@article{Asongu_708,
author = {Simplice A Asongu},
url = {http://dx.doi.org/10.1108/JES-10-2012-0141},
doi = {10.1108/JES-10-2012-0141},
year = {2014},
date = {2014-04-09},
journal = {Journal of Economic Studies},
volume = {41},
number = {4},
pages = {526 - 553},
abstract = {Purpose
– Poverty and inequality undoubtedly remain substantial challenges to economic and human developments amid growing emphasis on intellectual property rights (IPRs) (with recent advances in information and communication technology (ICTs)) and good governance. In the first empirical study on the incidence of piracy on inequality in Africa, the purpose of this paper is to examine how a plethora of factors (IPRs laws, education and ICTs and government quality) are instrumental in the piracy-inequality nexus.

Design/methodology/approach
– Two-stage least squares estimation approaches are applied in which piracy is instrumented with IPRs regimes (treaties), education and ICTs and government quality dynamics.

Findings
– The main finding suggests that, software piracy is good for the poor as it has a positive income-redistributive effect; consistent with economic and cultural considerations from recent literature. ICTs and education (dissemination of knowledge) are instrumental in this positive redistributive effect, while good governance mitigates inequality beyond the piracy channel.

Practical implications
– As a policy implication, in the adoption IPRs, sampled countries should take account of the role less stringent IPRs regimes play on income-redistribution through software piracy. Collateral benefits include among others, the cheap dissemination of knowledge through ICTs which African countries badly need in their quest to become “knowledge economies.” A caveat, however, is that, too much piracy may decrease incentives to innovate. Hence, the need to adopt tighter IPRs regimes in tandem with increasing income-equality.

Originality/value
– It is the first empirical assessment of the incidence of piracy on inequality in Africa: a continent with stubbornly high poverty and inequality rates.},
keywords = {Africa, Intellectual property rights, Piracy},
pubstate = {published},
tppubtype = {article}
}

@article{Asongu_709,
author = {Simplice A Asongu},
url = {http://dx.doi.org/10.1108/JES-04-2012-0048},
doi = {10.1108/JES-04-2012-0048},
year = {2014},
date = {2014-04-07},
journal = {Journal of Economic Studies},
volume = {41},
number = {3},
pages = {346 - 369},
abstract = {Purpose
– Is globalization instrumental in fighting corruption? Do wealth effects matter in this fight? Are findings valid when linearity assumptions are dropped? The purpose of this paper is to assess the Lalountas et al. (2011) hypotheses (conclusions) in the African context.

Design/methodology/approach
– Though not form, yet in substance the intuition and motivation are compatible with those of Lalountas et al. (2011). Four hypotheses are tested from different methodological and contextual standpoints. In the analysis, while the economic and social dimensions of globalization are reflected in the human development index, the political dimension is captured by good governance indicators. A two-stage least squares-instrumental variable (TSLS-IV) estimation technique is applied where-in globalization instruments of trade and financial liberalization are instrumented on human development and government quality to account for corruption (corruption-control) effects. Thus the intuition is assessing how globalization is instrumental in the fight against corruption through human development (economic and social dimensions) and government quality (political dimension).

Findings
– H1: globalization is a powerful tool in fighting corruption (True). H2: globalization is an important tool in fighting corruption only in middle- and high-income countries (partially true). H3: for low-income countries globalization has no significant impact on corruption (true). H4: H1 and H2 are valid only under linearity (false).

Social implications
– In countries with high levels of per capita, emphasis is placed on the political and social dimensions of globalization and as a result the effects of this phenomenon on corruption-control are significant. Conversely, in nations with low levels of per capita income, emphasis is given to the economic dimension of international integration and as a result the effect of globalization on corruption is limited. As a policy implication, persistent globalization as an effective means to reduce corruption in developing countries might lead to inappropriate policies in low-income countries.

Originality/value
– This paper has tested the Lalountas et al. (2011) hypotheses in the continent where concerns of globalization, human development and corruption are most acute.},
keywords = {Africa, Corruption, Globalization, Wealth effects},
pubstate = {published},
tppubtype = {article}
}

@article{Asongu_710,
author = {Simplice A Asongu},
url = {http://www.tandfonline.com/doi/abs/10.1080/15228916.2014.881231},
doi = {10.1080/15228916.2014.881231},
year = {2014},
date = {2014-03-25},
journal = {Journal of African Business},
volume = {15},
number = {1},
pages = {64-73},
abstract = {This article assesses the adjustment of inflation with financial dynamic fundamentals of money (financial depth), credit (financial activity), and efficiency. Three main findings are established: (a) there are significant long-run relationships between inflation and the fundamentals; (b) the error correction mechanism is stable in all specifications but in case of any disequilibrium, only financial depth is significant in adjusting inflation to the long-run relationship; and (c) in the long-run, short-term adjustments in the ability of banks to transform money into credit do not matter in correcting inflation. This is most probably due to surplus liquidity issues. Policy implications are discussed.},
keywords = {Africa, credit, excess money, inflation},
pubstate = {published},
tppubtype = {article}
}

