A Research Report submitted in fulfillment of the Degree of Master of Commerce (Economics/Economic Science) in the School of Economic and Business Sciences, University of the Witwatersrand, 27 September 2019 / This study uses a panel data estimation approach to estimate the relationship between financial inclusion and economic growth using the case of 34 countries in Sub-Saharan Africa. The study uses panel data sourced from the World Bank which include the Global Financial Index survey and World Development Indicators covering the periods of 2011, 2014 and 2017. The study analysis is based on two models, the first model measures the relationship between financial inclusion and economic growth and the second model measures the relation between financial inclusion and financial development. The results of the first model established a relationship between financial inclusion (measured by account ownership and a composite financial index) and economic growth (measured by Logarithm of GDP). This confirms what is in the literature, that financial inclusion stimulates economic growth. The results from the second model established that financial development (measured by the ratio of credit to GDP) is significantly related to financial inclusion (measured by account ownership and the composite index of financial inclusion). Overall, the results indicate that the use of composite variable and General Least Squares estimation approaches improves the robustness of the regression models. Based on these findings, the study, therefore, recommends among other things that the government promote financial inclusion through reforms in education, trade and industrialisation. / PH2020

For the past thirty years Africa has produced a more noticeably inferior reserve of human capital than other developing regions. This is puzzling because at the inception of independence, the future of Africa looked promising. However, during the 1970s both the political and economic situation in Africa began to deteriorate, and since 1980, the aggregate per capita GDP in sub-Saharan Africa has declined at almost one percent per fiscal year. Thirty-two countries are poorer now than they were twenty years ago, and sub-Saharan Africa is now the lowest-income region in the world despite the fact that during the last two decades Africa has attracted more aid per capita than other developing regions. I hypothesize that focusing primarily on economic growth as the primary means of development has undermined and deterred social development in sub-Saharan Africa. I believe that as foreign investment and debt increase, social development stagnates and even declines. I argue that because of the focus on economics and lack of focus on social and cultural considerations sustained economic growth has been devitalized in sub-Saharan Africa. For this research I employed time-series, cross-sectional regression analysis to test the relative importance of the economic development model on social development in sub-Saharan Africa. My analysis of the forty-eight countries over thirty years gives leverage to the critique of economic growth centered development policies.

This research is designed to distinguish and describe or explain incubator practices that affect the performance of incubator clients of university technology incubator programs. The research focuses on understanding which practices significantly contribute to increasing job creation for the firms located in university based technology incubators. An increasing number of communities are embracing economic development strategies that target the high tech sector with high wage, high value jobs as a way to diversify their economies and boost local and regional economies. New economic development strategies include the notion of a creation strategy or "growing your own" instead of relying on recruiting of existing companies from other regions. In 1999-2000 (according to the most recent data), small businesses created three-quarters of U.S. net new jobs (2.5 million of the 3.4 million total). The small business percentage varies from year to year and reflects economic trends. Over the decade of the 1990s, small business net job creation fluctuated between 60 and 80 percent. Moreover, according to a Bureau of the Census working paper, start-ups in the first two years of operation accounted for virtually all of the net new jobs in the economy. The study is broken into three parts: (1) a review of the literature on incubation, focusing on its history, best practices, technology incubation, networking theory, and previous empirical studies (2) a review of previous data collected in a recent national survey and (3) case studies of the top performing incubators in the country based on employment growth of client firms contracted with case studies from non-top ten programs. The literature suggests that the study of incubation must be considered in the context of a larger enterprise development system of which the incubator will fill gaps in the larger regional enterprise development system. This notion is explored. In general, there is a great need for more empirical research into best practice of incubation. It is a non trivial task however as the nature of the industry limits the ability to obtain traditional, statistically defendable, measures.

