Delivering Inclusive Financial Development and Growth

Lead Research Organisation: University of Birmingham
Department Name: Accounting and Finance

Abstract

According to Stiglitz (2006), the financial system acts as the 'brain' of an economy. Financial institutions and markets promote the dissemination and co-ordination of information about resource availability at every level throughout the economy, and so they enable an efficient allocation of these resources for supporting economic growth. However, it is not altogether clear how finance can deliver inclusive financial development and growth. Recent empirical research shows that in LICs there are financial development gaps as well as financial inclusion gaps (Allen et al., 2014). In addition, the links between the financial system and economic development have come under increasing scrutiny in recent years, especially following the 2007-09 global financial crisis (Caballero, 2015). The current consensus is that there is urgent need for research on the role of the finance in fostering inclusive financial development and sustainable economic growth.

Led by the University of Birmingham, a consortium of UK and international partners will collaborate on this four-year programme of research. Partner institutions include the Institute of Development Studies at the University of Sussex, Loughborough University, the Overseas Development Institute, SOAS at the University of London, and the University of Nottingham in the UK, and the Universities of Groningen in the Netherlands, Laval in Canada, and Columbia in the US. Crucially, the project consortium also includes researchers from institutions in sub-Saharan Africa (SSA), namely the University of Ghana-Legon and the African Economic Research Consortium (AERC) in Kenya, who stand to benefit from the organisational and institutional capacity-building opportunities which underpin the research programme.

The aim of this research is to identify workable policies to help make the financial sector an effective instrument in promoting financial inclusion and sustained growth in LICs, and consequently create an enabling environment for transitioning these countries to middle income status. We will provide a set of answers to ALL THREE critical questions posed in the Call for Proposals concerning i) the role of international capital flows in growth and development, ii) the design and provision of institutional frameworks to support financial development, and iii) the ways in which financial systems can help generate and transmit technical change in the economy as a whole.

To achieve this ambitious goal, the project will be structured into four clusters on 1) institutional framework for inclusive growth, 2) capital flows, 3) technological diffusion, and 4) a cluster which will run in parallel to the other three to synthesise findings in order to derive meaningful policy recommendations and drive tangible global impact. Component II of the programme is planned to focus on additional policy-oriented issues, and will be developed in tangent with DFID policymakers, the ESRC and other national and international academics and end-user stakeholders, and will be run in partnership with the Africa Growth Initiative at the Brookings Institute, US.

The research will cover a wide range of topics within the overall remit of financial sector development, so multiple innovative research methodologies will be employed across eight integrated work-streams. Methods include institutional analysis, i.e. the assessment of how institutional features of financial systems contribute to, or impede, financial sector objectives; field experiments; comparative analysis of the experience of countries with different policies and institutions; rapid appraisal and participatory appraisal methods; quantitative analysis of company and bank balance sheets, and quantitative and qualitative analysis of survey data. The major part of the research programme will entail empirical research based on fieldwork in selected LICs in SSA (Ethiopia, Ghana, Kenya, Rwanda, Uganda, Zambia), with wider application to other LICs globally.

Planned Impact

The direct beneficiaries of this research will be individuals and companies in low income countries (LICs) whose wellbeing will be improved by both enhanced access to financial services (inclusion) and improved financing of development projects (effectiveness). There are three principal groups of beneficiaries:

1) Users of finance in low-income countries (LICs)

The research has been designed to maximise opportunities to engage with individuals in LICs through, for example, interviews, focus groups and surveys, seminars and research findings dissemination workshops. Outputs, influenced by their input to the project, will be geared towards influencing policy decisions which can maximise access to finance for those living in LICs in sub-Saharan Africa.

2) Organisations involved in financial development

The research will engage with organisations such as finance NGOs, banks and financial services organisations, and government departments by contributing to knowledge on financial inclusion, financial development, and on the types of policies most appropriate to the needs of financially excluded people. Furthermore, there will be scope for engagement with associations of entrepreneurs, e.g. micro, small and medium companies, to better understand their needs and major obstacles they face in accessing finance, to collect primary data at their level and to gain insight into their perceived view of proposed new financial innovations.

3) The broader policy community

The final group of beneficiaries is the broader community concerned with financial development and financing for development, including international organisations (e.g. the World Bank, African Development Bank), NGOs and donors such as DfID. The research will ensure that these institutions' actions can be better informed by contributions to knowledge on how to enhance the wellbeing of individuals through inclusive access to finance.

The research will result in short, medium and long-term outputs for these groups:

Short-term benefits: During research delivery, key end-users will be engaged as project stakeholders to steer the project. This will ensure that impact is meaningful, and is influenced directly by their needs in order to respond to challenges which they face. Stakeholders will include those in senior positions of large organisations such as the African Development Bank, IMF and Higher Education Institutions in the research regions (through mechanisms such as the Advisory Board), through to users of finance in sub-Saharan Africa who will be invited to participate in workshops and focus groups to be delivered throughout the fieldwork phase of the project.

Medium-term: Upon wider dissemination of findings, it is anticipated that a set of key policy recommendations will be produced which will steer government officials, policy/decision makers, civil actors, donor groups, NGOs, and central banks in LICs in sub-Saharan Africa (SSA). The policies implemented as a result of these findings should seek to enable greater access to finance for those in SSA LICs, as well as greater integration of financial products and new technologies in financial organisations in these regions.

Long-term: In the long-term, it is hoped that the findings and outputs from this research, and associated policy changes in LICs, will be influential in the ongoing efforts to relieve poverty in LICs and offer substantiated evidence upon which to base strategies for the transitioning of counties in SSA from low- to middle-income status. Furthermore, it is hoped that, analyses of 'what works' in these regions will engender future research in other LICs globally.

A week-long Initial Stakeholder Workshop will be held in Ghana in the first year of the project for representatives from key research regions in SSA. It will include talks from notable guest speakers, knowledge exchange events, and interactive end-user seminars (full details are in the Pathways to Impact).

Publications

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Related Projects

Project Reference Relationship Related To Start End Award Value
ES/N013344/1 23/05/2016 31/03/2017 £1,726,450
ES/N013344/2 Transfer ES/N013344/1 01/04/2017 31/03/2021 £2,062,616
 
Description The award is still in progress (2016-2020) but we have one key finding we wish to report at this stage. The key finding relates to how foreign direct investment (FDI) in the banking sector affects the behaviour of the domestic financial sector in Africa (Work-stream 2.4 in the research project).

For the last two decades, the spotlight has been on FDI in banks in Anglophone Africa. But, banks in Francophone West Africa are not only going cross-border, they are also leaving the cross-roads, where they had sojourned since 2008, in terms of bank regulation. The banks are taking the visible fork in the road, leading to high capital buffers. The beacon is the new regulatory tool, Basel III, with its new rules for global finance.

Using hand-collected bank level data from all West African Economic and Monetary Union (WAEMU) countries for 2000-2014, we (research team of Victor Murinde, Issouf Soumare and Desire Kanga ) investigate how high capital requirements affect the behaviour of domestic banks, taking into account bank ownership and cross-border banking. We establish that FDI in the banking sector of WAEMU countries, who have a regional central bank (BCEAO or Banque Centrale des États de l'Afrique de l'Ouest), is mainly through foreign bank ownership and cross-border banking. We find that banks' capital positions tend to be counter-cyclical in LICs, mimicking an important key element of Basle III, overall reducing credit risk in the banking sector. The overall policy implication of this finding is that, through foreign ownership and cross-border banking, FDI has the potential to stabilize the banking sector of WAEMU countries and hence to support the regulatory role of the regional central bank (the BCEAO).
Exploitation Route We are already working with with the Banque Centrale des États de l'Afrique de l'Ouest (BCEAO) to take these findings forward, undertake further relevant studies and enhance policy dialogue on the regulatory implications of these findings, especially to address the some reservations associated with FDI and cross-border banking in the region.
Sectors Financial Services, and Management Consultancy,Government, Democracy and Justice,Security and Diplomacy

 
Description The overall economic and societal impact of our research findings is evolving in terms of engagement by policy makers, private sector and civil society and is expected to continue to develop during the next 5 years, starting from 2017. behaviour the work supported by this award. For example, the Kenya Bankers Association is engaging with our researchers on how the interbank market can play a much more positive role is peer discipline among banks, thus reducing problems of opacity among the banks.
First Year Of Impact 2017
Sector Environment,Financial Services, and Management Consultancy,Government, Democracy and Justice,Security and Diplomacy
Impact Types Societal,Economic,Policy & public services

 
Description Influence on flagship reports of the United Nations Economic Commission for Africa (UNECA). The work by Victor Murinde, Issouf Soumare, Robert Lensink, Lemma Senbet, Christopher Green and Ye Bai has been used for direct input into systematic reviews, guidelines and preparation of the United Nations Economic Commission for Africa (UNECA) flagship reports, namely the Economic Report for Africa (ERA) 2018 and the Africa Governance Report (AGR-V) 2018.
Geographic Reach Africa 
Policy Influence Type Participation in a advisory committee
 
Description Membership of Guidance Committee and Private Sector Board of Directors. Professor Joshua Abor, working under this research project, has gained membership of and participation in advisory committees and private sector policy roles in Ghana, namely: He served as a member of the Bank of Ghana Monetary Policy Committee during 2016, 2017 and 2018. Also, he serves on the boards of some companies, including SAS Finance Group and National Banking College. He served as chairman of SIC Life Company Ltd and currently chairs the board of Best Western Premier Hotel in Accra.
Geographic Reach Africa 
Policy Influence Type Membership of a guideline committee
URL http://ugbs.ug.edu.gh/ugbsfaculty/profile-faculty_member/abor-joshua-yindenaba
 
Description Training and capacity development. The research by Robert Lensink and Issouf Soumare, under this research project, has been used to make direct input into training and educational developments for research users (including courses and course material) on new research methods for active and promising researchers selected from across African universities and central banks, through the Africa Economic Research Consortium (AERC). The training was held in Nairobi from 20th February - 20th March 2018. Robert covered new methodological advances in the use of randomised controlled trials in economics and finance while Issouf covered risk management techniques.
Geographic Reach Africa 
Policy Influence Type Influenced training of practitioners or researchers
URL http://www.aercafrica.org/images/announcements/Call%20for%20expression%20of%20interest%20for%20Impac...
 
