Tag Archives: inclusiveness

Financial Inclusion and Stability in the MED Region: Evidence from Poverty and Inequality (report FEM44-01)

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Despite a significant growth in profitability and efficiency, the Middle East (MED) well developed banking system seems to be unable to reach vast segments of the population, especially the underprivileged ones. To this end, the onus of policymakers in the region is to create effective opportunities for financial inclusion, and subsequently poverty and income inequality reduction. Whether they have succeeded in their endeavor is an empirical question we seek to address in this research project. Using Panel data, GMM and GLS econometric models, and a sample of six MED countries (Al GMM and GLS econometric models and a sample of six MED countries (Algeria, Egypt, Jordan, Lebanon, Morocco and Tunisia) over the period 2002-2018, this paper assesses empirically the impact of financial inclusion on income inequality, poverty, and financial stability in the MED region. While the empirical literature on the region is relatively scarce, this paper adds to that literature by bridging a significant existing gap, especially in the aftermath of the recent financial and debt crises and the recent political, social, and military turmoil that have been unfolding in several MED countries.

Our empirical results have shown that financial inclusion decreases inequality but has no significant effect on poverty. Inflation and population increase both inequality and poverty. Other empirical results have shown that the secondary enrollment ratio, female labor force participation and the trade openness variables are found to significantly affect poverty. While the empirical evidence indicates that enhanced financial integration is a contributing factor to financial instability, an increase in financial inclusion and in population contributes positively to financial stability. This study has also shown that greater access to financial services is positively contributing to the resilience of the banking system deposit funding base. This is particularly important during times of financial crises. Enhanced resilience of bank funding supports overall financial stability of the banking sector and the entire financial system. The latest debt and financial crises have shown that financial liberalization and inclusion in MED may not always be conducive to poverty reduction and financial stability improvements.

Our empirical findings have important policy implications. MED policy makers face tradeoffs when deciding whether to focus on reforms to promote financial development (financial inclusion, innovation, financial access, etc…) or whether to focus on further improvements in financial stability. However, synergies between promoting financial development and inclusion and financial stability can also exist. The results of this study could help foster a better policy to reform the financial sector by demonstrating how broadening the use of banking can have a direct impact on income distribution.

The recent and uncoordinated liberalization attempts have rendered MED financial and banking sectors more vulnerable to the recent financial and debt crises. In particular, the fast attempts to liberalize and financially integrate the Egypt, Jordan, and Morocco’s financial markets with the more mature markets of the United States and Europe has had devastating consequences on their banking sectors and stock markets.

When deciding on whether to focus on reforms to promote financial development (financial inclusion, innovation, access to financial services, etc.) and reduce poverty and income inequality, or on whether to focus on further improvements in financial stability, MED policy makers will have to bear in mind, the tradeoff that exits between financial liberalization and integration and financial stability. Carefully designed financial liberalization policies need to be timely introduced in order not to destabilize the financial system. Moreover, the latest debt and financial crises have shown that financial liberalization and development may not always be conducive to poverty and inequality reduction on the one hand, and to stimulate growth and development, on the other. On the contrary, and in many instances policies aimed at fostering financial development and innovations have triggered recessions and in many MED countries have had detrimental effects on growth and development and have further widened the gap between the rich and poor.

The MED region stands at a crossroad, with changes sweeping many of its countries and creating an environment conducive to financial and economic reform. Having missed a number of opportunities to reduce poverty and inequality, to introduce extensive financial and institutional reforms, and make substantial progress in financial inclusion, more effort still needs to be devoted in the future. The social movements in the region and the earlier series of financial crises have exposed the weaknesses of the adopted financial development model and have raised questions as to how to reshape financial policies most effectively and create the space to address the needs of everyone in society, reaching even the most deprived. The slow pace of financial development and liberalization policies adopted in most MED countries in the past has yielded a relatively acceptable level of economic growth and, in general, managed to meet the goals of economic and financial stability. Oil booms have generated acceptable growth rates, with oil-abundant MED countries delivering much more than those less developed. However, the impact of such economic and financial policy choices has not led to the desired outcomes in terms of human development, poverty reduction and financial stability. Growth has not been inclusive and has widened the gap between the rich and poor; a case in point is Egypt and Morocco. Indeed, in certain cases, financial liberalization has actually contributed to further financial instability. In light of a critical reassessment of the achievements and failures of MED countries, a new financial development approach should be adopted. This new model should be more holistic, integrating the financial and social spheres in combination with strong financial institutions. It is vital that MED policymaking should expand to accommodate these spheres and place them on equal footing in the service of a long-term rights-based financial developmental vision.

