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
2015 |
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| 1. | Ssozi, Simplice Asongu John A 2015. Abstract | Links | BibTeX | Tags: and Sub-Saharan Africa, Convergence, External capital flows, Human Capital, Total Factor Productivity @workingpaper{Ssozi2015, title = {The Comparative Economics of Catch-Up in Output per worker, total factor productivity and technological gain in Sub-Saharan Africa}, author = {Simplice Asongu A John Ssozi}, editor = {African 2015 Governance and Development Institute WP/15/038}, url = {http://www.afridev.org/RePEc/agd/agd-wpaper/The-Comparative-Economics-of-TFP-SSA.pdf}, year = {2015}, date = {2015-09-01}, abstract = {After investigating the effect of external financial flows on total factor productivity and technological gain, we use the beta catch-up and sigma convergence to compare dispersions in output per worker, total factor productivity and technological gain in Sub-Saharan Africa (SSA) for the years 1980-2010. The comparative evidence is articulated with income levels, years of schooling, and health factors. We find; first, a positive association between foreign direct investment, trade openness, foreign aid, remittances and total factor productivity. However, when foreign direct investment is interacted with schooling, it is direct effect becomes negative on total factor productivity. Second, beta catch-up is between19.22% and 19.70% per annum with corresponding time to full catch-up of 25.38 years and 26.01 years respectively. Third, we find sigma-convergence among low-income nations and upper-middle income nations separately, but not for the entire sample together. Fourth, schooling in SSA is not yet a significant source of technology, but it can make external financial inflows more effective. Policies to induce external financial flows are not enough for development if absorptive capacity is low. More policy implications are discussed.}, keywords = {and Sub-Saharan Africa, Convergence, External capital flows, Human Capital, Total Factor Productivity}, pubstate = {published}, tppubtype = {workingpaper} } After investigating the effect of external financial flows on total factor productivity and technological gain, we use the beta catch-up and sigma convergence to compare dispersions in output per worker, total factor productivity and technological gain in Sub-Saharan Africa (SSA) for the years 1980-2010. The comparative evidence is articulated with income levels, years of schooling, and health factors. We find; first, a positive association between foreign direct investment, trade openness, foreign aid, remittances and total factor productivity. However, when foreign direct investment is interacted with schooling, it is direct effect becomes negative on total factor productivity. Second, beta catch-up is between19.22% and 19.70% per annum with corresponding time to full catch-up of 25.38 years and 26.01 years respectively. Third, we find sigma-convergence among low-income nations and upper-middle income nations separately, but not for the entire sample together. Fourth, schooling in SSA is not yet a significant source of technology, but it can make external financial inflows more effective. Policies to induce external financial flows are not enough for development if absorptive capacity is low. More policy implications are discussed. |
2014 |
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| 2. | Asongu, Simplice A African Journal of Economic and Management Studies, 5 (2), pp. 160 - 194, 2014. Abstract | Links | BibTeX | Tags: Africa, Banking, Convergence, Policy coordination @article{Asongu_687, author = {Simplice A Asongu}, url = {http://dx.doi.org/10.1108/AJEMS-06-2012-0037}, doi = {10.1108/AJEMS-06-2012-0037}, year = {2014}, date = {2014-08-06}, journal = {African Journal of Economic and Management Studies}, volume = {5}, number = {2}, pages = {160 - 194}, abstract = {Purpose – Assessment of African financial development dynamic convergences in money, credit, efficiency and size. The paper aims to discuss these issues. Design/methodology/approach – The empirical evidence is premised on 11 homogenous panels based on regions (Sub-Saharan and North Africa), income-levels (low, middle, lower-middle and upper-middle), legal-origins (English common-law and French civil-law) and religious dominations (Christianity and Islam). The paper examines convergence in financial intermediary dynamics of depth, efficiency, activity and size. Findings – Findings suggest that countries with small-sized financial intermediary depth, efficiency, activity and size are catching-up countries with large-sized financial intermediary depth, efficiency, activity and size, respectively. The paper also provide the speeds of convergence and time necessary to achieve a full (100 percent) convergence. Practical implications – The presence of strong links among African banking sectors may present little opportunity for portfolio diversification. The convergence patterns show positive steps toward regional integration. As a policy implication, African governments should not relent in structural and institutional reforms. Originality/value – It is the first critical assessment of convergence in financial intermediary development dynamics in the African continent.