Title Mixed Methods 
Description The award started in May 2016 and we are now developing tools for employing innovative mixed methods in our research. I cite two examples. (1) In Cluster 1, work-stream 1.1, we will conduct randomized controlled trials (RCT) to test the relevance of new financial products. We will use a mixture of quantitative and qualitative research methodologies. More specifically, per intervention we will conduct 2 surveys (a baseline survey and an endline survey) and analyze the data using quantitative techniques. In addition, we will organize focus group discussions and in-depth stakeholder interviews to complement and better understand the quantitative results. (2) In Cluster 3, work-stream 3.2, we will start with available secondary data; we then conduct fieldwork surveys to collect and analyze information on 'trust', such as in the diffusion of financial technologies among households and small firms. We will then conduct focus group discussions and stakeholder interviews to validate our preliminary findings about the possible transformative power of technology diffusion in financial inclusion, with respect to households and companies. We will report fully on these at the next round. 
Type Of Material Improvements to research infrastructure 
Year Produced 2017 
Provided To Others? No  
Impact One example of the immediate impact has been the use of these tools in training and capacity development. Our first technical training component, via the AERC, is ongoing this week (March 2018), by Robert Lensink on RCT work and Issouf Somare on risk management, in Nairobi. The technical training workship is designed to build the capacity of researchers from central banks and government departments in Africa, in order to prepare them to appreciate our ongoing research and if possible participate in our research project in various capacities. 
 
Title Building Datasets on Institutional Quality Indicators for Africa 
Description As part of this research project, Professor Murinde (PI) and his team of researchers are building a database on Institutional Quality Indicators for African countries. The database covers legal institutional quality indicators, L1-L9 categories; political institutional quality indicators, P1-P12 categories; and economic institutional quality indicators, E1-E11 categories. The sample period is from 1970-2014; unbalanced due to some data gaps for some countries, especially fragile states. Much of the database has been constructed, but the entire dataset is being pre-tested for release later this year. 
Type Of Material Database/Collection of data 
Year Produced 2017 
Provided To Others? No  
Impact Not yet, except wide expression of interest in the data by researchers, from the presentations made at the recent research workshop at SOAS University of London, 3-4 March 2017. See: http://www.birmingham.ac.uk/schools/business/research/research-projects/inclusive-finance/news.aspx 
URL http://www.birmingham.ac.uk/schools/business/research/research-projects/inclusive-finance/news.aspx
 
Title Building a database on African stock markets and listed companies 
Description As part of this research project, a team led by Professor Victor Murinde (PI) - involving researchers at the University of Nairobi and Co-Investigators at Loughborough University, SOAS University of London, Laval University and University of Ghana - is building a database on African stock markets and listed companies. The trial was done on Kenya, using the Nairobi Stock Exchange and covering all the firms listed or cross-listed on the exchange. The current database is multi-level: countries, stock exchanges, and listed companies. The following 18 African countries are covered: Botswana, Egypt, Ghana, Ivory Coast, Kenya, Malawi, Mauritius, Morocco, Namibia, Nigeria, Rwanda, South Africa, Swaziland, Tanzania, Tunisia, Uganda, Zambia, Zimbabwe. Ivory Coast includes the regional stock exchange. For each listed company, many financial variables are covered, including price per share, dividend yield, earnings per share, shares outstanding, price to book value, etc... The period covered is 2001-2016 (unbalanced, due to data gaps). Going forward: Data to be made available on research project website; more company finance variables to be included in the dataset; completion expected by October 2017. 
Type Of Material Database/Collection of data 
Year Produced 2017 
Provided To Others? No  
Impact Not yet, but will be the authoritative multi-level data on African stock exchanges and listed companies. 
URL http://www.birmingham.ac.uk/schools/business/research/research-projects/inclusive-finance/news.aspx
 
Title Database on financial inclusion indicators for Africa 
Description A team of Co-Investigators on this research project is building databases on key financial inclusion indicators, specific to Africa, as a direct result of this ESRC research project. The team is based at Loughborough University and is led by Christopher J. Green (Co-Investigator), Ahmad Hassan Ahmad (Co-Investigator) and Fei Jiang (Research Fellow on this project). The dataset is idea for multi-level empirical work. It includes micro-level data and macro-level data; Micro-level: household surveys, enterprise surveys; Macro-level: aggregate information, country total. Also includes demand-side data and supply-side data: Demand-side - data collected from mobile money users, households or firms, field interviews; Supply-side - data recorded by mobile money providers/operators, e.g. administrative telecoms data. A powerpoint presentation to describe the databse was presented at the Research Project Workshop held at SOAS University of London on 3-4 March, 2017 and is available at the project website: http://www.birmingham.ac.uk/schools/business/research/research-projects/inclusive-finance/news.aspx 
Type Of Material Database/Collection of data 
Year Produced 2017 
Provided To Others? No  
Impact No impact at this stage, except strong interest in multi-level emprical research, expressed by many researchers at the workshop. 
URL http://www.birmingham.ac.uk/schools/business/research/research-projects/inclusive-finance/news.aspx
 
Title Database on financial inclusion, economic growth, poverty and income inequality 
Description This database provides highest sample coverage of African countries, namely 38 out of 55 countries, for the period 1990-2017. The number of data gaps in the panel is limited, so the panel is balanced. The variables included are real GDP per capita, Gini coefficients and poverty (head-count). The data observations are annual. 
Type Of Material Database/Collection of data 
Year Produced 2018 
Provided To Others? No  
Impact Not yet. 
 
Title Database on sectoral capital flows for Africa 
Description As a direct result of this ESRC research project, a team of Co-Investigators on this research project is building databases on sectoral capital flows, specific to Africa. The team is led by Judith Tyson at ODI and include Victor Murinde (PI). The dataset includes all types of private capital flows: International - FDI, portfolio (bonds and equity) and bank lending; Domestic - bank lending, bond and equity Capital markets primary issuances. The data are collected from multiple sources, namely central banks, national statistics, national investment authorities, stock exchanges, etc.., are reconciled to the World Bank Development Database. The sample period covers 10 years from 2006 to 2015 (unbalanced). Excludes self-funded investments & short term government lending (e.g. Treasury bills). So far, 16 sample countries in Africa are covered. A unique feature of the dataset is that it has 4 levels: (1) Country level; (2) Field for source i.e. FDI, bank lending, portfolio ; plus domestic vs international; (3) Field for 4 sectors i.e. firm, household, government and other; and (4) Field for 9 sectors i.e. more detailed firm level capital flows for agriculture, commerce and trade, manufacturing, financial services, tourism, etc.. Hence, the dataset is idea for multi-level empirical work. A powerpoint presentation to describe the databse was presented at the Research Project Workshop held at SOAS University of London on 3-4 March, 2017 and is available at the project website: http://www.birmingham.ac.uk/schools/business/research/research-projects/inclusive-finance/news.aspx 
Type Of Material Database/Collection of data 
Year Produced 2017 
Provided To Others? No  
Impact Not yet. However, the data presented at the Research Project Workshop at SOAS University of London produced interest for research collaboration with at least three Co-Investigators: Judith Tyson, Issouf Soumare, Stephany Griffith-Jones; and Stephen Spratt. 
URL http://www.birmingham.ac.uk/schools/business/research/research-projects/inclusive-finance/news.aspx
 
Description Partnership with the Kenya Bankers Association to run 2017 Banking Symposium, Nairobi, Kenya, 8 Th December 2017, on "Shaping Inclusive Finance Development in Kenya" 
Organisation Kenya School of Monetary Studies
PI Contribution The research project team, represented by Victor Murinde (PI), Issouf Soumare (Co-I) and Robert Lensink (Co-I) collaborated with Kenya Bankers Association, Kenya School of Monetary Studies and University of Nairobi, to run a symposium in Nairobi on 8th December 2017. Specifically, as part of the ESRC research project, the 3 of us provided papers and presentation material. The aim of the symposium was to share new insight from recent research on the banking sector in Kenya and comparative case studies on other African economies. Also, the symposium served to bring together key stakeholders who have important roles to play in shaping the banking sector in Kenya to deliver inclusive financial development. The stakeholders who participated included bank managers, banking sector regulators, private sector practitioners and researchers. In addition, symposium participants provided input to shape current and future research on the banking sector in Kenya. For example, what role does the interbank market really play? How does cross-border banking affect bank competition and bank lending, especially with respect to company access to finance? How are African indigenous banks introducing innovative banking products (e.g. weather insurance for farmers)? Specifically, participants from the banking industry, private sector practitioners, and bank regulators will question the research findings in the light of the main pressing issues in the Kenyan banking sector today.
Collaborator Contribution We had three partners: Kenya Bankers Association, Kenya School of Monetary Studies and University of Nairobi, to run a symposium in Nairobi on 8th December 2017. The Kenya Bankers Association contributed by convening and ensuring the participation of the CEOs of Kenyan banks, the Governor Central Bank of Kenya, the CEOs of private sector companies, NGOs, and the media. The Kenya Bankers Association also provided the accommodation for the the three speakers from our research project. The Kenya School of Monetary Studies provided the venue for the conference and the catering for the day.
Impact See full programme at the above URL. In summary, there were three main products: (1) Paper 1 by Professor Victor Murinde (PI) on "The peer monitoring role of the interbank market in Kenya: What does this mean for bank managers and the banking regulator?"; (2) Paper 2 by Professor Robert Lensink (Co-I) on "Improving trust and relaxing credit constraints to enhance uptake of weather insurance: A randomized controlled trial in Ethiopia"; and Paper 3 by Issouf Soumaré (Co-I) on "Capital, risk and profitability of WAEMU banks: Does cross-border banking matter?". The collaboration involves the disciplines of economics/finance, and management.
Start Year 2017
 
Description Partnership with the Kenya Bankers Association to run 2017 Banking Symposium, Nairobi, Kenya, 8 Th December 2017, on "Shaping Inclusive Finance Development in Kenya" 
Organisation University of Nairobi
Department School of Economics
PI Contribution The research project team, represented by Victor Murinde (PI), Issouf Soumare (Co-I) and Robert Lensink (Co-I) collaborated with Kenya Bankers Association, Kenya School of Monetary Studies and University of Nairobi, to run a symposium in Nairobi on 8th December 2017. Specifically, as part of the ESRC research project, the 3 of us provided papers and presentation material. The aim of the symposium was to share new insight from recent research on the banking sector in Kenya and comparative case studies on other African economies. Also, the symposium served to bring together key stakeholders who have important roles to play in shaping the banking sector in Kenya to deliver inclusive financial development. The stakeholders who participated included bank managers, banking sector regulators, private sector practitioners and researchers. In addition, symposium participants provided input to shape current and future research on the banking sector in Kenya. For example, what role does the interbank market really play? How does cross-border banking affect bank competition and bank lending, especially with respect to company access to finance? How are African indigenous banks introducing innovative banking products (e.g. weather insurance for farmers)? Specifically, participants from the banking industry, private sector practitioners, and bank regulators will question the research findings in the light of the main pressing issues in the Kenyan banking sector today.
Collaborator Contribution We had three partners: Kenya Bankers Association, Kenya School of Monetary Studies and University of Nairobi, to run a symposium in Nairobi on 8th December 2017. The Kenya Bankers Association contributed by convening and ensuring the participation of the CEOs of Kenyan banks, the Governor Central Bank of Kenya, the CEOs of private sector companies, NGOs, and the media. The Kenya Bankers Association also provided the accommodation for the the three speakers from our research project. The Kenya School of Monetary Studies provided the venue for the conference and the catering for the day.
Impact See full programme at the above URL. In summary, there were three main products: (1) Paper 1 by Professor Victor Murinde (PI) on "The peer monitoring role of the interbank market in Kenya: What does this mean for bank managers and the banking regulator?"; (2) Paper 2 by Professor Robert Lensink (Co-I) on "Improving trust and relaxing credit constraints to enhance uptake of weather insurance: A randomized controlled trial in Ethiopia"; and Paper 3 by Issouf Soumaré (Co-I) on "Capital, risk and profitability of WAEMU banks: Does cross-border banking matter?". The collaboration involves the disciplines of economics/finance, and management.
Start Year 2017
 
