“Financial Innovation in Developing Countries”
(collective under the direction of Pierre JACQUET and Jean-Michel SEVERINO)
“Changing the way we look at emerging and developing countries, as well as the institutions and public actors that support them”, this is the ambition of this collective work led by two economists, leading experts on these themes. Indeed, the image of these countries has too long been associated with conservatism, especially for Africa. This trend is compounded by the negative view of institutions and an archaic perception of the banking and industrial sectors, which in many respects are inherited from the colonial era.
The authors focus on showing the consequences, particularly in the first part, in terms of efficiency and financial inclusion, of the development of financial innovation that is underway in these countries. The second part deals with the use of finance to achieve specific impacts, while the third addresses the role of financial innovation in addressing international debt problems and their management.
The panorama outlined in this new issue of the REF is certainly far from exhausting the theme of financial innovation and its role in development. As for the contribution of developing countries, some of them “have reached the technical frontier and have financial systems that are as efficient as those of developed countries”.
Finance is changing its nature. Financial innovation continues at a rapid pace, supported by the digital revolution. It is time, the authors emphasize, to reflect on public and regulatory policies that will maximize the benefits and manage the risks.
There is no doubt that this new publication, which is relevant in every respect, makes a decisive contribution.
Review by Jean louis CHAMBON
