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How can institutional change impact economic growth and/or economic…
How can institutional change impact economic growth and/or economic development?
Improved access to the banking system
Mobile phone banking
a person who want to send money does so by sending the amount via text to the receiver's phone number. the person who receives the money goes to an authorized local shop and withdraws the cash
British operator Vodafone has over 33 million customers who send money to other people in the country and abroad via their M-Pesa system
hospitals in Tanzania send money to women so that they can pay for the bus fare to the hospital
Microfinance
a type of financial service that is geared specifically to the poor and provision of financial services (small loans/savings)
micro-credit loans are given to enable poor people to start up very small-scale businesses
the loans give protection against unexpected occurrences and seasonal problems and may help families to gain a regular income, start to build wealth
women are a better credit risk (more likely to pay back loans) which make children's social and economic status is raised and economic development is enhanced
2 billion people worldwide still lack access to regulated financial services
payment systems like debit/credit cards still are not available to many people in developing countries
the limits the ability of households and businesses to save, it affects the ability of people to buy and sell goods and services, it limits the ability of entrepreneurs and firms to gain credit to start and expand businesses
Reducing corruption
as a result of corruption, governments receive lower tax revenue because pay bribes to avoid paying taxes. if people believe that the government itself is corrupt, they will try to avoid paying taxes. for some countries, anti-corruption reforms have generated even higher GDP increases
Reduce problem of gender and corruption
collect, analyze & disseminate gender desegregated data
recognize & address specific gendered forms of corruption
include women in anti-corruption decision making
empower women (women are less likely to report abuse)
gender sensitive reporting mechanisms (safe & accessible)
Measures that would help to reduce corruption
invest in high levels of transparency and independent external scrutiny > allows audit agencies and the public at large to provide effective oversight
reform institutions. the chances for success are grater when countries design reforms to tackle corruption
build a professional civil service
keep pace with new challenges as technology and opportunities for wrongdoing evolve
more cooperation to fight corruption
Increasing women empowerment
providing woman with equal access to education and all will fuel sustainable economies and benefits society
A strategy for women's empowerment should include :
increasing support for the education of females
increasing access to healthcare for women
creating a safe environment in the home, workplace & society
establishing the right for women to own property & assets
increasing female involvement in decision making
Promoting secure property right and land tenure right
about 2 billion people have full rights to the property they live in and 5.3 billion who do not have such rights and because they don't own their property, their unregistered assets can be stolen by more powerful entities
7 key reasons why legal reforms to improve property and land rights are necessary for economic growth
secure land rights are an important pillar for agriculture
secure land rights are essential for urban development
secure property rights help protect the environment
secure property rights and access to land are crucial for private sector development and job creation
secure property rights are important for empowering women
secure property rights help secure indigenous people' rights
secure property rights are vital for keeping peace