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  1. The impact of formal institutions on knowledge economy
    Autor*in: Andrés, Antonio R.; Asongu, Simplice A.; Amavilah, Voxi Heinrich S.
    Erschienen: 2013
    Verlag:  Inst. for Advanced Development Studies, La Paz

    Using Kauffman, Kraay, and Mastruzzi governance indicators, this article analyzes the impact of formal institutions on the knowledge economy- by assessing how the enforcement of Intellectual Property Rights (IPRs) through good governance mechanisms... mehr

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 136 (2013,5)
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    keine Fernleihe

     

    Using Kauffman, Kraay, and Mastruzzi governance indicators, this article analyzes the impact of formal institutions on the knowledge economy- by assessing how the enforcement of Intellectual Property Rights (IPRs) through good governance mechanisms affects the knowledge economy. The article also employs the World Bank's four components of the knowledge economy index characteristic of its knowledge for development (K4D) framework. We estimate panel data models for 22 Middle East & North African and Sub-Sahara African countries over the period 1996-2010. The results show that for this group of countries the enforcement of IPR laws (treaties), although necessary, is not a sufficient condition for a knowledge economy. The results also suggest that other factors are more likely to determine the knowledge economies of these nations. Overall these findings have important implications for both policy and further research.

     
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    Sprache: Englisch
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    Format: Online
    Weitere Identifier:
    hdl: 10419/106332
    Schriftenreihe: Development research working paper series ; 05/2013
    Umfang: Online-Ressource (40 S.)
  2. Fighting software piracy in Africa
    how do legal origins and IPRs protection channels matter?
    Autor*in: Asongu, Simplice A.
    Erschienen: 2012
    Verlag:  African Governance and Development Institute (AGDI), [Yaoundé]

    In the current efforts towards harmonizing IPRs regimes in the African continent, this paper provides answers to four key questions relevant in the policy decision making processes. After empirically examining the questions, the following findings... mehr

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 524 (12,16)
    Fernleihe:
    keine Fernleihe

     

    In the current efforts towards harmonizing IPRs regimes in the African continent, this paper provides answers to four key questions relevant in the policy decision making processes. After empirically examining the questions, the following findings are established. (1) In comparison to common law countries, civil law countries inherently have a significant autonomous rate of software piracy; consistent with the 'law and property rights' theory. (2) But for IPRs laws, the other IP protection channels (WIPO treaties, Main IP law and multilateral treaties) reduce the incidence of software piracy. (3) In both short-run and long-term, IPRs protection channels in civil law countries appear to mitigate software piracy more than in common law countries. (4) Formal institutions are instrumental in the fight against software piracy through IPRs protection channels.

     
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    Weitere Identifier:
    hdl: 10419/123555
    Schriftenreihe: AGDI working paper ; WP/12/016
    Umfang: Online-Ressource (33 S.)
  3. Fighting corruption with cultural dynamics
    when legal-origins, religiousinfluences and existing corruption-control levels matter
    Autor*in: Asongu, Simplice A.
    Erschienen: 2012
    Verlag:  African Governance and Development Institute (AGDI), [Yaoundé]

    Are there different determinants in the fight against corruption across developing countries? Why are some countries more effective at battling corruption than others? To investigate these concerns we examine the determinants of corruption-control... mehr

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 524 (12,15)
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    Are there different determinants in the fight against corruption across developing countries? Why are some countries more effective at battling corruption than others? To investigate these concerns we examine the determinants of corruption-control throughout the conditional distribution of the fight against corruption using panel data from 46 African countries for the period 2002-2010. Our findings demonstrate that blanket corruption-control policies are unlikely to succeed equally across countries with different legal-traditions, religious-influences and political wills in the fight against corruption. Thus to be effective, corruption policies should be contingent on the prevailing levels of corruption-control and tailored differently across the best and worst corruption-fighting countries especially with respect to democracy, population growth and economic prosperity.

     
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    Weitere Identifier:
    hdl: 10419/123548
    Schriftenreihe: AGDI working paper ; WP/12/015
    Umfang: Online-Ressource (11 S.)
  4. Fighting corruption when existing corruption-control levels count
    what do wealth-effects tell us in Africa?
    Autor*in: Asongu, Simplice A.
    Erschienen: 2012
    Verlag:  African Governance and Development Institute (AGDI), [Yaoundé]

    Why are some nations more effective at battling corruption than others? Are there different determinants in the fight against corruption across developing nations? How do wealth effects play-out when existing corruption-control levels matter in the... mehr

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 524 (12,14)
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    keine Fernleihe

     

    Why are some nations more effective at battling corruption than others? Are there different determinants in the fight against corruption across developing nations? How do wealth effects play-out when existing corruption-control levels matter in the corruption battle? To investigate these concerns we examine the determinants of corruption-control throughout the conditional distribution of the fight against corruption. The following broad findings are established. (1) Population growth is a (an) tool (impediment) in (to) the fight against corruption in Low (Middle) income countries. (2) Democracy increases (decreases) corruption-control in Middle (Low) income countries. As a policy implication, blanket corruption-control strategies are unlikely to succeed equally across countries with different income-levels and political wills in the fight against corruption. Thus to be effective, corruption policies should be contingent on the prevailing levels of corruption-control and income-bracket.