Over the past several decades, the Washington metropolitan area (Washington-Arlington-Alexandria, DC-VA-MD-WV) has experienced extraordinary levels of growth, facilitating the region's emergence as not only a center of national governance but increasingly a nationally and internationally significant location for population and economic development. Leesburg, Virginia, located approximately forty miles northwest of the downtown core, has historically avoided the sprawling suburbanization characteristic of more proximate locations such as Fairfax and Arlington, instead serving as a distinct economic center for Loudoun County. However, as the Town of Leesburg has grown in both population and landmass over the past approximately fifty years, it has also become increasingly incorporated into an outward-pushing Northern Virginia region, dramatically reducing the once-evident buffer physically and psychologically separating those two entities. The increasing interconnection between Leesburg and the Washington metro region raises questions about the futures of both, with impacts for ongoing conversations regarding urban and regional-scale growth dynamics, governance, and place-making, as well as their intersections with local economic development. This thesis seeks to understand the methods by which Leesburg navigates the challenge to retain a unique and distinctive character while acknowledging the new spatial reality of its connections to the larger region. To better understand this complex situation, we conducted semi-structured interviews with fourteen individuals having strong understanding and expertise regarding economic development, governance, and place making in Leesburg and the rest of the Northern Virginia region. The interviews suggest that Leesburg is becoming a destination for outside visitors and tourists, while also crafting a 'complete community' in which residents can live, work, and enjoy recreational activities; Leesburg increasingly serves a number of distinct purposes for growing and varying audiences. While interesting in itself for observers of the Washington metro region, the Leesburg case also presents relevant implications for the future of large-scale urban and regional growth and change, as well as the continued validity of heritage-based place images given contemporary economic and development imperatives. / Master of Science / The Washington, DC region (Washington-Arlington-Alexandria, DC-VA-MD-WV) has seen both population growth and physical expansion over the past several decades, making it an increasingly important region within the United States and the world. The Town of Leesburg, Virginia is located about forty miles northwest of Washington, DC, and its distance from the downtown has historically allowed it to remain separate from the suburbanization and sprawl associated with DC's closer-in suburbs. During the past fifty years, however, Leesburg's growth and the outward push of development pressures from more eastern Northern Virginia localities have combined to limit that historical separation. Increasing interconnections between Leesburg and the rest of the DC metro region raise questions about if and how Leesburg will create, sustain, and demonstrate a unique identity moving forward, and what that identity will include. This research involved fourteen interviews with planners, policymakers, and expert observers in Leesburg and the Northern Virginia region to better understand the town's place image and economic development. The results suggest that Leesburg is increasingly becoming a destination for tourists and outside visitors, while also working to foster a community in which residents are able to live, work, and play. The Leesburg case is important because of what it says about region-wide growth, development, and governance, as well as its implications for the maintenance of historically-based place images in the modern world.

Many parts of Appalachia, including areas of Virginia, West Virginia, and Maryland, lag behind much of the country in key socioeconomic indicators. There is a need for economic development opportunities that leverage the region's natural resources in a sustainable manner. This study investigates the feasibility of using maple syrup production as an economic development strategy. This study is broken into three sections, the first is a survey of current maple syrup producers to investigate how syrup is produced and sold in this region. This survey is followed by a pricing analysis that was conducted to ascertain the feasibility of small-scale producers competing with often larger and well-established Northeastern maple syrup producers. The final chapter is an economic impact analysis of the Highland County Maple Festival. This analysis was conducted to learn about the current impacts of maple syrup agritourism for producers and the communities they operate in. Findings from this study indicate that the maple syrup industry in Maryland, Virginia, and West Virginia is smaller and more localized than the industry in the Northeastern United States and Canada. However, the difference in how maple syrup is sold can provide many potential benefits for Appalachian communities. A localized approach to selling maple syrup that relies on attracting visitors to farms has the potential to create an economic stimulus for not only maple syrup producers, but also the communities in which they operate. / Master of Science / The Appalachian region of the United States has higher rates of poverty than the rest of the country. Many rural communities in Appalachia are also losing population. Due to these factors, there is a need for the development of new ways to bring money and jobs into Appalachian communities. This study investigates the potential to use maple syrup production to help stimulate economic development into central Appalachian communities in Maryland, Virginia, and West Virginia. This study is broken into three sections, the first is a survey of maple syrup producers to see how syrup is currently produced and sold in this region. This survey is followed by a pricing analysis that was conducted to see if it is possible for small-scale producers to sell their products in grocery stores. The final chapter is an economic impact analysis of the Highland County Maple Festival. This analysis was conducted to see how tourism that is focused on maple syrup impacts the communities that it takes place in. Findings from this study indicate that the maple syrup industry in Maryland, Virginia, and West Virginia is smaller and more local than the industry in the Northeastern United States and Canada. However, the difference in how maple syrup is sold can provide many potential benefits for Appalachian. A localized approach to selling maple syrup that relies on attracting visitors to farms through tourism has the potential to create an economic stimulus for not only maple syrup producers, but also the communities in which they operate.

