@workingpaper{Asongu2013bu,
title = {Crime and conflicts in Africa: consequences of corruption?},
author = {Oasis Kodila-Tedika Simplice A. Asongu},
editor = {African 2013 Governance and Development Institute WP/13/004},
url = {http://www.afridev.org/RePEc/agd/agd-wpaper/Crimes-and-conflicts-in-Africa.-Consequences-of-Corruption.pdf},
year = {2013},
date = {2013-01-01},
abstract = {With earthshaking and jaw-breaking levels of corruption in the African continent, the
question on the extent to which corruption influences crime still remains unanswered. This
paper assesses the effect of corruption (corruption-control) in 38 African countries using
updated data. We find that, crime is highly positively (negatively) correlated with corruption
(corruption-control). The potential mitigation effect (by corruption-control) is higher than the
corresponding positive effect of corruption, implying, corruption-control offsets crime
emanating beyond the corruption mechanism (inter alia, other poor governance mechanisms).
The relationship is statistically strong when controlling for the number of police officers, age
dependency, per capital economic prosperity, level of education, government effectiveness
and population density. Given that crime is proxied by the level of organized internal conflict,
the findings also sustain the substantial role of corruption in the birth and propagation of
conflicts within and across Africa. Policy implications are discussed.},
keywords = {Security; Corruption; Crime; Conflicts; Africa},
pubstate = {published},
tppubtype = {workingpaper}
}

@workingpaper{Asongu2013bv,
title = {Does Money Matter in Africa? New Empirics on Long- and Short-run Effects of Monetary Policy on Output and Prices},
author = {Simplice A Asongu},
editor = {African 2013 Governance and Development Institute WP/13/005},
url = {http://www.afridev.org/RePEc/agd/agd-wpaper/Does-money-matter-in-Africa.-New-empirics-on-Long-and-Short-run-Effects-of-Monetary-Policy-on-Output-and-Prices.pdf},
year = {2013},
date = {2013-01-01},
abstract = {Purpose – While in developed economies, changes in monetary policy affect real economic
activity in the short-run but only prices in the long-run, the question of whether these
tendencies apply to developing countries remains open to debate. In this paper, we examine
the effects of monetary policy on economic activity using a plethora of hitherto unemployed
financial dynamics in inflation-chaotic African countries for the period 1987-2010.
Design/methodology/approach – VARs within the frameworks of VECMs and simple
Granger causality models are used to estimate the long-run and short-run effects respectively.
A battery of robustness checks are also employed to ensure consistency in the specifications
and results.
Findings – But for slight exceptions, the tested hypotheses are valid under monetary policy
independence and dependence. Hypothesis 1: Monetary policy variables affect prices in the
long-run but not in the short-run. For the first-half (long-run dimension) of the hypothesis,
permanent changes in monetary policy variables (depth, efficiency, activity and size) affect
permanent variations in prices in the long-term. But in cases of disequilibriums only financial
dynamic fundamentals of depth and size significantly adjust inflation to the cointegration
relations. With respect to the second-half (short-run view) of the hypothesis, monetary policy
does not overwhelmingly affect prices in the short-term. Hence, but for a thin exception
Hypothesis 1 is valid.
Hypothesis 2: Monetary policy variables influence output in the short-term but not in
the long-term. With regard to the short-term dimension of the hypothesis, only financial
dynamics of depth and size affect real GDP output in the short-run. As concerns the long-run
dimension, the neutrality of monetary policy has been confirmed. Hence, the hypothesis is
also broadly valid.
Practical Implications – A wide range of policy implications are discussed. Inter alia: the
long-run neutrality of money and business cycles, credit expansions and inflationary
tendencies, inflation targeting and monetary policy independence implications.
Country/regional specific implications, the manner in which the findings reconcile the
ongoing debate, measures for fighting surplus liquidity, caveats and future research directions
are also discussed.
Originality/value – By using a plethora of hitherto unemployed financial dynamics (that
broadly reflect monetary policy), we provide significant contributions to the empirics of
money. The conclusion of the analysis is a valuable contribution to the scholarly and policy
debate on how money matters as an instrument of economic activity in developing countries.},
keywords = {Monetary Policy; Banking; Inflation; Output effects; Africa},
pubstate = {published},
tppubtype = {workingpaper}
}

