Financing Africa takes stock of Africa's financial systems in light of recent changes in the global financial system --including the greater risk aversion of international investors, a shift in economic and financial powers towards emerging markets and the regulatory reform debate - and the increasing role of technology. Using a wider and more detailed array of data than previous publications, we observe a trend towards financial deepening, more stability and more inclusion leading up to the crisis; serious challenges, however, continue, including limited access to financial services, focus on short-term contracts and hidden fragility, related to weak regulatory frameworks, undue government interference and governance deficiencies. Our policy analysis therefore focuses on (i) expanding outreach, (ii) fostering long-term finance and (iii) improving regulation and supervision. We identify the positive role of innovation and competition, a stronger focus on non-traditional financial service providers, and more emphasis on demand-side constraints as priority areas for policy actions. Specifically, competition from new players outside the banking system, including telecomm companies can increase outreach with technological innovation that changes the economics of retail finance. Moving beyond national stock exchanges that are not sustainable in most African countries towards regional solutions and over-the-counter trades can help foster long-term finance, as can addressing governance challenges in contractual savings institutions, including life insurance companies and pension funds. Finally, there is a need to look beyond supply-side constraints towards users of financial services, focusing more on financial literacy of households and firms, but also consumer protection. In formulating policy messages, we carefully distinguish between different country groupings, differentiating -- among others -- between low- and middle-income and small and larger economies, with a special focus on resource-based economies and post-conflict countries. This book reaches out to both policy makers concerned about a more inclusive and effective financial system and other stakeholders, including practitioners and development partners. With this book we aim to contribute to the on-going financial sector debate on Africa, with the ultimate goal of faster economic development and poverty reduction.

Fascinated by change, architectural historians of the modernist generation generally filled their studies with accounts of new developments and innovations. In her book, Sally A. Kitt Chappell focuses instead on the subtler but more pervasive change that took place in the mainstream of American architecture in the period. Graham, Anderson, Probst and White, one of the leading American firms of the turn of the century, transformed traditional canons and made creative adaptations of standard forms to solve some of the largest architectural problems of their times—in railroad stations, civic monuments, banks, offices, and department stores. Chappell's study shows how this firm exemplified the changing urban hierarchy of the American city in the early twentieth century. Their work emerges here as both an index and a reflection of the changing urban values of the twentieth century. Interpreting buildings as cultural artifacts as well as architectural monuments, Chappell illuminates broader aspects of American history, such as the role of public-private collaboration in city making, the image of women reflected in the specially created feminine world of the department store, the emergence of the idea of an urban group in the heyday of soaringly individual skyscrapers, and the new importance of electricity in the social order. It is Chappell's contention that what people cherish and preserve says more about them than what they discard in favor of the new. Working from this premise, she considers the values conserved by architects under the pressures of ever changing demands. Her work enlarges the scope of inquiry to include ordinary buildings as well as major monuments, thus offering a view of American architecture of the period at once more intimate and more substantial than any seen until now. Richly illustrated with photographs and plans, this volume also includes handsome details of such first-rate works as the Thirtieth Street Station in Philadelphia, the Cleveland Terminal Group, and the Wrigley Building in Chicago.

Drawing on its extensive experience in helping restructure and reform financial systems, the World Bank examines the state of African domestic financial systems in a global comparison. It identifies promising trends as well as pinpointing the major shortcomings that are observed across sub-Saharan Africa. Policy recommendations distinguish between those designed to make finance a more effective driver of economic growth and those designed to give low income, small-scale and other excluded groups better access to financial services.

"Section of Intellectual Property Law, American Bar Association."

CD-ROM contains: Research and background information for the report.