AGDI currently has about 300 publications.
2016 |
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| 1. | Nwachukwu, Simplice Asongu & Jacinta Political Studies Review, 2016. Abstract | Links | BibTeX | Tags: Development, financial markets, government policy @article{Asongu_503, author = {Simplice Asongu & Jacinta Nwachukwu}, url = {http://journals.sagepub.com/doi/pdf/10.1177/1478929916663217}, doi = {10.1177/1478929916663217}, year = {2016}, date = {2016-12-27}, journal = {Political Studies Review}, abstract = {This article assesses the effect of political institutions on stock market performance in 14 African countries for which stock market data are available for the period 1990–2010. The estimation technique used is a two-stage least-squares instrumental variable methodology. Political regime channels of democracy, polity and autocracy are instrumented with legal-origins, religious-legacies, income-levels and press-freedom qualities to account for stock market performance dynamics of capitalisation, value traded, turnover and number of listed companies. The findings show that countries with democratic regimes enjoy higher levels of financial market development compared to their counterparts with autocratic inclinations. As a policy implication, the role of sound political institutions has important effects on both the degree of competition for public office and the quality of public offices that favour stock market development on the African continent.}, keywords = {Development, financial markets, government policy}, pubstate = {published}, tppubtype = {article} } This article assesses the effect of political institutions on stock market performance in 14 African countries for which stock market data are available for the period 1990–2010. The estimation technique used is a two-stage least-squares instrumental variable methodology. Political regime channels of democracy, polity and autocracy are instrumented with legal-origins, religious-legacies, income-levels and press-freedom qualities to account for stock market performance dynamics of capitalisation, value traded, turnover and number of listed companies. The findings show that countries with democratic regimes enjoy higher levels of financial market development compared to their counterparts with autocratic inclinations. As a policy implication, the role of sound political institutions has important effects on both the degree of competition for public office and the quality of public offices that favour stock market development on the African continent. |
2012 |
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| 2. | Asongu, Simplice A Journal of African Business, 13 (3), pp. 183-199, 2012. Abstract | Links | BibTeX | Tags: financial markets, government policy, Political economy @article{Asongu_791, author = {Simplice A Asongu}, url = {http://www.tandfonline.com/doi/abs/10.1080/15228916.2012.727744}, doi = {10.1080/15228916.2012.727744}, year = {2012}, date = {2012-11-08}, journal = {Journal of African Business}, volume = {13}, number = {3}, pages = {183-199}, abstract = {How do government policies and institutions affect stock market performance? As stock markets grow broader and deeper in African countries, the question becomes more critical. Government quality dynamics of corruption control, government effectiveness, political stability or no violence, voice and accountability, regulation quality and rule of law are instrumented with income levels, religious dominations, press freedom degrees, and legal origins to account for stock market performance dynamics of capitalization, value traded, turnover and number of listed companies. The results demonstrate a significant positive association between stock market performance measures and the quality of government institutions. These findings suggest countries with better developed government institutions would favor stock markets with higher market capitalization, better turnover ratios, higher value in shares traded and greater number of listed companies.}, keywords = {financial markets, government policy, Political economy}, pubstate = {published}, tppubtype = {article} } How do government policies and institutions affect stock market performance? As stock markets grow broader and deeper in African countries, the question becomes more critical. Government quality dynamics of corruption control, government effectiveness, political stability or no violence, voice and accountability, regulation quality and rule of law are instrumented with income levels, religious dominations, press freedom degrees, and legal origins to account for stock market performance dynamics of capitalization, value traded, turnover and number of listed companies. The results demonstrate a significant positive association between stock market performance measures and the quality of government institutions. These findings suggest countries with better developed government institutions would favor stock markets with higher market capitalization, better turnover ratios, higher value in shares traded and greater number of listed companies. |