The new model will reconsider financial policies that incorporate developmental priorities and would thus achieve structural change. Financial policies will have to be reshaped to achieve not only financial stabilization, adjustment and economic growth, but to also trigger the transformation required to generate growth that is broad-based, inclusive and sustainable. Within this context, such policy tools as financial development and inclusion, and financial sector diversification and liberalization will have to be addressed. At the same time, financial policies should not shy away from meeting the same objectives as social policy under this new financial development paradigm, in which the interests and welfare of every person in society are the target. It is also of central importance to ensure that social policy goes hand-in-hand with financial development policies to bring about the required transformation and ensure inclusive financial and economic growth. While the social and financial spheres should interconnect to create synergies, this new financial development model will not achieve its goals if political and institutional reforms remain shallow. Finally, sustainable poverty and income inequality reduction requires an acknowledgement that politics, institutions, financial and socio-economic policies are intertwined and have an impact on each other. Synchronizing financial and social policies with institutional and political reform would bring about positive, sustainable change under a clearly defined financial development vision.

FEMISE MedBRIEF 23: “Developing Social Entrepreneurship and Social Innovation in the Mediterranean and Middle East”

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Tallie Hausser, Constantin Tsakas and Karine Moukaddem

The FEMISE Policy Brief series MED BRIEF aspires to provide Forward Thinking for the EuroMediterranean region.The briefs contain succinct, policy-oriented analysis of relevant EuroMed issues, presenting the views of FEMISE researchers and collaborators to policy-makers.

The MED BRIEF “Developing Social Entrepreneurship and Social Innovation in the Mediterranean and Middle East “, is available here.

It is also available in Arabic by clicking here.

Summary: 

Our Policy Brief analyzes the social innovation ecosystems in Beirut and Tunis and discusses ways for leading to inclusive innovation that creates jobs, income and opportunities for marginalized populations, women and youth. Findings show that the lack of a legal form for social enterprises, impediments to financing and investment, scarcity of human resources for upper management and difficulties in determining the proper customer base are among the core obstacles faced by social entrepreneurs. We argue that more innovative financing mechanisms should be available for them. Educating investors in the South Med around the concept of impact measurement and impact investment would be needed. In addition, South Med governments ought to actively support social enterprises, meanwhile, corporations should be considering social procurement and including social enterprises in their supply chains. Finally, capitalizing on Euro-Med cooperation could be an inclusivity game-changer. Specifically, an EU-Med Social Impact Platform could multiply funding opportunities for South-Med entrepreneurs and provide a promising market for impact investors.

The list of FEMISE MED BRIEFS is available here.

The policy brief has been produced with the financial assistance of the European Union within the context of the FEMISE program. The contents of this document are the sole responsibility of the authors and can under no circumstances be regarded as reflecting the position of the European Union

Altafemina, FEMISE and IM conclude a partnership for women in the Mediterranean !

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Samah Ben Dhia (Altafemina) and Constantin Tsakas (IM, FEMISE)

Press release – March 8, 2019

Altafemina, FEMISE and Institut de la Méditerranée conclude a strategic partnership for women in the Mediterranean

The three institutions are committed actors in their efforts to contribute to inclusive development models, to advocate values ​​of diversity and solidarity and are aware of the need to pool resources to act for strengthening women’s engagement in the Mediterranean. This is why Altafemina, FEMISE and Institut de la Méditerranée announce today that they decided to collaborate in the framework of a strategic partnership.

The works of the FEMISE think-tank and of Institut de la Méditerranée show that new models are needed in the Mediterranean to bring about social change, to allow young women to have confidence in themselves, to show the whole society the potential of women and to allow growing accustomed to equality of chances. For its part, Altafemina is an exemplary organization whose ambition is to develop a diverse network of professional and social relations, in order to propose strong women dynamics. The activities of Altafemina have a real resonance in the territory of the SUD Provence-Alpes-Côte d’Azur Region and the association aims to extend its model internationally.