Title Not applicable, because our research project is on 'finance and development' rather than any aspects of medical sciences. However, one point of interest here is that some of the methods popularly used in medical research - specifically, randomized controlled trials to develop medical products - are used in our research project to develop financial products for the poor, rural households. Using CRT methods, we seek to develop a weather insurance financial product for rural farmers in Ethiopia. 
Description We will conduct randomized controlled trials (RCT) to test the relevance of new financial products. We will use a mixture of quantitatative and qualitative research methodologies.More specifically, per intervention we will conduct 2 surveys (a baseline survey and an endline survey) and analyse the data using quantitative techniques. In addition, we will organize focus group discussions and in depth stakeholder interviews to complement and better understand the quantitative results. See: "Improving trust and relaxing credit constraints to enhance uptake of weather insurance: A randomized controlled trial in Ethiopia", by Temesgen Belissa, Erwin Bulte, Francesco Cecchi, Shubhashis Gangopadhya and Robert Lensink, presentation at: ESRC Reference- ES/N013344/1: Delivering Inclusive Financial Development and Growth Research Project Workshop SOAS University of London, 3rd - 4th March, 2017 
Type Products with applications outside of medicine
Current Stage Of Development Initial development
Year Development Stage Completed 2017
Development Status Under active development/distribution
Impact Impacts not yet realised. For expected impacts, See: "Improving trust and relaxing credit constraints to enhance uptake of weather insurance: A randomized controlled trial in Ethiopia", by Temesgen Belissa, Erwin Bulte, Francesco Cecchi, Shubhashis Gangopadhya and Robert Lensink, presentation at: ESRC Reference- ES/N013344/1: Delivering Inclusive Financial Development and Growth Research Project Workshop SOAS University of London, 3rd - 4th March, 2017 
URL http://www.birmingham.ac.uk/Documents/college-social-sciences/business/research/inclusive-finance/wo...
 
Description AERC-DEGRP Workshop (Nairobi 28-29 October 2016) 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Policymakers/politicians
Results and Impact Participation in the AERC-DEGRP meeting on "Economic opportunities for a better future: Leveraging agriculture, innovation and financial inclusion" at Safari Park, Nairobi, on 28-29 October, 2016.

Chaired sessions and participated as a panelist on a round-table Davios style discussion on "Inclusive financial development and growth in Africa". Also some further presentations about the research project were made by by Murinde (PI), Senbet (Co-I), Abor (Co-I), and Lensink (Co-I).
Year(s) Of Engagement Activity 2016
URL http://event-reg.newmark.co.ke/
 
Description Academic Annual Conferences in Banking and Finance (Various) 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Study participants or study members
Results and Impact The PI and Co-Is participated in the usual annual conferences in the areas of econometric, banking, finance and development - perhaps too may to report in itemized form. To cite several examples here:
(1) Victor Murinde (PI), Joshua Abor (Co-I) and Mohammed Amidu (Co-Is), with their research team, participated actively in the Global Development Finance Conference, 23-24 November 2016, The Gateway Hotel, Umhlanga, Durban, South Africa. The following papers were presented:
Muriu, P., Murinde, V. and Mullineux, A.W. (2016), "Reflections on microfinance", in: N. Biekpe, D. Cassimon, and A.W. Mullineux (eds), Development Finance: Innovations for Sustainable Growth, London: Palgrave Macmillan (forthcoming 2017).
Dzeha, G.C., Abor, J., Turkson, F. E. and Agbloyor, E. (2016), "Will remittances into Africa avail for productivity growth", Mimeo, University of Ghana Business School.
Kriese, M., Abor, J. and Agbloyor, E. "Financial access and economic development" , Mimeo, University of Ghana Business School.
Mullineux, A. W., Murinde, V. and Vu, C. (2016), "Financial policies for enterprise growth in Africa: New evidence", Mimeo, Birmingham Business School.
Some of the papers are being published now.
(2) Econometric Society Africa Meeting, 25-28 July 2016, Kruger National Park, South Africa. The following paper was presented:
Kanga, D., Murinde, V. and Soumare, I. (2016), "Capital, risk and profitability of WAEMU banks: Do foreign ownership and cross-border banking matter?", Mimeo, Birmingham Business School.
(3) Fordham-Portsmouth Annual Conference in the UK in August 2016. The following paper was presented:
Murinde, V. Bai, Y., Maana, I., Ngoka-Kisinguh, K., Tiriongo, S. and Green, C.J. (2016), "The peer monitoring role of the interbank market in Kenya and implications for bank regulation", Mimeo, Birmingham Business School.
Year(s) Of Engagement Activity 2016
URL http://www.africagrowth.com
 
Description Ahmad Hassan Ahmad: Organiser of 2017-2018 ESRC-DFID Finance and Financial Inclusion Seminar Series, Loughborough University 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Study participants or study members
Results and Impact The research seminar series are intended to provide a platform for researchers and wider audience to share and discuss research findings and topical issues relating to finance and financial inclusion. The full agenda is shown below:

February 17th, 2017: General Introduction and Discussion of Delivering Inclusive Financial Development and Growth Project. Presenters: Dr AH Ahmad and Professor Christopher J. Green, School of Business & Economics, Loughborough University

March 17th, 2017: Spatial Effects on Financial Development and Economic Growth: Provincial-level Evidence from China. Presenter: Hazwan Bin Haji Haini, School of Business & Economics, Loughborough University

May 5th, 2017: International Remittances and Financial Development in Developing Economies. Presenter: Alqaas Chaudhry, School of Business & Economics, Loughborough University

June 16th, 2017: The Demand Side Determinants of Credit Barriers: Empirical Evidence from Chinese Rural Households. Presenters: Dr Ye Bai, Nottingham University Business School, University of Nottingham; Dr Shujuan Ding, Shandong Normal University, China

October 24th, 2017: Examining the Impact of Increased Financial Inclusion on Well-Being: Evidence from Ghana. Presenter: Carlos Sakyi-Nyarko, School of Business & Economics, Loughborough University

December 5th, 2017: Mobile Finance, Financial Inclusion and Inclusive Growth: An Empirical Analysis. Presenters: Dr AH Ahmad, Professor Christopher J. Green, Dr Fei Jiang, School of Business and Economics, Loughborough University

February 9th, 2018: Role of Microfinance in Financial Inclusion: An Empirical Investigation of Gender and Financial Access in India. Presenters: Hazwan Bin-Haji-Haini and Zoe Anastasiou, School of Business & Economics, Loughborough University

March 16th, 2018: Topic TBC. Presenter: Professor Charles Adjasi, University of Stellenbosch Business School, South Africa
Year(s) Of Engagement Activity 2017,2018
 
Description Ahmad Hassan Ahmad: Presented at 92nd Annual Western Economic Association Conference at San Diego, California, June 25-29, 2017 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Policymakers/politicians
Results and Impact WEAI's Annual Conference is held in the summer each year and attracts over 1,000 attendees from around the world. Programs include over 300 concurrent sessions discussing all areas of economics, and features the Presidential Address and Luncheon, the Graduate Student Workshop, Professional Development sessions, and participation by over 20 Allied Societies. The participation-oriented program format along with addresses by leading economists provides the best mix of opportunities for professional growth for economists of all levels and fields of specialisation.
Year(s) Of Engagement Activity 2017
URL http://www.weai.org/AC2017
 
Description Ahmad Hassan Ahmad: Presented at the 8th African Business and Entrepreneurship conference held at Virginia Commonwealth University, Richmond, Virginia, USA, October 4 -7, 2017 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Policymakers/politicians
Results and Impact This conference provided a platform for academics and policy makers from the US, Africa and World Bank to present, discuss and debate issue on African Business and Entrepreneurship.
Year(s) Of Engagement Activity 2017
URL http://africabusiness.org/conference/
 
Description Christine Oughton: Invited plenary presentation on A Financial Systems Resilience Index for South Africa at the Financial Stability Research Conference, 26-27 October 2017, South African Reserve Bank 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Policymakers/politicians
Results and Impact The goal of the conference is to create a dialogue between South African and global policymakers and experts on important policy issues of relevance to the SARB. Emphasis at this conference was placed on the key challenges faced by regulators and policymakers given the potentially complex linkages between macroprudential and other policies, and the implications thereof for policymaking and institutional design for central banks. Christine Oughton's keynote paper has a purpose of providing measures of the resilience of the financial system in South Africa to inform Central Bank policy on measures to promote financial stability. The impact is a greater understanding of policy instruments to promote financial stability and macro prudential regulation.
Year(s) Of Engagement Activity 2017
URL https://www.resbank.co.za/Financial%20Stability/FinStab_Research_Conference/Presentations/Christine%...
 
Description Christine Oughton: Presentation of the working paper entitled Corporate Diversity in Financial Services: Efficiency, Resilience and Stability at SOAS CGF Seminar on 31st January 2018 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach National
Primary Audience Study participants or study members
Results and Impact This presentation aims to share and discuss the ongoing paper on Corporate Diversity in Financial Services. Recent research (Goodhart and Wagner, 2012, Haldane and May, 2011 and Kay (2011, 2012) has highlighted the impact of diversity on systemic stability and market efficiency. In particular, Haldane and May (2011) and Beale et al (2011) explore the impact of bank diversification on competition, resilience and stability. Work in this area has also begun to shape policy, for example, the UK Coalition Government made a commitment in 2010 to foster diversity in financial services and promote a variety of corporate forms, including mutual; which begs the question of how we measure corporate diversity? This paper extends the theoretical and empirical research in this area by providing a measure of diversity in financial services and looking at the role of corporate diversity and associated differences in balance sheet strategies and risk taking, on efficiency, financial system resilience and stability.
Year(s) Of Engagement Activity 2018
URL https://www.soas.ac.uk/inclusive-finance/events/31jan2018-corporate-diversity-in-financial-services-...
 
