ROBERT SCHUMAN CENTRE FOR ADVANCED STUDIES

ERD - EUROPEAN REPORT ON DEVELOPMENT

Financial markets, adverse shocks andpolicy responses in fragile countries

Conference

The ERD-project is fi nancially supported by the European Commission and fi ve Member States: Finland, Luxembourg, Spain, Sweden and the United Kingdom

The Conference is hosted by the Institute of Statistical, Social and Economic Research (ISSER) at University of Ghana

PROGRAMME Accra, Ghana, 21-23 May 2009

DAY 1: 21 MAY THE TRANSMISSION CHANNELS OF FINANCIAL CRISIS IN FRAGILE AFRICAN COUNTRIES

11:00 -12:30 Registration of participants

12:30 -13:30 Buff et lunch

13:30 -14:00 Opening remarks

Introduction Giorgia Giovannetti (European University Institute and University of Florence)

Welcome address by the European Commission Guy Samzun (Acting Head of Delegation, Head of Cooperation - Delegation of the European Commission in Ghana and Togo)

Welcome address by hosting Institution Ernest Aryeteey (Institute of Statistical, Social and Economic Research)

14:00–14:15 Nicolas Gérard (DG Development - European Commission) The EU policy approach to fragility

14:15–16:15 Chair: Stefano Bartolini (European University Institute)

Giorgia Giovannetti (European University Institute and University of Florence) and Margherita Velucchi (University of Florence) The consequences of the crisis: a focus on African fi nancial markets

Ernest Aryeteey* (ISSER) and Charles Ackah (ISSER) The global credit crunch – Implications for Africa

Franklin Allen* (Univ. of Pennsylvania), Elena Carletti (EUI), Robert Cull (World Bank), Jun Qian (Boston College) and Lemma Senbet (Univ. of Maryland) The African fi nancial development gap

Discussants: Daniel Bruce Sarpong (University of Ghana), Patrick O. Alila (Institute of Development Studies, Nairobi), Chukwuemeka Okoye (University of Nigeria)

16:15–16:45 Coff ee break

16:45–18:45 Chair: Eugene Owusu (UNDP)

Nicolas Berman (European University Institute) and Philippe Martin* (Sciences-Po and CEPR) The vulnerability of Sub-Saharan Africa to the fi nancial crisis: the case of trade

Simone Bertoli* (European University Institute) and Marco Sanfi lippo (University of Florence) The impact of the crisis on aid from DAC and non DAC countries

Discussants: Manenga Ndulo (University of Zambia), Peter Wolff (DIE)

20:30 Dinner

DAY 2: 22 MAY IMPACT OF THE FINANCIAL CRISIS ON FRAGILE COUNTRIES

09:15 – 10:00 Chair: Shailaja Fennell (University of Cambridge)

Giovanni Ferri (University of Bari) Banking system and reactions to the crisis

Discussant: Johnson Asiama (Bank of Ghana)

10:00 – 10:15 Coff ee break

10:15 – 11:45 Chair: Giorgia Giovannetti

Victor Murinde (University of Birmingham) Global fi nancial crisis: implications for Africa’s fi nancial system

Janvier Nkurunziza (UNCTAD) Why is Burundi’s fi nancial sector not development-oriented?

Discussants: Gianni Vaggi (University of Pavia), Onyukwu Onyukwu (University of Nigeria)

11:45 -13:30 Roundtable on “Fragile Countries Facing the Current Financial Crisis”

coordinated by Franklin Allen

Giorgio Barba Navaretti (Luca D’Agliano, Univ. of Milan), Victor Davies (AfDB), Ishac Diwan (World Bank), Ita Mannathoko (IMF), Mothae Maruping (EEC) and Joe Masawe (Bank of Tanzania)

13:30 – 14:30 Lunch

14:30 -16:00 Chair: Yaw Nyarko (New York University)

Policy responses to the fi nancial crisis

Sanjeev Gupta (IMF) Fiscal policy responses in African countries to the global fi nancial crisis

Abena Oduro (University of Ghana) Adverse Shocks and Social Protection in Africa: What role for informal and formal fi nancial institutions

Wendy Harcourt (Society for International Development) Gender and fragility: policy responses