     
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    Sprache: Englisch
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    Weitere Identifier:
    hdl: 10419/123553
    Schriftenreihe: AGDI working paper ; WP/12/014
    Umfang: Online-Ressource (31 S.)
  5. Fighting corruption when existing corruption-control levels count
    what do wealth effects tell us?
    Autor*in: Asongu, Simplice A.
    Erschienen: 2012
    Verlag:  African Governance and Development Institute (AGDI), [Yaoundé]

    Why are some nations more effective at battling corruption than others? Are there different determinants in the fight against corruption across developing nations? How do wealth effects play-out when existing corruption-control levels matter in the... mehr

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 524 (12,13)
    Fernleihe:
    keine Fernleihe

     

    Why are some nations more effective at battling corruption than others? Are there different determinants in the fight against corruption across developing nations? How do wealth effects play-out when existing corruption-control levels matter in the corruption battle? To investigate these concerns we examine the determinants of corruption-control throughout the conditional distribution of the fight against corruption. The following broad findings are established. (1) Population growth is a(an) tool(impediment) in(to) the fight against corruption in Low(Middle) income countries. (2) Democracy increases (decreases) corruption-control in Middle(Low) income countries. As a policy implication, blanket corruption-control strategies are unlikely to succeed equally across countries with different income-levels and political wills in the fight against corruption. Thus to be effective, corruption policies should be contingent on the prevailing levels of corruption-control and income-bracket.

     
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    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/123549
    Schriftenreihe: AGDI working paper ; WP/12/013
    Umfang: Online-Ressource (27 S.)
  6. Fighting corruption in Africa
    do existing corruption-control levels matter?
    Autor*in: Asongu, Simplice A.
    Erschienen: 2012
    Verlag:  African Governance and Development Institute (AGDI), [Yaoundé]

    Purpose - Are there different determinants in the fight against corruption across African countries? Why are some countries more effective at battling corruption than others? To assess these concerns we examine the determinants of corruption-control... mehr

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 524 (12,12)
    Fernleihe:
    keine Fernleihe

     

    Purpose - Are there different determinants in the fight against corruption across African countries? Why are some countries more effective at battling corruption than others? To assess these concerns we examine the determinants of corruption-control throughout the conditional distribution of the fight against corruption using panel data from 46 African countries for the period 2002-2010. Design/methodology/approach - The panel quantile regression technique enables us to investigate if the relationship between corruption-control and the exogenous variables differs throughout the distribution of the fight against corruption. Findings - Results could be summarized in the following. (1) Greater economic prosperity leads to less corruption-control and the magnitude of the effect is more important in countries where the fight against corruption is high. (2) Regulation quality seems bimodal, with less positive effects in the tails: among the best and least fighters of corruption. (3) There is support for a less negative consequence of population growth in countries that are already taking the fight against corruption seriously in comparison to those that are lax on the issue. (4) Findings on democracy broadly indicate the democratization process increases the fight against corruption with a greater magnitude at higher quantiles: countries that are already taking the fight seriously. (5) The relevance of voice and accountability in the battle against corruption decreases as corruption-control is taking more seriously by the powers that be. (6) Good governance dynamics of political stability, government effectiveness and the rule of law gain more importance in the fight against corruption when existing levels of corruption-control are already high. Social implications - Our results suggest that the determinants of corruption-control respond differently across the corruption-control distribution. This implies some current corruption-control policies may be reconsidered, especially among the most corrupt and least corrupt African nations. As a policy implication, the fight against corruption should not be postponed, doing so will only reduce the effectiveness of policies in the future. The rewards of institutional reforms are more positive in countries that are already seriously engaged in the corruption fight. Originality/value - This paper contributes to existing literature on the determinants of corruption by focusing on the distribution of the dependent variable(control of corruption). It is likely that good and poor corruption fighters respond differently to factors that influence the fight against corruption. There are subtle institutional differences between corrupt and clean nations that may affect corruption-control determinants and government efficacy in the fight against corruption.