Thus, this partnership aims to create a constructive virtuous circle in the Mediterranean that is displaying an innovative and distinctive stance, allowing for strong and meaningful proposals to emerge. It will focus on themes ranging from entrepreneurial dynamics carried by women, to the status of women in research and innovation, in environmental economy, in management bodies or in the media. The partners will deploy their cooperation efforts to, amongst other things:

– develop and implement cooperation projects and capacity building programs for women in the EuroMed region,

– create, animate and enhance a Mediterranean ecosystem of female entrepreneurship to create a favourable environment for women entrepreneurs in the EuroMed region,

– organize joint events and publications and carry out awareness-raising campaigns in countries around the Mediterranean.

For Altafemina, FEMISE and Institut de la Méditerranée, Women’s Day does not stop on March 8, but takes place every day!

All together for strong women dynamics in the Mediterranean!

For more information, please contact :

Altafemina : Ms. Samah Ben Dhia, President, contact@altafemina.com, www.altafemina.com                    

IM / FEMISE :
Dr. Constantin Tsakas, General Manager of Institut de la Méditerranée, General Secretary of FEMISE c.tsakas@femise.org ++ 33 (0)4 91 31 51 95 
www.femise.org

FEMISE MED BRIEF no17 : “Closing the gender gap: policy-making that promotes inclusive Mediterranean societies”

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Karine Moukaddem

The FEMISE Policy Brief series MED BRIEF aspires to provide Forward Thinking for the EuroMediterranean region. The briefs contain succinct, policy-oriented analysis of relevant EuroMed issues, presenting the views of FEMISE researchers and collaborators to policy-makers.

The latest FEMISE MED Brief is on ” Closing the gender gap: policy-making that promotes inclusive Mediterranean societies” and is available for download here.

It is also available in Arabic here.

 

Summary : This MED Brief presents some preliminary findings of a recently launched assessment of existing policy measures regarding women empowerment issues in the South Mediterranean region. In order to explain the persistence of numerous gender gaps, I examine the reasons behind the inefficiency of national policies regarding gender equality, by comparing the wanted effects of implemented legal measures with the latest state of play in terms of gender issues in the different countries of the region.
Combatting unconscious biases and policy inefficiency goes through increasing the outreach of female success stories, mentoring, promoting collaboration between stakeholders and embedding women empowerment in public-private partnerships.

The list of FEMISE MED BRIEFS is available here.

The policy brief has been produced with the financial assistance of the European Union within the context of the FEMISE program. The contents of this document are the sole responsibility of the authors and can under no circumstances be regarded as reflecting the position of the European Union.

Med Change Makers e07 : Karine MOUKADDEM, Gender Equality and Women Empowerment in the MENA region

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FEMISE recently launched its series of interviews called « Med Change Makers ».

« Med Change Makers » are text and video-based interviews that allow dynamic researchers of the FEMISE network to illustrate how their research addresses a policy-relevant question and how it contributes to the policy-making process in the Euro-Mediterranean region.

 

Going towards Gender Equality and Women Empowerment in the South-Med and MENA region

Interview with Karine Moukaddem, SciencesPo, Institut de la Méditerranée and FEMISE

FEMISE places the issue of Inclusiveness at the heart of its research strategy. The issue of women empowerment in the Mediterranean, and more generally in MENA, is of paramount importance to move towards a model of sustainable and inclusive development.

Author of a forthcoming FEMISE MED BRIEF, Karine Moukaddem provides an assessment of existing policy measures on women empowerment in the southern shore of the Mediterranean. She argues that behind the existence of a “Mediterranean paradox” are structural obstacles that are crucial to overcome. Interview :

1. You talk about the “Mediterranean Paradox” while describing the situation of women in the South-Med. What does it imply and what are its root causes?

The Mediterranean Paradox is easy to explain: On the one hand, educational attainments of women improved drastically in the region and female enrolment in schools and universities increased considerably. But on the other hand, women seem to still be struggling to find a place in the labour market. Female labour force participation rates in the region remain lower than in other developing countries and stagnant. In other words, it seems like women participation to the labour market in the South Med is constrained by other factors than access to education.

Regarding the root causes of the paradox, several obstacles are identified as impeding on women’s economic inclusion.

