PUBLICATIONS
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
Publication List
2015 |
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651. | Asongu, Simplice A Book Chapter Karkowska, Renata (Ed.): Chapter 6, pp. 121-143, ASER Publishing and Thomson Reuters., 2015. Abstract | BibTeX | Tags: Liberalization policies; Capital return; Africa @inbook{Asongu_632, author = {Simplice A Asongu}, editor = {Renata Karkowska}, year = {2015}, date = {2015-08-05}, pages = {121-143}, publisher = {ASER Publishing and Thomson Reuters.}, chapter = {6}, abstract = {This chapter complements exiting African liberalization literature by providing fresh patterns of two main areas. First, it assesses whether African banking institutions have benefited from liberalization policies in terms of bank returns. Second, it models bank return and return uncertainty in the context of openness policies to examine fresh patterns for the feasibility of common policy initiatives. The empirical evidence is based on 28 African countries for the period 1999-2010. Varying non-overlapping intervals and autoregressive orders are employed for robustness purposes. The findings show that, while trade openness has increased bank returns and return uncertainties, financial openness and institutional liberalization have decreased bank returns and reduced return uncertainty respectively. But for some scanty evidence of convergence in return on equity, there is overwhelming absence of catch-up among sampled countries. Implications for regional integration and portfolio diversification are discussed.}, keywords = {Liberalization policies; Capital return; Africa}, pubstate = {published}, tppubtype = {inbook} } This chapter complements exiting African liberalization literature by providing fresh patterns of two main areas. First, it assesses whether African banking institutions have benefited from liberalization policies in terms of bank returns. Second, it models bank return and return uncertainty in the context of openness policies to examine fresh patterns for the feasibility of common policy initiatives. The empirical evidence is based on 28 African countries for the period 1999-2010. Varying non-overlapping intervals and autoregressive orders are employed for robustness purposes. The findings show that, while trade openness has increased bank returns and return uncertainties, financial openness and institutional liberalization have decreased bank returns and reduced return uncertainty respectively. But for some scanty evidence of convergence in return on equity, there is overwhelming absence of catch-up among sampled countries. Implications for regional integration and portfolio diversification are discussed. |
652. | Ssozi, Simplice Asongu John A South African Journal of Economics, 2015. Abstract | Links | BibTeX | Tags: Remittances;output per worker;production function;Sub-Saharan Africa @article{Asongu_633, author = {Simplice Asongu A John Ssozi}, url = {http://onlinelibrary.wiley.com/doi/10.1111/saje.12100/abstract?userIsAuthenticated=false&deniedAccessCustomisedMessage=}, doi = {10.1111/saje.12100}, year = {2015}, date = {2015-08-03}, journal = {South African Journal of Economics}, abstract = {This paper uses a production function to examine the channels through which remittances affect output per worker in 31 Sub-Saharan African countries from 1980 to 2010. Lagged remittances increase physical capital per worker, average years of schooling and total factor productivity, but the effectiveness of remittances varies with the income level of the recipient nation. Although remittances have increased both physical capital and total factor productivity among the upper middle income nations, among the lower middle income, they have increased only the physical capital. Meanwhile a reduction in institutional risk has encouraged investment and efficiency, but its relationship to the effectiveness of remittances has been inconclusive.}, keywords = {Remittances;output per worker;production function;Sub-Saharan Africa}, pubstate = {published}, tppubtype = {article} } This paper uses a production function to examine the channels through which remittances affect output per worker in 31 Sub-Saharan African countries from 1980 to 2010. Lagged remittances increase physical capital per worker, average years of schooling and total factor productivity, but the effectiveness of remittances varies with the income level of the recipient nation. Although remittances have increased both physical capital and total factor productivity among the upper middle income nations, among the lower middle income, they have increased only the physical capital. Meanwhile a reduction in institutional risk has encouraged investment and efficiency, but its relationship to the effectiveness of remittances has been inconclusive. |
