PUBLICATIONS

@workingpaper{Asongu2013b,
title = {On the Obituary of Scientific Knowledge Monopoly},
author = {Simplice A Asongu},
editor = {African 2013 Governance and Development Institute WP/13/026},
url = {http://www.afridev.org/RePEc/agd/agd-wpaper/On-the-obituary-of-scientific-knowledge-monopoly.pdf},
year = {2013},
date = {2013-09-01},
abstract = {The August 15th 2013 Shanghai Academic Rankings of World Universities (ARWU)
should leave policy makers wondering about whether the impressive growth experienced by
‘latecomers in the industry' has moved hand-in-hand with contribution to knowledge by
means of scientific publications. Against this background, we model the obituary of scientific
knowledge monopoly in 99 countries using 21 catch-up panels from 6 regions (South Asia,
Europe & Central Asia, East Asia & the Pacific, Middle East & North Africa, Latin America
& the Caribbean and, Sub-Saharan Africa). The findings broadly show that the obituary of
scientific knowledge monopoly by developed countries is not in the near-horizon. Advanced
nations that have mastered the dynamics of knowledge monopoly will continue to lead the
course of knowledge economy. Justifications for the patterns and policy implications are
discussed.},
keywords = {Research and Development; Catch-up; Knowledge Economy},
pubstate = {published},
tppubtype = {workingpaper}
}

@workingpaper{Asongu2013bb,
title = {How do institutions matter in the income-equalizing effect of mobile phone penetration?},
author = {Simplice A Asongu},
editor = {African 2013 Governance and Development Institute WP/13/027},
url = {http://www.afridev.org/RePEc/agd/agd-wpaper/Institutions-mobile-phone-penetration-and-the-poor.pdf},
year = {2013},
date = {2013-09-01},
abstract = {The object of this paper is to complement theoretical ‘mobile penetration’ literature with
empirical evidence in a dual manner: on the one hand, assess the income-redistributive effect of
mobile phone penetration and; on the other hand, the instrumentality of good governance in this
nexus. Main findings suggest an equalizing income-redistributive effect, with a higher
magnitude in the presence of government quality instruments. It follows that, good governance
is a necessary condition for a higher income-equalizing effect of mobile phone penetration. The
empirical evidence which deviates from mainstream country-specific and microeconomic
survey-based approaches is on 52 African countries. ‘Mobile phone’-oriented poverty reduction
channels are also discussed.},
keywords = {Mobile Phones; Shadow Economy; Poverty; Inequality; Africa},
pubstate = {published},
tppubtype = {workingpaper}
}

@workingpaper{Asongu2013bc,
title = {Fighting African corruption when existing corruption-control levels matter in a dynamic cultural setting},
author = {Simplice A Asongu},
editor = {African 2013 Governance and Development Institute WP/13/028},
url = {http://www.afridev.org/RePEc/agd/agd-wpaper/Fighting-corruption-with-cultural-dynamics.pdf},
year = {2013},
date = {2013-09-01},
abstract = {Purpose – This paper assesses the determinants of corruption-control with freedom dynamics
(economic, political, press and trade), government quality and a plethora of socio-economic
factors in 46 African countries using updated data.
Design/methodology/approach – A quantile regression approach is employed while controlling
for the unobserved heterogeneity. Principal component analysis is also used to reduce the
dimensions of highly correlated variables.
Findings – With the legal origin fundamental characteristic, the following findings have been
established. (1) While political freedom increases corruption-control (CC) in a bottom quantile
of English common law countries, there is no such evidence in their French civil law
counterparts. (2) Government quality consistently improves CC across all quantiles in English
common law countries but fails to exert the same effect in middle quantiles of French civil law
countries. (3) Economic freedom ameliorates CC only in common law countries with low
existing CC levels (bottom quantiles). (4) We find no significant evidence of a positive ‘press
freedom’-CC nexus and having the status of Low income English common law (French civil
law) countries decreases (increases) CC.
From a religious domination scenario, we also find the following. (1) Political and trade
freedoms only reduce CC in Christian dominated countries while press freedom has a mitigation
effect in both religious cultures (though more consistent across quantiles of Christian-oriented
countries). (2) Government quality is more pro-CC in Christian than in Muslim-dominated
countries. (3) While economic freedom has a scanty negative nexus with CC in Christianoriented
countries, the effect is positive in their Muslim-dominated counterparts. (4) Having a
low-income status in countries with Christian common law tradition improves CC.
Originality/value – We complement the literature on the fight against corruption in Africa by
employing recently documented additional factors that should be considered in corruption
studies.},
keywords = {Corruption; Freedom; Government quality; Quantile regression; Africa},
pubstate = {published},
tppubtype = {workingpaper}
}