| 3. | Asongu, Simplice A Journal of Financial Economic Policy, 4 (4), pp. 340 - 353, 2012. Abstract | Links | BibTeX | Tags: Contagion, Earthquakes, financial markets, International financial markets, Japan, Japanese earthquake, stock markets @article{Asongu_793, author = {Simplice A Asongu}, url = {http://dx.doi.org/10.1108/17576381211279307}, doi = {10.1108/17576381211279307}, year = {2012}, date = {2012-10-17}, journal = {Journal of Financial Economic Policy}, volume = {4}, number = {4}, pages = {340 - 353}, abstract = {Purpose – Natural disasters may inflict significant damage upon international financial markets. The purpose of this study is to investigate if any contagion effect occurred in the immediate aftermath of the Japanese earthquake, tsunami and subsequent nuclear crisis. Design/methodology/approach – Using 33 international stock indices and exchange rates, this paper uses heteroscedasticity biases based on correlation coefficients to examine if any contagion occurred across financial markets after the March 11, 2011 Japanese earthquake, tsunami and nuclear crisis. The sample period is partitioned into two sections: the 12‐month pre‐earthquake period (March 11, 2010 to March 10, 2011) and the 2‐month post‐earthquake period (March 11, 2011 to May 10, 2011). While the stability period is defined as the pre‐earthquake period, the turbulent (turmoil) period is defined as the post‐earthquake period. In a bid to ensure robustness of the findings, the turmoil period is further partitioned into two equal sections: the 1‐month (short‐term) post‐earthquake period (March 11, 2011 to April 10, 2011), and the 2‐month (medium‐term) post‐earthquake (March 11, 2011 to May 10, 2011). Findings – Findings reveal that, while no sampled foreign exchange markets suffered from contagion, stock markets of Taiwan, Bahrain, Saudi Arabia and South Africa witnessed a contagion effect. Practical implications – The results have two paramount implications. First, the paper has confirmed existing consensus that in the face of natural crises that could take an international scale, emerging markets are contagiously affected for the most part. Second, the empirical evidence also suggests that international financial market transmissions not only occur during financial crisis; natural disaster effects should not be undermined. Originality/value – This paper has shown that the correlation structure of international financial markets are also affected by high profile natural disasters.}, keywords = {Contagion, Earthquakes, financial markets, International financial markets, Japan, Japanese earthquake, stock markets}, pubstate = {published}, tppubtype = {article} } Purpose – Natural disasters may inflict significant damage upon international financial markets. The purpose of this study is to investigate if any contagion effect occurred in the immediate aftermath of the Japanese earthquake, tsunami and subsequent nuclear crisis. Design/methodology/approach – Using 33 international stock indices and exchange rates, this paper uses heteroscedasticity biases based on correlation coefficients to examine if any contagion occurred across financial markets after the March 11, 2011 Japanese earthquake, tsunami and nuclear crisis. The sample period is partitioned into two sections: the 12‐month pre‐earthquake period (March 11, 2010 to March 10, 2011) and the 2‐month post‐earthquake period (March 11, 2011 to May 10, 2011). While the stability period is defined as the pre‐earthquake period, the turbulent (turmoil) period is defined as the post‐earthquake period. In a bid to ensure robustness of the findings, the turmoil period is further partitioned into two equal sections: the 1‐month (short‐term) post‐earthquake period (March 11, 2011 to April 10, 2011), and the 2‐month (medium‐term) post‐earthquake (March 11, 2011 to May 10, 2011). Findings – Findings reveal that, while no sampled foreign exchange markets suffered from contagion, stock markets of Taiwan, Bahrain, Saudi Arabia and South Africa witnessed a contagion effect. Practical implications – The results have two paramount implications. First, the paper has confirmed existing consensus that in the face of natural crises that could take an international scale, emerging markets are contagiously affected for the most part. Second, the empirical evidence also suggests that international financial market transmissions not only occur during financial crisis; natural disaster effects should not be undermined. Originality/value – This paper has shown that the correlation structure of international financial markets are also affected by high profile natural disasters. |