First, the analysis of the labour market structure in the region shows that while in the public sector employment opportunities contract, opportunities in the formal private sector do not rise. Therefore, the increase in the number of educated women translates in an increased female unemployment or a lower female participation in the formal sectors. Second, women’s overall labour participation levels seem to be affected by economic development and improvements in gender equality legislation (or lack of) as well as by the private foreign ownership of the firm and its exporting activities. Other impediments such as the lack of safe, efficient and cheap public transports hamper commuting to work for women.

However, such economic and practical explanations do not explain the whole Paradox; some key factors are cultural. This argument states that women from conservative societies would tend to participate less in the labour market given the large impact of social norms on their trade-off between working outside and being housewives. The considerable negative effect of traditional social norms would be materialised in several conscious and unconscious biases that dissuade women from choosing a professional carrier.

To understand the full situation of women today, all of these arguments matter. The situation is a complex mix between explicit concrete and implicit psychological obstacles that interact both at the macro and micro levels. Women in the South-Med today face structural multi-layered self-reinforcing inequalities deeply rooted in the system.

2. a) Has the situation of women in the South-Med region been improving in terms of concrete economic empowerment?

Yes, it has been improving in the region through some advancement in education mostly and enhanced legislations. Yet, inequalities are still prevalent in the region and concrete economic empowerment seems to be far from reached. The South-Med region seems to be behind in gender equality matters compared to other regions and the situation is actually improving slower than in other developing regions such as East Asia and Pacific or Latin America and the Caribbean. ILO estimates suggest that female labour force participation reached 59% in East Asia and Pacific in 2017, while in Latin America this rate reached 51.5%. As for the Middle East North Africa (MENA) region, the female labour force participation is less than half and close to only 20.6% in 2017. The region also lays behind when it comes to a other indicators of women economic and political participation.

b) You argue that the situation is not improving at the correct pace despite the measures adopted, why?

The answer is simple, when it comes to policy making regarding gender equality issues, two aspects are key to understand the inefficiency of the available measures adopted: On the one hand, there are obstacles that impede on the full implementation of measures. On the other hand, these measures are not comprehensive of the situation of women in the region.

First, measures are often hindered by the lack of social will to change. Due to the unconscious biases and other implicit and explicit channels, top-down initiatives are often misunderstood by locals, not accepted by the whole society and seen as inadequate. Mentalities and social norms remain not open to structural change, therefore despite national and international efforts, locals will find a way to deviate or pretend to change the situation without real consequences on empowerment.

Moreover, the measures adopted are often punctual uncoordinated projects and legal adjustments that do not into account the whole picture. The symptoms of the inequality problem are tackled but not the roots. Measures often lack consistency, sustainability/durability and are not part of a holistic approach to the matter. For instance, it is not enough to implement quotas, the system itself needs to work on reforming the role given to women and deconstructing the stereotypes and structural norms. In addition, there is no one South-Med woman but different profiles with different needs and that face different degrees of discrimination. For example, rural women accumulate inequalities and the answers to empower them are not the same as for women living in the capital.

3. How can the state create the conditions for women to fulfil their untapped potential?

To reach a structural empowerment the state needs to implement comprehensive laws and women empowerment needs to be a priority in National agendas, not only an aspiration. There is a need for national strategies creating the conditions allowing women to fulfil their potentials in all sectors of the economy, society and national politics. Creating a flexible national framework that understands women’s needs in each sector of activity and each context, would allow to institutionalize women empowerment. These principles would lead to a better framework for legislative reforms especially in issues such as family law and a modification of educational curricula to support social change.

However, to ensure a real empowerment of women, the state needs to coordinate its action with the other stakeholders. With a focus on children’s education, coordinated action could help change the perceived role of women in the society especially that biases start to develop at a really young age (around 3-5 years old). To make the message more relatable and legitimate, the State needs to work with local leaders such as religious leaders and other influencers that would help mimic good practices and expand the influence of adopted measures. However, working with the whole ecosystem does not mean working on improving the picture of women at the expense of men. It means to include men in the debate and to make them aware of the benefits of gender equality to the whole society.

4. In which ways can the private sector provide solutions to improve the way we invest in women?

Beyond understanding the positive economic externalities of gender equalities, the private sector could help improve policy making by building public-private partnerships in several fields relevant to women empowerment such as the digital sector by training women in coding, investing in vocational training, data gathering and rural areas.

