Lamin Njie's Books

Credit Booms and Macroeconomic Dynamics

Stylized Facts and Lessons for Low-Income Countries

By: Mr.Marco Arena,Serpil Bouza,Ms.Era Dabla-Norris,Mrs.Kerstin Gerling,Lamin Njie

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Credit Booms and Macroeconomic Dynamics

Stylized Facts and Lessons for Low-Income Countries

By: Mr.Marco Arena,Serpil Bouza,Ms.Era Dabla-Norris,Mrs.Kerstin Gerling,Lamin Njie

Using a comprehensive database on bank credit, covering 135 developing countries over the period 1960–2011, we identify, document, and compare the macro-economic dynamics of credit booms across low- and middle-income countries. The results suggest that while the duration and magnitude of credit booms is similar across country groups, macro-economic dynamics differ somewhat in low-income countries. We further find that surges in capital inflows are associated with credit booms. Moreover, credit booms associated with banking crises exhibit distinct macroeconomic dynamics, while also reflecting a potentially large deviation of credit from country fundamentals. These results suggest that low-income countries should remain mindful of the inter-linkages between financial liberalization, increased cross-border banking activities, and rapid credit growth.

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International Monetary Fund

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ISBN 10

1484356861

ISBN 13

9781484356869

Reassessing the Productivity Gains from Trade Liberalization

By: Mr.JaeBin Ahn,Ms.Era Dabla-Norris,Mr.Romain A Duval,Bingjie Hu,Lamin Njie

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Reassessing the Productivity Gains from Trade Liberalization

By: Mr.JaeBin Ahn,Ms.Era Dabla-Norris,Mr.Romain A Duval,Bingjie Hu,Lamin Njie

This paper reassesses the impact of trade liberalization on productivity. We build a new, unique database of effective tariff rates at the country-industry level for a broad range of countries over the past two decades. We then explore both the direct effect of liberalization in the sector considered, as well as its indirect impact in downstream industries via input linkages. Our findings point to a dominant role of the indirect input market channel in fostering productivity gains. A 1 percentage point decline in input tariffs is estimated to increase total factor productivity by about 2 percent in the sector considered. For advanced economies, the implied potential productivity gains from fully eliminating remaining tariffs are estimated at around 1 percent, on average, which do not factor in the presumably larger gains from removing existing non-tariff barriers. Finally, we find strong evidence of complementarities between trade and FDI liberalization in boosting productivity. This calls for a broad liberalization agenda that cuts across different areas.

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International Monetary Fund

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ISBN 10

1475546777

ISBN 13

9781475546774

International Sovereign Bonds by Emerging Markets and Developing Economies

Drivers of Issuance and Spreads

By: Andrea Presbitero,Mr.Dhaneshwar Ghura,Mr.Olumuyiwa Adedeji,Lamin Njie

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International Sovereign Bonds by Emerging Markets and Developing Economies

Drivers of Issuance and Spreads

By: Andrea Presbitero,Mr.Dhaneshwar Ghura,Mr.Olumuyiwa Adedeji,Lamin Njie

What determines the ability of low-income developing countries to issue bonds in international capital and what explains the spreads on these bonds? This paper examines these questions using a dataset that includes emerging markets and developing economies (EMDEs) that issued sovereign bonds at least once during the period 1995-2013 as well as those that did not. We find that an EMDE is more likely to issue a bond when, in comparison with non-issuing peers, it is larger in economic size, has higher per capita GDP, and has stronger macroeconomic fundamentals and government. Spreads on sovereign bonds are lower for countries with strong external and fiscal positions, as well as robust economic growth and government effectiveness. With regard to global factors, the results show that sovereign bond spreads are reduced in periods of lower market volatility.

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International Monetary Fund

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ISBN 10

1513564137

ISBN 13

9781513564135

Summoned from the Margin

Homecoming of an African

By: Lamin Sanneh

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Summoned from the Margin

Homecoming of an African

By: Lamin Sanneh

Summoned from the Margin tells the story of Lamin Sanneh's fascinating journey from his upbringing in an impoverished village in West Africa to education in the United States and Europe to a distinguished career teaching at the Universities of Yale, Harvard, Aberdeen, and Ghana. He grew up in a polygamous household in The Gambia and attended a government-run Muslim boarding school. A chance encounter with Helen Keller's autobiography taught him that education and faith are the key to overcoming physical and personal hardship and inspired his journey. Burning theological questions about God's nature and human suffering eventually led Sanneh to convert from Islam to Christianity and to pursue a career in academia. Here he recounts the unusually varied life experiences that have made him who he is today. Watch the trailer:

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305

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Wm. B. Eerdmans Publishing

Published Date

ISBN 10

0802867421

ISBN 13

9780802867421

Beyond Jihad

The Pacifist Tradition in West African Islam

By: Lamin O. Sanneh

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Beyond Jihad

The Pacifist Tradition in West African Islam

By: Lamin O. Sanneh

Over the course of the last 1400 years, Islam has grown from a small band of followers on the Arabian peninsula into a global religion of over a billion believers. How did this happen? The usual answer is that Islam spread by the sword-believers waged jihad against rival tribes and kingdoms and forced them to convert. Lamin Sanneh argues that this is far from the whole story. Beyond Jihad examines the origin and evolution of the African pacifist tradition in Islam, beginning with an inquiry into the faith's origins and expansion in North Africa and its transmission across trans-Saharan trade routes to West Africa. The book focuses on the ways in which, without jihad, the religion spread and took hold, and what that tells us about the nature of religious and social change. At the heart of this process were clerics who used religious and legal scholarship to promote Islam. Once this clerical class emerged, it offered continuity and stability in the midst of political changes and cultural shifts, helping to inhibit the spread of radicalism, and subduing the urge to wage jihad. With its policy of religious and inter-ethnic accommodation, this pacifist tradition took Islam beyond traditional trade routes and kingdoms into remote districts of the Mali Empire, instilling a patient, Sufi-inspired, and jihad-negating impulse into religious life and practice. Islam was successful in Africa, Sanneh argues, not because of military might but because it was made African by Africans who adapted it to a variety of contexts.

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