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
Publications List
2020 |
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1. | Asongu, Kingsley Odo Patrick Ojiem Chimere Iheonu Simplice O K O A Financial Innovation, 2020. Abstract | Links | BibTeX | Tags: ECOWAS, Finance, investment @article{Asongu_29, author = {Kingsley Odo Patrick Ojiem O K Chimere O. Iheonu Simplice A. Asongu}, url = {https://jfin-swufe.springeropen.com/articles/10.1186/s40854-020-00195-0}, doi = {10.1186/s40854-020-00195-0}, year = {2020}, date = {2020-08-31}, journal = {Financial Innovation}, abstract = {This study investigated the impact of financial sector development on domestic investment in selected countries of the Economic Community of West African States (ECOWAS) for the years 1985–2017. The study employed the augmented mean group procedure, which accounts for country-specific heterogeneity and cross-sectional dependence, and the Granger non-causality test to test for causality in the presence of cross-sectional dependence. The results show that (1) The impact of financial sector development on domestic investment depends on the measure of financial sector development utilised; (2) Domestic credit to the private sector has a positive but insignificant impact on domestic investment in ECOWAS, whereas banking intermediation efficiency (i.e., ability of the banks to transform deposits into credit) and broad money supply negatively and significant influence domestic investment; (3) Cross-country differences exist in the impact of financial sector development on domestic investment in the selected ECOWAS countries; and (4) Domestic credit to the private sector Granger causes domestic investment in ECOWAS. The study recommends careful consideration in the measure of financial development that is utilised as a policy instrument to foster domestic investment. We also highlight the importance of employing country-specific domestic investment policies to avoid blanket policy measures. Domestic credit to the private sector should be given priority when forecasting domestic investment into the future.}, keywords = {ECOWAS, Finance, investment}, pubstate = {published}, tppubtype = {article} } This study investigated the impact of financial sector development on domestic investment in selected countries of the Economic Community of West African States (ECOWAS) for the years 1985–2017. The study employed the augmented mean group procedure, which accounts for country-specific heterogeneity and cross-sectional dependence, and the Granger non-causality test to test for causality in the presence of cross-sectional dependence. The results show that (1) The impact of financial sector development on domestic investment depends on the measure of financial sector development utilised; (2) Domestic credit to the private sector has a positive but insignificant impact on domestic investment in ECOWAS, whereas banking intermediation efficiency (i.e., ability of the banks to transform deposits into credit) and broad money supply negatively and significant influence domestic investment; (3) Cross-country differences exist in the impact of financial sector development on domestic investment in the selected ECOWAS countries; and (4) Domestic credit to the private sector Granger causes domestic investment in ECOWAS. The study recommends careful consideration in the measure of financial development that is utilised as a policy instrument to foster domestic investment. We also highlight the importance of employing country-specific domestic investment policies to avoid blanket policy measures. Domestic credit to the private sector should be given priority when forecasting domestic investment into the future. |
2016 |
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2. | Asongu, Simplice A Institutions and Economies, 8 (2), pp. 91-120, 2016. Abstract | Links | BibTeX | Tags: Developing countries, investment, law @article{Asongu_578, author = {Simplice A Asongu}, url = {http://ijie.um.edu.my/filebank/published_article/9684/Law%20and%20Investment%20in%20Africa.pdf}, year = {2016}, date = {2016-04-01}, journal = {Institutions and Economies}, volume = {8}, number = {2}, pages = {91-120}, abstract = {Contrary to mainstream consensus on the dominance of English common law countries in investment prospects, this paper sets a new tone in the legal origins debate by providing empirical validity on the dominance of French civil law countries in private investment. This assessment is based on 38 African countries for the period 1996-2007. The law mechanisms of regulation quality and rule of law are used to investigate how legal origins (French, English, French sub-Saharan, Portuguese and North African) have influenced a plethora of investment dynamics (domestic, foreign, private and public). The dominance of French civil law countries in prospects for private investments could be traceable to their relatively low and stable inflation rates due to common monetary policies.}, keywords = {Developing countries, investment, law}, pubstate = {published}, tppubtype = {article} } Contrary to mainstream consensus on the dominance of English common law countries in investment prospects, this paper sets a new tone in the legal origins debate by providing empirical validity on the dominance of French civil law countries in private investment. This assessment is based on 38 African countries for the period 1996-2007. The law mechanisms of regulation quality and rule of law are used to investigate how legal origins (French, English, French sub-Saharan, Portuguese and North African) have influenced a plethora of investment dynamics (domestic, foreign, private and public). The dominance of French civil law countries in prospects for private investments could be traceable to their relatively low and stable inflation rates due to common monetary policies. |