     
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    Weitere Identifier:
    hdl: 10419/123552
    Schriftenreihe: AGDI working paper ; WP/12/012
    Umfang: Online-Ressource (27 S.)
  7. Fighting consumer price inflation in Africa
    what do dynamics in money, credit, efficiency and size tell us?
    Autor*in: Asongu, Simplice A.
    Erschienen: 2012
    Verlag:  African Governance and Development Institute (AGDI), [Yaoundé]

    Purpose - The purpose of this paper is to examine the effects of policy options in financial dynamics (of money, credit, efficiency and size) on consumer prices. Soaring food prices have marked the geopolitical landscape of African countries in the... mehr

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 524 (12,11)
    Fernleihe:
    keine Fernleihe

     

    Purpose - The purpose of this paper is to examine the effects of policy options in financial dynamics (of money, credit, efficiency and size) on consumer prices. Soaring food prices have marked the geopolitical landscape of African countries in the past decade. Design/methodology/approach - We limit our sample to a panel of African countries for which inflation is non-stationary. VAR models from both error correction and Granger causality perspectives are applied. Analyses of dynamic shocks and responses are also covered. Six batteries of robustness checks are applied to ensure consistency in the results. Findings - (1) There are significant long-run equilibriums between inflation and each financial dynamic. (2) When there is a disequilibrium, while only financial depth and financial size could be significantly used to exert deflationary pressures, inflation is significant in adjusting all financial dynamics. In other words, financial depth and financial size are more significant instruments in fighting inflation than financial efficiency and activity. (3) The financial intermediary dynamic of size appears to be more instrumental in exerting a deflationary tendency than financial intermediary depth. (4) The deflationary tendency from money supply is double that based on liquid liabilities. Practical implications - Monetary policy aimed at fighting inflation only based on bank deposits may not be very effective until other informal and semi-formal financial sectors are taken into account. It could be inferred that, tight monetary policy targeting the ability of banks to grant credit (in relation to central bank credits) is more effective in tackling consumer price inflation than that, targeting the ability of banks to receive deposits. In the same vein, adjusting the lending rate could be more effective than adjusting the deposit rate. The insignificance of financial allocation efficiency and financial activity as policy tools in the battle against inflation could be explained by the (well documented) surplus liquidity issues experienced by the African banking sector. Social implications – This paper helps in providing monetary policy options in the fight against soaring consumer prices. By keeping inflationary pressures on food prices in check, sustained campaigns involving strikes, demonstrations, marches, rallies and political crises that seriously disrupt economic performance could be mitigated. Originality/value - As far as we have perused, there is yet no study that assesses monetary policy options that could be relevant in addressing the dramatic surge in the price of consumer commodities.

     
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    Weitere Identifier:
    hdl: 10419/123550
    Schriftenreihe: AGDI working paper ; WP/12/011
    Umfang: Online-Ressource (30 S.), graph. Darst.
  8. Development thresholds of foreign aid effectiveness in Africa
    Autor*in: Asongu, Simplice A.
    Erschienen: 2012
    Verlag:  African Governance and Development Institute (AGDI), [Yaoundé]

    Purpose - This paper examines whether initial levels in GDP growth, GDP per capita growth and inequality adjusted human development matter in the impact of aid on development. In substance its object is to assess if threshold development conditions... mehr

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 524 (12,10)
    Fernleihe:
    keine Fernleihe

     

    Purpose - This paper examines whether initial levels in GDP growth, GDP per capita growth and inequality adjusted human development matter in the impact of aid on development. In substance its object is to assess if threshold development conditions are necessary for the effectiveness of foreign aid in Africa. Design/methodology/approach - The panel quantile regression technique enables us to investigate if the relationship between development dynamics and development assistance differs throughout the distributions of development dynamics. Findings - Three main findings are established. (1) With slight exceptions, the effectiveness of aid in economic prosperity (at the macro level) increases in positive magnitude across the distribution. This implies high-growth countries are more likely to benefit from development assistance (in terms of general economic growth) than their low-growth counterparts. (2) The positive nexus between aid and per capita economic growth displays nonlinear patterns across distributions and specifications, with the correlations broadly higher in top quantiles than in bottom quantiles after controlling for the unobserved heterogeneity. (3) The aid-human development nexus is negative and almost similar in magnitude across distributions and specifications. Practical implications - As a policy implication, there is need to improve management of aid funds destined for health and education projects in the sampled countries. Moreover, given the magnitude of the nexuses, while blanket aid initiatives could be applied for policies targeting the HDI (due to the absence of significant differences in the magnitude of estimated coefficients), such are unlikely to succeed for aid targeting economic prosperity at macro and micro levels. From the weight of the findings, given a policy of balancing the impact of aid, it could be inferred that low-growth countries would need more aid than their high-growth counterparts because of the less positive effects in the former countries. Originality/value - This paper contributes to existing literature on the effectiveness of foreign aid by focusing on the distribution of the dependent variables (development dynamics). It is likely that high- and low-growth countries respond differently to development assistance.

