@workingpaper{Asongu2015bi,
title = {Pre- and post-crisis dynamics of financial globalisation for financial development in Africa},
author = {Lieven De Moor & Vanessa Tchamyou S Simplice A. Asongu},
editor = {African 2015 Governance and Development Institute WP/15/045},
url = {http://www.afridev.org/RePEc/agd/agd-wpaper/Pre-and-post-crisis-dynamics-of-financial-globalisation-for-financial-development.pdf},
year = {2015},
date = {2015-11-01},
abstract = {This study unites two streams of research by simultaneously focusing on the impact of financial
globalisation on financial development and pre- and post-crisis dynamics of the investigated
relationship. The empirical evidence is based on 53 African countries for the period 2004-2011
and Generalised Method of Moments. The following findings are established. First, whereas
marginal effects from financial globalisation are positive on financial dynamics of activity and
size, corresponding net effects (positive thresholds) are negative (within range). Second, while
decreasing financial globalisation returns are apparent to financial dynamics of depth and
efficiency, corresponding net effects (negative thresholds) are positive (not within range). Third,
financial development dynamics are more weakly stationary and strongly convergent in the precrisis
period. Fourth, the net effect from the: pre-crisis period is lower on money supply and
banking system efficiency; post-crisis period is positive on financial system efficiency and precrisis
period is positive on financial size. Policy implications are discussed.},
keywords = {Banking; Financial crisis; Financial development},
pubstate = {published},
tppubtype = {workingpaper}
}