Discussants: Rainer Wichern (ECFIN), William Baah-Boateng (University of Ghana), Yaw Asante (University of Ghana)

16:00 -16:30 Coff ee break

16:30-18:00 Chair: Sharma Ajay (DFID)

China’s involvement in fragile countries

Dorothy McCormick (Institute for Development Studies, Nairobi) China and India as Africa’s new donors: the impact of aid on development

Giorgia Giovannetti* and Marco Sanfi lippo (University of Florence) China’s involvement in Africa: empirical evidence

Discussants: Samuel Asuming-Brempong (University of Ghana), Robert Darko Osei (University of Ghana)

18:00 -19:00 Press Conference organized by European Commission

Poster session – New Faces for African Development

The ERD core team launched a call addressed to young African researchers who are working on themes related to the ERD 2009. More than 150 applications have been submitted from 24 diff erent African countries, and 15 participants to the poster session have been selected:

Eme Akpan (University of Ibadan) Oil resource management and food insecurity in Nigeria

Muslihah Badmus (National Horticultural Research Institute, Nigeria) Global food crisis and output supply response: implication for food security in Nigeria

Japhet Biegon (Centre for Human Rights, Faculty of Law, Pretoria) Electoral violence and fragility in Africa: drawing lessons from Kenya’s experience in the 2007/2008 post-election violence

Christian Brice Kamga Kam (University of Yaoundé II) L’intégration fi nancière en Zone Franc Africaine: une réponse à la crise fi nancière internationale

Dorine Kanmi Fenou (University of Ouagadougou) Discrimination en genre sur le marché du travail et pauvreté monétaire au Cameroun

Nicholas Kilimani (Economic Policy Research Centre, Kampala) Mitigating the eff ects of the credit crunch: diversifying Uganda’s exports market

Albert Makochekanwa (University of Pretoria) State Fragility: Zimbabwe’s horrifi c journey in the new millennium

Douzounet Mallaye (University of Yaoundé II) Aide, gouvernance et croissance dans les pays africains de post confl it

Jesse McConnell (Reform Development Consulting) Institution [Un]Building: decentralising governance and the case of Rwanda

Ndubuisi Nwokolo (University of Birmingham) From grievance to greed: An analysis of violent confl icts in oil bearing communities in Nigeria

Magidu Nyende (Economic Policy Research Centre, Kampala) Causes and consequences of fragility in Africa: the experience of countries in the Greater Lakes Region

Isaac Oluwatayo (University of Ado-Ekiti) Gender considerations in decision-making in rural Nigeria: implications on households’ food security in Ekiti State

Thomas Poirier (University of Burgundy) Does fragility of States aff ect realization of education for all? An empirical essay

Afees Salisu (University of Ibadan) Aid, macroeconomic policy environment and growth: evidence from Sub-Saharan Africa

Sigismond Wilson (Michigan State University) Diamonds in Sierra Leone, a resource curse?

20:00 Dinner

DAY 3: 23 MAY BEYOND THE CRISIS

09:00-10:30 Chair: Giorgio Barba Navaretti (Luca D’Agliano, Univ. of Milan)

Luca Alinovi* (FAO), Erdgin Mane (FAO) and Donato Romano (University of Florence) Measuring household resilience to food insecurity: application to Palestinian households

William Amponsah (Georgia Southern University) Beyond the fi nancial crisis: Africa’s trade and fi nancial policy challenges under market integration

Discussants: Blessings Chinsinga (University of Malawi), John Oucho (African Population and Environment Institute)

10:30-11:00 Coff ee break

11:00-13:30 Chair: Ernest Aryeetey (ISSER)

Antonio Ciccone (Pompeu Fabra University) International commodity prices, OECD import demand, and civil war in Sub-Saharan Africa

Yaw Nyarko (New York University) EU policies ans African human capital development

Ramon Marimon (European University Institute and Pompeu Fabra University) Rethinking development aid governance in times of crisis (A refl ection on the Accra agenda for action on aid eff ectiveness)

Discussants: Andrew Sheriff (ECDPM), Aderanti Adepoju (Human Resources Development Center), Rody Manuelli (Washington University in St. Louis)

13:30 Lunch