@workingpaper{Asongu2015bc,
title = {The Comparative African Regional Economics of Globalization in Financial Allocation Efficiency},
author = {Vanessa Tchamyou S Simplice A. Asongu},
editor = {African 2015 Governance and Development Institute WP/15/053},
url = {http://www.afridev.org/RePEc/agd/agd-wpaper/Comparative-African-Regional-Economics.pdf},
year = {2015},
date = {2015-12-01},
abstract = {The study assesses the role of globalization-fuelled regionalization policies on financial allocation
efficiency in four economic and monetary regions in Africa for the period 1980 to 2008. Banking
system and financial system efficiencies are used as dependent variables whereas seven bundled and
unbundled globalization variables are employed as independent indicators. The bundling exercise is
achieved by means of principal component analysis while the empirical evidence is based on
interactive Fixed Effects regressions. The following findings are established. First, financial
allocation efficiency is more sensitive to financial openness compared to trade openness and most
sensitive to globalization. The relationship between allocation efficiency and globalization-fuelled
regionalization policies is: (i) Kuznets or inverted U-shape in the UEMOA and CEMAC zones
(evidence of decreasing returns to allocation efficiency from globalization-fuelled regionalization)
and (ii) U-shape overwhelmingly in the COMESA and scantily in the EAC (increasing returns to
allocation efficiency from globalization-fuelled regionalization). Established shapes are relevant to
specific globalization dynamics within regions. ‘Economic and monetary’ regions are more prone to
surplus liquidity than purely economic regions. Policy implications and measures of fighting surplus
liquidity are discussed.},
keywords = {Globalization; Financial Development; Regional Integration; Panel; Africa},
pubstate = {published},
tppubtype = {workingpaper}
}

@workingpaper{Asongu2011bn,
title = {Globalization, Financial Development and Regional Economic Dynamics: asymmetric panel evidence from Africa},
author = {Simplice A Asongu},
editor = {African 2011 Governance and Development Institute WP/11/008},
url = {http://www.afridev.org/RePEc/agd/agd-wpaper/Globalization,-Financial-Development-and-Regional-Economic-Dynamics.-Asymmetric-panel-evidence-from-Africa.pdf},
year = {2011},
date = {2011-09-01},
abstract = {This paper examines how regionalization in the face of globalization has affected financial
development in the context of banking system efficiency in Africa. Results which are robust to
financial system efficiency and growth-led-finance nexus reveal that in the post-regionalization
era: (1) UEMOA and CEMAC regional banks’ ability to finance credit by deposits has reduced;
(2) financial institutions of COMESA have improved their capacity to fund openness related
activities/projects with deposits; (3) increase in welfare has positively affected the intermediary
role of banks; (4) globalization tends to be more detrimental to financial systems of ‘economic and
monetary’ regions than to those of purely economic regions. As a policy implication, national and
regional authorities should gain knowledge of the fact that with openness, the role of domestic and
regional banks seems to lessen in the funding of openness related activities and projects. Much
needs to be done on the improvement of infrastructure that curtails information asymmetry in the
banking industry.},
keywords = {Globalization; Financial Development; Regional Integration; Panel; Africa},
pubstate = {published},
tppubtype = {workingpaper}
}