PUBLICATIONS
The AGDI has published substantially in fulfillment of its mission statement of contributing to knowledge towards African development:
IDEAS
http://ideas.repec.org/d/agdiycm.html
ECONSTOR
https://www.econstor.eu/dspace/escollectionhome/10419/123513
Publication List
2013 |
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811. | Asongu, Simplice A Economics Bulletin, 33 (3), pp. 78-94, 2013. Abstract | Links | BibTeX | Tags: Financial development; Knowledge economy; Intellectual property rights @article{Asongu_773, author = {Simplice A Asongu}, url = {http://www.accessecon.com/Pubs/EB/2013/Volume33/EB-13-V33-I1-P8.pdf}, year = {2013}, date = {2013-01-08}, journal = {Economics Bulletin}, volume = {33}, number = {3}, pages = {78-94}, abstract = {This paper assesses the relevance of intellectual property rights (IPRs) in the knowledge economy (KE)-finance nexus using the four variables identified under the World Bank’s knowledge economy index (KEI) and seven financial intermediary dynamics of depth, efficiency, activity and size. Three main findings are established: (1) education increases financial dynamics of depth and size; (2) economic incentives by means of credit facilities (trade openness) mitigate financial dynamics of efficiency and activity (financial dynamics of depth and size) and; (3) ICT and FDI both improve financial depth and decrease financial size (with FDI having an additional edge of improving financial activity). As a policy implication, the enforcement of IPRs is not a general and sufficient condition for positive KE-finance nexuses. Hence, blanket upholding of IPRs to achieve such positive linkages may not be successful unless policy is contingent on the prevailing ‘KE specific component’ trends and dynamics of financial development.}, keywords = {Financial development; Knowledge economy; Intellectual property rights}, pubstate = {published}, tppubtype = {article} } This paper assesses the relevance of intellectual property rights (IPRs) in the knowledge economy (KE)-finance nexus using the four variables identified under the World Bank’s knowledge economy index (KEI) and seven financial intermediary dynamics of depth, efficiency, activity and size. Three main findings are established: (1) education increases financial dynamics of depth and size; (2) economic incentives by means of credit facilities (trade openness) mitigate financial dynamics of efficiency and activity (financial dynamics of depth and size) and; (3) ICT and FDI both improve financial depth and decrease financial size (with FDI having an additional edge of improving financial activity). As a policy implication, the enforcement of IPRs is not a general and sufficient condition for positive KE-finance nexuses. Hence, blanket upholding of IPRs to achieve such positive linkages may not be successful unless policy is contingent on the prevailing ‘KE specific component’ trends and dynamics of financial development. |
812. | Asongu, Simplice A Economics Bulletin, 33 (1), pp. 612-624, 2013. Abstract | Links | BibTeX | Tags: Knowledge economy; Principal Component Analysis; Panel data; Convergence @article{Asongu_774, author = {Simplice A Asongu}, url = {http://www.accessecon.com/Pubs/EB/2013/Volume33/EB-13-V33-I1-P57.pdf}, year = {2013}, date = {2013-01-08}, journal = {Economics Bulletin}, volume = {33}, number = {1}, pages = {612-624}, abstract = {This paper projects the future of knowledge economy (KE) in SSA and MENA countries using the four components of the World Bank's Knowledge Economy Index (KEI): economic incentive, education, ICTs and innovation. The empirical evidence provides the speeds of integration as well as the time necessary to achieve full integration. Findings broadly indicate SSA and MENA countries with low levels in KE will catch-up their counterparts with higher levels in a horizon of 4 to 7.5 years.}, keywords = {Knowledge economy; Principal Component Analysis; Panel data; Convergence}, pubstate = {published}, tppubtype = {article} } This paper projects the future of knowledge economy (KE) in SSA and MENA countries using the four components of the World Bank's Knowledge Economy Index (KEI): economic incentive, education, ICTs and innovation. The empirical evidence provides the speeds of integration as well as the time necessary to achieve full integration. Findings broadly indicate SSA and MENA countries with low levels in KE will catch-up their counterparts with higher levels in a horizon of 4 to 7.5 years. |
813. | Asongu, Oasis Kodila-Tedika Simplice A Crime and conflicts in Africa: consequences of corruption? 2013. Abstract | Links | BibTeX | Tags: Security; Corruption; Crime; Conflicts; Africa @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} } 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. |
814. | Asongu, Simplice A 2013. Abstract | Links | BibTeX | Tags: Monetary Policy; Banking; Inflation; Output effects; Africa @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} } 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. |
815. | Asongu, Oasis Kodila-Tedika Simplice A Fighting African Conflicts and Crimes: Which Governance Tools Matter? 2013. Abstract | Links | BibTeX | Tags: Security; Governance; Conflicts; Crime; Africa @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} } 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. |
816. | Asongu, Simplice A Fighting African capital flight: timelines for the adoption of common policies 2013. Abstract | Links | BibTeX | Tags: Econometric modeling; Big push; Capital flight; Debt relief; Africa @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} } 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. |
817. | Asongu, Simplice A Finance and growth: Schumpeter might be wrong in our era. New evidence from Meta-analysis 2013. Abstract | Links | BibTeX | Tags: Meta analysis; Finance; Economic growth; Publication bias @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} } 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. |
818. | Asongu, Simplice A 2013. Abstract | Links | BibTeX | Tags: Financial Development; Shadow Economy; Poverty; Inequality; Africa @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} } 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. |
819. | Asongu, Simplice A 2013. Abstract | Links | BibTeX | Tags: Liberalization policies; Capital allocation; Africa @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} } 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. |
820. | Asongu, Simplice A 2013. Abstract | Links | BibTeX | Tags: Monetary Policy; Banking; Inflation; Output effects; Africa @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} } 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. |