Rethinking African Economic Policy in Light of the Global Economic and Financial Crisis Conference

The African Economic Research Consortium (AERC) with the support of The World Bank, African Development Bank (AfDB), United Nations Development Programme (UNDP), International Development Research Centre (IDRC) and United States Agency for International Development (USAID), is hosting the Rethinking African Economic Policy in Light of the Global Economic and Financial Crisis Conference from 6-8 December 2009 in Nairobi, Kenya.

Background
Given the differing impacts of the global economic and financial crisis on African countries, the conference is aimed at addressing, in a rigorous manner, the fundamental questions of the design of robust, flexible and innovative actions to respond to the threats which the global economic and financial crisis presents for Africa’s growth and development. This has become imperative in view of the measures taken by the developed countries and key emerging markets to stimulate their economies through bail outs, nationalisation, regulations, stimulus packages, restraining compensation packages and the growing pressure for restrictive trade policies as well as aversion to migrant workers.

A common question facing all countries in Africa is the extent to which the economic policies adopted over the last three decades should be reconsidered in the light of the global economic and financial crisis. Although these policies, along with high prices of minerals and raw materials in general, may have contributed towards rapid economic growth during the last decade, there is the question as to whether they did leave African countries more vulnerable to the severe external shocks of the global economic and financial crisis. Also, there is concern that the economic growth experienced during this period was not always sufficiently focused on poverty reduction calling for considering a complementary or even different set of policies that can better protect the poor in the aftermath of the global economic slowdown.

In as much as the response by the United States and European countries to the crisis is to increase government direct participation in economic activities, especially in the financial sector and raise government spending, should African governments rethink policies of privatisation and fiscal austerity? What is the appropriate role of the African state in economic management in the wake of the global economic and financial crisis? What are the political economy issues associated with alternative state intervention strategies and how will Africa manage the consequences and avoid the danger of capture and possible conflict? If it is desirable for African governments to also intervene in economic activities, what are the institutional arrangements and safeguards necessary to ensure that the state withdraws from such activities at the earliest possible time in a transparent manner?

Purpose of the Conference
The purpose of the conference is to bring together African and international economists and policymakers to address these and related issues in the wake of the global economic and financial crisis.

The Conference Sub-Themes

• Growth and Development Paradigms: Challenges Posed by the Global Economic and Financial Crisis
• Policy Responses in Europe, North America and China: What Lessons for Africa
• Global Economic and Financial Crisis: Transmissions Channels and Impacts on African Economies
• The Political Economy of Policy Responses to the Global Economic and Financial Crisis
• The Long-term Human Development Impact of the Crisis
• Responses by African Governments to the Crisis and Lessons
• Challenges in the Global Financial and Aid Architecture: Implications for Africa
• Submission of Papers

Call for papers:
Authors wishing to present papers at the conference are invited to submit their papers on any of the Conference sub-themes to Director of Research, at cresearch@aercafrica.org NOT later than October 23rd, 2009. Each paper should include an abstract, the JEL Classification as well as the sub-theme their paper fits into.

Authors of selected papers will be notified not later than 13 November 2009
Authors of selected papers for presentation will be provided with a round-trip ticket to the venue of the conference, hotel accommodation for the duration of the conference and per diem to cover incidental expenses in accordance with AERC Policies and Procedures.

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