@article{Asongu_711,
author = {Simplice A Asongu},
url = {http://link.springer.com/article/10.1007/s10198-013-0465-4},
doi = {10.1007/s10198-013-0465-4},
year = {2014},
date = {2014-03-05},
journal = {The European Journal of Health Economics},
volume = {15},
number = {2},
pages = {187-201},
abstract = {This article examines three relevant hypotheses on the effect of health worker migration on human development and economic prosperity (at the macro- and micro-levels) in Africa. Owing to the lack of relevant data on health human resource (HHR) migration for the continent, the subject matter has remained empirically void over the last decades despite the acute concern about health professional emigration. Using quantile regression, the following findings have been established. (1) The effect of HHR emigration is positive (negative) at low (high) levels of economic growth. (2) HHR emigration improves (mitigates) human development (GDP per capita growth) in low (high) quantiles of the distribution. (3) Specific differences in effects are found in top quantiles of human development and low quantiles of GDP per capita growth where the physician (nurse) emigration elasticities of development are positive (negative) and negative (positive), respectively. As a policy implication, blanket health-worker emigration control policies are unlikely to succeed across countries with different levels of human development and economic prosperity. Hence, the policies should be contingent on the prevailing levels of development and tailored differently across the most and least developed African countries.},
keywords = {Health, Human Capital, Migration, Welfare},
pubstate = {published},
tppubtype = {article}
}

@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}
}

@article{Asongu_713,
author = {Simplice A Asongu},
url = {http://dx.doi.org/10.1108/JES-03-2012-0039},
doi = {10.1108/JES-03-2012-0039},
year = {2014},
date = {2014-02-05},
journal = {Journal of Economic Studies},
volume = {41},
number = {2},
pages = {166 - 195},
abstract = {Purpose
– The issue of which financial initial conditions are necessary to materialize the benefits of financial globalization remains open to debate in the literature. In this paper, the author tries to put some empirical structure on the concept of financial threshold conditions in order to give policymakers guidance on the Kose et al. and Henry hypothesis. Its object is to assess whether financial benefits of financial globalization are questionable until greater domestic financial development has taken place in African countries. The paper aims to discuss these issues.

Design/methodology/approach
– In framing the financial dimension in a more concrete and tractable manner, the author examines the concerns of how domestic financial initial dynamics of depth (economic and financial systems), efficiency (banking and financial systems), activity (banking and financial systems) and size, play out in the financial development benefits of financial globalization. The estimation approach consists of assessing the impact of financial globalization through out the conditional distributions of domestic financial development dynamics.

Findings
– The introduction of previously missing financial dimensions into the debate generates a number of important findings. Only financial initial (threshold) conditions of size are necessary to materialize the benefits of financial globalization. While financial depth only partially validates the hypothesis, dynamics of efficiency and activity (credit) do not confirm the hypothesis.

Practical implications
– Addressing the issue of surplus liquidity in African financial institutions could improve the benefits of financial size and potentially reverse the trends of financial efficiency and activity. Depending on the context of sampled countries, the appropriate role of policy has always been either to stem the tide of capital flows or encourage them. Policymakers who have been viewing their challenges exclusively from the latter perspective for benefits in growth (finance) might be getting the financial dynamics badly wrong.

Originality/value
– Blanket financial development policies may not reap the financial benefits of financial globalization until domestic financial dynamics of depth, efficiency, activity and size are critically considered. The introduction of the last three previously missing components in the literature sheds more light on the globalization-development nexus.},
keywords = {Banking, Development, Financial integration, International investment},
pubstate = {published},
tppubtype = {article}
}

@article{Asongu_714,
author = {Simplice Asongu A Michael Enowbi Batuo},
url = {http://dx.doi.org/10.1108/JES-05-2013-0065},
doi = {10.1108/JES-05-2013-0065},
year = {2014},
date = {2014-01-08},
journal = {Journal of Economic Studies},
volume = {42},
number = {1},
pages = {68 - 100},
abstract = {Purpose
– The purpose of this paper is to investigate the impact of liberalisations policies on income inequality in African countries. Examining whether the liberalisations policies have affected the income distribution of everyone equally or they only assist those who are already relatively well off; leaving the poor behind. The authors also examine how they affect income distribution in the various countries within the continent, and their effect on short and long runs?

Design/methodology/approach
– First, The authors used the before and after comparison, to examine the response of the level of income inequality and the volatility of income inequality from the time that financial or trade liberalisations took place in each country. Next, the authors used the panel data techniques model for a sample of 26 African countries spanning the period 1996-2010 to investigate the effect of liberalisation policies on income distribution.

Findings
– The authors find that financial liberalisation has a levitated income-redistributive effect with the magnitude of the de jure measure (KAOPEN) higher than that of the de facto measure (FDI); that exports, trade and “freedom to trade” have an equality incidence on income distribution; and that institutional and/or political liberalisation has a negative impact and; economic freedom has a negative income-redistributive effect, possibly because of the weight of its legal component.

Practical implications
– In general, this study provides a variegated picture, findings tend to suggest that overall the reforms have increased income inequality in African countries. It would be risky to prescribe a general policy because of the diversity of the country. However, African countries’ better performance can be attributed to a combination of policies. For example avoiding the Marco price mixture of real exchange rate appreciation and high domestic interest rates; having capital controls and prudential financial regulations which would enable them to contain the negative consequence of capital flows; putting a system in place to direct export between African countries and encouraging sub regional integration agreement. The government should put in place countervailing social policies in order to withstand social coherence and smooth the adverse transition of liberalisation policies.

Originality/value
– Three main elements of originality clearly standout: first, the estimation approach used in the paper considers both short- and long-run effects of in empirical strategy; second, an exhaustive plethora of liberalisation policies (trade, financial, political and institutional are considered); and third, recent data are used to appraise second generation reforms for more updated policy implications.},
keywords = {Africa, Income inequality, Income redistribution, Liberalization policies, Poverty, Trade},
pubstate = {published},
tppubtype = {article}
}