Cette thèse de doctorat étudie les effets des envois de fonds issus des migrations sur le développement des pays d’origine des migrants et compare ces effets avec ceux de l’aide publique au développement. Dans une première partie, nous étudions les effets des envois de fonds des migrants sur le développement des pays récipiendaires. Il apparaît que les envois de fonds réduisent les inégalités intra-Pays dans les pays relativement plus riches, dont les coûts d’émigration sont faibles et dont la part des émigrés qualifiés est peu importante (Chapitre 1). L’effet sur la croissance économique en Afrique sub-Saharienne est également non-Linéaire et dépend positivement du développement financier et institutionnel des pays récipiendaires (Chapitre 2). Enfin, les envois de fonds ont un effet d’appréciation sur le taux de change réel dans les pays CFA, mais cet effet est non significatif pour les pays à régime de change flexible (Chapitre 3). Dans une seconde partie nous nous intéressons au caractère stabilisateur des transferts des migrants. Le Chapitre 4 montre, au niveau microéconomique, que les envois de fonds ont joué un rôle d’assurance lors de la dernière crise financière et que ce rôle a été d’autant plus important que les migrants n’ont pas été sévèrement touchés par la crise et que les liens conservés avec le pays d’origine étaient forts. Le Chapitre 5 montre à partir d’une approche pays par pays que les transferts sont contra-Cycliques dans une minorité de cas, mais qu’en moyenne, ils répondent négativement au revenu des pays d’origine. Les résultats du Chapitre 6 indiquent que les transferts atténuent l’effet négatif des chocs commerciaux sur la pauvreté. Dans une troisième et dernière partie nous comparons les envois de fonds { l’aide publique au développement. Alors que l’aide permet d’atténuer l’effet négatif de l’instabilité des exportations sur la croissance, les transferts des migrants permettent d’amoindrir l’effet négatif de l’instabilité des exportations sur la pauvreté (Chapitre 7). Enfin, les envois de fonds diminuent la dépendance des pays { l’aide publique au développement lorsque ces flux de capitaux sont investis plutôt que consommés (Chapitre 8). / This dissertation examines the effects of migrant remittances on the development of origin countries and compares these effects with those of official development aid. In a first part we investigate the effects of remittances on the development of recipient countries. Results suggest that remittances reduce within inequality in countries more developed, where migration cost are lower and the share of skilled migrants less important (Chapter 1). Their impact on growth in sub-Saharan Africa is also non-Linear and depends positively on the financial and institutional development of recipient economies (Chapter 2). Finally, remittances have a real exchange appreciation effect in CFA countries, but not in countries with a flexible exchange rate regime (Chapter 3). In a second part we focus on the stabilizing impact of remittances. Chapter 4 shows, at the microeconomic level, that remittances have played an insurance role during the last financial crisis and that this role was all the more acute that migrants have not strongly suffered from the crisis and that family links were strong. Chapter 5 suggests in a country-By-Country approach that remittances are pro-Cyclical in a higher number of cases, while on average, they respond negatively to the home country income. Chapter 6 findings show that remittances dampen the harmful impact of trade instability on poverty. In a third part, we compare migrant remittances with public aid. While public aid mitigates the harmful impact of export instability on output growth, migrant remittances dampen the harmful effect of export instability on poverty (Chapter 7). Finally, migrant remittances reduce aid dependency in countries where remittances are invested rather than consumed (Chapter 8).

The purpose of this study is to have an in-depth understanding of the importance of the institutional environment for financial development in 43 Sub-Saharan African countries during the years 2004-2018. Using new institutional economic theory (NIE) we study how the four institutional factors Control of Corruption, Rule of Law, Political Stability and Absence of Violence, and Voice and Accountability affect financial development. We also survey how the effect of institutional factors varies when there are either high, medium or low levels of corruption. Empirical results show a positive linear relationship between all institutional factors and financial development. However, when corruption levels are high the correlation between institutional factors and financial development varies and has a weak linear relationship. Inferential statistics results from a fixed effect regression model with robust standard errors shows; when we control for the financial environment, Political Stability and Absence of Violence is the only indicator for the institutional environment that has a positive significant effect on financial development. We thereby conclude that the institutional environment, mostly political institutions, are important for financial development. / Syftet med denna studie är att få en djupgående förståelse av institutionell miljö för finansiell utveckling i 43 Subsahariska afrikanska länder för åren 2004–2018. Med hjälp av den nya institutionella ekonomiska teorin undersöker vi hur de fyra institutionella faktorer Kontroll av Korruption, Rättsstat, Politisk Stabilitet och Frånvaro av Våld och Röst och Ansvarsskyldighet påverkar finansiell utveckling. Vi undersöker också hur effekten av institutionella faktorer varierar när det finns hög, medium eller låg nivå av korruption. Empiriskt resultat visar ett positivt linjärt samband mellan alla institutionella faktorer och finansiell utveckling. Däremot, när korruptions nivåerna är höga är korrelationen mellan institutionella faktorer och finansiell utveckling varierar och har ett svagt linjärt samband. Resultatet från inferentiell statistik med fixed-effektregressionsmodell med robust standardfel visar att; när vi kontrollerar för den finansiella miljön, kvarstår endast Politisk Stabilitet och Frånvaro av Våld som en indikator för institutionell miljö som har en positiv signifikant effekt på finansiell utveckling. Vi konstaterar därmed att institutionell miljö, särskilt politiska institutioner är viktiga för finansiell utveckling.

In the literature, some studies argue that affluence and the financial sector encourages low-carbon investments which result in lower emissions while others find that they enhance emissions. Contemporary studies barely consider agriculture, employment generation and the degree of financial development as determinants of emissions. In view of these, the thesis investigates the impact of economic and financial development on CO2 emissions in sub-Saharan Africa (SSA). Applying the EKC and STIRPAT framework, the study modelled three functional forms which were estimated using an unbalanced panel data of 45 SSA countries by employing static and dynamic analytical methods. The models were re-estimated for 24 low (LIC), 13 lower-middle (LMIC), six upper-middle (UMIC) and two high-income countries (HIC). The study found evidence that empirical results differ in terms of the (sub-) sample of countries, estimation methods and functional forms. In detail, the study found different CO2 emissions-economic development relationships for the income groups. However, there is evidence of a linkage between later developments of the economies with lower emissions in LIC and UMIC while this linkage does not exist in LMIC and HIC. The study also found that financial development lowers CO2 in UMIC while it enhances emissions in LIC, LMIC and HIC. Despite this, there is evidence of a linkage between later developments of financial sectors with higher emissions in LIC and HIC and a linkage between later developments of financial sectors with lower CO2 in UMIC in SSA meanwhile no linkage was found for LMIC. The study concludes that not all economic development increases the level of CO2 emissions and not all financial development limits CO2 emissions in SSA during the study period. Generally, the main contributory variables to CO2 emissions are income, trade openness, energy consumption, population density and domestic credit to private sector to GDP. The main reducing factors of CO2 emissions are agriculture and official exchange rate. The thesis recommends that SSA needs to be more responsive to a cleaner CO2 environment by moving away from the conduct of unclean development strategy to intensified green investments. / Economics / D. Phil. (Economics)