AGDI currently has about 300 publications.
2020 |
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1. | Asongu, Kingsley Odo Patrick Ojiem Chimere Iheonu Simplice O K O A Financial Innovation, 2020. Abstract | Links | BibTeX | Tags: ECOWAS, Finance, investment @article{Asongu_29, author = {Kingsley Odo Patrick Ojiem O K Chimere O. Iheonu Simplice A. Asongu}, url = {https://jfin-swufe.springeropen.com/articles/10.1186/s40854-020-00195-0}, doi = {10.1186/s40854-020-00195-0}, year = {2020}, date = {2020-08-31}, journal = {Financial Innovation}, abstract = {This study investigated the impact of financial sector development on domestic investment in selected countries of the Economic Community of West African States (ECOWAS) for the years 1985–2017. The study employed the augmented mean group procedure, which accounts for country-specific heterogeneity and cross-sectional dependence, and the Granger non-causality test to test for causality in the presence of cross-sectional dependence. The results show that (1) The impact of financial sector development on domestic investment depends on the measure of financial sector development utilised; (2) Domestic credit to the private sector has a positive but insignificant impact on domestic investment in ECOWAS, whereas banking intermediation efficiency (i.e., ability of the banks to transform deposits into credit) and broad money supply negatively and significant influence domestic investment; (3) Cross-country differences exist in the impact of financial sector development on domestic investment in the selected ECOWAS countries; and (4) Domestic credit to the private sector Granger causes domestic investment in ECOWAS. The study recommends careful consideration in the measure of financial development that is utilised as a policy instrument to foster domestic investment. We also highlight the importance of employing country-specific domestic investment policies to avoid blanket policy measures. Domestic credit to the private sector should be given priority when forecasting domestic investment into the future.}, keywords = {ECOWAS, Finance, investment}, pubstate = {published}, tppubtype = {article} } This study investigated the impact of financial sector development on domestic investment in selected countries of the Economic Community of West African States (ECOWAS) for the years 1985–2017. The study employed the augmented mean group procedure, which accounts for country-specific heterogeneity and cross-sectional dependence, and the Granger non-causality test to test for causality in the presence of cross-sectional dependence. The results show that (1) The impact of financial sector development on domestic investment depends on the measure of financial sector development utilised; (2) Domestic credit to the private sector has a positive but insignificant impact on domestic investment in ECOWAS, whereas banking intermediation efficiency (i.e., ability of the banks to transform deposits into credit) and broad money supply negatively and significant influence domestic investment; (3) Cross-country differences exist in the impact of financial sector development on domestic investment in the selected ECOWAS countries; and (4) Domestic credit to the private sector Granger causes domestic investment in ECOWAS. The study recommends careful consideration in the measure of financial development that is utilised as a policy instrument to foster domestic investment. We also highlight the importance of employing country-specific domestic investment policies to avoid blanket policy measures. Domestic credit to the private sector should be given priority when forecasting domestic investment into the future. |
2. | Alimi, Simplice Asongu Ibrahim Raheem Kazeem Ajide Olorunfemi A D B Y International Journal of Finance and Economics, 2020. Abstract | Links | BibTeX | Tags: Africa, Finance, Institutions @article{Asongu_30, author = {Simplice Asongu Ibrahim Raheem A D Kazeem B. Ajide Olorunfemi Y. Alimi}, url = {https://onlinelibrary.wiley.com/doi/10.1002/ijfe.2145}, doi = {10.1002/ijfe.2145}, year = {2020}, date = {2020-08-20}, journal = {International Journal of Finance and Economics}, abstract = {This paper investigates the role of institutional infrastructures in the financial inclusion‐growth nexus for a panel of 20 countries in sub‐Sahara Africa (SSA). Employing the System Generalized Method of Moments (GMM), the following insightful outcomes are established. First, while there is an unrestricted positive impact of physical access to ATMs and ICT measures of financial inclusion on SSA's growth, only the former was found significant. Second, the four institutional components via economic, political, institutional and general governances were also found to be growth‐spurring. Lastly, countries with low levels of real per capita income are catching=up with other countries with high levels of real income per capita. The empirical evidence of some negative net effects and insignificant marginal impacts are indications that imperfections in the financial markets are sometimes employed to the disadvantage of the poor. On the whole, we established positive effects on growth for the most part. The positive effects are evident because the governance indicators complement financial inclusion in reducing pecuniary constraints hindering credit access and allocation to the poor that deteriorate growth.