@workingpaper{Asongu2013bw,
title = {Fighting African Conflicts and Crimes: Which Governance Tools Matter?},
author = {Oasis Kodila-Tedika Simplice A. Asongu},
editor = {African 2013 Governance and Development Institute WP/13/007},
url = {http://www.afridev.org/RePEc/agd/agd-wpaper/Fighting-African-Conflicts-and-Crime.-Which-Governance-Tools-Matter.pdf},
year = {2013},
date = {2013-01-01},
abstract = {Crimes and conflicts are seriously undermining African development. This article
assesses the best governance tools in the fight against the scourges. The following findings are
established. (1) Democracy, autocracy and voice & accountability have no significant
negative correlations with crime. (2) The increasing relevance of government quality in the
fight is as follows: regulation quality, government effectiveness, political stability, rule of law
and corruption-control. (3) Corruption-control is the most effective mechanism in fighting
crime (conflicts). The findings are significantly strong when controlling for age dependency,
number of police (and security) officers, per capita economic prosperity, educational level and
population density. Justifications for the edge of corruption-control (as the most effective
governance tool) and policy implications are discussed.},
keywords = {Security; Governance; Conflicts; Crime; Africa},
pubstate = {published},
tppubtype = {workingpaper}
}

@workingpaper{Asongu2013bx,
title = {Fighting African capital flight: timelines for the adoption of common policies},
author = {Simplice A Asongu},
editor = {African 2013 Governance and Development Institute WP/13/008},
url = {http://www.afridev.org/RePEc/agd/agd-wpaper/Fighting-African-Capital-Flight.-Timelines-for-the-adoption-of-common-policies.pdf},
year = {2013},
date = {2013-01-01},
abstract = {This paper provides an exhaustive assessment of feasible horizons for policy
harmonization against African capital flight. The empirical evidence is based on a
methodological innovation on common policy initiatives and the results are premised on 15
fundamental characteristics of African capital flight based on income-levels, legal origins,
natural resources, political stability and religious domination. Based on the findings, a
genuine standard-setting timeframe is in the horizon of 6-13 years. Within the timeframe,
common policies are feasible and could be enforced without distinction of nationality or
locality in identified fundamental characteristics with full convergence.},
keywords = {Econometric modeling; Big push; Capital flight; Debt relief; Africa},
pubstate = {published},
tppubtype = {workingpaper}
}

@workingpaper{Asongu2013by,
title = {Finance and growth: Schumpeter might be wrong in our era. New evidence from Meta-analysis},
author = {Simplice A Asongu},
editor = {African 2013 Governance and Development Institute WP/13/009},
url = {http://www.afridev.org/RePEc/agd/agd-wpaper/Finance-and-growth.-Schumpeter-might-be-wrong-in-our-era.-New-evidence-from-meta-analysis.pdf},
year = {2013},
date = {2013-01-01},
abstract = {Purpose – In a meta-study on the finance-growth nexus, we have bridged the gap between
Schumpeterian authors and sympathizers of a questionable finance-growth nexus.
Design/methodology/approach – Over 20 fundamental characteristics that have influenced the
debate over the last decades have been examined. The empirical evidence is based on 196
outcomes from 20 studies. We assess the degree of heterogeneity and identify causes of the
observed differentiation.
Findings – Our findings also show evidence of publication bias. Overall, a genuine effect exists
between financial development and economic growth. Schumpeter’s thesis might be wrong in our
era because of: endogeneity-based estimations, publication bias and, effects of financial activity.
A historical justification has also been discussed.
Originality/value – Very few meta-analysis studies have focused on the finance-growth nexus.},
keywords = {Meta analysis; Finance; Economic growth; Publication bias},
pubstate = {published},
tppubtype = {workingpaper}
}

