Overview

In this volume Fafchamps synthesises the results of contemporary surveys in indigenous market institutions in 12 countries, including Benin, Ghana, Kenya, Madagascar, Malawi and Zimbabwe, and presents findings about economics exchange in Africa that have implications both for future research and contemporary policy. Employing empirical data as well as theoretical models that clarify the data, Fafchamps takes as his unifying principle the difficulties of contract enforcement. Arguing that in an unpredictable world contracts are not always likely to be respected, he shows that contract agreements in Sub-Saharan Africa are affected by the absence of large hierachies (both corporate and governmental) and as a result must depend to a greater degree than in more developed economies on social networks and personal trust. After examining data from the 12 countries surveyed, Fafchamps considers policy recommendations as they apply to countries in three different stages of development: countries with undeveloped market institutions, like Ghana; countries at an intermediate stage, like Kenya; and countries with developed market institutions, like Zimbabwe.

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9780262062367

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"""By placing enforcement at the center of his study of firms' market transactions, Marcel Fafchamps makes a convincing case for the relevance of economic analysis for developing countries. By providing evidence on when and why breaches of contracts occur, and on when and how creditors screen potential debtors, he can not only test some of his theory's predictions, but stimulates further research on the use of incentives for the analysis of the developing world.""--Jean-Jacques Laffont, IDEI, University of Toulouse, and University of Southern California ""In this book Marcel Fafchamps has done more than summarize the exciting economic research on firms and markets in Africa over the last decade. He has provided a framework for understanding African economies that will serve as the reference on Africa for the foreseeable future."" Garth Frazer, University of Toronto ""In this book, Marcel Fafchamps has done more than summarize the exciting economic research on firms and markets in Africa over the last decade. He has provided a framework for understanding African economies that will serve as *the* reference on Africa for the foreseeable future.""--Garth Frazer, University of Toronto"

By placing enforcement at the center of his study of firms' market transactions, Marcel Fafchamps makes a convincing case for the relevance of economic analysis for developing countries. By providing evidence on when and why breaches of contracts occur, and on when and how creditors screen potential debtors, he can not only test some of his theory's predictions, but stimulates further research on the use of incentives for the analysis of the developing world. --Jean-Jacques Laffont, IDEI, University of Toulouse, and University of Southern California In this book Marcel Fafchamps has done more than summarize the exciting economic research on firms and markets in Africa over the last decade. He has provided a framework for understanding African economies that will serve as the reference on Africa for the foreseeable future. Garth Frazer, University of Toronto In this book, Marcel Fafchamps has done more than summarize the exciting economic research on firms and markets in Africa over the last decade. He has provided a framework for understanding African economies that will serve as *the* reference on Africa for the foreseeable future. --Garth Frazer, University of Toronto

By placing enforcement at the center of his study of firms' market transactions, Marcel Fafchamps makes a convincing case for the relevance of economic analysis for developing countries. By providing evidence on when and why breaches of contracts occur, and on when and how creditors screen potential debtors, he not only tests some of his theory's predictions but stimulates further research on the use of incentives for the analysis of the developing world. --Jean-Jacques Laffont, IDEI, University of Toulouse, and University of Southern California

Author Information

Marcel Fafchamps is Reader in the Department of Economics and Professorial Fellow at Mansfield College, Oxford University.

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