{"title":"Bank Financing of Smes in Five Sub-Saharan African Countries: The Role of Competition, Innovation, and the Government","authors":"Gunhild Berg, M. Fuchs","doi":"10.1596/1813-9450-6563","DOIUrl":"https://doi.org/10.1596/1813-9450-6563","url":null,"abstract":"This paper provides an overview of the state of access to bank financing for SMEs in five Sub-Saharan African countries and analyzes the drivers behind banks' involvement with SMEs. The paper builds on data collected through five in-depth studies in Kenya, Nigeria, Rwanda, South Africa, and Tanzania between 2010 and 2012. The paper shows that the share of SME lending in the overall loan portfolios of banks varies between 5 and 20 percent. Reasons for this finding vary, but key contributing factors are the structure and size of the economy and the extent of Government borrowing, the degree of innovation mainly as introduced by foreign entrants to financial sectors, and the state of the financial sector infrastructure and enabling environment.","PeriodicalId":120850,"journal":{"name":"African Law eJournal","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125171730","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Democratization and Economic Prosperity","authors":"Daniel de Kadt, Stephen B. Wittels","doi":"10.2139/ssrn.2247664","DOIUrl":"https://doi.org/10.2139/ssrn.2247664","url":null,"abstract":"What explains cross-national variation in economic prosperity? One line of ongoing research explores whether political institutions associated with democracy are important determinants. Devising accurate tests of this relationship is non-trivial; while the timing of democratic transitions is arguably stochastic, the process by which countries adopt democratic political practices may be endogenous to economic outcomes. We identify the e ect of democratization by comparing the economic output of democratized units with the output of synthetic counterfactuals of these same units under a condition of no democratic transition. We focus on reforms that took place in Africa in the 1990s using balanced panel data for the period 1975-2008. Our empirical approach yields an unbiased estimate (in expectation) of the e ffect of democratization for each individual treated unit under relatively modest assumptions. We find that, in the African context, formal democratization has highly heterogeneous but substantive e ffects on economic prosperity.","PeriodicalId":120850,"journal":{"name":"African Law eJournal","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-04-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128898265","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"How Would Monetary Policy Matter in the Proposed African Monetary Unions? Evidence from Output and Prices","authors":"S. Asongu","doi":"10.2139/ssrn.2493341","DOIUrl":"https://doi.org/10.2139/ssrn.2493341","url":null,"abstract":"We analyze the effects of monetary policy on economic activity in the proposed African monetary unions. Findings broadly show that: (1) but for financial efficiency in the EAMZ, monetary policy variables affect output neither in the short-run nor in the long-term and; (2) with the exception of financial size that impacts inflation in the EAMZ in the short-term, monetary policy variables generally have no effect on prices in the short-run. The WAMZ may not use policy instruments to offset adverse shocks to output by pursuing either an expansionary or a contractionary policy, while the EAMZ can do with the ‘financial allocation efficiency’ instrument. Policy implications are discussed.","PeriodicalId":120850,"journal":{"name":"African Law eJournal","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-01-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127932309","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Corporate Governance Under the South African Companies Act: A Critique","authors":"L. Muswaka","doi":"10.2139/ssrn.2184678","DOIUrl":"https://doi.org/10.2139/ssrn.2184678","url":null,"abstract":"Corporate governance in South Africa has traditionally been based on the shareholder value approach. In terms of this approach, directors are expected to manage a company in the best interests of the shareholders collectively. This approach is however, increasingly being questioned. With the surge of interest in the recognition of not only shareholder interests, but also the interests of other stakeholders, the corporate governance approach in South Africa merits a deeper analysis. This paper critiques the corporate governance approach under the Companies Act 71 of 2008. The main concern is whether the Companies Act gives recognition to a broader spectrum of stakeholders and whether it reflects the new thinking in corporate governance. The investigation identifies the lacuna in the law and makes recommendations for reform. The findings of this paper will be of benefit to the legislators, directors, shareholders and all other stakeholders.","PeriodicalId":120850,"journal":{"name":"African Law eJournal","volume":"16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-05-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115462170","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
African Law eJournalPub Date : 2010-08-27DOI: 10.17159/1727-3781/2010/V13I2A2646
Mtendeweka Mhango, Zozo Dyani-Mhango
