl exibility is weakened - and under some conditions even turned around - if not only capital-market risks but also productivity risks are considered. Productivity risk in combination with a high elasticity of substitution between consumption and leisure creates a positive correlation between asset returns and labour income, reducing the willingness of consumers to bear risk. Moreover, it turns out that general-equilibrium effects can either increase or decrease the equity exposure, depending on the degree of substitutability between consumption and leisure.retirement (in)fl exibility;portfolio allocation;risk;intratemporal substitution elasticity

Retirement Flexibility and Portfolio Choice

This paper explores the interaction between retirement flexibility and portfolio choice in an overlapping-generations model. We analyse this interaction both in a partial-equilibrium and general-equilibrium setting. Retirement flexibility is often seen as a hedge against capital-market risks which justifies more risky asset portfolios. We show, however, that this positive relationship between risk taking and retirement flexibility is weakened� and under some conditions even turned around, if not only capital-market risks but also productivity risks are considered. Productivity risk in combination with a high elasticity of substitution between consumption and leisure creates a positive correlation between asset returns and labour income, reducing the willingness of consumers to bear risk. Moreover, it turns out that general-equilibrium effects can either increase or decrease the equity exposure, depending on the degree of substitutability between consumption and leisure. Key words: retirement (in) flexibility, portfolio allocation, risk, intratemporal substitution elasticity JEL codes: E21, G11, J26 �

Beggar Thy Thrifty Neighbour: The International Spillover Effects of Pensions Under Population Ageing

This paper explores the international spillover effects of ageing through capital markets when countries have different pension systems.We use a two-country twoperiod overlapping-generations model, where the two countries only differ in their pension schemes.Two forms of population ageing are considered, namely an increase in longevity and a fall in fertility.It is shown that in the long run a country using a funded pension system experiences negative spillovers from the fact that the other country uses a PAYG system.The short-run spillovers, however, are opposite to the spillovers in the long run.ageing;pensions;spillovers

Performative Publications

This article is a print rendition of a web-based experimental publication which reflects upon and at the same time is itself an example of performative publishing. A performative publication wants to explore how we can bring together and align more closely the material form of a publication with its content. Making use of hypothes.is software, the web-version of this article has been written ‘in the margins’ of the performative publication it reflects upon, entangling itself with this project at various points. The reflections written in hypothes.is extend the performative publication both theoretically and practically by examining the correlation between performative publishing and technotexts (Hayles), performative materiality (Drucker), liberature (Fajfer), and feminist design (McPherson), and the ethical and political challenges towards academic publishing these kinds of concepts and practices pose. The web-version of this article stresses the collaborative and processual nature of scholarship, where through hypothes.is both annotators and reviewers have become active participants on this evolving publication, which is both open-ended in time and collaborative in authorship

Living Books: Experiments in the Posthumanities

Reimagining the scholarly book as living and collaborative—not as commodified and essentialized, but in all its dynamic materiality. In this book, Janneke Adema proposes that we reimagine the scholarly book as a living and collaborative project—not as linear, bound, and fixed, but as fluid, remixed, and liquid, a space for experimentation. She presents a series of cutting-edge experiments in arts and humanities book publishing, showcasing the radical new forms that book-based scholarly work might take in the digital age. Adema's proposed alternative futures for the scholarly book go beyond such print-based assumptions as fixity, stability, the single author, originality, and copyright, reaching instead for a dynamic and emergent materiality. Adema suggests ways to unbind the book, describing experiments in scholarly book publishing with new forms of anonymous collaborative authorship, radical open access publishing, and processual, living, and remixed publications, among other practices. She doesn't cast digital as the solution and print as the problem; the problem in scholarly publishing, she argues, is not print itself, but the way print has been commodified and essentialized. Adema explores alternative, more ethical models of authorship; constructs an alternative genealogy of openness; and examines opportunities for intervention in current cultures of knowledge production. Finally, asking why it is that we cut and bind our research together at all, she examines two book publishing projects that experiment with remix and reuse and try to rethink and reperform the book-apparatus by taking responsibility for the cuts they make