}, keywords = {Africa, Banking, Convergence, Policy coordination}, pubstate = {published}, tppubtype = {article} } Purpose – Assessment of African financial development dynamic convergences in money, credit, efficiency and size. The paper aims to discuss these issues. Design/methodology/approach – The empirical evidence is premised on 11 homogenous panels based on regions (Sub-Saharan and North Africa), income-levels (low, middle, lower-middle and upper-middle), legal-origins (English common-law and French civil-law) and religious dominations (Christianity and Islam). The paper examines convergence in financial intermediary dynamics of depth, efficiency, activity and size. Findings – Findings suggest that countries with small-sized financial intermediary depth, efficiency, activity and size are catching-up countries with large-sized financial intermediary depth, efficiency, activity and size, respectively. The paper also provide the speeds of convergence and time necessary to achieve a full (100 percent) convergence. Practical implications – The presence of strong links among African banking sectors may present little opportunity for portfolio diversification. The convergence patterns show positive steps toward regional integration. As a policy implication, African governments should not relent in structural and institutional reforms. Originality/value – It is the first critical assessment of convergence in financial intermediary development dynamics in the African continent. |
| 3. | Asongu, Simplice A African Journal of Economic and Management Studies, 5 (1), pp. 9 - 29, 2014. Abstract | Links | BibTeX | Tags: Africa, Convergence, Currency area, Policy coordination @article{Asongu_712, author = {Simplice A Asongu}, url = {http://dx.doi.org/10.1108/AJEMS-02-2012-0010}, doi = {10.1108/AJEMS-02-2012-0010}, year = {2014}, date = {2014-03-05}, journal = {African Journal of Economic and Management Studies}, volume = {5}, number = {1}, pages = {9 - 29}, abstract = {Purpose – A spectre is hunting embryonic African monetary zones: the European Monetary Union crisis. The purpose of this paper is to assess real, monetary and fiscal policy convergence within the proposed WAM and EAM zones. The introduction of common currencies in West and East Africa is facing stiff challenges in the timing of monetary convergence, the imperative of central bankers to apply common modeling and forecasting methods of monetary policy transmission, as well as the requirements of common structural and institutional characteristics among candidate states. Design/methodology/approach – In the analysis: monetary policy targets inflation and financial dynamics of depth, efficiency, activity and size; real sector policy targets economic performance in terms of GDP growth at macro and micro levels; while, fiscal policy targets debt-to-GDP and deficit-to-GDP ratios. A dynamic panel GMM estimation with data from different non-overlapping intervals is employed. The implied rate of convergence and the time required to achieve full (100 percent) convergence are then computed from the estimations. Findings – Findings suggest overwhelming lack of convergence: initial conditions for financial development are different across countries; fundamental characteristics as common monetary policy initiatives and IMF-backed financial reform programs are implemented differently across countries; there is remarkable evidence of cross-country variations in structural characteristics of macroeconomic performance; institutional cross-country differences could also be responsible for the deficiency in convergence within the potential monetary zones; absence of fiscal policy convergence and no potential for eliminating idiosyncratic fiscal shocks due to business cycle incoherence. Practical implications – As a policy implication, heterogeneous structural and institutional characteristics across countries are giving rise to different levels and patterns of financial intermediary development. Thus, member states should work towards harmonizing cross-country differences in structural and institutional characteristics that hamper the effectiveness of convergence in monetary, real and fiscal policies. This could be done by stringently monitoring the implementation of existing common initiatives and/or the adoption of new reforms programs. Originality/value – It is one of the few attempts to investigate the issue of convergence within the proposed WAM and EAM unions.