     
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    Weitere Identifier:
    hdl: 10419/123547
    Schriftenreihe: AGDI working paper ; WP/12/010
    Umfang: Online-Ressource (36 S.)
  9. Determinants of health professionals' migration in Africa
    Autor*in: Asongu, Simplice A.
    Erschienen: 2012
    Verlag:  African Governance and Development Institute (AGDI), [Yaoundé]

    How do economic prosperity, health expenditure, savings, price-stability, demographic change, democracy, corruption-control, press-freedom, government effectiveness, human development, foreign-aid, physical security, trade openness and financial... mehr

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 524 (12,09)
    Fernleihe:
    keine Fernleihe

     

    How do economic prosperity, health expenditure, savings, price-stability, demographic change, democracy, corruption-control, press-freedom, government effectiveness, human development, foreign-aid, physical security, trade openness and financial liberalization play-out in the fight against health-worker crisis when existing emigration levels matter? Despite the acute concern of health-worker crisis in Africa owing to emigration, lack of relevant data has made the subject matter empirically void over the last decades. This paper assesses the theoretical postulations of the WHO report on determinants of health-worker migration. Findings provide a broad range of tools for the fight against health-worker brain-drain. As a policy implication, blanket emigration-control policies are unlikely to succeed equally across countries with different levels of emigration. Thus to be effective, immigration policies should be contingent on the prevailing levels of the crisis and tailored differently across countries with the best and worst records on fighting health worker emigration.

     
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    Weitere Identifier:
    hdl: 10419/123541
    Schriftenreihe: AGDI working paper ; WP/12/009
    Umfang: Online-Ressource (32 S.)
  10. The political economy of development assistance
    peril to government quality dynamics in Africa
    Autor*in: Asongu, Simplice A.
    Erschienen: 2012
    Verlag:  African Governance and Development Institute (AGDI), [Yaoundé]

    This paper assesses the effectiveness of foreign aid in improving government institutions in 52 African countries using updated data (1996-2010). Findings suggest development assistance deteriorates government quality dynamics of corruption-control,... mehr

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 524 (12,08)
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    keine Fernleihe

     

    This paper assesses the effectiveness of foreign aid in improving government institutions in 52 African countries using updated data (1996-2010). Findings suggest development assistance deteriorates government quality dynamics of corruption-control, political-stability, rule of law, regulation quality, voice and accountability and government effectiveness. It is therefore a momentous epoque to solve the second tragedy of foreign aid; high time economists and policy makers start rethinking the models and theories on which foreign aid is based. In the meantime, it is up to people who really care about the poor to hold aid agencies accountable for results.

     
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    hdl: 10419/123546
    Schriftenreihe: AGDI working paper ; WP/12/008
    Umfang: Online-Ressource (35 S.)
  11. Are financial benefits of financial globalization questionable until greater domestic financial development has taken place?
    Autor*in: Asongu, Simplice A.
    Erschienen: 2012
    Verlag:  African Governance and Development Institute (AGDI), [Yaoundé]

    Purpose - The issue of which financial initial conditions are necessary to materialize the benefits of financial globalization remains open to debate in the literature. In this paper, we try to put some empirical structure on the concept of financial... mehr

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 524 (12,07)
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    keine Fernleihe

     

    Purpose - The issue of which financial initial conditions are necessary to materialize the benefits of financial globalization remains open to debate in the literature. In this paper, we try to put some empirical structure on the concept of financial threshold conditions in order to give policymakers guidance on the Kose et al.(2011) and Henry(2007) hypothesis. Its object is to assess if financial benefits of financial globalization are questionable until greater domestic financial development has taken place in developing countries. Design/methodology/approach - In framing the financial dimension in a more concrete and tractable manner, we probe into the concerns of how domestic financial initial dynamics of depth(economic and financial systems), efficiency(banking and financial systems), activity (banking and financial systems) and size play-out in the financial development benefits of financial globalization. The estimation approach consists of assessing the impact of financial globalization through-out the conditional distributions of domestic financial development dynamics. Findings - The introduction of previously missing financial dimensions into the debate generates a number of important findings. Only financial initial(threshold) conditions in depth and size are necessary to materialize the benefits of financial globalization. Domestic dynamics of efficiency and activity(credit) do not confirm the hypothesis. Practical implications - Depending on the context of sampled countries, the appropriate role of policy has always been either to stem the tide of capital flows or encourage them. Policymakers who have been viewing their challenges exclusively from the later perspective for benefits in growth(finance) might be getting the financial dynamics badly wrong. Originality/value - Blanket financial development policies may not reap the financial benefits of financial globalization until domestic financial dynamics of depth, efficiency, activity and size are critically considered. The introduction of the last three previously missing components in the literature sheds more light on the globalization-development nexus.

