@article{Asongu_502,
author = {Nwachukwu J C Asongu S. A},
url = {http://link.springer.com/article/10.1007/s10842-016-0240-1},
doi = {10.1007/s10842-016-0240-1},
year = {2016},
date = {2016-12-27},
journal = {Journal of Industry, Competition and Trade},
abstract = {This study investigates the effect of governance on capital flight by bundling and unbundling governance. The empirical evidence is based on 37 African countries for the period 1996–2010 and the Generalised Method of Moments. Governance is bundled by principal component analysis, namely: (i) political governance from political stability and ‘voice and accountability’; (ii) economic governance from government effectiveness and regulation quality and (iii) institutional governance from corruption-control and the rule of law. The following findings are established. (i) Political stability and ‘voice and accountability’ reduce capital flight while the collective effect of political governance is not significant. (ii) Economic governance increases capital flight whereas the individual effects of regulation quality and government effectiveness are not significant. (iii) Corruption-control and institutional governance negatively affect capital flight whereas the impact of the rule of law is not significant. (iv) Taken together, Corruption-control is the most effective governance weapon in the fight against capital flight. (v) Priority in the Washington Consensus is more effective at fighting capital flight compared to the Beijing Model. Policy implications are discussed.},
keywords = {Econometric modelling; Capital flight; Governance; Africa},
pubstate = {published},
tppubtype = {article}
}

@article{Asongu_503,
author = {Simplice Asongu & Jacinta Nwachukwu},
url = {http://journals.sagepub.com/doi/pdf/10.1177/1478929916663217},
doi = {10.1177/1478929916663217},
year = {2016},
date = {2016-12-27},
journal = {Political Studies Review},
abstract = {This article assesses the effect of political institutions on stock market performance in 14 African countries for which stock market data are available for the period 1990–2010. The estimation technique used is a two-stage least-squares instrumental variable methodology. Political regime 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 capitalisation, value traded, turnover and number of listed companies. The findings show that countries with democratic regimes enjoy higher levels of financial market development compared to their counterparts with autocratic inclinations. As a policy implication, the role of sound political institutions has important effects on both the degree of competition for public office and the quality of public offices that favour stock market development on the African continent.},
keywords = {Development, financial markets, government policy},
pubstate = {published},
tppubtype = {article}
}

@article{Asongu_504,
author = {Nwachukwu & Tchamyou J C V S Asongu S. A.},
url = {http://www.sciencedirect.com/science/article/pii/S1879933715300543},
doi = {10.1016/j.rdf.2016.09.001},
year = {2016},
date = {2016-12-23},
journal = {Review of Development Finance},
abstract = {We examine policy thresholds of information sharing for financial development in 53 African countries for the period 2004–2011. Public credit registries (PCRs) and private credit bureaus (PCBs) are used as proxies for reducing information asymmetry whereas financial development includes all financial dimensions identified by the financial development and structure database (FDSD) of the World Bank, namely: depth, efficiency, activity and size. The empirical evidence is based on interactive generalised methods of moments with forward orthogonal deviations. The following findings are established. First, PCRs and PCBs have negative effects on financial depth, with the magnitude of the former higher. Second, contrary to PCRs which have insignificant effects, PCBs have a negative impact on banking system efficiency. Third, PCRs and PCBs have negative impacts on financial activity, with the magnitude of the latter higher. Moreover, both of their marginal effects are negative. Fourth, PCRs and PCBs have positive effects on financial size, with the effect of the former higher. While marginal effects are positive, corresponding thresholds are not within range. Policy implications are discussed.},
keywords = {Information asymmetry; Financial development; Africa},
pubstate = {published},
tppubtype = {article}
}

@article{Asongu_507,
author = {Nwachukwu J C Asongu S. A},
url = {http://eaces.liuc.it/18242979201602/182429792016130204.pdf},
year = {2016},
date = {2016-12-23},
journal = {European Journal of Comparative Economics},
volume = {13},
number = {2},
pages = {221-246},
abstract = {An April 2015 World Bank report on the Millennium Development Goal poverty target has revealed that extreme poverty has been decreasing in all regions of the world with the exception of Africa. This study extends the implications of Thomas Piketty’s celebrated literature from developed countries to the nexus between developed nations and African countries by building on responses from Rogoff (2014) and Stiglitz (2014), post Washington Consensus paradigms and underpinnings from Solow-Swan and Boyce-Fofack-Ndikumana. The central argument presented is that the inequality problem is at the heart of rational asymmetric development between rich and poor countries. Piketty has shown that inequality increases when the return on capital is higher than the growth rate, because the poor cannot catch-up with the rich. We argue that when the return on political economy (or capitalism fuelled illicit capital flight) is higher than the growth rate in African countries, inequality in development increases and Africa may not catch-up with the developed world. As an ideal solution, Piketty has proposed progressive income taxation based on automatic exchange of bank information. The ideal analogy proposed in tackling the spirit of African poverty is a comprehensive commitment to fighting illicit capital flight based on this. Hence, contrary to theoretical underpinnings of exogenous growth models, catch-up may not be so apparent. Implications for the corresponding upward bias in endogenous development and catch-up literature are discussed.},
keywords = {Capital flight, Development, Foreign aid, Inequality, Piketty},
pubstate = {published},
tppubtype = {article}
}