653. | Asongu, Simplice A Institutions and Economies, 7 (2), pp. 30-55, 2015. Abstract | Links | BibTeX | Tags: Financial Development; Growth; Law; Welfare @article{Asongu_634, author = {Simplice A Asongu}, url = {http://ijie.um.edu.my/filebank/published_article/8256/7(2)2.pdf}, year = {2015}, date = {2015-08-01}, journal = {Institutions and Economies}, volume = {7}, number = {2}, pages = {30-55}, abstract = {This paper proposes and empirically validates four theories of why legal origin influences growth and welfare through finance. It is a natural extension of “Law and finance: why does legal origin matter?” by Thorsten Beck, Asli Demirgüç-Kunt and Ross Levine (2003). We find only partial support for the Mundell (1972), La Porta et al. (1998) and Beck et al. (2003) hypotheses that English common-law countries tend to have better developed financial intermediaries than French civil-law countries. While countries with English legal tradition have legal systems that improve financial depth, activity and size, countries with French legal origin overwhelmingly dominate in financial intermediary allocation efficiency. Countries with Portuguese legal origin fall in-between.}, keywords = {Financial Development; Growth; Law; Welfare}, pubstate = {published}, tppubtype = {article} } This paper proposes and empirically validates four theories of why legal origin influences growth and welfare through finance. It is a natural extension of “Law and finance: why does legal origin matter?” by Thorsten Beck, Asli Demirgüç-Kunt and Ross Levine (2003). We find only partial support for the Mundell (1972), La Porta et al. (1998) and Beck et al. (2003) hypotheses that English common-law countries tend to have better developed financial intermediaries than French civil-law countries. While countries with English legal tradition have legal systems that improve financial depth, activity and size, countries with French legal origin overwhelmingly dominate in financial intermediary allocation efficiency. Countries with Portuguese legal origin fall in-between. |
654. | Asongu, Simplice A South African Journal of Economics, 83 (2), pp. 180–198, 2015. Abstract | Links | BibTeX | Tags: Foreign aid;political economy;development;Africa @article{Asongu_635, author = {Simplice A Asongu}, url = {http://onlinelibrary.wiley.com/doi/10.1111/saje.12064/abstract?userIsAuthenticated=false&deniedAccessCustomisedMessage=}, doi = {10.1111/saje.12064}, year = {2015}, date = {2015-08-01}, journal = {South African Journal of Economics}, volume = {83}, number = {2}, pages = {180–198}, abstract = {The Eubank findings on taxation, political accountability and foreign aid have had an important influence on academic and policymaking debates. Eubank has warned that his findings should not be generalised across Africa until they are backed by robust empirical evidence. This paper puts some empirical structure to the celebrated literature. The empirical evidence which is based on data from 53 African countries for the period 1996-2010 broadly confirms the Somaliland-based Eubank hypothesis that in the absence of foreign aid, the dependence of government on local tax revenues provides the leverage for better political governance.}, keywords = {Foreign aid;political economy;development;Africa}, pubstate = {published}, tppubtype = {article} } The Eubank findings on taxation, political accountability and foreign aid have had an important influence on academic and policymaking debates. Eubank has warned that his findings should not be generalised across Africa until they are backed by robust empirical evidence. This paper puts some empirical structure to the celebrated literature. The empirical evidence which is based on data from 53 African countries for the period 1996-2010 broadly confirms the Somaliland-based Eubank hypothesis that in the absence of foreign aid, the dependence of government on local tax revenues provides the leverage for better political governance. |
655. | Asongu, Jacinta Nwachukwu Simplice C A Fighting Terrorism: Empirics on Policy Harmonization 2015. Abstract | Links | BibTeX | Tags: Terrorism; Common policies; Development @workingpaper{Asongu2015bx, title = {Fighting Terrorism: Empirics on Policy Harmonization}, author = {Jacinta Nwachukwu C Simplice A. Asongu}, editor = {African 2015 Governance and Development Institute WP/15/024}, url = {http://www.afridev.org/RePEc/agd/agd-wpaper/Fighting-Terrorism.-Empirics-on-Policy-Harmonization.pdf}, year = {2015}, date = {2015-08-01}, abstract = {This paper models the feasibility of common policy initiatives against global terrorism, as well as timelines for their enforcement. The empirical evidence is based on 78 developing countries for the period 1984-2008. Employed terrorism dynamics are domestic, transnational, unclear and total terrorism. Absolute (or unconditional) and conditional catch-ups are modelled using Generalised Methods of Moments. We establish consistently that, the rate of catch-up is higher in domestic terrorism relative to transnational terrorism. The time to full catch-up required for the implementation of common policies without distinction of nationality is found to be in a horizon of 13.34-19.92 years for domestic terrorism and 24.67-27.88 years for transnational terrorism. Hence, from a projection date of 2009, in spite of decreasing cross-country differences in terrorists’ attacks, there is still a long way to go before feasible common policy initiatives can be fully implemented without distinction of nationality. The paper is original by its contribution to the empirics of conflict resolution through decreasing cross-country differences in terrorism tendencies. Policy implications are discussed.