Moreover, to ensure women’s economic empowerment enterprises could offer alternative and flexible working environments that take into account modern perceptions of responsibility sharing in a household. This could mean offering the possibility of work-from home for men and women for 1 day a week or a payed paternity leave on top of the maternity leave or a possibility of bringing children to the office 2 days a week… In addition to these internal policies, enterprises could also install principles of gender equality in their internal functioning by setting a quota in their management boards.

Additionally, enterprises can have an impact on stereotypes and social norms through marketing strategies and Ads. If the message of ads becomes more reliant on gender equality principles, stigmas could decrease.

5. You talk about role modeling and mentoring. How can it contribute to women empowerment?

This is a truly important point. Role modeling and mentoring are essential in order to instigate social change not only by empowering young women and raising their self-esteem and confidence but also by showing men the potential of women and allowing young men to grow accustomed to equality of chances.

On the smaller scale, mentoring can take the figure of small local initiatives working with women on increasing their self-esteem or exploring all the potential professional options available to them. This is the case of portraitists and mentors intend to help women grow more independent and strong.

On the bigger scale, initiatives such as establishing a TV channel featuring women from the region or the launch of a regional comity for gender equality regrouping influential women from different backgrounds could help increase the visibility of success stories. This would allow young women to identify with successful women and thrive to achieve their untapped potential. This is due to a crucial aspect of role modeling, it helps women not only explore their options in terms of goals but also in terms of ways and paths to achieve them.

Social norms can be changed and creating a virtuous circle for women empowerment from within the ecosystem and based on role-modeling, solidarity and mentoring can be a valuable step to achieve this.

 

Interview by Constantin Tsakas

This activity received financial support from the European Union through the FEMISE project on “Support to Economic Research, studies and dialogues of the Euro-Mediterranean Partnership”. Any views expressed are the sole responsibility of the speakers.

The sophistication of the economy: source of growth, inclusiveness and employment

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Economic complexity results from the country’s level of knowledge and technological progress starting from the manufacturing phase to the exporting one. In a report on “The complexification of productive systems as a vector of economic transition in MENA and the role of short-term policies”, (FEM42-07) Femise introduces a geographical factor

 

En 1984, la Turquie a commencé à exporter du coton et des noix pour devenir aujourd’hui un des principaux pays exportateur de voitures, de biens d’équipement et de textile. ©Frédéric Dubessy

In 1984, Turkey started to export cotton and nuts to become today one of the leading exporter of cars. © Frédéric Dubessy

The ability to manufacture products that are not designed elsewhere, research, innovation affect the competitiveness of a state, increase the production and export of goods with higher value added. “A country that has an advantage in terms of innovation and export of high-tech products is at the top of the economic complexity index,” says Femise as a prelude to its latest study.

Led by Nicolas Péridy, Michel Dimou and Myriam Ben Saad from the University of Toulon in collaboration with Ilham Haouas (University of Abu Dhabi) and Naceur Kraief (University of Sousse), the paper analyzes the complexification of productive systems in MENA countries. by integrating the geographical dimension. The authors add that the competitiveness of a country at the global level depends on what the country exports, not the quantity of what they are exporting.

 

Turkey: nuts, cotton and cars

Capacité à fabriquer des produits qui ne sont pas conçus ailleurs, recherche, innovation influent sur la compétitivité d’un Etat, permettent d’accroître la production et l'exportation de biens à plus forte valeur ajoutée. ©Frédéric Dubessy

The ability to manufacture products that are not designed elsewhere, research, innovation affect the competitiveness of a state, increase the production and export of goods with higher value added. ©Frédéric Dubessy

“In 1984, Turkey started to export cotton and nuts to become today one of the leading exporter of cars, capital goods and textiles. This economy has been able to reorient its export basket towards more complex and growth-enhancing products. Since 2010, the Turkish workforce has become one of the most flexible and skilled labor forces in the world (…), “the document says. While Israel has the highest level of economic complexity index (ICE) among Southern Mediterranean countries, Tunisia saw its ECI deteriorate, which would explain, according to the Femise, the high unemployment rate.