     
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    hdl: 10419/123539
    Schriftenreihe: AGDI working paper ; WP/12/007
    Umfang: Online-Ressource (31 S.)
  12. Are proposed African monetary unions optimal currency areas?
    real, monetary and fiscal policy convergence analysis
    Autor*in: Asongu, Simplice A.
    Erschienen: 2012
    Verlag:  African Governance and Development Institute (AGDI), [Yaoundé]

    Purpose - A spectre is hunting embryonic African monetary zones: the EMU crisis. This paper assesses real, monetary and fiscal policy convergence within the proposed WAM and EAM zones. The introduction of common currencies in West and East Africa is... mehr

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 524 (12,06)
    Fernleihe:
    keine Fernleihe

     

    Purpose - A spectre is hunting embryonic African monetary zones: the EMU crisis. This paper assesses real, monetary and fiscal policy convergence within the proposed WAM and EAM zones. The introduction of common currencies in West and East Africa is facing stiff challenges in the timing of monetary convergence, the imperative of central bankers to apply common modeling and forecasting methods of monetary policy transmission, as well as the requirements of common structural and institutional characteristics among candidate states. Design/methodology/approach - In the analysis: monetary policy targets inflation and financial dynamics of depth, efficiency, activity and size; real sector policy targets economic performance in terms of GDP growth at macro and micro levels; while, fiscal policy targets debt-to-GDP and deficit-to-GDP ratios. A dynamic panel GMM estimation with data from different non-overlapping intervals is employed. The implied rate of convergence and the time required to achieve full (100%) convergence are then computed from the estimations. Findings - Findings suggest overwhelming lack of convergence: (1) initial conditions for financial development are different across countries; (2) fundamental characteristics as common monetary policy initiatives and IMF backed financial reform programs are implemented differently across countries; (3) there is remarkable evidence of cross-country variations in structural characteristics of macroeconomic performance; (4) institutional cross-country differences could also be responsible for the deficiency in convergence within the potential monetary zones; (5) absence of fiscal policy convergence and no potential for eliminating idiosyncratic fiscal shocks due to business cycle incoherence. Practical implications - As a policy implication, heterogeneous structural and institutional characteristics across countries are giving rise to different levels and patterns of financial intermediary development. Thus, member states should work towards harmonizing cross-country differences in structural and institutional characteristics that hamper the effectiveness of convergence in monetary, real and fiscal policies. This could be done by stringently monitoring the implementation of existing common initiatives and/or the adoption of new reforms programs. Originality/value - It is one of the few attempts to investigate the issue of convergence within the proposed WAM and EAM unions.

     
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    hdl: 10419/123543
    Schriftenreihe: AGDI working paper ; WP/12/006
    Umfang: Online-Ressource (31 S.)
  13. Are proposed African monetary unions optimal currency areas?
    real and monetary policy convergence analysis
    Autor*in: Asongu, Simplice A.
    Erschienen: 2012
    Verlag:  African Governance and Development Institute (AGDI), [Yaoundé]

    Purpose - A spectre is hunting embryonic African monetary zones: the EMU crisis. This paper assesses real and monetary policy convergence within the proposed WAM and EAM zones. The introduction of common currencies in West and East Africa is facing... mehr

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 524 (12,05)
    Fernleihe:
    keine Fernleihe

     

    Purpose - A spectre is hunting embryonic African monetary zones: the EMU crisis. This paper assesses real and monetary policy convergence within the proposed WAM and EAM zones. The introduction of common currencies in West and East Africa is facing stiff challenges in the timing of monetary convergence, the imperative of bankers to apply common modeling and forecasting methods of monetary policy transmission, as well as the requirements of common structural and institutional characteristics among candidate states. Design/methodology/approach - In the analysis, monetary policy targets inflation and financial dynamics of depth, efficiency, activity and size while real sector policy targets economic performance in terms of GDP growth at macro and micro levels. Findings - Findings suggest overwhelming lack of convergence: (1) initial conditions for financial development are different across countries; (2) fundamental characteristics as common monetary policy initiatives and IMF backed financial reform programs are implemented differently across countries; (3) there is remarkable evidence of cross-country variations in structural characteristics of macroeconomic performance; (4) institutional cross-country differences could also be responsible for the deficiency in convergence within the potential monetary zones. Practical implications - As a policy implication, heterogeneous structural and institutional characteristics across countries are giving rise to different levels and patterns of financial intermediary development. Thus member states should work towards harmonizing cross-country differences in structural and institutional characteristics that hamper the effectiveness of convergence in monetary and real policies. Originality/value - It is one of the few attempts to investigate the issue of convergence within the proposed WAM and EAM unions.

     
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    Weitere Identifier:
    hdl: 10419/123540
    Schriftenreihe: AGDI working paper ; WP/12/005
    Umfang: Online-Ressource (29 S.)
  14. African stock market performance dynamics
    a multidimensional convergence assessment
    Autor*in: Asongu, Simplice A.
    Erschienen: 2012
    Verlag:  African Governance and Development Institute (AGDI), [Yaoundé]

    This paper dissects with great acuteness, the issues of convergence in financial performance dynamics in the African continent through the lenses of stock market capitalization, value traded, turnover and number of listed companies. The empirical... mehr

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 524 (12,04)
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    This paper dissects with great acuteness, the issues of convergence in financial performance dynamics in the African continent through the lenses of stock market capitalization, value traded, turnover and number of listed companies. The empirical evidence is premised on 11 homogenous panels based on regions (sub-Saharan and North Africa), income-levels (Low, Middle, Lower-middle and Upper-middle), legal-origins (English common-law and French civil-law) and religious dominations (Christianity and Islam). Findings provide partial support for the existence of absolute convergence in some dynamics. Only sub-Saharan Africa reveals conditional convergence in relation to per capita number of listed companies. The speed of convergence for the most part is between 12% and 28% per annum. As a policy implication, countries should work towards adopting common institutional and structural characteristics that favor stock market development.