}, keywords = {Africa, Finance, Institutions}, pubstate = {published}, tppubtype = {article} } This paper investigates the role of institutional infrastructures in the financial inclusion‐growth nexus for a panel of 20 countries in sub‐Sahara Africa (SSA). Employing the System Generalized Method of Moments (GMM), the following insightful outcomes are established. First, while there is an unrestricted positive impact of physical access to ATMs and ICT measures of financial inclusion on SSA's growth, only the former was found significant. Second, the four institutional components via economic, political, institutional and general governances were also found to be growth‐spurring. Lastly, countries with low levels of real per capita income are catching=up with other countries with high levels of real income per capita. The empirical evidence of some negative net effects and insignificant marginal impacts are indications that imperfections in the financial markets are sometimes employed to the disadvantage of the poor. On the whole, we established positive effects on growth for the most part. The positive effects are evident because the governance indicators complement financial inclusion in reducing pecuniary constraints hindering credit access and allocation to the poor that deteriorate growth. |
3. | Nnanna, Paul N.Acha-Anyi Simplice Asongu Joseph A Economic Analysis and Policy, 2020. Abstract | Links | BibTeX | Tags: Africa, Finance, Gender @article{Asongu_39, author = {Paul N.Acha-Anyi Simplice A. Asongu Joseph Nnanna}, url = {https://www.sciencedirect.com/science/article/abs/pii/S0313592620304008#!}, doi = {10.1016/j.eap.2020.07.006}, year = {2020}, date = {2020-07-22}, journal = {Economic Analysis and Policy}, abstract = {This research establishes inequality critical masses that should not be exceeded in order for financial access to promote gender parity inclusive education. The focus is on 42 countries in Sub-Saharan Africa and the data is for the period 2004-2014. The estimation approach is the Generalized Method of Moments. When remittances are involved in the conditioning information set: (i) the Palma ratio should not exceed 6.000 in order for financial access to promote gender parity inclusive “primary and secondary education” and (ii) the Atkinson index should not exceed 0.695 in order for financial access to promote inclusive tertiary education. However, when the internet is involved in the conditioning information set, it is established that in order for financial access to promote inclusive primary and secondary education, the: (i) Gini coefficient should not exceed 0.571; (ii) Atkinson index should not be above 0.750 and (iii) Palma ratio should be maintained below 8.000. Irrespective of variable in the conditioning information set, what is apparent is that inequality decreases the incidence of financial access on inclusive education. Hence, a common policy measure is to reduce inequality in order to promote inclusive education using the financial access mechanism. Policy implications are discussed in the light of Sustainable Development Goals.}, keywords = {Africa, Finance, Gender}, pubstate = {published}, tppubtype = {article} } This research establishes inequality critical masses that should not be exceeded in order for financial access to promote gender parity inclusive education. The focus is on 42 countries in Sub-Saharan Africa and the data is for the period 2004-2014. The estimation approach is the Generalized Method of Moments. When remittances are involved in the conditioning information set: (i) the Palma ratio should not exceed 6.000 in order for financial access to promote gender parity inclusive “primary and secondary education” and (ii) the Atkinson index should not exceed 0.695 in order for financial access to promote inclusive tertiary education. However, when the internet is involved in the conditioning information set, it is established that in order for financial access to promote inclusive primary and secondary education, the: (i) Gini coefficient should not exceed 0.571; (ii) Atkinson index should not be above 0.750 and (iii) Palma ratio should be maintained below 8.000. Irrespective of variable in the conditioning information set, what is apparent is that inequality decreases the incidence of financial access on inclusive education. Hence, a common policy measure is to reduce inequality in order to promote inclusive education using the financial access mechanism. Policy implications are discussed in the light of Sustainable Development Goals. |
4. | A., Nting Nnanna Asongu R J S Journal of Economic Studies, 2020. Abstract | Links | BibTeX | Tags: Competition, Finance, Savings banks @article{Asongu_76, author = {Nting Nnanna R J Asongu S. A.}, url = {https://www.emerald.com/insight/content/doi/10.1108/JES-04-2019-0166/full/html}, doi = {10.1108/JES-04-2019-0166}, year = {2020}, date = {2020-05-15}, journal = {Journal of Economic Studies}, abstract = {Purpose In this study, we test the so-called “Quiet Life Hypothesis” (QLH), which postulates that banks with market power are less efficient. Design/methodology/approach We employ instrumental variable Ordinary Least Squares, Fixed Effects, Tobit and Logistic regressions. The empirical evidence is based on a panel of 162 banks consisting of 42 African countries for the period 2001–2011. There is a two-step analytical procedure. First, we estimate Lerner indices and cost efficiency scores. Then, we regress cost efficiency scores on Lerner indices contingent on bank characteristics, market features and the unobserved heterogeneity. Findings The empirical evidence does not support the QLH because market power is positively associated with cost efficiency. Originality/value Owing to data availability constraints, this is one of the few studies to test the QLH in African banking.