The performance of neighboring countries is just as important as the economic complexity index, the export diversification and quality index and the manufacturing value added. According to the report’s authors, a sophisticated economy is a vehicle for economic transition and influences short-term policies.
“The economies furthest away from the” European core for example “are getting worse,” says Femise, while stressing the importance of transmission channels (bilateral and / or regional trade agreements, tariff and non-tariff barriers, clusters).

In order to help the Mediterranean countries to make their production system more complex, Femise recommends supporting the development of new and highly sophisticated products and targeting activities with training effects. “In particular, Tunisia and the United Arab Emirates should develop complex products such as machinery, industrial chemical and electrical clusters,” says Femise.
It calls on states to rapidly introduce training programs adapted to technological change while encouraging the development of innovative sectors.
Femise also suggests improving logistics performance, economic freedom, business environment, business partnerships with technologically advanced countries.

Read the entire Femise study here

 

Article by in partnership with Econostrum 

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“The Social and Solidarity Economy is the vector of social cohesion in the Mediterranean”, declaration of the Rendez-Vous of the Mediterranean

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The Final Declaration of the 10th Mediterranean Economic Rendezvous

Marseille, November 8, 2014*

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The 10th Mediterranean Economic Rendezvous was held Saturday, November 8 in conclusion of the Economic Week of the Mediterranean Villa Mediterranean in Marseille in the presence of a large audience from Politicians to Academics from different Mediterranean countries, and who addressed the issue of:

“What contribution the social and solidarity economy can bring to the Development in the Mediterranean?”

In continuation of the work of the previous year, emphasizing the importance of the link between the future of the Mediterranean region and that of its youth, the participants in this conference pushed the idea that the social and solidarity economy (SSE) could be a vector of social cohesion. This is done by through involving and integrating the entire sections of the population that are left out.Participants considered that the contributions of the SSE, whereby creating a development model with its own specificities and with limited involvement of the financialization of the economy, were:

– Include excluded groups and provide them some autonomy

– Responding to the lack of economic diversification

– Integrate and develop new forms of wealth creation

– Provide a response to the demographic issues and build intra and inter generational solidarity.

To achieve the goal of establishing a model of resilient and inclusive development, the participants agreed on the following recommendations:

– Taking into account new forms of wealth creation that represent all social and solidarity economy initiatives including the micro, the family-based, local and reaching but also the cooperatives, mutuals, and associative.

  • Provide legal and regulatory framework of the ESS
  • Integrate the ESS component in the state territory conventions and enact a “Small business act”
  • Give local authorities the means to act and mobilize resources the field of ESS

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– More effective resource mobilization and local financial actors: suitable and better organised financing channels to drain institutional and private funding

  • Create a financial institution capable of creating and managing the right tools : associations, participatory loans, associative contracts with contributions
  • Create an associative seed funds, first step toward financial structuring
  • Adapt the microfinance legislation and reinforce the micro- credit access to all sectors’players

– Better coordination among international agencies to avoid loss of funding to the SSE sector and provide an alternative to the lack of public funding in some countries

  • Emphasize the regional dimension of multilateral financing for projects
  • Create a fund bringing all resources to ESS to countries the Mediterranean
  • Establish a guarantee fund by states through international institutions

Finally, participants agreed on the need for a shared vision in the context of a charter for a new social contract for the Euro-Mediterranean youth. This Charter will commit the public and sensitize the population to the tools and resources of the SSE. It would define a political framework including the whole of civil society.

* The tenth conference of the Mediterranean Economic Rendezvous was organized by Institut de la Mediterranée/Femise and Le Cercle des économistes and concluded Marseilles’ Mediterranean Economic Week, which started on November 3rd. Other organizations joined the initiators of this program, such as the Provence-Alpes-Côte d’Azur Region, the City of Marseille, the World Bank through the Centre for Mediterranean Integration in Marseille (CMI), the Office of Economic Cooperation for the Mediterranean and the Middle East (OCEMO) and the European Investment Bank (EIB). In addition, other organizations specifically geared towards the Euro-Mediterranean region also participated, such as the Interdepartmental group 5 + 5 related to the French Prime Minister and the General Secretariat of the Union for the Mediterranean.

 

To access the full minutes of the conference (click here, only available in French)

To access the the full programme

The content of the conference was based on a report prepared by FEMISE and commissioned by the European Investment Bank. To download the executive summary of the report click here (the full report is only available in French)