}, keywords = {Terrorism; Common policies; Development}, pubstate = {published}, tppubtype = {workingpaper} } This paper models the feasibility of common policy initiatives against global terrorism, as well as timelines for their enforcement. The empirical evidence is based on 78 developing countries for the period 1984-2008. Employed terrorism dynamics are domestic, transnational, unclear and total terrorism. Absolute (or unconditional) and conditional catch-ups are modelled using Generalised Methods of Moments. We establish consistently that, the rate of catch-up is higher in domestic terrorism relative to transnational terrorism. The time to full catch-up required for the implementation of common policies without distinction of nationality is found to be in a horizon of 13.34-19.92 years for domestic terrorism and 24.67-27.88 years for transnational terrorism. Hence, from a projection date of 2009, in spite of decreasing cross-country differences in terrorists’ attacks, there is still a long way to go before feasible common policy initiatives can be fully implemented without distinction of nationality. The paper is original by its contribution to the empirics of conflict resolution through decreasing cross-country differences in terrorism tendencies. Policy implications are discussed. |
656. | Asongu, Vanessa Tchamyou Simplice S A Mobile Phones in Conflicts of Financial Intermediation 2015. Abstract | Links | BibTeX | Tags: Banking; Mobile Phones; Shadow Economy; Financial Development; Africa @workingpaper{Asongu2015by, title = {Mobile Phones in Conflicts of Financial Intermediation}, author = {Vanessa Tchamyou S Simplice A. Asongu}, editor = {African 2015 Governance and Development Institute WP/15/050}, url = {http://www.afridev.org/RePEc/agd/agd-wpaper/Mobile-Phones-in-Conflicts-of-Financial-Intermediation.pdf}, year = {2015}, date = {2015-08-01}, abstract = {To the best our knowledge, in the first empirical macroeconomic examination of the nexus between financial intermediation and mobile phones, Asongu employs two conflicting financial system definitions in the assessment of how mobile phones have stimulated financial development in Africa. Within the framework of the dominant International Monetary Fund’s International Financial Statistics (2008) definition, mobile phones are established to be negatively associated with financial intermediary dynamics of depth, activity and size. Conversely, when the previously neglected informal financial sector is integrated into the conception, definition and measurement of the financial system, mobile phones are positively (negatively) correlated with the informal (formal) financial intermediation sector. The empirical evidence is based on 52 African countries. Causality in the established linkages has been confirmed in subsequent studies by the same author. At least three policy implications derive from the findings. First, the role of informal financial intermediation is increasing to the detriment of formal financial mechanisms. Second, in order to capture the positive effect of mobile phones on finance, it is imperative to integrate the missing informal financial sector component into the IMF definition of the financial system. Third, it is a wake-up call for more scholarly research on: (i) macroeconomic financial development implications of mobile phone penetration and (ii) monetary policy instruments in the face of burgeoning ‘mobile phone’- oriented financial intermediation.}, keywords = {Banking; Mobile Phones; Shadow Economy; Financial Development; Africa}, pubstate = {published}, tppubtype = {workingpaper} } To the best our knowledge, in the first empirical macroeconomic examination of the nexus between financial intermediation and mobile phones, Asongu employs two conflicting financial system definitions in the assessment of how mobile phones have stimulated financial development in Africa. Within the framework of the dominant International Monetary Fund’s International Financial Statistics (2008) definition, mobile phones are established to be negatively associated with financial intermediary dynamics of depth, activity and size. Conversely, when the previously neglected informal financial sector is integrated into the conception, definition and measurement of the financial system, mobile phones are positively (negatively) correlated with the informal (formal) financial intermediation sector. The empirical evidence is based on 52 African countries. Causality in the established linkages has been confirmed in subsequent studies by the same author. At least three policy implications derive from the findings. First, the role of informal financial intermediation is increasing to the detriment of formal financial mechanisms. Second, in order to capture the positive effect of mobile phones on finance, it is imperative to integrate the missing informal financial sector component into the IMF definition of the financial system. Third, it is a wake-up call for more scholarly research on: (i) macroeconomic financial development implications of mobile phone penetration and (ii) monetary policy instruments in the face of burgeoning ‘mobile phone’- oriented financial intermediation. |