Description DEGRP Event July 2016 (ODI, London) 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Public/other audiences
Results and Impact Victor Murinde (PI) spoke about the research project during a panel event of ODI and DFID-ESRC Growth Research Programme (DEGRP) at ODI, London, on 13th July 2016, together with Stephany Griffith-Jones (Co-I) and Olu Ajakaiye, to stakeholders. The issues included how best to achieve inclusive economic growth and financial stability in low-income African countries. The discussion marked the launch of a new book: Achieving Financial Stability and Growth in Africa (Routledge Critical Studies in Finance and Stability) Hardcover - 24 Mar 2016, by Stephany Griffith-Jones (Editor), Ricardo Gottschalk (Editor). Victor Murinde, PI of the research project on "Inclusive Finance", highlighted the link between financial inclusion and inclusive growth. He endorsed the new book.
Year(s) Of Engagement Activity 2016
URL http://www.birmingham.ac.uk/schools/business/research/research-projects/inclusive-finance/news-items...
 
Description DEGRP Research Workshop and AXA Chair Launch at SOAS University of London, 13th February 2018 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Professional Practitioners
Results and Impact This AXA Chair Launch was an inspirational and exciting full-day event to celebrate the appointment of AXA Chair in Global Finance - Professor Victor Murinde. The event was co-hosted by SOAS University of London, AXA Research Fund and AXA Investment Managers. It brought together world-leading scholars, practitioners and policy makers to discuss pressing issues and new developments in global finance. The programme comprised two sessions. The first session was the Research Workshop on Inclusive Finance. The workshop featured research papers from the ongoing research project on "Delivering Inclusive Financial Development and Growth", funded under the DFID-ESRC Growth Research Programme (DEGRP) Call 3, ESRC Ref: ES/N013344/2. The project was led by the AXA Chair holder - Victor Murinde - as PI and included Co-Is from SOAS University of London, University of Groningen, the African Economic Research Consortium (AERC), University of Birmingham, Loughborough University, University of Nottingham, ODI, IDS, Laval University, and University of Ghana. Some members of the International Advisory Group also attended. The event was also attended by staff of ESRC and DFID. The second session featured the launch of AXA Chair. The launch event was a prestigious gathering of world-leading scholars, practitioners and policy makers. The essence and significance of the AXA Chair in Global Finance was introduced by Victor Murinde, followed by short interventions from the top leadership of SOAS University of London and the AXA Group. The launch celebration featured a panel debate of eminent practitioners and scholars, who engaged the audience with thought-provoking discussion on global risks and mega trends in the global financial and economic systems. An evening reception offered all our guests a great opportunity for networking and further exchange of ideas and experiences.
Year(s) Of Engagement Activity 2018
URL https://www.soas.ac.uk/centreforglobalfinance/launch-of-axachair/
 
Description ESRC Festival 2016 (Birmingham, UK) 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach National
Primary Audience Public/other audiences
Results and Impact Victor Murinde (PI) with a team of Tianshu Zhao (Co-I), Christopher J. Green (Co-I), Ye Bai (Co-I), Ahmad Ahmad (Co-I), Samuel Fosu, Jairaj Gupta, Sajid Chowdhury mounted the ESRC Festival 2016.
The main topic was: "Inclusive finance: Is this an illusion?" This was a two-day event on 7-8 November 2016 at the Birmingham Business School, University of Birmingham. The event featured six poster sessions, a public debate on 'financial inclusion' and a social media frenzy on 'inclusive finance'. Over the 2 days, more than 60 people attended physically and virtually through social media.
The main activities comprised:
(1) A poster presentation session with supporting background video clips discussing key findings and implications of respective research posters.
(2) A Davos-style debate that will involve animated discussion on: "My brain has confessed that 'financial inclusion' is an illusion. You: What do you think?"
(3) On the second day, each poster presenter will run an open social media session on all aspects covered in their poster session and debate, including other research in the Department of Finance.
View and listen to four of our poster presenters discussing their projects at:
http://www.birmingham.ac.uk/schools/business/research/research-projects/inclusive-finance/news-items/escr-festival-event.aspx
The festival has generally sparked research interest in financial inclusion issues at the university, with reported change of views on keys ideas covered at the festival, especially the wider interpretation of financial inclusion.
Year(s) Of Engagement Activity 2016
URL http://www.birmingham.ac.uk/schools/business/research/research-projects/inclusive-finance/news-items...
 
Description Engaging with researchers and policy makers in Francophone West Africa (Abidjan and Dakar) 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Professional Practitioners
Results and Impact Issouf Soumare (Co-Investigator) conducted seminars in several institutions in Ivory Coast and Senegal in August 2016 in order to present a working paper on cross-border bank behaviour in Francophone West Africa and also to talk about the research project on financial inclusion.
There were three main presentations:
(1) Research paper and project presentations to Research Department, African Development Bank, in Abidjan in August 2016. About 45 researchers and practitioners from the African Development Bank attended and sparked interesting discussion on inclusive finance and inclusive growth in Africa, especially the lack of huge datasets to aid policy work.
(2) Research seminar at the BCEAO (the Central Bank of 8 West African States, Dakar, Senegal) in August 2016. The seminar was attended by about 40 researchers and policy makers at the central bank; they expressed great interest in the research project, especially in issues relating to Basel III and the interbank market.
(3) Research seminar at the Université Nationale Felix Houphouet Boigny of Ivory Coast, in August 2016, was attended by about 60 researchers, staff and postgraduate students. The presentation ignited some interesting questions, such that we continue to get expressions of interest in the current research programme.
Year(s) Of Engagement Activity 2016
 
Description Issouf SoumarĂ©: Instructor of Monte Carlo Simulations in Finance at the AERC Technical Workshop, Nairobi, Kenya, 26th February - 2nd March, 2018 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Professional Practitioners
Results and Impact This activity is part of an advanced technical workshop organised by AERC (African Economic Research Consortium) aiming to provide intensive technical training on "Monte Carlo Simulations" and "Impact Evaluation". Issouf Soumaré's participation is part of the work funded under the research project on "Delivering Inclusive Financial Development and Growth" (ESRC Reference: ES/N013344/2). Training objective: nowadays, many financial instruments and products are very complex and difficult to price. For many of them, there are no closed-form analytical solutions. One way to overcome this complexity in pricing financial instruments is to use Monte Carlo Simulation method. The objective of this training is to build the capacity of the participants in the use of Monte Carlo simulations techniques for economic and financial modelling. At the end of the training, the participants will learn how to price, assess risk and hedge complex financial instruments using Monte Carlo simulation. More specifically, participants will: be able to use probability and statistical theories to model random processes in finance; be familiarized with stochastic processes commonly used in finance; understand the foundation of Monte Carlo simulations; be able to perform financial derivatives pricing and risk assessment using Monte Carlo simulations.

Target audience: the target audience comprises industry professionals, graduate students and researchers interested in finance, in particular those using regularly or who intend to use financial models for pricing and risk management. Participants are expected to have the basics of probability and statistics, introductory finance and be familiar with Excel (VBA) or Matlab.

Reference: Huu Tue HUYNH, Van Son LAI & Issouf SOUMARÉ. Stochastic Simulation and Applications in Finance with MATLAB Programs. Wiley, 2009.
Year(s) Of Engagement Activity 2018
URL https://www.soas.ac.uk/centreforglobalfinance/events-and-seminars/26feb2018--aerc-technical-workshop...
 
Description Judith Tyson: Panel Discussion and Presentation at UNCTAD Single Year Expert Meeting on 06-07 Nov 2017 
Form Of Engagement Activity A formal working group, expert panel or dialogue
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Policymakers/politicians
Results and Impact The objective of the meeting was to seek ways and means of improving the implementation of the Istanbul Programme of Action, with a view to fostering productive capacities, structural transformation and the diversification of exports in the least developed countries. The meeting also examined the respective roles of Governments and the private sector in building productive capacities and accelerating transformative development in the least developed countries, through discussions and exchanges of views on the role of the development and trade partners of the least developed countries, as well as on international trade in building productive capacities. UNCTAD provides substantive analysis on the need to build productive capacities in the least developed countries, which has led to growing recognition that doing so is a key requirement for these countries to achieve sustainable economic growth and development under the Sustainable Development Goals. The challenge is how to operationalize the analytical framework developed by UNCTAD in specific national circumstances. In this regard, the meeting built on earlier work of the secretariat and contributed to efforts to build consensus on ways and means of accelerating the building of productive capacities in the least developed countries.

Panel discussions and presentations at the meeting were structured in four sessions involving discussions and exchanges of views on the following:
o Progress in the implementation and achievement of the goals of the Istanbul Programme of Action
o How to strengthen productive capacities in the least developed countries
o Mobilizing financial resources for productive capacity development in the least developed countries
o Ways and means to double the share of the least developed countries in global exports while enhancing their benefits from global trade

Contributions from Experts
Experts were requested to advise of their intention to submit papers and contributions to the UNCTAD secretariat by 15 September 2017. Written papers and contributions were submitted to the secretariat by Friday, 29 September.
Year(s) Of Engagement Activity 2017
URL http://unctad.org/en/Pages/MeetingDetails.aspx?meetingid=1441
 
Description Judith Tyson: Presentation entitled Capital Flows by Sector in SSA and Their Implications at SOAS CGF Seminar, 24th January 2018 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach National
Primary Audience Study participants or study members
Results and Impact This presentation features an ongoing research on capital flows by sector in SSA and their implications. It aims to build a pathway to impact.
Year(s) Of Engagement Activity 2018
URL https://www.soas.ac.uk/centreforglobalfinance/events-and-seminars/24jan2018-capital-flows-by-sector-...
 
Description Launch Event of the Research Project (Nairobi) 
Form Of Engagement Activity A formal working group, expert panel or dialogue
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Policymakers/politicians
Results and Impact Launch Event of the Research Project, 28th May - 2rd June 2016 at the AERC Bi-Annual Meetings in Nairobi. Kenya.
The launch event comprised two separate activities:
(1) A one day workshop on 28 May 2016 as an initial planning meeting with all researchers to discuss research programme, refine ideas, review GANTT charts and finalise plan of action, ahead of the meeting with stakeholders.
(2) Launch meeting: A special session was held on 30th May 2016 at the AERC Biannual Research Meetings June 2016, at Safari Park Hotel, in Nairobi, to launch ESRC/DFID - funded research project on "Delivering inclusive financial development and growth", under DEGRP Growth Research Programme, Call 3. The meeting included project researchers, stakeholders and members of the International Advisory Group, mainly to review plan of action. This was followed by a series of one-to-one meetings between project researchers and researchers from African universities who were being hosted by the AERC at the Bi-Annual Meetings.
Year(s) Of Engagement Activity 2016
URL http://www.birmingham.ac.uk/schools/business/research/research-projects/inclusive-finance/news-items...
 