@workingpaper{Asongu2013bz,
title = {How do financial reforms affect inequality through financial sector competition? Evidence from Africa},
author = {Simplice A Asongu},
editor = {African 2013 Governance and Development Institute WP/13/011},
url = {http://www.afridev.org/RePEc/agd/agd-wpaper/How-do-financial-reforms-affect-inequality-through-financial-sector-competition.pdf},
year = {2013},
date = {2013-01-01},
abstract = {In the first empirical study on how financial reforms have been instrumental in
mitigating inequality through financial sector competition, we contribute at the same time to
the macroeconomic literature on measuring financial development and respond to the growing
field of economic development by means of informal sector promotion. Hitherto, unexplored
financial sector concepts of formalization, semi-formalization and informalization are
introduced. Four main findings are established: (1) while formal financial development
decreases inequality, financial sector formalization increases it; (2) whereas semi-formal
financial development increases inequality, the effect of financial semi-formalization is
unclear; (3) both informal financial development and financial informalization have an
income equalizing effect and; (4) non-formal financial development is pro-poor. Policy
implications are discussed.},
keywords = {Financial Development; Shadow Economy; Poverty; Inequality; Africa},
pubstate = {published},
tppubtype = {workingpaper}
}

@workingpaper{Asongu2013b_26,
title = {How has politico-economic liberalization affected financial allocation efficiency? Fresh African evidence},
author = {Simplice A Asongu},
editor = {African 2013 Governance and Development Institute WP/13/012},
url = {http://www.afridev.org/RePEc/agd/agd-wpaper/How-has-politico-economic-liberalization-affected-financial-allocation-efficiency.-Fresh-African-evidence.pdf},
year = {2013},
date = {2013-01-01},
abstract = {This paper investigates how financial, trade, institutional and political liberalization
policies have affected financial efficiency in Africa. It uses updated data to appraise second
generation reforms in order to gather fresh evidence and derive more updated policy
implications. The ‘freedom to trade’ and ‘economic freedom’ indices are also employed. The
following findings are established. (1) Financial liberalization mitigates financial allocation
efficiency, with the magnitude of the de jure indicator (KAOPEN) higher than that of the de
facto measurement (FDI). (2) Exports significantly improve financial efficiency. (3)
Institutional liberalization has a positive effect on the efficiency of allocation while the effect
of political liberalization is not significant. (4) Freedom of trade decreases (improves)
financial (banking) system efficiency. (5) Economic freedom facilitates the transformation of
mobilized financial resources (deposits) into credit for economic operators. Justifications for
these nexuses are provided.},
keywords = {Liberalization policies; Capital allocation; Africa},
pubstate = {published},
tppubtype = {workingpaper}
}

@workingpaper{Asongu2013b_27,
title = {How would monetary policy matter in the proposed African monetary unions? Evidence from output and prices},
author = {Simplice A Asongu},
editor = {African 2013 Governance and Development Institute WP/13/013},
url = {http://www.afridev.org/RePEc/agd/agd-wpaper/How-would-monetary-policy-matter-in-the-proposed-African-monetary-unions.pdf},
year = {2013},
date = {2013-01-01},
abstract = {We analyze the effects of monetary policy on economic activity in the proposed
African monetary unions. Findings broadly show that: (1) but for financial efficiency in the
EAMZ, monetary policy variables affect output neither in the short-run nor in the long-term
and; (2) with the exception of financial size that impacts inflation in the EAMZ in the shortterm,
monetary policy variables generally have no effect on prices in the short-run. The
WAMZ may not use policy instruments to offset adverse shocks to output by pursuing either
an expansionary or a contractionary policy, while the EAMZ can do with the ‘financial
allocation efficiency’ instrument. Policy implications are discussed.},
keywords = {Monetary Policy; Banking; Inflation; Output effects; Africa},
pubstate = {published},
tppubtype = {workingpaper}
}