}, keywords = {Africa, Convergence, Currency area, Policy coordination}, pubstate = {published}, tppubtype = {article} } Purpose – A spectre is hunting embryonic African monetary zones: the European Monetary Union crisis. The purpose of this paper is to assess real, monetary and fiscal policy convergence within the proposed WAM and EAM zones. The introduction of common currencies in West and East Africa is facing stiff challenges in the timing of monetary convergence, the imperative of central bankers to apply common modeling and forecasting methods of monetary policy transmission, as well as the requirements of common structural and institutional characteristics among candidate states. Design/methodology/approach – In the analysis: monetary policy targets inflation and financial dynamics of depth, efficiency, activity and size; real sector policy targets economic performance in terms of GDP growth at macro and micro levels; while, fiscal policy targets debt-to-GDP and deficit-to-GDP ratios. A dynamic panel GMM estimation with data from different non-overlapping intervals is employed. The implied rate of convergence and the time required to achieve full (100 percent) convergence are then computed from the estimations. Findings – Findings suggest overwhelming lack of convergence: initial conditions for financial development are different across countries; fundamental characteristics as common monetary policy initiatives and IMF-backed financial reform programs are implemented differently across countries; there is remarkable evidence of cross-country variations in structural characteristics of macroeconomic performance; institutional cross-country differences could also be responsible for the deficiency in convergence within the potential monetary zones; absence of fiscal policy convergence and no potential for eliminating idiosyncratic fiscal shocks due to business cycle incoherence. Practical implications – As a policy implication, heterogeneous structural and institutional characteristics across countries are giving rise to different levels and patterns of financial intermediary development. Thus, member states should work towards harmonizing cross-country differences in structural and institutional characteristics that hamper the effectiveness of convergence in monetary, real and fiscal policies. This could be done by stringently monitoring the implementation of existing common initiatives and/or the adoption of new reforms programs. Originality/value – It is one of the few attempts to investigate the issue of convergence within the proposed WAM and EAM unions. |
2013 |
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| 4. | Asongu, Simplice A Journal of Business Ethics, 118 (1), pp. 45-60, 2013. Abstract | Links | BibTeX | Tags: Convergence, Intellectual property rights, Panel data, Software piracy @article{Asongu_729, author = {Simplice A Asongu}, url = {http://link.springer.com/article/10.1007/s10551-012-1552-7}, doi = {10.1007/s10551-012-1552-7}, year = {2013}, date = {2013-12-04}, journal = {Journal of Business Ethics}, volume = {118}, number = {1}, pages = {45-60}, abstract = {In the current efforts of harmonizing the standards and enforcement of IPRs protection worldwide, this paper explores software piracy trajectories and dynamics in Africa. Using a battery of estimation techniques that ignore as well as integrate short-run disturbances in time-dynamic fashion, we answer the big questions policy makers are most likely to ask before harmonizing IPRs regimes in the battle against software piracy. Three main findings are established. (1) African countries with low software piracy rates are catching-up their counterparts with higher rates; implying despite existing divergent IPRs systems, convergence in piracy rate could be a genuine standard-setting platform. (2) Legal origins do not play a very significant role in the convergence process. (3) A genuine timeframe for standardizing IPRs laws in the fight against piracy is most likely between a horizon of 4–8 years. In other words, full (100 %) convergence within the specified horizon will mean the enforcements of IPRs regimes without distinction of nationality and locality. Policy implications and caveats are discussed.}, keywords = {Convergence, Intellectual property rights, Panel data, Software piracy}, pubstate = {published}, tppubtype = {article} } In the current efforts of harmonizing the standards and enforcement of IPRs protection worldwide, this paper explores software piracy trajectories and dynamics in Africa. Using a battery of estimation techniques that ignore as well as integrate short-run disturbances in time-dynamic fashion, we answer the big questions policy makers are most likely to ask before harmonizing IPRs regimes in the battle against software piracy. Three main findings are established. (1) African countries with low software piracy rates are catching-up their counterparts with higher rates; implying despite existing divergent IPRs systems, convergence in piracy rate could be a genuine standard-setting platform. (2) Legal origins do not play a very significant role in the convergence process. (3) A genuine timeframe for standardizing IPRs laws in the fight against piracy is most likely between a horizon of 4–8 years. In other words, full (100 %) convergence within the specified horizon will mean the enforcements of IPRs regimes without distinction of nationality and locality. Policy implications and caveats are discussed. |