Description Laurence Harris: Foundation Talk entitled Distributed Clean Electricity for Africa: Roles of Business, Public Sector and Communities on 24th October 2017 at Enel foundation, Rome 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Professional Practitioners
Results and Impact The Foundation Talk was given to an audience of managers of Enel, the power utility company, and was followed by a video interview for Enel's global intranet.
Year(s) Of Engagement Activity 2017
 
Description Laurence Harris: Keynote presentation entitled Beyond the grid: engineering, institutions and finance, at the 46th Plenary Session of the African Economic Research Consortium, held in Johannesburg on 4th June 2017 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Policymakers/politicians
Results and Impact The AERC Plenary Session is a six-monthly event bringing academics together with policy makers and the private sector. The following Press Release summarises the 46th Plenary:
This session is held on June 4, 2017 at the Sandton Convention Centre in Johannesburg, South Africa. The chief Guest is Gov. Lesetja Kganyago, Governor South African Reserve Bank. The session features three presentations by distinguished economists. These include: "Beyond the Grid: Engineering, Institutions and Finance" by Prof. Laurence Harris, SOAS University of London, UK; "To What Extent Do Good Policies and Governance Matter in Attracting Investment in Energy in Africa?" by Prof. Sy, Amadou Nicolas Racine, International Monetary Fund (IMF), USA; and "Renewable Electricity Generation: Implications of Cost, Returns and Investments to African Economies" by Dr. Hellen Osiolo, The Kenya Institute for Public Policy Research and Analysis (KIPPRA), Kenya.

Discussions on these papers are led by Dr Rabah Arezki, IMF, USA and Dr. Keith Jefferis, Econsult Botswana. It is followed with active discussions by the participants made up of senior African policy makers, economists from all over the world, development partners and researchers from Africa and beyond. A public/private sector policy roundtable is also scheduled.
Year(s) Of Engagement Activity 2017
 
Description Lemma Senbet: Chair of Presentation Session - Promoting Innovation for Inclusive Growth And Development in Africa; Talk on Why growth should be inclusive, at the High Level Panel on G7 and Africa, Rome, 5 May 2017 
Form Of Engagement Activity A formal working group, expert panel or dialogue
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Policymakers/politicians
Results and Impact Within the framework of the G7 "engagement groups", the Italian Foreign Affairs Ministry hosted the Think Tank 7, which involved top representatives and experts from G7 and selected African think tanks. The meeting, organized by ISPI, focused on Africa and addressed three main issues related to the Agenda 2030: food security, innovation and mobility.
The themes selected for the T7 are extremely important for the African continent: first of all, the panel discussion addressed food security and the factors that can help Africa to achieve secure access to quality food, a key issue for the development of significant parts of the continent. The innovation, on the other hand, can be an extraordinary opportunity for the growth of many African societies, as demonstrated by a number of new initiatives that have turned into success stories. Mobility, eventually, is a notion that embraces both migration questions: the migrations to leave the continent, and the migrations of an increased number of individuals who choose to move from rural to urban areas.
While the above three issues were the main focus of the panel discussion, they were addressed within the framework of the broader international agenda, such as security concerns, demographic trends, women's empowerment, cities and infrastructures. The goal of the debate was to identify key areas where the G7 could bring added value. The critical points raised in the Think Tank Summit were then reported to the Italian Sherpa in charge of the preparatory process for the G7 Summit in Taormina.
Experts from G7 and selected African think tanks joined the event as well as representatives of some international organizations:

Atlantic Council (Usa), ODI (UK), CIGI (Canada), GIGA (Germany), JCCP (Japan), ISPI (Italy), FANRPAN (Angola), IMANI (Ghana), OCP Policy Center (Morocco), CPPA (Nigeria), IPAR (Senegal), OSSREA (Ethiopia), kLab (Rwanda), AERC (Kenya), OECD, African Development Bank, FAO, UNECA.
Year(s) Of Engagement Activity 2017
URL http://www.tadias.com/05/15/2017/g7-africa-dr-lemma-senbet-on-why-growth-should-be-more-inclusive/
 
Description Lemma Senbet: Welcoming Speech at a joint launch of AGI flagship report titled, Foresight Africa: Top Priorities for 2018 in Nairobi, Kenya on Thursday, January 25, 2018 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Policymakers/politicians
Results and Impact The Brookings Institution Africa Growth Initiative (AGI), African Economic Research Consortium (AERC) and the Kenya Institute for Public Policy Research and Analysis (KIPPRA), had a joint launch of AGI's flagship report titled, Foresight Africa: Top Priorities for 2018 in Nairobi, Kenya on Thursday, January 25, 2018 at Crowne Plaza Hotel. The Chief Guest was Hon. Henry Rotich, Cabinet Secretary, National Treasury, Kenya.

This sitting featured opening statements by the Chairman of the session, Prof. Njuguna Ndung'u, former Governor, Central Bank of Kenya, and welcoming remarks by Prof. Lemma Senbet, AERC Executive Director, and Dr. Rose Ngugi, KIPPRA Executive Director, and then a keynote speech by Hon. Rotich. Presentation of key messages from the report were made by AGI Director, Dr. Brahima Coulibaly. A public/private sector policy roundtable that was also scheduled later concluded the activities for the day.
Year(s) Of Engagement Activity 2018
URL http://www.aercafrica.org/index.php/news-events
 
Description Makerere University and Bank of Uganda (Kampala) 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach National
Primary Audience Postgraduate students
Results and Impact Presentations about the project and engaging with researchers in East Africa. Project presentations by Victor Murinde (PI) to Research Department, Bank of Uganda; School of Economics, Makerere University, during June 2016
Year(s) Of Engagement Activity 2016
 
Description Media and Publicity for Project 
Form Of Engagement Activity A press release, press conference or response to a media enquiry/interview
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Public/other audiences
Results and Impact The media and publicity for the project involved all the researchers, partner universities, and DEGRP. Some examples of these activities include:
(1) Press release publicising project by DEGRP and all partners during June-July 2016.
See: RCUK web: http://gtr.rcuk.ac.uk/projects?ref=ES/N013344/1
Also, see: DEGRP web: http://degrp.squarespace.com/project-call-3/2016/6/28/delivering-inclusive-financial-development-and-growth
(2) Setting up the website for the research project at the University of Birmingham- this is updated as we go; see: http://www.birmingham.ac.uk/schools/business/research/research-projects/inclusive-finance/index.aspx
(4) General publicity. See:
http://www.birmingham.ac.uk/schools/business/research/research-projects/inclusive-finance/media.aspx
Year(s) Of Engagement Activity 2016
URL http://www.birmingham.ac.uk/schools/business/research/research-projects/inclusive-finance/index.aspx
 
Description Methodological Session (Dakar, Senegal) 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Public/other audiences
Results and Impact Professor Robert Lensink (Co-I) presented a methodological session to Group C (Finance & Resource Mobilization) at the AERC Bi-Annual Workshop on 7th December 2016 in Dakar, Senegal.

The presentation was about how randomized controlled trails (RCT), as a methodology, is applied to explore feasible financial products for financial inclusion in the current research project.

The session ignited interesting discussions and keen interest on new financial products for financial inclusion, in particular, weather insurance. We continue to receive follow up from other researchers and AERC stakeholders with respect to our research project on issues raised at the session.
Year(s) Of Engagement Activity 2016
URL http://www.birmingham.ac.uk/schools/business/research/research-projects/inclusive-finance/index.aspx
 
Description Niels Hermes: Conference Organiser (joint with Olha Cherednichenko) - Financial Consumer Protection, Financial Advice, and Changing Remuneration Structures in the Post-Crisis Era, University of Groningen and The Dutch Authorities for the Financial Markets (AFM), 23 November 2017 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Other audiences
Results and Impact This event is an academic conference on the impact of new (European) rules and regulations regarding financial advice to clients/households. The aim of this interdisciplinary international conference is two-fold: (1) to study emerging legal regimes for the provision of financial advice in the EU and beyond, both with respect to standard-setting and enforcement; and (2) to explore the actual and potential impact of such regimes on the behavior of consumers and financial advisors in financial markets. In particular, the conference will address the following questions. What are the regulatory objectives behind and what is the scope of the inducement bans and other rules governing remuneration of financial advisers? How do such rules fit into the overall post-crisis regulatory design for retail financial markets? What are the regulatory challenges posed thereby? How are these rules enforced? Only through administrative law means or also through private law means? If so, is there a co-ordination between administrative and judicial enforcement? How do consumers perceive financial advisers and the changes in remuneration structures affecting the provision of financial advice? Are they willing to take financial advice when they are to pay an advisor directly? Does professional financial advice lead to better household decision-making? How does financial literacy affect financial decision-making by households? And how do the changing remuneration structures affect the market for financial advice? Are financial institutions willing to provide financial advice to (vulnerable) consumers and, if so, with respect to what type of financial product?

The conference addresses these questions from a legal, comparative, and economic perspective bringing together leading legal scholars and economists. In addition, it creates a platform for the debate on this topic among academics, financial supervisors, legal practitioners, consumer associations, and the financial services industry. The keynote was given by prof. Niamh Moloney (London School of Economics and Political Science).
Year(s) Of Engagement Activity 2017
URL https://www.rug.nl/rechten/congressen/archief/2017/financial-consumer-protection/general-information
 
Description Niels Hermes: Keynote presentation entitled Board Dynamics and Firm Performance: The Missing Link in Corporate Governance Research, at the international conference Corporate Governance and Company Performance: Exploring the Challenging Issues, ISEG Lisbon School of Economics and Management, Lisbon, October 26, 2017 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Study participants or study members
Results and Impact This event is a bi-annual conference organized by Virtus Interpress Publishing House in close cooperation with a local organizing university. The main focus of the event is to find the links between corporate governance and firm performance under the impact of market financial instability. Economic crises usually provoke the decrease in financial performance of the companies, due to that fact the issue of corporate governance adequacy takes attention of researchers. Academics as well as practitioners try to find out the best corporate governance practices leading to improve the firm performance. Previous papers in this area have already found a significant influence of bad or good corporate governance practice on the firm financial stability at the same time the new trends at the market addressed the new challenges to corporate governance. This international conference provides the platform for academics and practitioners from many countries of the world to analyse recent trends and upcoming challenges in corporate governance and company performance, major challenges and new horizons in further researching. Impact/outcome of the activity: research papers intended for publication in academic journals.