@workingpaper{Asongu2013bd,
title = {Finance and growth: New evidence from Meta-analysis},
author = {Simplice A Asongu},
editor = {African 2013 Governance and Development Institute WP/13/029},
url = {http://www.afridev.org/RePEc/agd/agd-wpaper/Finance-and-growth.-New-evidence-from-Meta-analysis.pdf},
year = {2013},
date = {2013-09-01},
abstract = {Purpose – In a meta-study, we have bridged 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. 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. 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 = {Meta analysis; Finance; Economic growth; Publication bias},
pubstate = {published},
tppubtype = {workingpaper}
}

@workingpaper{Asongu2013be,
title = {REER Imbalances and Macroeconomic Adjustments in the Proposed West African Monetary Union},
author = {Simplice A Asongu},
editor = {African 2013 Governance and Development Institute WP/13/030},
url = {http://www.afridev.org/RePEc/agd/agd-wpaper/REER-Imbalances-and-Macroeconomic-Adjustments-in-the-Proposed-West-African-Monetary-Union.pdf},
year = {2013},
date = {2013-09-01},
abstract = {With the spectre of the Euro crisis hunting embryonic monetary unions, we use a
dynamic model of a small open economy to analyze REERs imbalances and examine whether
the movements in the aggregate real exchange rates are consistent with the underlying
macroeconomic fundamentals in the proposed West African Monetary Union (WAMU).
Using both country-oriented and WAMU panel-based specifications, we show that the longrun
behavior of the REERs can be explained by fluctuations in the terms of trade,
productivity, investment, debt and openness. While there is still significant evidence of crosscountry
differences in the relationship between underlying macroeconomic fundamentals and
corresponding REERs, the embryonic WAMU has a stable error correction mechanism with
four of the five cointegration relations having signs that are consistent with the predictions
from economic theory. Policy implications are discussed and the conclusions of the analysis
are a valuable contribution to the scholarly and policy debate over whether the creation of a
sustainable monetary union should precede convergence in macroeconomic fundamentals that
determine REER adjustments.},
keywords = {Exchange rate; Macroeconomic impact; Proposed WAMU},
pubstate = {published},
tppubtype = {workingpaper}
}

@workingpaper{Asongu2013bf,
title = {Liberalization and financial sector competition: a critical contribution to the empirics with an African assessment},
author = {Simplice A Asongu},
editor = {African 2013 Governance and Development Institute WP/13/031},
url = {http://www.afridev.org/RePEc/agd/agd-wpaper/Liberalization-and-financial-sector-competition.-A-critical-contribution-to-the-empirics-with-an-African-assessment.pdf},
year = {2013},
date = {2013-09-01},
abstract = {This paper investigates how financial, trade, institutional and political liberalization
policies have affected financial sector competition in Africa using updated data to appraise
second generation reforms. The ‘freedom to trade’ and ‘economic freedom’ indices are
employed. Hitherto, unexplored financial sector concepts of formalization, semiformalization,
informalization and non-formalization are also introduced. The following
findings are established. Firstly, relative to money supply: (1) with the exception of the
economic freedom mechanism, liberalization policies have generally decreased the growth of
the formal financial sector to the benefit of other financial sectors; (2) apart from the foreign
direct investment and economic freedom channels, liberalization policies have been fruitful
for semi-formal financial development at the cost of other financial sectors and; (3) with the
exception of economic freedom, both the informal and non-formal sectors have developed
owing to liberalization to the detriment of the formal financial sector. Secondly, relative to
GDP, the semi-formal, informal and/or non-formal financial sectors have also generally
improved as a result of liberalization. Policy implications are discussed.},
keywords = {Welfare; Banking; Liberalization; Shadow economy; Africa},
pubstate = {published},
tppubtype = {workingpaper}
}

@workingpaper{Asongu2013bg,
title = {A note on the long-run neutrality of monetary policy: new empirics},
author = {Simplice A Asongu},
editor = {African 2013 Governance and Development Institute WP/13/032},
url = {http://www.afridev.org/RePEc/agd/agd-wpaper/A-note-on-the-long-term-neutrality-of-monetary-policy.pdf},
year = {2013},
date = {2013-09-01},
abstract = {Economic theory traditionally suggests that monetary policy can influence the
business cycle, but not the long-run potential output. Despite well documented theoretical and
empirical consensus on money neutrality in the literature, the role of money as an
informational variable for monetary policy decision has remained opened to debate with
empirical works providing mixed outcomes. This paper addresses two substantial challenges
to this debate: the neglect of developing countries in the literature and the use of new financial
dynamic fundamentals that broadly reflect monetary policy. The empirics are based on annual
data from 34 African countries for the period 1980 to 2010. Using a battery of tests for
integration and long-run equilibrium properties, results offer overall support for the traditional
economic theory.},
keywords = {Monetary policy; Credit; Empirics; Africa},
pubstate = {published},
tppubtype = {workingpaper}
}