2015 |
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3. | Asongu, Simplice A African Journal of Economic and Management Studies, 6 (3), pp. 225-250, 2015. Abstract | Links | BibTeX | Tags: Africa, Causality, Human Capital, investment, Productivity @article{Asongu_620, author = {Simplice A Asongu}, url = {http://dx.doi.org/10.1108/AJEMS-12-2012-0083}, doi = {10.1108/AJEMS-12-2012-0083}, year = {2015}, date = {2015-09-01}, journal = {African Journal of Economic and Management Studies}, volume = {6}, number = {3}, pages = {225-250}, abstract = {Purpose – The generation is witnessing the greatest demographic transition and Africa is at the heart of it. There is mounting concern over corresponding rising unemployment and depleting per capita income. The purpose of this paper is to examine the issues from a long-run perspective by assessing the relationships between population growth and a plethora of investment dynamics: public, private, foreign and domestic investments. Design/methodology/approach – Vector autoregressive models in the perspectives of vector error correction and short-run Granger causality are used. Findings – In the long-run population growth will: first, decrease foreign and public investments in Ivory Coast; second, increase public and private investments in Swaziland; three, deplete public investment but augment domestic investment in Zambia; fourth diminish private investment and improve domestic investment in the Congo Republic and Sudan, respectively. Practical implications – Mainstream positive linkage of population growth to investment growth in the long-term should be treated with extreme caution. Policy orientation should not be blanket, but contingent on country-specific trends and tailored differently across countries. The findings stress the need for the creation of a conducive investment climate (and ease of doing business) for private and foreign investments. Family planning and birth control policies could also be considered in countries with little future investment avenues. Originality/value – The objective of this study is to provide policy makers with some insights on how future investment opportunities could help manage rising population growth and corresponding unemployment.}, keywords = {Africa, Causality, Human Capital, investment, Productivity}, pubstate = {published}, tppubtype = {article} } Purpose – The generation is witnessing the greatest demographic transition and Africa is at the heart of it. There is mounting concern over corresponding rising unemployment and depleting per capita income. The purpose of this paper is to examine the issues from a long-run perspective by assessing the relationships between population growth and a plethora of investment dynamics: public, private, foreign and domestic investments. Design/methodology/approach – Vector autoregressive models in the perspectives of vector error correction and short-run Granger causality are used. Findings – In the long-run population growth will: first, decrease foreign and public investments in Ivory Coast; second, increase public and private investments in Swaziland; three, deplete public investment but augment domestic investment in Zambia; fourth diminish private investment and improve domestic investment in the Congo Republic and Sudan, respectively. Practical implications – Mainstream positive linkage of population growth to investment growth in the long-term should be treated with extreme caution. Policy orientation should not be blanket, but contingent on country-specific trends and tailored differently across countries. The findings stress the need for the creation of a conducive investment climate (and ease of doing business) for private and foreign investments. Family planning and birth control policies could also be considered in countries with little future investment avenues. Originality/value – The objective of this study is to provide policy makers with some insights on how future investment opportunities could help manage rising population growth and corresponding unemployment. |
2014 |