The conference topics include:
- Corporate governance
- Board of directors
- Director's remuneration
- State/Private/Family ownership
- Reporting, accounting and auditing
- Bankruptcy; Liquidation
- Corporate transparency issues
- Earnings management
- Risk management
- Corporate Finance and financial performance
- Asset Pricing and fund management
- Corporate Social Responsibility
Year(s) Of Engagement Activity 2017
URL https://virtusgccg.org/-international-conference-in-lisbon-october-26-2017-.html
 
Description Niels Hermes: Panel Discussion and Talk entitled Are Dutch Listed Companies and Their Shareholders Focused on Short-term Returns, at the Eumedion Symposium -Extra Bescherming van Nederlandse Beursondernemingen: Noodzaak of Hypocrisie?, Jaarbeurs, Utrecht 2017 
Form Of Engagement Activity A formal working group, expert panel or dialogue
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Professional Practitioners
Results and Impact This event is an annual symposium organized by Eumedion for its members (worldwide institutional investors investing in Dutch listed companies) to discuss important and topical issues. Niels Hermes presented his joint research with Reggy Hooghiemstra and Kees van Veen (institute for Governance and Organizational Responsibility, Faculty of Economics and Business, University of Groningen) on the topic - "Focusing on the Short or Long term? The Causes and Consequences of the Time Horizon of Management of Dutch Listed Companies". The presentation of the research outcomes has revealed that the directors of Dutch listed companies concentrate more on the long-term than their American colleagues. The long-term thinking among Dutch companies listed on the stock exchange appears to have grown stronger in the last ten years. The presentation has generated significant newspaper coverage, including a news report on Financieel Dagblad and a special issue in a Dutch legal business journal. The news reports are: 'Nederlandse beursfondsen zijn minder kortzichtig dan die in VS'. 'Dutch listed companies are less short-sighted than those in the US' (FD, 04-09-2017) https://fd.nl/cookiewall?target=%2Fbeurs%2F1216511%2Fnederlandse-beursfondsen-zijn-minder-kortzichtig-dan-die-in-vs

'Nederlands beursbedrijf richt zich meer op lange termijn dan Amerikaanse collega' 'Dutch stock exchange company focuses more on long-term than American colleague' (Duurzaam Bedrijfsleven.nl, 04-09-2017) https://www.duurzaambedrijfsleven.nl/future-finance/24557/nederlands-beursbedrijf-richt-zich-meer-op-lange-termijn-dan-amerikaanse-collega

'Nederlandse beursondernemingen gericht op langere termijn'. 'Dutch listed companies focused on the longer term' (Accountant.nl, 04-09-2017) https://www.accountant.nl/nieuws/2017/9/nederlandse-beursondernemingen-gericht-op-langere-termijn/

'In Nederland meer oog voor lange termijn'. 'More attention for the long term in the Netherlands' (IEX.nl, 04-09-2017) https://www.iex.nl/Nieuws/ANP-040917-045/In-Nederland-meer-oog-voor-lange-termijn.aspx
Year(s) Of Engagement Activity 2017
URL https://eumedion.nl/nl/nieuws/nederlandse-beursondernemingen-richten-zich-op-de-langere-termijn
 
Description Oliver Morrissey: exclusive meetings and discussions with officials from the Central Bank of Kenya, Bank of Tanzania and Bank of Uganda in May 2017 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Policymakers/politicians
Results and Impact Oliver Morrissey's meetings were exclusive discussions with officials from the Central Bank of Kenya, Bank of Tanzania and Bank of Uganda in informal settings. He met one official in Kenya, four in Tanzania and ten in Uganda. The purpose of the meetings was to discuss his research project on measuring aid inflows, how the Central Bank records aid and their policy interest in macroeconomic effects of aid. He also asked how central banks in these three countries capture foreign exchange inflows associated with aid. The meetings were productive. The officials provided information on where (in their balance of payments statistics) aid inflows are recorded, explained difficulties in capturing all aid inflows, and identified important policy issue the project could address (e.g. effect on exchange rates and inflation).
Year(s) Of Engagement Activity 2017
 
Description Pre-Launch Senior Policy Seminar (Nairobi, Kenya) 
Form Of Engagement Activity A formal working group, expert panel or dialogue
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Policymakers/politicians
Results and Impact We took the initiative to hold a Pre-Launch Event of the research project at the Africa Economic Research Consortium (AERC) Senior Policy Seminar (SPS) in Nairobi, Kenya, on 22 March 2016, in order to engage with policy makers, private sector practitioners, civil society, and potential members of our International Advisory Group (IAG) for the project. The theme of the AERC-SPS was "Financial Inclusion in Africa", which coincided with our planned project on "Delivering Inclusive Financial Development and Growth". The meeting was attended by Victor Murinde (PI), Lemma Senbet (Co-I), Robert Lensink (Co-I) and Judith Tyson (Co-I), at our own expenses. There was excitement about our expected research project, from all stakeholders: researchers, policy makers, private sector and civil society. As a result, we were able to 'sign up' the following high level participants, who are now distinguished members of the IAG for the research project: Dr Caleb Fundanga (former Governor, Bank of Zambia); Professor Njuguna Ndungu (former Governor, Central Bank of Kenya); Dr Martin Brownbridge (Economic Advisor to the Governor, Bank of Uganda); and Dr Jo Marie Griesgraber (ED, New Rules for Global Finance, Washington DC).
Year(s) Of Engagement Activity 2016
URL http://aercafrica.org/index.php/news-events/223-inclusive-finance-for-low-income-countries
 
Description Presentations to University of Nairobi and Kenya Bankers Association (Nairobi) 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach National
Primary Audience Professional Practitioners
Results and Impact Presentations about the research project and engaging with researchers and PhD students at the School of Economics, University of Nairobi in October 2016

Presentations about the project and engaging with the staff and executives of Kenya Bankers Association during October 2016
Year(s) Of Engagement Activity 2016
 
Description Reinhard Bachmann: Presentation on Trust in Finance at SOAS CGF Seminar Series on 21st February 2018 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach Regional
Primary Audience Study participants or study members
Results and Impact This presentation featured an ongoing research that explores the role of trust in finance. It provided audience with a comprehensive understanding of trust as a social mechanism. It pointed out that instituitions play a key role in building trust in the financial services industry. Building trust at institution-level is key to improving financial inclusion in Africa.
Year(s) Of Engagement Activity 2018
URL https://www.soas.ac.uk/centreforglobalfinance/events-and-seminars/21feb2018-trust-in-finance-by-rein...
 
Description Research Peer Review session (Dakar, Senegal) 
Form Of Engagement Activity A formal working group, expert panel or dialogue
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Study participants or study members
Results and Impact Led by Victor Murinde (PI), Issouf Soumare (Co-I), Lemma Senbet (Co-I), Oliver Morrissey (Co-I), Joshua Abor (Co-I), Christopher J Green (Co-I), Laurence Harris (Co-I) and Njuguna Ndungu (a member of the International Advisory Group), a research peer-review session held at the AERC Bi-Annual and AERC-GDN Workshop on 3rd December in Dakar, Senegal, to validate any revisions to the research programme and plan of action.
Input was provided by participants at the GDN-AERC session, relating to research questions, data and fieldwork as well as policy relevance. This has helped shape current progress with the research project on 'Inclusive Finance'.
Year(s) Of Engagement Activity 2016
URL http://www.birmingham.ac.uk/schools/business/research/research-projects/inclusive-finance/index.aspx
 
Description Research Project Workshop (SOAS University of London) 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Study participants or study members
Results and Impact Research Project Workshop, 3-4 March, SOAS University of London
Participants included: All researchers (PI & Co-Is) on the research project & their PhD students; Members of the International Advisory Group (IAG); Representatives from DFID & ESRC. The workshop was attended by the project research from all partner institutions: SOAS University of London, University of Birmingham, African Economic Research
Consortium (AERC), Columbia University, Institute of Development Studies (IDS), Laval University, University of Ghana, Loughborough University, ODI, University of Groningen,and University of Nottingham.
The main objectives of the Workshop were to: facilitate preliminary dissemination of draft survey papers, meta-analysis papers,systematic review papers, initial cross-country papers, or the first set of work under this research project; scope further for fieldwork plans in African countries for 2017-2018; solicit further input from members of the International Advisory Group for the project, stakeholders from DFID and ESRC, as well as other stakeholders, regarding enhancing the probability of uptake of our research for policy and practice.
DAY ONE: Friday 3rd March 2017
OPENING (Chair: Christine Oughton, SOAS University of London)
Welcome by Baroness Valerie Amos CH, Director of SOAS University of London
The 'Inclusive Finance' Research Project: Current Progress (Victor Murinde, PI, University of Birmingham)
SESSION I: Institutional Framework, Financial Institutions and Inclusive Growth (Chair: Christine Oughton, SOAS University of London)
Improving trust and relaxing credit constraints to enhance uptake of weather insurance: A randomized controlled trial in Ethiopia (Robert Lensink & Shubhashis
Gangopadhyay, University of Groningen)
Financial development and financial liberalization: Can social capital substitute for formal institutions?" (Niels Hermes, University of Groningen; Robert Lensink,
University of Groningen; and Victor Murinde, University of Birmingham)
Lunch (Plus Dataset & Fieldwork Discussion)
SESSION II: Cross-border Bank Contagion and Financial Development in East African Countries (Chair: Christopher J. Green, Loughborough University)
Cross-border interbank market and financial contagion: A survey (Ye Bai, University of Nottingham; Christopher J. Green, Loughborough University; and Victor
Murinde, University of Birmingham)
Mobile technology, financial inclusion and poverty-reduction in selected African countries: Going forward with the key issues (Christopher J. Green & Ahmad H.
Ahmad, Loughborough University
Data issues in understanding financial inclusion in Africa (Fei Jiang, Christopher J. Green & Ahmad H. Ahmad, Loughborough University)
SESSION III: Panel Discussion - Inclusive Financial Development & Growth - Insights from policy and practice (Chair: Lemma W. Senbet, African
Economic Research Consortium)
In this panel discussion, policy makers were able to share with researchers some of the priority policy issues for their countries today (e.g. for central banks in Africa) or the
policy priorities of donor organisations (e.g. DFID Policy Unit). Panellists from the private sector may also speak about some issues faced by private sector practitioners
or their experiences in trying to access finance for small businesses. Policy and practitioner issues may be related to financial inclusion (e.g. access and affordability
of finance by households and businesses), overall financial development, the behaviour of banks (e.g. risk-taking), the behaviour of non-banks (e.g. insurance
companies, etc..), the role of the capital market in facilitating capital flows for financing governments as well as private sector companies, or other contemporary or
futuristic issues.
Panellists
Sheila M'Mbijjewe, Deputy Governor, Central Bank of Kenya
John Ddumba-Ssentamu, Vice-Chancellor, Makerere University & Chair of the Board of Directors, Centenary Rural Development Bank Ltd, Uganda
Njuguna Ndungu, former Governor, Central Bank of Kenya
Martin Brownbridge, Economic Advisor to the Governor, Bank of Uganda
Athelston 'Tony' Sealey, Managing Director of Canefield Ltd, UK
DAY TWO: Saturday 4th March 2017
SESSION IV: Capital flows and financial sector reforms (Chair: Stephany Griffith-Jones, Institute of Development Studies)
The political economy of financial sector reform in sub-Saharan Africa (Stephen Spratt, Institute for Development Studies & Stephany Griffith-Jones,
Columbia University & IDS)
African banking sector development: The roles of remittances and monetary policy (Joshua Abor & Mohammed Amidu, University of Ghana)
Bank lending and competition in WAEMU banking system: Do foreign ownership and cross-border banking increase firms' access to finance? (Issouf Soumare,
Laval University; Lemma W. Senbet, AERC; Desire Kanga, ENSEA, Abidjan; and Victor Murinde, University of Birmingham)
SESSION V: Interaction between Public and private capital flows (Chairs: Laurence Harris, SOAS University of London)
Measuring aid: The issues (Oliver Morrissey, University of Nottingham & Victor Murinde, University of Birmingham)
Foreign direct investment in the banking sector and bank restructuring in Africa: The role of distance, culture, geography and other special factors (Tianshu Zhao,
University of Birmingham)
Sectoral capital flows and economic growth: What do we know about the dynamics? (Judith Tyson, ODI & Victor Murinde, University of Birmingham)
13:00
SESSION VI: Technology, Innovation and Finance (Chair: Issouf Soumare, Laval University)
The role of finance in technology diffusion within national and regional systems of innovations and diversity (Christine Oughton, SOAS University of London)
Trust in the financial services industry (Reinhard Bachmann, SOAS University of London)
The contribution of new technology to financial inclusion in LICs: Potential and issues (Laurence Harris, SOAS University of London)
Close