| 5. | Asongu, Simplice A Journal of African Business, 14 (3), pp. 186-201, 2013. Abstract | Links | BibTeX | Tags: Africa, Convergence, panel, stock markets @article{Asongu_731, author = {Simplice A Asongu}, url = {http://www.tandfonline.com/doi/abs/10.1080/15228916.2013.844043}, doi = {10.1080/15228916.2013.844043}, year = {2013}, date = {2013-11-26}, journal = {Journal of African Business}, volume = {14}, number = {3}, pages = {186-201}, abstract = {The author dissects, with great acuteness, the issues of convergence in financial performance dynamics in the African continent through the lenses of stock market capitalization, value traded, turnover, and number of listed companies. The empirical evidence is premised on 11 homogeneous panels based on regions (Sub-Saharan and North Africa), income levels (low, middle, lower-middle, and upper-middle), legal origins (English common law and French civil law), and religious dominations (Christianity and Islam). Findings provide partial support for the existence of absolute convergence in some dynamics. Only Sub-Saharan Africa reveals conditional convergence in relation to per capita number of listed companies. The speed of convergence for the most part is between 12% and 28% per annum. As a policy implication, countries should work toward adopting common institutional and structural characteristics that favor stock market development.}, keywords = {Africa, Convergence, panel, stock markets}, pubstate = {published}, tppubtype = {article} } The author dissects, with great acuteness, the issues of convergence in financial performance dynamics in the African continent through the lenses of stock market capitalization, value traded, turnover, and number of listed companies. The empirical evidence is premised on 11 homogeneous panels based on regions (Sub-Saharan and North Africa), income levels (low, middle, lower-middle, and upper-middle), legal origins (English common law and French civil law), and religious dominations (Christianity and Islam). Findings provide partial support for the existence of absolute convergence in some dynamics. Only Sub-Saharan Africa reveals conditional convergence in relation to per capita number of listed companies. The speed of convergence for the most part is between 12% and 28% per annum. As a policy implication, countries should work toward adopting common institutional and structural characteristics that favor stock market development. |
| 6. | Asongu, Simplice A Journal of Financial Economic Policy, 5 (1), pp. 20 - 38, 2013. Abstract | Links | BibTeX | Tags: Africa, Convergence, Currency area, Economic and Monetary Community of Central Africa, Economic disequilibrium, Financial Community of Africa, Monetary policy, National economy, Policy coordination @article{Asongu_766, author = {Simplice A Asongu}, url = {http://dx.doi.org/10.1108/17576381311317763}, doi = {10.1108/17576381311317763}, year = {2013}, date = {2013-03-13}, journal = {Journal of Financial Economic Policy}, volume = {5}, number = {1}, pages = {20 - 38}, abstract = {Purpose – A major lesson of the European Monetary Union (EMU) crisis is that serious disequilibria result from regional monetary arrangements not designed to be robust to a variety of shocks. The purpose of this paper is to assess these disequilibria within the Economic and Monetary Community of Central Africa (CEMAC), West African Economic and Monetary Union (UEMOA) and Financial Community of Africa (CFA) zones. Design/methodology/approach – In the assessments, monetary policy targets inflation and financial dynamics of depth, efficiency, activity and size while real sector policy targets economic performance in terms of GDP growth. The author also provides the speed of convergence and time required to achieve a 100 percent convergence. Findings – But for financial intermediary size within the CFA zone, findings, for the most part, support only unconditional convergence. There is no form of convergence within the CEMAC zone. Practical implications – The broad insignificance of conditional convergence results has substantial policy implications. Monetary and real policies, which are often homogenous for member states, are thwarted by heterogeneous structural and institutional characteristics, which give rise to different levels and patterns of financial intermediary development. Therefore, member states should work towards harmonizing cross‐country differences in structural and institutional characteristics that hamper the effectiveness of monetary policies. Originality/value – The paper provides warning signs to the CFA zone in the heat of the Euro zone crises.