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4. | Asongu, Simplice A African Journal of Economic and Management Studies, 5 (3), pp. 269 - 299, 2014. Abstract | Links | BibTeX | Tags: Africa, Causality, Financial Development, investment @article{Asongu_685, author = {Simplice A Asongu}, url = {http://dx.doi.org/10.1108/AJEMS-05-2012-0036}, doi = {10.1108/AJEMS-05-2012-0036}, year = {2014}, date = {2014-09-03}, journal = {African Journal of Economic and Management Studies}, volume = {5}, number = {3}, pages = {269 - 299}, abstract = {Purpose – The purpose of this paper is to introduce previously missing financial components (efficiency, activity and size) in the assessment of the finance-investment nexus. Design/methodology/approach – Vector autoregressive models in the perspectives of Vector Error Correction Model and short-run Granger causality are employed. There is usage of optimally specified econometric methods as opposed to purely discretionary model specifications in mainstream literature. Findings – Three main findings are established: first, while finance led investment elasticities are positive, investment elasticities of finance are negative; second, but for Guinea Bissau, Mozambique and Togo, finance does not seem to engender portfolio investment; and finally, contrary to mainstream literature, financial efficiency appears to impact investment more than financial depth. Practical implications – Four policy implications result: first, extreme caution is needed in the use of single equation analysis for economic forecasts; second, financial development leads more to investment flows than the other way round; third, financial allocation efficiency is more relevant as means to attracting investment flows than financial depth; and finally, the somewhat heterogeneous character of the findings also point to shortcomings in blanket policies that are not contingent on country-specific trends in the finance-investment nexus. Originality/value – First, contrary to the mainstream approach we use four measures of financial intermediary development (depth, efficiency, activity and size) as well as four types of investment flows (domestic, foreign, portfolio and total). Second, the chosen investment and financial indicators are derived upon preliminary robust correlation analyses from the broadest macroeconomic data set available on investment and financial intermediary flows.}, keywords = {Africa, Causality, Financial Development, investment}, pubstate = {published}, tppubtype = {article} } Purpose – The purpose of this paper is to introduce previously missing financial components (efficiency, activity and size) in the assessment of the finance-investment nexus. Design/methodology/approach – Vector autoregressive models in the perspectives of Vector Error Correction Model and short-run Granger causality are employed. There is usage of optimally specified econometric methods as opposed to purely discretionary model specifications in mainstream literature. Findings – Three main findings are established: first, while finance led investment elasticities are positive, investment elasticities of finance are negative; second, but for Guinea Bissau, Mozambique and Togo, finance does not seem to engender portfolio investment; and finally, contrary to mainstream literature, financial efficiency appears to impact investment more than financial depth. Practical implications – Four policy implications result: first, extreme caution is needed in the use of single equation analysis for economic forecasts; second, financial development leads more to investment flows than the other way round; third, financial allocation efficiency is more relevant as means to attracting investment flows than financial depth; and finally, the somewhat heterogeneous character of the findings also point to shortcomings in blanket policies that are not contingent on country-specific trends in the finance-investment nexus. Originality/value – First, contrary to the mainstream approach we use four measures of financial intermediary development (depth, efficiency, activity and size) as well as four types of investment flows (domestic, foreign, portfolio and total). Second, the chosen investment and financial indicators are derived upon preliminary robust correlation analyses from the broadest macroeconomic data set available on investment and financial intermediary flows. |
5. | Asongu, Simplice A The Review of Black Political Economy, 41 (2), pp. 145-175, 2014. Abstract | Links | BibTeX | Tags: Developing countries, Finance, investment, law @article{Asongu_702, author = {Simplice A Asongu}, url = {http://link.springer.com/article/10.1007/s12114-013-9173-7}, doi = {10.1007/s12114-013-9173-7}, year = {2014}, date = {2014-06-04}, journal = {The Review of Black Political Economy}, volume = {41}, number = {2}, pages = {145-175}, abstract = {This paper assesses if legal origin explains domestic, foreign, private and public investments through financial intermediary channels of depth, efficiency, activity and size. The findings show that legal origin matters in the finance-investment nexus, though its ability to explain aggregate investment dynamics only through financial intermediary channels is limited in the cases of private and public investments.}, keywords = {Developing countries, Finance, investment, law}, pubstate = {published}, tppubtype = {article} } This paper assesses if legal origin explains domestic, foreign, private and public investments through financial intermediary channels of depth, efficiency, activity and size. The findings show that legal origin matters in the finance-investment nexus, though its ability to explain aggregate investment dynamics only through financial intermediary channels is limited in the cases of private and public investments. |