Powerpoint presentations have been uploaded on the URL below.
Year(s) Of Engagement Activity 2017
URL http://www.birmingham.ac.uk/schools/business/research/research-projects/inclusive-finance/index.aspx
 
Description Robert Lensink: Instructor of Impact Evaluation at the AERC Technical Workshop, Nairobi, Kenya, 5th March - 9th March, 2018 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Professional Practitioners
Results and Impact Joint by Adriana Garcia, Robert Lensink delivered training lectures on the subject of "Impact Evaluation". This activity is part of the advanced technical workshop organised by AERC (African Economic Research Consortium) aiming to provide intensive technical training on "Monte Carlo Simulations" and "Impact Evaluation". Robert Lensink's participation is part of the work funded under the research project on "Delivering Inclusive Financial Development and Growth" (ESRC Reference: ES/N013344/2). Course objectives: The objective is to provide participants with better knowledge about the theory and practice of impact analyses in developing countries. Special attention were given to the impact of "financial inclusion" projects. Course Description: Until recently, empirical testing of the impact of financial interventions, such as microfinance, was extremely weak, and controversial. Most research on the impact of microfinance in the broadest sense suffered from severe methodological problems: almost none of the available empirical studies appropriately addressed problems related to self-selection bias and/or program placement bias. Fortunately, in the last few years, we have seen several new empirical analyses using rigorous methodologies. These new analyses are often based on so-called randomized controlled trials. In a randomized controlled trial the impact of an intervention is studied by randomly assigning different households to treatment and control groups.

In this short course, the major aspects of experimental design in the context of financial interventions in developing countries were discussed. Special attention were given to financial
interventions. The aim was to provide a better understanding of the theory and practice of field experiments in developing countries. For example, participants were encouraged to learn how to design randomized experiments to measure impacts of financial inclusion interventions. STATA: during the afternoon sessions of the course the participants used STATA to conduct practical examples.

Background Literature: Glennerster and Takavarasha (2013), Running Randomized Evaluations: A Practical Guide, Princeton University Press.
Year(s) Of Engagement Activity 2018
URL https://www.soas.ac.uk/centreforglobalfinance/events-and-seminars/26feb2018--aerc-technical-workshop...
 
Description Robert Lensink: Keynote Presentation at 5th European Research Conference on Microfinance on 13 June 2017, Portsmouth, UK 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Study participants or study members
Results and Impact The European Research Conference on Microfinance is one of the primary meeting places for academic researchers working on microfinance. Robert Lensink presented a keynote speech and accomplished the challenging task of chairing a panel discussion on Placing Gender In The Contemporary Financial Inclusion Discourse.
Year(s) Of Engagement Activity 2017
URL http://www.e-mfp.eu/sites/default/files/resources/2017/08/2017%20Eur%20Research%20Conference%20on%20...
 
Description Robert Lensink: Presentation entitled incentivising uptake of Index Insurance in Ethiopia at the Netherlands Economists Day (NED), 3rd November 2017, The Dutch Central Bank 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach National
Primary Audience Other audiences
Results and Impact The Netherlands Economists Day provided the opportunity to discuss relevant economic issues with Dutch economists. The presentation is intended to build a pathway to impact, which is an evolving process.
Year(s) Of Engagement Activity 2017
URL https://esb.nu/kvs/20028099/netherlands-economists-day-2016
 
Description Stephany Griffith-Jones: Opening Speech at FIFTH ANNUAL FEPS-IPD CONFERENCE 2017 
Form Of Engagement Activity A formal working group, expert panel or dialogue
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Policymakers/politicians
Results and Impact This meeting focused on the theme of "Regroup and reform: Ideas for a more progressive trade policy". It featured the participation of Members of the European Parliament and high-level representatives. They include: Ernst Stetter (Secretary General, FEPS), Pascal Lamy (former Director-General of the WTO), Kemal Dervis (former Deputy Prime Minister of Turkey, former head of the United Nations Development Programme, Brookings Institute), Bernd Lange (Chair of the European Parliament Committee on International Trade),
Paul Magnette (former Prime Minister of Wallonia), Ignacio Garcia Bercero (Director General for Trade, DG Trade), Jose Antonio Ocampo (Co-Director Central Bank of Colombia, Professor of Professional Practice in International and Public Affairs, Columbia University), Nathalie Bernasconi-Osterwalder (International Institute on Sustainable Development), Liina Carr (ETUC Confederal Secretary), Maria João Rodrigues (President of FEPS, S&D Vice-President, MEP), Elizabeth Warren (U.S. Senator for Massachusetts). After the opening speech, the meeting evovled as a roundtable discussion, which invited all participants to actively engage in the debate. Following short introductory remarks by the Chair of each session, there were two or more high-level discussants. Then, with the moderation of the Chair, the discussion opend up to all attendees, allowing for a lively debate. The topics included: trade agreements and their effects; Current trade imbalances; The political reality of international trade agreements; preparation of the next meeting in Brussels (Nov 2017).
Year(s) Of Engagement Activity 2017
 
Description Stephany Griffith-Jones: Presentation and Panel Discussion on The Future of National Development Banks at IPD/BNDES/ CAF conference 2017 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Policymakers/politicians
Results and Impact This is the outcome of a two- year Columbia University's Initiative for Policy Dialogue (IPD) research project on national development banks, which has been supported by Brazil's National Economic and Social Development Bank (BNDES) and the Development Bank of Latin America (CAF). In the wake of the 2007/09 North-Atlantic financial crisis, as concern about the limitations of a purely private financial system grew, the positive roles that many national development banks played during the crisis and its aftermath have been increasingly accepted. This renewed support was apparent in emerging and developing countries - such as Brazil and China, where development banks have played a key role -but also increasingly in developed economies, like Germany. An important point not frequently made in the current literature is that, a more diversified financial structure may have several advantages, including in competition and financial stability, when compared to structures focused mainly in private (often large) banks. Firstly, it may encourage competition between different types of financial institutions, such as development and private banks, which could lead to reducing the spreads they charge. Secondly, a more diversified financial system, especially if not having inter-connected risks, could lead to less systemic risk and therefore contribute to financial stability. Thirdly, if different varieties of financial institutions have different strengths, having a more diverse system could make it more likely that the financial sector functions needed for inclusive growth are achieved. Many national development banks, though having paid-in capital provided by Governments, raise their funds on the national and sometimes international private capital markets. Typically, their loans are also co-financed by private agents, helping to prolong the maturities that private finance provides. Leveraging public resources with private ones has been especially valued in contexts of limited fiscal space, like in the European Union in the wake of the Eurozone debt crisis. It is important to underscore that what should be promoted are "good" national development banks. To have "good" national development banks implies having institutions that have clear mandates, are well-governed and well run, so they can fulfil their functions well. Their main objective is to maximize their development impact rather than profits, though assuring at least minimal commercial returns. Their creation and consolidation can thus be understood as part of the effort to build strong state capacities. Indeed, when they fulfil these objectives, they can play a central role in implementing crucial government policies, such as industrial policy, infrastructure investment and social inclusion. A key challenge is how national development banks can, working with governments, achieve these goals, which is one of the central themes of this project. Furthermore, "good" national development banks need to collaborate effectively, both with private financial institutions and investors, as well as with regional and multilateral development banks.
Year(s) Of Engagement Activity 2017
URL http://policydialogue.org/events/meetings/the-future-of-national-development-banks-final-meeting/
 
Description Stephany Griffith-Jones: Presentation on National development banks and inclusive growth at G-24 Special Workshop on Growth and Reducing Inequality 5-6 September 2017, Geneva 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Policymakers/politicians
Results and Impact Purpose of the meeting: To consider perspectives, successes and challenges relevant to developing country efforts to boost growth and reduce inequality and gather a diverse range of views and research on trends, drivers and policy responses. Expected outputs: A summary report and a set of technical papers that can serve as background information to support advocacy and positioning by G-24 members. Ms. Stephanie Griffith Jones delivered a presentation focused on the role of national development banks (NDBs). She presented results of a Columbia University project supported by the Brazilian National Development Bank and the Latin American Development Bank, which included several issues papers and seven country case studies. She argued that NDBs provide patient long term finance necessary for structural transformation, counter-cyclical finance, deepening and improving financial markets for development-friendly instruments, supporting greater inclusion and financing global public goods. NDBs have been broadly successful, and most recently they have gone into new sectors, such as renewable energy and energy efficiency, and new activities. They have also increased their use of new instruments, such as guarantees and equity and their efforts to encourage foreign direct investment and national companies to invest abroad. But the current size of NDBs is not large enough for the development needs of their countries. Against the backdrop of very low levels of both private and public investment, the leverage NDBs can provide becomes particularly attractive. For NDBs to operate well, the broad context in which they operate matters: good macroeconomic policies and a well-functioning financial sector, a clear development strategy and policy mandates that remain relatively stable in spite of government changes. Some suggested questions for future research are: what are the criteria to define a well-functioning development bank? What is the political economy to ensure NDBs are well governed? What are the most effective instruments for NDBs to channel funds? And, what are the political economy dimensions for generating support for creating NDBs where they do not exist and maintaining their scale where required?
Year(s) Of Engagement Activity 2017
URL https://www.g24.org/wp-content/uploads/2017/09/SGriffithJones_G24Presentation_National-Development-B...
 