     
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    hdl: 10419/123538
    Schriftenreihe: AGDI working paper ; WP/12/004
    Umfang: Online-Ressource (41 S.)
  15. African financial development dynamics
    big time convergence
    Autor*in: Asongu, Simplice A.
    Erschienen: 2012
    Verlag:  African Governance and Development Institute (AGDI), [Yaoundé]

    Purpose - Assessment of African financial development dynamic convergences in money, credit, efficiency and size. Design/Methodology - The empirical evidence is premised on 11 homogenous panels based on regions (Sub-Saharan and North Africa),... mehr

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    Purpose - Assessment of African financial development dynamic convergences in money, credit, efficiency and size. Design/Methodology - The empirical evidence is premised on 11 homogenous panels based on regions (Sub-Saharan and North Africa), income-levels (low, middle, lower-middle and upper-middle), legal-origins (English common-law and French civil-law) and religious dominations (Christianity and Islam). We examine convergence in financial intermediary dynamics of depth, efficiency, activity and size. Findings - Findings suggest that countries with small-sized financial intermediary depth, efficiency, activity and size are catching-up countries with large-sized financial intermediary depth, efficiency, activity and size respectively. We also provide the speeds of convergence and time necessary to achieve a full (100%) convergence. Practical implications - The presence of strong links among African banking sectors may present little opportunity for portfolio diversification. The convergence patterns show positive steps towards regional integration. As a policy implication, African governments should not relent in structural and institutional reforms. Originality/value - It is the first critical assessment of convergence in financial intermediary development dynamics in the African continent.

     
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    hdl: 10419/123545
    Schriftenreihe: AGDI working paper ; WP/12/003
    Umfang: Online-Ressource (47 S.)
  16. African development
    beyond income convergence
    Autor*in: Asongu, Simplice A.
    Erschienen: 2012
    Verlag:  African Governance and Development Institute (AGDI), [Yaoundé]

    In examining some big questions on African development, we provide evidence that dynamics of some development indicators could support both endogenous and neoclassical growth theories in the convergence debate. This paper investigates convergence in... mehr

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    In examining some big questions on African development, we provide evidence that dynamics of some development indicators could support both endogenous and neoclassical growth theories in the convergence debate. This paper investigates convergence in real per capita GDP and inequality adjusted human development in 38 African countries, disaggregated into 10 homogenous panels based on regions (Sub-Saharan and North Africa), income-levels (low, middle, lower-middle and upper-middle), legal-origins (English common-law and French civil-law) and religious dominations (Christianity and Islam). The main finding is that the income component of the human development index moves slower than others in the convergence process and thus requires a more focused policy intervention. As a policy implication, looking beyond income convergence can provide a concrete agenda for development involving all aspects of economic, institutional and social life.

     
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    Weitere Identifier:
    hdl: 10419/123542
    Schriftenreihe: AGDI working paper ; WP/12/002
    Umfang: Online-Ressource (37 S.)
  17. A short-run Schumpeterian trip to embryonic African monetary zones
    Autor*in: Asongu, Simplice A.
    Erschienen: 2012
    Verlag:  African Governance and Development Institute (AGDI), [Yaoundé]

    With the spectre of the Euro crisis looming substantially large and scaring potential monetary unions, this study is a short-run trip to embryonic African monetary zones to assess the Schumpeterian thesis for positive spillovers of financial services... mehr

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    With the spectre of the Euro crisis looming substantially large and scaring potential monetary unions, this study is a short-run trip to embryonic African monetary zones to assess the Schumpeterian thesis for positive spillovers of financial services on growth. Causality analysis is performed with seven financial development and three growth indicators in the proposed West African Monetary Zone (WAMZ) and East African Monetary Zone (EAMZ). The journey is promising for the EAMZ and lamentable for the WAMZ. Results of the EAMZ are broadly consistent with the traditional discretionary monetary policy arrangements while those of the WAMZ are in line with the non-traditional strand of regimes in which, policy instruments in the short-run cannot be used to offset adverse shocks to output. Policy implications are discussed.