}, keywords = {Africa, Convergence, Currency area, Economic and Monetary Community of Central Africa, Economic disequilibrium, Financial Community of Africa, Monetary policy, National economy, Policy coordination}, pubstate = {published}, tppubtype = {article} } Purpose – A major lesson of the European Monetary Union (EMU) crisis is that serious disequilibria result from regional monetary arrangements not designed to be robust to a variety of shocks. The purpose of this paper is to assess these disequilibria within the Economic and Monetary Community of Central Africa (CEMAC), West African Economic and Monetary Union (UEMOA) and Financial Community of Africa (CFA) zones. Design/methodology/approach – In the assessments, monetary policy targets inflation and financial dynamics of depth, efficiency, activity and size while real sector policy targets economic performance in terms of GDP growth. The author also provides the speed of convergence and time required to achieve a 100 percent convergence. Findings – But for financial intermediary size within the CFA zone, findings, for the most part, support only unconditional convergence. There is no form of convergence within the CEMAC zone. Practical implications – The broad insignificance of conditional convergence results has substantial policy implications. Monetary and real policies, which are often homogenous for member states, are thwarted by heterogeneous structural and institutional characteristics, which give rise to different levels and patterns of financial intermediary development. Therefore, member states should work towards harmonizing cross‐country differences in structural and institutional characteristics that hamper the effectiveness of monetary policies. Originality/value – The paper provides warning signs to the CFA zone in the heat of the Euro zone crises. |
| 7. | Asongu, Simplice A Journal of Financial Economic Policy, 5 (1), pp. 20 - 38, 2013. Abstract | Links | BibTeX | Tags: Africa, Convergence, Currency area, Economic and Monetary Community of Central Africa, Economic disequilibrium, Financial Community of Africa, Monetary policy, National economy, Policy coordination @article{Asongu_770, author = {Simplice A Asongu}, url = {http://dx.doi.org/10.1108/17576381311317763}, doi = {10.1108/17576381311317763}, year = {2013}, date = {2013-03-06}, journal = {Journal of Financial Economic Policy}, volume = {5}, number = {1}, pages = {20 - 38}, abstract = {Purpose – A major lesson of the European Monetary Union (EMU) crisis is that serious disequilibria result from regional monetary arrangements not designed to be robust to a variety of shocks. The purpose of this paper is to assess these disequilibria within the Economic and Monetary Community of Central Africa (CEMAC), West African Economic and Monetary Union (UEMOA) and Financial Community of Africa (CFA) zones. Design/methodology/approach – In the assessments, monetary policy targets inflation and financial dynamics of depth, efficiency, activity and size while real sector policy targets economic performance in terms of GDP growth. The author also provides the speed of convergence and time required to achieve a 100 percent convergence. Findings – But for financial intermediary size within the CFA zone, findings, for the most part, support only unconditional convergence. There is no form of convergence within the CEMAC zone. Practical implications – The broad insignificance of conditional convergence results has substantial policy implications. Monetary and real policies, which are often homogenous for member states, are thwarted by heterogeneous structural and institutional characteristics, which give rise to different levels and patterns of financial intermediary development. Therefore, member states should work towards harmonizing cross‐country differences in structural and institutional characteristics that hamper the effectiveness of monetary policies. Originality/value – The paper provides warning signs to the CFA zone in the heat of the Euro zone crises.}, keywords = {Africa, Convergence, Currency area, Economic and Monetary Community of Central Africa, Economic disequilibrium, Financial Community of Africa, Monetary policy, National economy, Policy coordination}, pubstate = {published}, tppubtype = {article} } Purpose – A major lesson of the European Monetary Union (EMU) crisis is that serious disequilibria result from regional monetary arrangements not designed to be robust to a variety of shocks. The purpose of this paper is to assess these disequilibria within the Economic and Monetary Community of Central Africa (CEMAC), West African Economic and Monetary Union (UEMOA) and Financial Community of Africa (CFA) zones. Design/methodology/approach – In the assessments, monetary policy targets inflation and financial dynamics of depth, efficiency, activity and size while real sector policy targets economic performance in terms of GDP growth. The author also provides the speed of convergence and time required to achieve a 100 percent convergence. Findings – But for financial intermediary size within the CFA zone, findings, for the most part, support only unconditional convergence. There is no form of convergence within the CEMAC zone. Practical implications – The broad insignificance of conditional convergence results has substantial policy implications. Monetary and real policies, which are often homogenous for member states, are thwarted by heterogeneous structural and institutional characteristics, which give rise to different levels and patterns of financial intermediary development. Therefore, member states should work towards harmonizing cross‐country differences in structural and institutional characteristics that hamper the effectiveness of monetary policies. Originality/value – The paper provides warning signs to the CFA zone in the heat of the Euro zone crises. |