Description Stephany Griffith-Jones: Speaker of Panel Discussion on the Conference on Income Distribution, Investment and Sustainability at Greenwich University 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Study participants or study members
Results and Impact The conference is co-organised by Greenwich Political Economy Research Centre (GPERC), part of the university's Business School; the Foundation of European Progressive Studies (FEPS); Think-tank for Action on Social Change (TASC); and the Economic Council of the Labour Movement (ECLM). A keynote lecture closes the conference, by Dr Michael Kumhof, Senior Research Advisor at the Bank of England, on Income Distribution and Stability. The panel includes: Professor Ozlem Onaran (GPERC); Professor Stephany Griffith-Jones (University of Columbia), Dr Lisa Kastner (FEPS, chair), Signe Dahl (ECLM), Paul Sweeny (TASC), Dr Maria Nikolaidi (GPERC), Dr Giovanni Cozzi (GPERC), and Dr Daniele Tori (Open University and GPERC).
Year(s) Of Engagement Activity 2017
URL http://www.feps-europe.eu/en/news/958_income-distribution-investment-and-sustainability
 
Description Stephany Griffith-Jones: The role of development banks for financing socio-ecological transformation at OEFSE in Vienna 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Policymakers/politicians
Results and Impact The 2030 Agenda for Sustainable Development includes many ambitious goals such as poverty eradication, education for all, full employment and climate change mitigation. The implementation of these goals requires a massive increase of investment in sectors that are critical for economic and ecological transformation. Experiences have shown that in many cases, private sector finance does not fulfil the need to provide long-term and stable finance for sectors that are key for socio-ecological transformation. The limitations of the private financial sector have increasingly drawn attention to the role that public development banks can play for development. Development banks can finance investment projects that contribute to a socially inclusive and ecologically sustainable economic development where social returns across the economy exceed private returns. In addition, they can contribute to stabilizing the economy by providing counter-cyclical financing. However, experiences have shown that development banks risk to be captured by influential actors and vested interests. Conditions such as good governance, transparency and comprehensive expertise are therefore essential for a public development bank to fulfil its role. The lecture discussed the following questions: Which role did and do public development banks play for economic development in different countries? Which lessons can be drawn from those experiences? What role can development banks play in financing socio-economic transformation and SDG-implementation?
Year(s) Of Engagement Activity 2017
URL https://www.oefse.at/en/events/veranstaltung/event/show/Event/the-role-of-development-banks-for-fina...
 
Description Stephany GriffithJones: Presentation at the 11th UNCTAD Debt Management Conference, 13-15 November 2017 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Policymakers/politicians
Results and Impact The presentation featured a discussion of "Making a Reality of GDP linked bonds". A copy of the full speech is available via the URL provided for this activity.
Year(s) Of Engagement Activity 2017
URL http://unctad.org/divs/gds/dmfas/what/Documents/2017_p4_griffith_jones.pdf
 
Description Stephen Spratt: Presentation at AXA Chair Research Workshop on Inclusive Finance, SOAS University of London 13 February 2018 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Study participants or study members
Results and Impact The presentation was on the Political Economy of Financial Sector Reform in sub-Saharan Africa. The purpose was to present a revised framework for integrating political economy analysis into the different research strands of the inclusive finance project, and to get feedback from colleagues on this to finalise the approach. The wider purpose was to introduce the subject of political economy to members of the audience that are not familiar with it, and to describe its importance with respect to financial reform in Africa.
Year(s) Of Engagement Activity 2018
URL https://www.soas.ac.uk/centreforglobalfinance/launch-of-axachair/
 
Description Victor Murinde: Organiser and Chair of SOAS Centre for Global Finance Seminar Series 2017-2018, SOAS University of London 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Study participants or study members
Results and Impact The SOAS CGF Seminar Series are designed to provide researchers with oppurtunities to share and discuss their research progress and findings, ranging from working papers, published works, and research proposal. The presentations at the seminar have covered various topics relating to finance. The full list of completed activities is shown below:

25 October 2017: Victor Murinde chaired the CGF Seminar and presented the paper of "Bank opacity and risk-taking: Evidence from analysts' forecasts"
https://www.soas.ac.uk/centreforglobalfinance/events-and-seminars/25oct2017-bank-opacity-and-risk-taking-evidence-from-analysts-forecasts-by-victor-murinde.html

1 November 2017: Victor Murinde chaired the CGF Seminar - "To what extent does bank financing matter for innovation? Evidence from Chinese listed firms". Presenter: Hong Bo
https://www.soas.ac.uk/centreforglobalfinance/events-and-seminars/01nov2017-to-what-extent-does-bank-financing-matter-for-innovation-evidence-from-chinese-listed-firm.html

15 November 2017: Victor Murinde chaired a brainstorming of "Preparing bids for research funding: Working out a winning strategy for SFM teams". Attendees: SFM staff members
https://www.soas.ac.uk/centreforglobalfinance/events-and-seminars/15nov2017-brainstorming-led-by-victor-murinde---preparing-bids-for-research-funding-working-out-a-wi.html

22 November 2017: Victor Murinde chaired the CGF Seminar - "IPO lockups and insider trading". Presenter: Ranko Jelic, University of Sussex
https://www.soas.ac.uk/centreforglobalfinance/events-and-seminars/22nov2017-ipo-lockups-and-insider-trading-by-ranko-jelic.html

29 November 2017: Victor Murinde chaired the CGF Seminar - "Dividend Decisions of UK listed firms: Beyond Agency Theory". Presenters: Ciaran Driver (SOAS) & Anna Grosman (Loughborough University) & Pasquale Scaramozzino (SOAS)
https://www.soas.ac.uk/centreforglobalfinance/events-and-seminars/29nov2017-dividend-decisions-of-uk-listed-firms-beyond-agency-theory-by-ciaran-driver-anna-grosman-p.html

13 December 2017: Victor Murinde chaired the CGF Seminar - "Political economy of capital flows and financial inclusion". Presenter: Stephen Spratt, IDS
https://www.soas.ac.uk/centreforglobalfinance/events-and-seminars/13dec2017-political-economy-of-capital-flows-and-financial-inclusion-by-stephen-spratt.html

17 January 2018: Victor Murinde chaired the CGF Seminar - "Financial inclusion in China: Conceptual, methodological and policy issues". Presenter: Vanesa Cela, SOAS
https://www.soas.ac.uk/centreforglobalfinance/events-and-seminars/17jan2018-financial-inclusion-in-china-conceptual-methodological-and-policy-issues-by-vanesa-cela.html

24 January 2018: Victor Murinde chaired the CGF Seminar - "Capital flows by sector in SSA and their implications". Presenter: Judith Tyson. ODI
https://www.soas.ac.uk/centreforglobalfinance/events-and-seminars/24jan2018-capital-flows-by-sector-in-ssa-and-their-implications-by-judith-tyson.html

31 January 2018: Victor Murinde chaired the CGF Seminar - "Diversity in financial services". Presenter: Christine Oughton, SOAS
https://www.soas.ac.uk/inclusive-finance/events/31jan2018-corporate-diversity-in-financial-services-efficiency-resilience-and-stability.html

7 February 2018: Victor Murinde chaired the CGF Seminar - "Measuring financial inclusion". Presenter: Gerhard Kling, SOAS
https://www.soas.ac.uk/inclusive-finance/events/07feb2018-measuring-financial-inclusion-a-meta-confirmatory-factor-analysis.html

21 February 2018: Victor Murinde chaired the CGF Seminar - "Trust in Finance". Presenter: Reinhard Bachmann, SOAS
https://www.soas.ac.uk/centreforglobalfinance/events-and-seminars/21feb2018-trust-in-finance-by-reinhard-bachmann.html

28 February 2018: Victor Murinde chaired the CGF Seminar - "Modelling monetary policy transmission mechanism in South Africa". Presenter: Laurence Harris, SOAS
https://www.soas.ac.uk/centreforglobalfinance/events-and-seminars/01mar2018--modelling-the-impact-of-macroprudential-bank-regulations-for-south-africa-by-laurence-har.html

14 March 2018: Victor Murinde chaired the CGF Seminar - "Bank failure in fragile states". Presenter: Kat Woolford, IMF
Year(s) Of Engagement Activity 2017,2018
URL https://www.soas.ac.uk/centreforglobalfinance/events-and-seminars/
 
Description Ye Bai: Presentation on The Interbank Market in Kenya and Implications for Bank Regulations at the International Association of Deposit Insurers 4th Biennial Research Conference, Basel Switzerland, 1st June 2017 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Policymakers/politicians
Results and Impact The conference focused on the theme of "Designing an Optimal Deposit Insurance System," featuring one invited paper and six others chosen from 32 submissions received in response to a Call for Papers. Each paper was presented by the author and discussed by two reviewers. The attendees were welcomed by David Walker, Secretary General, IADI. Thomas Hoenig, President and Chair of the Executive Council of IADI and Vice Chairman of the Federal Deposit Insurance Corporation (FDIC), USA, delivered the Opening Remarks. Mr. Hoenig emphasised the timeliness of the conference and the topics covered, as optimal deposit insurance design requires us to confront issues of moral hazard, liquidity shocks and other challenges to maintaining financial stability. The Keynote Address was delivered by Hyun Song Shin, Economic Adviser and Head of Research, Monetary and Economic Department, BIS, in which he presented his research on the impact of dividends and management compensation on banks' capital structure. The invited paper by Professor Itay Goldstein, The Wharton School, The University of Pennsylvania, USA, and co-authored with Eduardo Dávila, Stern School of Business, New York University, USA, provided a model for estimating the optimal level of deposit insurance coverage. Other paper presenters covered the broad topics of deposit stability in failing banks, the role of cross-border deposits in crises, financial innovation as a tool for extracting rents from bailouts, implications of interbank market monitoring for bank regulation, the liability structure of banks, and the effect of the design of deposit insurance on the structure of the financial system. The paper presenters, discussants and session chairs were largely from academia but also included speakers from deposit insurance agencies, central banks and international financial institutions. The Distinguished Guest Speaker, Stefan Ingves, Sveriges Riksbank, and Chairman of the Basel Committee on Banking Supervision (BCBS) stressed that deposit insurance systems are a key ingredient to financial stability. Mr Ingves outlined challenges faced by deposit insurance systems such as the interaction between deposit insurance, resolution and public guarantees as well as cross-border issues. He emphasised that financial stability is a joint responsibility and, that while striving towards more optimal deposit insurance is important, deposit insurance should only be drawn upon rarely. He highlighted the importance of enhancing the resilience of financial institutions through the post-crisis reforms developed by the BCBS and ensuring that the regulatory framework is robust. The conference ended with a stimulating discussion at the regulators' roundtable where the panelists shared their perspectives on the global financial safety net. The panelists included Thomas Hoenig, IADI and FDIC, Katsunori Mikuniya, Governor, Deposit Insurance Corporation of Japan, Bumgook Gwak, Chairman and President, Korea Deposit Insurance Corporation, and Marc Dobler, Senior Financial Sector Expert, International Monetary Fund, and was chaired by David Walker, IADI.
Year(s) Of Engagement Activity 2017
URL http://www.iadi.org/en/assets/file/Special_workspace/2017_Research_Conference/2017_IADI_Research_Con...