     
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    Weitere Identifier:
    hdl: 10419/123544
    Schriftenreihe: AGDI working paper ; WP/12/001
    Umfang: Online-Ressource (20 S.), graph. Darst.
  18. Deforestation and welfare
    evidence from Africa
    Autor*in: Asongu, Simplice A.
    Erschienen: 2011
    Verlag:  African Governance and Development Institute (AGDI), [Yaoundé]

    This paper examines the effects of deforestation on the welfare of rural communities in the Congo Basin. Using moment conditions of agricultural and forest exploitations, findings indicate deforestation significantly improves welfare both at... mehr

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    This paper examines the effects of deforestation on the welfare of rural communities in the Congo Basin. Using moment conditions of agricultural and forest exploitations, findings indicate deforestation significantly improves welfare both at overall-rural and agricultural household per capita income levels. As a policy implication, in the process of forest exploitation a balanced approach is needed to take account of the interests of both rural communities, timber companies and international forest-sustainability standards. This should require among other things, the development and implementation of sustainable forest management plans by timber companies, exclusion from harvesting species that are important to local communities, compensation of timber companies for compliance with management plans as well as involvement of rural communities in monitoring the activities of timber companies.

     
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    Weitere Identifier:
    hdl: 10419/123535
    Schriftenreihe: AGDI working paper ; WP/11/022
    Umfang: Online-Ressource (26 S.), Kt.
  19. Democracy and stock market performance in African countries
    Autor*in: Asongu, Simplice A.
    Erschienen: 2011
    Verlag:  African Governance and Development Institute (AGDI), [Yaoundé]

    Purpose - This paper assesses the incidence of political institutions on stock market performance dynamics in Africa. Design/methodology/approach - The estimation technique used is a Two-Stage-Least Squares Instrumental Variable methodology. Channels... mehr

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    Purpose - This paper assesses the incidence of political institutions on stock market performance dynamics in Africa. Design/methodology/approach - The estimation technique used is a Two-Stage-Least Squares Instrumental Variable methodology. Channels of democracy, polity and autocracy are instrumented with legal-origins, religious-legacies, income-levels and press-freedom qualities to account for stock market performance dynamics of capitalization, value traded, turnover and number of listed companies. To ensure robustness of the analysis, the following checks are carried out: (1) usage of alternative indicators of political institutions; (2) employment of two distinct interchangeable sets of moment conditions that engender every category of the instruments; (3) usage of alternative indicators of stock market performance; (4) account for the concern of endogeneity; (5) usage of Principal Component Analysis(PCA) to reduce the dimensions of stock market dynamics and political indicators and then check for further robustness of findings in the regressions from resulting indexes. Findings - Findings broadly demonstrate that democracy improves investigated stock market performance dynamics. Practical implications – As a policy recommendation, the role of sound political institutions is crucial for financial development in Africa. Democracies have important effects on both the degree of competition for public office and the quality of public offices that favor stock market development in the African continent. Originality/value - To the best of our knowledge this is the first paper to assess the incidence of democracy on stock market performance in an exclusive African context. Political strife has plagued many African countries and continue to pose a significant threat to financial market development.

     
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    hdl: 10419/123534
    Schriftenreihe: AGDI working paper ; WP/11/021
    Umfang: Online-Ressource (41 S.)
  20. Finance and democracy in Africa
    Autor*in: Asongu, Simplice A.
    Erschienen: 2011
    Verlag:  African Governance and Development Institute (AGDI), [Yaoundé]

    This paper focuses on how political regimes affect financial development in Africa, contingent on religious-domination, income-levels and colonial-legacies. The main findings are summarized as follows. Authoritarian regimes have a higher propensity... mehr

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    This paper focuses on how political regimes affect financial development in Africa, contingent on religious-domination, income-levels and colonial-legacies. The main findings are summarized as follows. Authoritarian regimes have a higher propensity to effect policies that favour the development of financial intermediary depth, activity and size. Democracy has important effects on the degree of competition for public offices but less significant effects in comparison with autocracy on policies towards financial development. As a policy implication, once democracy is initiated, it should be accelerated (to edge the appeals of authoritarian regimes) and reap the benefits of level and time hypotheses in financial development.

     
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    hdl: 10419/123536
    Schriftenreihe: AGDI working paper ; WP/11/020
    Umfang: Online-Ressource (32 S.)
  21. Government quality determinants of stock market performance in African countries
    Autor*in: Asongu, Simplice A.
    Erschienen: 2011
    Verlag:  African Governance and Development Institute (AGDI), [Yaoundé]

    How do government policies and institutions affect stock market performance? As stock markets grow broader and deeper in African countries, the question becomes more critical. Government quality dynamics of corruption-control,... mehr

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    How do government policies and institutions affect stock market performance? As stock markets grow broader and deeper in African countries, the question becomes more critical. Government quality dynamics of corruption-control, government-effectiveness, political-stability or no violence, voice & accountability, regulation quality and rule of law are instrumented with income-levels, religious-dominations, press-freedom degrees and legal-origins to account for stock market performance dynamics of capitalization, value traded, turnover and number of listed companies. The results demonstrate a significant positive association between stock market performance measures and the quality of government institutions. These findings suggest countries with better developed government institutions would favor stock markets with higher market capitalization, better turnover ratios, higher value in shares traded and greater number of listed companies.