}, keywords = {Competition, Finance, Savings banks}, pubstate = {published}, tppubtype = {article} } Purpose In this study, we test the so-called “Quiet Life Hypothesis” (QLH), which postulates that banks with market power are less efficient. Design/methodology/approach We employ instrumental variable Ordinary Least Squares, Fixed Effects, Tobit and Logistic regressions. The empirical evidence is based on a panel of 162 banks consisting of 42 African countries for the period 2001–2011. There is a two-step analytical procedure. First, we estimate Lerner indices and cost efficiency scores. Then, we regress cost efficiency scores on Lerner indices contingent on bank characteristics, market features and the unobserved heterogeneity. Findings The empirical evidence does not support the QLH because market power is positively associated with cost efficiency. Originality/value Owing to data availability constraints, this is one of the few studies to test the QLH in African banking. |
2019 |
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5. | Tiwari, Daniel Balsalobre-Lorente Ibrahim Raheem Aviral D K 2019. Abstract | Links | BibTeX | Tags: economic development, Finance, ICT @unpublished{Raheemb, author = {Daniel Balsalobre-Lorente Ibrahim D. Raheem Aviral K. Tiwari}, url = {http://www.afridev.org/RePEc/agd/agd-wpaper/The-Role-of-ICT-and-Financial-Development-on-CO2-Emissions-and-Economic-Growth.pdf}, year = {2019}, date = {2019-09-20}, abstract = {This study explores the role of the information and communication Technology (ICT) and financial development (FD) on both carbon emissions and economic growth for the G7 countries for the period 1990-2014. Using PMG, we found that ICT has a long run positive effect on emissions, while FD is a weak determinant. The interactive term between the ICT and FD produces negative coefficients. Also, both variables are found to impact negatively on economic growth. However, their interactions show they have mixed effects on economic growth (i.e., positive in the short-run and negative in the long-run). Policy implications were designed based on these results.}, keywords = {economic development, Finance, ICT}, pubstate = {published}, tppubtype = {unpublished} } This study explores the role of the information and communication Technology (ICT) and financial development (FD) on both carbon emissions and economic growth for the G7 countries for the period 1990-2014. Using PMG, we found that ICT has a long run positive effect on emissions, while FD is a weak determinant. The interactive term between the ICT and FD produces negative coefficients. Also, both variables are found to impact negatively on economic growth. However, their interactions show they have mixed effects on economic growth (i.e., positive in the short-run and negative in the long-run). Policy implications were designed based on these results. |
6. | Asongu, Simplice International Journal of Public Administration, 2019. Abstract | Links | BibTeX | Tags: Africa, Finance, Output @article{Asongu_177, author = {Simplice Asongu}, url = {https://www.tandfonline.com/doi/full/10.1080/01900692.2019.1664570}, doi = {10.1080/01900692.2019.1664570}, year = {2019}, date = {2019-09-16}, journal = {International Journal of Public Administration}, abstract = {The purpose of this study is to investigate whether enhancing financial access influences productivity in Sub-Saharan Africa. The research focuses on 25 countries in the region with data for the period 1980–2014. The adopted empirical strategy is the Generalised Method of Moments. The credit channel of financial access is considered and proxied by private domestic credit while four main total factor productivity (TFP) dynamics are adopted for the study, namely: TFP, real TFP, welfare TFP and real welfare TFP. It is apparent from the findings that enhancing financial access positively affects welfare TFP whereas the effect is not significant on TFP, real TFP and welfare TFP. Policy implications are discussed. The study complements the extant literature by engaging hitherto unemployed dynamics of TFP in Sub-Saharan Africa.}, keywords = {Africa, Finance, Output}, pubstate = {published}, tppubtype = {article} } The purpose of this study is to investigate whether enhancing financial access influences productivity in Sub-Saharan Africa. The research focuses on 25 countries in the region with data for the period 1980–2014. The adopted empirical strategy is the Generalised Method of Moments. The credit channel of financial access is considered and proxied by private domestic credit while four main total factor productivity (TFP) dynamics are adopted for the study, namely: TFP, real TFP, welfare TFP and real welfare TFP. It is apparent from the findings that enhancing financial access positively affects welfare TFP whereas the effect is not significant on TFP, real TFP and welfare TFP. Policy implications are discussed. The study complements the extant literature by engaging hitherto unemployed dynamics of TFP in Sub-Saharan Africa. |
2015 |
