CALL FOR PAPERS – ANNUAL MEFMI RESEARCH AND POLICY SEMINAR

Theme: Financing of Development

The Macroeconomic and Financial Management Institute of Eastern and Southern Africa (MEFMI) invites interested experts to submit proposals on policy-oriented discussion papers on diverse topics around the Institute’s key priority areas of Macroeconomic Management, Financial Sector Management and Sovereign Debt Management for the Annual Research and Policy Seminar scheduled for 20th October 2016 in Harare, Zimbabwe.

While experts are free to suggest their topics, the proposed Papers should fall largely within the theme “Financing of development” that has identified as specifically relevant. Examples of areas of focus may include (but are not limited to):

1. Domestic debt  markets and external debt markets

2. The role of Insurance, pension and Capital markets

3. Fostering competition in financial services

4. Regional integration

5. Monetary policy frameworks and growth 6. Financial inclusion, financial literacy and consumer protection

Clarification on these topics can be obtained from the Director of the Financial Sector Management Program through e-mail address capacity@mefmi.org Telephone +263-4-745988/99/91-94

Motivation

As a capacity building institution, MEFMI is interested in supporting research and policy initiatives in the area of alternative financing and address the challenges countries face in mobilizing resources to achieve development goals.  Before the onset of the economic and financial crisis, the economies of sub-Saharan Africa had started growing steadily, sustained by relatively high commodity prices and stable macroeconomic and political environments. FDI flows and diaspora remittances grew, helping to support currencies despite deficits on the current account and higher inflation rates than in the OECD countries. Even with the onset of the global downturn, economic growth in sub Saharan Africa remained higher than many parts of the world, as its exports revenues grew on the back of commodities prices.  Due to the expansionary monetary policy in OECD countries, Sub Saharan economies found it appealing to raise funds through Eurobonds. While the lessons from the crisis revealed an urgent need for countries to enhance their debt management programs, within the MEFMI region, debt levels continued to rise and provide an alternative to grants and cheap concessional loans as several countries in the region have tapped into international capital markets and issued Eurobonds.  

More recent developments in the global markets include a prospect of rising rates led by the US Fed. At the same time there is a reduction in export volumes and revenues due to developments in major commodity markets. This presents a scenario of serious funding constraints for these countries. These challenges have been reflected in pressure on exchange rates. There is growing concern that the countries could face soaring debt repayments at a time when export revenues are not growing as originally projected. 

For the terms of trade situation to change there is need to have significant export orientation. A diversity of sources of financing would be vital to economic transformation, and there is need to have a balance between several sources of funding. Constraints in public funding options can pose grave challenges in meeting development goals. The role of domestic institutional investors could be leveraged in mitigation. This is important because a vast percentage of the population of adults in sub-Saharan African is financially excluded. In developing countries, access to financial services is crucial to strengthening financial sectors and domestic resource mobilization and can, therefore, make a significant contribution to social and economic development. Recent years have also seen a marked increase in cooperation between the public and private sector for the development and operation of infrastructure for a wide range of economic activities.

These are some of the concepts and issues that have led to the need to explore alternative financing sources. 

Objective of the Seminar

The overarching goal of MEFMI is to improve macroeconomic and financial management and performance that supports economic growth and poverty reduction in the member states. The MEFMI Research and Policy Seminar is an annual event organized with the aim of fostering dialogue and exchange of knowledge that contributes to search for solutions to emerging challenges confronting the region, with a view to preserve and improve prospects for sustaining high and inclusive growth.

Expected Outcomes

The Annual Research and Policy Seminars will culminate in the publication of accepted papers in a peer reviewed journal, the MEFMI Research Journal.  In addition, the papers will be abridged into policy briefings to make them more relevant to decision makers. This is expected to strengthen the link between research and policy by translating research results into policy as well as transmitting policy priorities to researchers. The discussions are also expected to contribute to an understanding of the challenges facing sustainable development in the region and the policy options that exist for addressing these challenges.

Seminar Format

The seminar will feature parallel plenary sessions based on invited and contributed papers. The plenary sessions will feature presentations and discussions of papers by experts, moderated by a panel of experts made up of invited prominent academics, policy makers and practitioners, as well as representatives from development organizations who share a deep passion for the development of the region and have unique perspectives on how it can be achieved.

Compensation for the Cost of Research

MEFMI will pay a fixed honorarium per Paper to the Authors of papers selected. This will be done after the Editors and Reviewers of each Paper are satisfied with the quality of the Paper (s) submitted. 

Time Frame

One page abstracts of the proposals indicating the topic and methodology should be submitted together with CV not later than 14th April 2016. These can be sent by e-mail to capacity@mefmi.org or to the Executive Director, MEFMI, 9 Earls Road, Alexandra Park, P. O. Box 66016, Kopje, Harare, Zimbabwe. Telephone numbers +263 4 745988/91-94, Fax +263 4 745547.

Authors of the accepted abstracts will be notified by 8th June 2016 and they will be expected to submit final versions of their papers no later than 19th August 2016 to allow time for an expert review of the papers, web posting and inclusion in the seminar materials.