     
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    hdl: 10419/123537
    Schriftenreihe: AGDI working paper ; WP/11/019
    Umfang: Online-Ressource (40 S.)
  22. Law, democracy and the quality of government in Africa
    Autor*in: Asongu, Simplice A.
    Erschienen: 2011
    Verlag:  African Governance and Development Institute (AGDI), [Yaoundé]

    This paper examines the big questions of African comparative politics. It assesses the interaction of three crucial components in the development of the continent: law, democracy and quality of government. Political regimes of democracy, polity and... mehr

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    This paper examines the big questions of African comparative politics. It assesses the interaction of three crucial components in the development of the continent: law, democracy and quality of government. Political regimes of democracy, polity and autocracy are instrumented with income-levels, legal-origins, religious-dominations and press-freedom levels to account for government quality dynamics of corruption-control, government-effectiveness, voice and accountability, political-stability, regulation quality and rule of law. Findings indicate democracy has an edge over autocracy while the later and polity overlap. A democracy that takes into account only the voice of the majority is better in government quality than autocracy, while a democracy that takes into account the voice of the minority (polity) is worse in government quality than autocracy. As a policy implication, democracy once initiated should be accelerated to edge the appeals of authoritarian regimes and reap the benefits of time and level hypotheses.

     
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    hdl: 10419/123533
    Schriftenreihe: AGDI working paper ; WP/11/018
    Umfang: Online-Ressource (30 S.)
  23. Population growth and forest sustainability in Africa
    Autor*in: Asongu, Simplice A.; Jingwa, Brian A.
    Erschienen: 2011
    Verlag:  African Governance and Development Institute (AGDI), [Yaoundé]

    Recent distressing trends in climate change, population explosion and deforestation inspired this paper, which completes existing literature by providing empirical justification to hypothetical initiatives on the impact of population growth on forest... mehr

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    Recent distressing trends in climate change, population explosion and deforestation inspired this paper, which completes existing literature by providing empirical justification to hypothetical initiatives on the impact of population growth on forest sustainability in Africa. Using three instruments of forest exploitation, the study shows how rural, agricultural and national population growths affect forest-area and agricultural-land. In this particular study the findings indicate that instruments of forest exploitation do not explain changes in forest-area and agricultural-land beyond population growth mechanisms. Hence, population growth channels are a driving force by which forest-area and agricultural-land are depleted and expanded respectively. As a policy implication in the process of deforestation, a balanced approach is needed to take account of the interests of both; a green economy promoting sustainable development and the growing population needs.

     
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    hdl: 10419/123532
    Schriftenreihe: AGDI working paper ; WP/11/017
    Umfang: Online-Ressource (29 S.), graph. Darst., Kt.
  24. Finance and inequality
    exploring pro-poor investment channels in Africa
    Autor*in: Asongu, Simplice A.
    Erschienen: 2011
    Verlag:  African Governance and Development Institute (AGDI), [Yaoundé]

    Hitherto very few studies on the inequality-finance(investment) nexus have focused on the African continent owing to lack of relevant data. This paper integrates previously missing investment and financial components in the assessment of how finance... mehr

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    Hitherto very few studies on the inequality-finance(investment) nexus have focused on the African continent owing to lack of relevant data. This paper integrates previously missing investment and financial components in the assessment of how finance affects pro-poor investment channels. Findings reveal, but for the case of foreign investment, financial development dynamics of depth, efficiency, activity and size have an equalizing effect on income distribution through private, public and domestic investment channels. As a policy implication investment-targeted financial reforms that aim to curb poverty should take account of the disequalizing income-effect of foreign investment in undeveloped countries.

     
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    hdl: 10419/123531
    Schriftenreihe: AGDI working paper ; WP/11/016
    Umfang: Online-Ressource (31 S.)
  25. Investment and inequality in Africa
    which financial channels are good for the poor?
    Autor*in: Asongu, Simplice A.
    Erschienen: 2011
    Verlag:  African Governance and Development Institute (AGDI), [Yaoundé]

    This paper examines how domestic, foreign, private and public investments affect income-inequality through financial intermediary dynamics. With the exception of financial allocation efficiency, financial channels of depth and activity are good for... mehr

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    This paper examines how domestic, foreign, private and public investments affect income-inequality through financial intermediary dynamics. With the exception of financial allocation efficiency, financial channels of depth and activity are good for the poor as they diminish estimated household income-inequality. Financial size does not have a significant income-redistributive effect. Financial efficiency has a disequalizing effect, implying policies designed to improve the allocation of mobilized funds only benefit the rich to the detriment of the poor. The use of financial and investment dimensions previously missing in the literature provide new insights into the finance-inequality nexus. Policy implications are discussed.

     
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    hdl: 10419/123530
    Schriftenreihe: AGDI working paper ; WP/11/015
    Umfang: Online-Ressource (30 S.)