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7. | Asongu, Simplice A Managerial Finance, 41 (6), pp. 615-639, 2015. Abstract | Links | BibTeX | Tags: Economic growth, Finance, Meta-analysis, Publication bias @article{Asongu_644, author = {Simplice A Asongu}, url = {http://dx.doi.org/10.1108/MF-09-2013-0249}, doi = {10.1108/MF-09-2013-0249}, year = {2015}, date = {2015-06-01}, journal = {Managerial Finance}, volume = {41}, number = {6}, pages = {615-639}, abstract = {Purpose – The purpose of this paper is to bridge the gap between the pros and cons 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. The author assesses the degree of heterogeneity and identify causes of the observed differentiation. Findings – The findings also show evidence of publication bias. Overall, a genuine effect exists between financial development and economic growth. A finance-growth nexus might not be appealing in our era because of: endogeneity-based estimations, publication bias, and effects of financial activity. A historical justification has also been discussed. Practical implications – Encouraging the publication of results with findings that are not consistent with the mainstream positive finance-growth nexus should provide new scholarly insights into the relationship. Depending on the specific context of sampled countries, the role of policy has also been to encourage financial development through measures that may expose countries to negative external shocks like financial crises. Policy makers that have been viewing the challenges of development exclusively from this point of view for the rewards of growth may not be getting the financial dynamics correctly. Originality/value – Very few meta-analysis studies have focused on the finance-growth nexus.}, keywords = {Economic growth, Finance, Meta-analysis, Publication bias}, pubstate = {published}, tppubtype = {article} } Purpose – The purpose of this paper is to bridge the gap between the pros and cons 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. The author assesses the degree of heterogeneity and identify causes of the observed differentiation. Findings – The findings also show evidence of publication bias. Overall, a genuine effect exists between financial development and economic growth. A finance-growth nexus might not be appealing in our era because of: endogeneity-based estimations, publication bias, and effects of financial activity. A historical justification has also been discussed. Practical implications – Encouraging the publication of results with findings that are not consistent with the mainstream positive finance-growth nexus should provide new scholarly insights into the relationship. Depending on the specific context of sampled countries, the role of policy has also been to encourage financial development through measures that may expose countries to negative external shocks like financial crises. Policy makers that have been viewing the challenges of development exclusively from this point of view for the rewards of growth may not be getting the financial dynamics correctly. Originality/value – Very few meta-analysis studies have focused on the finance-growth nexus. |
2014 |
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8. | Asongu, Simplice A Institutions and Economies, 6 (3), pp. 92-116, 2014. Abstract | Links | BibTeX | Tags: Banking, Democracy, Development, Finance, Politics @article{Asongu_680, author = {Simplice A Asongu}, url = {http://ijie.um.edu.my/filebank/published_article/7053/(5)%20Journal%20IJIE_Simplice.pdf}, year = {2014}, date = {2014-10-08}, journal = {Institutions and Economies}, volume = {6}, number = {3}, pages = {92-116}, abstract = {This paper focuses on how political regimes affect financial developments in Africa and the role of dominant religion, income levels and colonial legacies in this regard. The findings indicate that 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 is less significant in influencing policies related to promoting financial development when compared with autocracies. Once democracy is initiated, it should be accelerated (to edge out the appeals of authoritarian regimes) to reap the benefits of level and time hypotheses in financial development.}, keywords = {Banking, Democracy, Development, Finance, Politics}, pubstate = {published}, tppubtype = {article} } This paper focuses on how political regimes affect financial developments in Africa and the role of dominant religion, income levels and colonial legacies in this regard. The findings indicate that 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 is less significant in influencing policies related to promoting financial development when compared with autocracies. Once democracy is initiated, it should be accelerated (to edge out the appeals of authoritarian regimes) to reap the benefits of level and time hypotheses in financial development. |
9. | Asongu, Simplice A The Review of Black Political Economy, 41 (2), pp. 145-175, 2014. Abstract | Links | BibTeX | Tags: Developing countries, Finance, investment, law @article{Asongu_702, author = {Simplice A Asongu}, url = {http://link.springer.com/article/10.1007/s12114-013-9173-7}, doi = {10.1007/s12114-013-9173-7}, year = {2014}, date = {2014-06-04}, journal = {The Review of Black Political Economy}, volume = {41}, number = {2}, pages = {145-175}, abstract = {This paper assesses if legal origin explains domestic, foreign, private and public investments through financial intermediary channels of depth, efficiency, activity and size. The findings show that legal origin matters in the finance-investment nexus, though its ability to explain aggregate investment dynamics only through financial intermediary channels is limited in the cases of private and public investments.}, keywords = {Developing countries, Finance, investment, law}, pubstate = {published}, tppubtype = {article} } This paper assesses if legal origin explains domestic, foreign, private and public investments through financial intermediary channels of depth, efficiency, activity and size. The findings show that legal origin matters in the finance-investment nexus, though its ability to explain aggregate investment dynamics only through financial intermediary channels is limited in the cases of private and public investments. |