Institutions are considered a fundamental determinant of economic growth. And agriculture is the key sector for poverty reduction and sustainable economic growth in low and middle-income countries. The vital role of agriculture would not materialize without sustained agricultural productivity growth driven by public investments in agricultural Research and Development (R&D). The objective of the thesis is threefold: (i) to measure the effect of institutions on agricultural productivity and on public agricultural R&D investments in low and middle incomes countries, (ii) to estimate the impact of public R&D investment on agricultural productivity, and (iii) to test the hypothesis that agricultural R&D spending would differ across countries at different stages of economic development (i.e., examine the role of per capita GDP in determining agricultural R&D spending).Agricultural productivity is measured by yield (cereal yield); institutions are measured by four indicators: protection of property rights, impartial public administration, judicial independence, and legal enforcement of contracts; agricultural R&D is represented by public investments in R&D. Data were collected from the World Bank, the FRASER Institute, and the Agricultural Science and Technology Indicators (ASTI) over the period of 2000 to 2011 and in 49 low-and middle-income countries (25 from sub-Saharan Africa, 11 from LAC, and 13 from Asia). Panel data with fixed effects models were estimated to address the three objectives. The multiple linear regression analysis reveals the protection of property rights and legal enforcement of contracts have a substantial but opposite impact on agricultural productivity (cereal yield) across low-and middle-income countries. The same result suggests that impartial public administration affect positively public agricultural R&D investment while property rights, judicial independence, and legal enforcement of contracts have no significant implications on public agricultural R&D investment. The analysis also indicates that agricultural R&D investment positively impacts cereal yield across low-and middle-income countries. The same analysis carried out in the three regions has shown that the four institution indicators have different effects on agricultural productivity (cereal yield) and public agricultural R&D investment. In addition, the analysis suggests that public agricultural R&D investment significantly impacts agricultural productivity in Asia and the LAC regions but not in sub-Saharan Africa. Furthermore, the result confirms that agricultural R&D spending differs across countries at different stages of economic development.

Chapter 1- We offer the first causal evidence on the effect of high-speed Internet on sexual behaviour, and HIV spread in Africa. Exploiting the gradual connection of the Internet network to the submarine Internet cables in Africa's coastal regions in combination with individual-level data, we apply difference-in-differences and find that exposure to fast Internet reduces the likelihood of HIV infection in locations close to the Internet network. The effect is significantly larger for women, educated individuals, older adults, and urban residents. The analysis of causal mechanisms reveals that, while access to fast Internet increases the likelihood of early sexual initiation and extramarital relationships, it also increases knowledge of HIV prevention and transmission, the use of modern methods of contraception, reduces fertility, and the likelihood of being in a polygamous marriage. We do not find that employment status, occupational choice, or migration drives the effect of the fast Internet on HIV. In addition, we use google trends data to show that Internet access increases the search popularity of sex-related topics, contraception, and HIV/AIDS. The findings imply that the expansion of Internet networks in Africa requires educational policies to promote healthy and stable intimate connections. Chapter 2- We combine longitudinal data on the financial activities of individuals with information on temporal and spatial variations in broadband diffusion in the United States in recent years to study the causal impact of high-speed Internet on financial decisions. Our identification strategy controls for individual fixed effects and uses lightning strike density as an instrument for broadband penetration. We find that broadband diffusion increases the probability of investment in the stock market, having a mortgage, and having an active savings account. Analyzing causal mechanisms, we find that access to broadband Internet increases financial literacy and the use of financial services such as online banking and having a financial advisor. Additionally, heterogeneity analysis shows that the effect of broadband penetration on stock market participation significantly differs by gender, age, marital status, education, income, level of social connection, and mental health status. Analyzing the interconnection between financial decisions provides novel insights into the well-known stock market participation puzzle in the United States. We show that the probability of investing in the stock market is lower for an individual with a mortgage payment. Also, the probability of participation in the stock market is higher for a person with active savings. Chapter 3- Evidence for road expansion and electrification as drivers of job creation is limited and mixed, with most studies considering either one or the other and only in isolation. We estimate the average and heterogeneous impacts of road and electricity investments and the interaction of the two on job creation over the past two decades in 27 countries of sub-Saharan Africa. Exploiting the exogenous location of ancestral ethnic homelands, we introduce a new instrumental variable for road accessibility inspired by post-independence leaders' agenda of building roads to extend authority over their country's entire expanse and promote nation-building. we used the topography and lightning strikes, a key source of damage to electric lines and disruption of service, to instrument the electricity supply. We find that constructing new roads and electricity grids positively and significantly affects employment from higher access to roads and electric grids. Moreover, the interaction between access to the two enhances the effects, making them complementary investments. The impacts of both individual and bundled investments are positive, but with differences between men and women, workers of various ages, and countries at different stages of development. In urban areas, better access to roads and electricity promotes employment, mostly related to the skilled base job creation. In rural areas, greater access induces a transition from low-to high-skilled occupations. These differential effects suggest that the structural transformation brought about by road and electricity expansion is primarily a rural phenomenon.

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