{"title":"How Could the Pension Funds Adjudicator Get it So Wrong? A Critique of Smith v Eskom Pension and Provident Fund","authors":"Mtendeweka Mhango, Zozo Dyani-Mhango","doi":"10.17159/1727-3781/2010/V13I2A2646","DOIUrl":"https://doi.org/10.17159/1727-3781/2010/V13I2A2646","url":null,"abstract":"In this case note the judgment in the Smith case is criticized for being inconsistent with the landmark ruling in Volks. It is argued that the Adjudicator ought to have remanded the matter in Smith to the Board and ought to have ordered it to re-examine its discretion with a focus on a set of factors. Some of the negative effects of Smith on the pension funds industry are also outlined. While the authors express their understanding that the Adjudicator's decision in Smith was made with the rights of women in mind, they believe that her reasoning was wrong. She may have arrived at the same decision on different reasoning. In order to prevent the negative effects of Smith on the pension funds industry, it is recommended that the Adjudicator, when given an opportunity, should overrule the precedent set in Smith. Failure to do so would create the risk of the inconsistent application of the term spouse under South African law, or at the very least in relation to acts of Parliament administered by the National Treasury, which may potentially violate the equality provisions of the Constitution.","PeriodicalId":120850,"journal":{"name":"African Law eJournal","volume":"30 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-08-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125560057","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Demand Guarantees Under the OHADA Uniform Act on Securities","authors":"Nelson Enonchong","doi":"10.2139/SSRN.2863868","DOIUrl":"https://doi.org/10.2139/SSRN.2863868","url":null,"abstract":"This paper seeks to assess the extent to which the provisions of the Uniform Act dealing with demand guarantees meet the OHADA objective of modernisation to facilitate commercial activity. It notes that in general those provisions are to be welcomed as a helpful contribution towards the aforementioned OHADA objectives. However, it argues that there is scope for some improvement and that a revision of the provisions is desirable, primarily to give the parties greater commercial flexibility by allowing them more freedom of contract and to reduce the areas of uncertainty and confusion. It is proposed to consider the key benefits brought about by the Uniform Act before identifying and explaining the main areas of concern.","PeriodicalId":120850,"journal":{"name":"African Law eJournal","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-10-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130642559","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Federal Institutions and the Democratic Transition: Learning from South Africa","authors":"R. Inman, D. Rubinfeld","doi":"10.3386/W13733","DOIUrl":"https://doi.org/10.3386/W13733","url":null,"abstract":"We present a model of a peaceful transition from autocracy to democracy using federal governance as a constitutional means to protect the economic interests of the once ruling elite. Under \"democratic federalism\" the constitution creates an annual policy game where the new majority and the elite each control one policy instrument of importance to the other. The game has a stable, stationary equilibrium that the elite may prefer to autocratic rule. We apply our analysis to South Africa's transition from white, elite rule under apartheid to a multi-racial democracy. We calibrate our model to the South African economy at the time of the transition. Stable democratic equilibria exist for plausible estimates of redistributive preferences and rate of time preference ('impatience') of the new majority during the early years of the new democracy. The future of the democratic federal bargain is less certain under the new populist presidency of Jacob Zuma.","PeriodicalId":120850,"journal":{"name":"African Law eJournal","volume":"45 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114794044","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The South African Judicial Appointments Process","authors":"Penelope E. Andrews","doi":"10.60082/2817-5069.1288","DOIUrl":"https://doi.org/10.60082/2817-5069.1288","url":null,"abstract":"Consideration of racial and gender diversity, and to a lesser extent disability and sexual orientation diversity, has propelled the transformation of the judiciary in South Africa. This consideration is underpinned by both the stated and unstated assumption that a majority white judiciary cannot adequately and fairly serve and deliver justice to a majority black population. The very legitimacy of the judiciary, and indeed the project of constitutional democracy, is contingent on a bench that reflects the racial and gender diversity of the society. Moreover, with equality as the primary principle in the \"Bill of Rights,\" the judiciary has to accommodate this principle unequivocally in its appointments, processes, and jurisprudence.","PeriodicalId":120850,"journal":{"name":"African Law eJournal","volume":"102 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2006-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122134567","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Compensating Victims of Personal Injuries in Tort: The Nigerian Experience in Fifty Years","authors":"O. Adekile","doi":"10.2139/ssrn.3111539","DOIUrl":"https://doi.org/10.2139/ssrn.3111539","url":null,"abstract":"Compensation for personal injuries has become a critical part of legal regulation of social interaction because personal injuries impacts on the life and limb of victims, with implications on political stability. The question arises as to the significance of tort liability for personal injuries in Nigeria in the midst of the available systems of compensation. Traditional tort theory of no liability without fault has continued to play a significant role in compensation of personal injuries in Nigeria. Minor changes have been recorded significantly in the in the area of employment injuries. Therefore, personal injuries actions arising from accidental acts are based essentially on the tort of negligence, but are overlaid by some statutes depending on the factual context of the claims. This has ensured that the law has had little impact in its goal as there are challenges in this framework. There is need for tort to meet the socio-economic needs of citizens in Nigeria by rising up to the standards of other countries in terms of creating other liability regimes for personal injuries outside of the tort traditional theory.","PeriodicalId":120850,"journal":{"name":"African Law eJournal","volume":"71 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128670988","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}