657. | Asongu, Oasis Kodila-Tedika Simplice A Intelligence, 51 (July-August), pp. 1-9, 2015. Abstract | Links | BibTeX | Tags: Financial development; Intelligence; Skill; Human capital @article{Asongu_638, author = {Oasis Kodila-Tedika Simplice A. Asongu}, url = {http://www.sciencedirect.com/science/article/pii/S0160289615000574}, doi = {S0160289615000574}, year = {2015}, date = {2015-07-14}, journal = {Intelligence}, volume = {51}, number = {July-August}, pages = {1-9}, abstract = {We assess the correlations between intelligence and financial development in 123 countries using data averages from 2000–2010. Cognitive human capital is measured in terms of IQ (Lynn and Vanhanen's IQ measures), cognitive ability (Rindermann's combination of psychometric and student assessment test measures) and cognitive skills (Hanushek's student assessment test measures), while financial development is appreciated both from financial intermediary and stock market development perspectives. Short-term financial measures are private and domestic credits whereas long-term financial indicators include: stock market capitalization, stock market value traded and turnover ratio. The following findings are established based on standardized correlations. (1) For the nexus with private credit, the positive correlations of IQ and cognitive ability are broadly similar, while that of cognitive skills is lower relative to cognitive ability. (2) The correlation between intelligence and other financial variables are broadly similar, but for the higher degree of association with stock market value traded. (3) The underlying findings are broadly confirmed in terms of sign of correlation, though the magnitude of correlation is higher (lower) with the addition of social capital or ethnic fractionalization (institutions or income). (4) When continents are excluded to control for extreme effects, baseline results are confirmed and the following on order of continental importance in financial development is established in increasing magnitude: Americas, Europe, Oceania, Africa and Asia.}, keywords = {Financial development; Intelligence; Skill; Human capital}, pubstate = {published}, tppubtype = {article} } We assess the correlations between intelligence and financial development in 123 countries using data averages from 2000–2010. Cognitive human capital is measured in terms of IQ (Lynn and Vanhanen's IQ measures), cognitive ability (Rindermann's combination of psychometric and student assessment test measures) and cognitive skills (Hanushek's student assessment test measures), while financial development is appreciated both from financial intermediary and stock market development perspectives. Short-term financial measures are private and domestic credits whereas long-term financial indicators include: stock market capitalization, stock market value traded and turnover ratio. The following findings are established based on standardized correlations. (1) For the nexus with private credit, the positive correlations of IQ and cognitive ability are broadly similar, while that of cognitive skills is lower relative to cognitive ability. (2) The correlation between intelligence and other financial variables are broadly similar, but for the higher degree of association with stock market value traded. (3) The underlying findings are broadly confirmed in terms of sign of correlation, though the magnitude of correlation is higher (lower) with the addition of social capital or ethnic fractionalization (institutions or income). (4) When continents are excluded to control for extreme effects, baseline results are confirmed and the following on order of continental importance in financial development is established in increasing magnitude: Americas, Europe, Oceania, Africa and Asia. |
658. | Asongu, Simplice A Journal of the Knowledge Economy, 2015. Abstract | Links | BibTeX | Tags: Africa, Benchmarks, Catch-up, Knowledge economy, Policy syndromes @article{Asongu_639, author = {Simplice A Asongu}, url = {http://link.springer.com/article/10.1007%2Fs13132-015-0273-4}, doi = {10.1007%2Fs13132-015-0273-4}, year = {2015}, date = {2015-07-11}, journal = {Journal of the Knowledge Economy}, abstract = {The paper complements the scarce literature on knowledge economy (KE) in Africa by comparing KE dynamics within Africa in order to assess best and worst performers based on fundamental characteristics of the continent’s development. The five dimensions of the World Bank’s Knowledge Economy Index (KEI) are employed, notably education, information and communication technology, innovation, economic incentives, and institutional regime. The empirical evidence is based on a five-step novel approach with data from 53 African countries for the period 1996–2010. Limitations of the beta catch-up approach are complemented with the sigma convergence strategy. Based on the determined fundamental characteristics, computed dynamic benchmarks, policy syndromes, and syndrome-free scenarios, we establish that landlocked, low-income, conflict-affected, Sub-Saharan African, nonoil-exporting, and French civil law countries are generally more predisposed to lower levels of KE, whereas English common law, openness to sea, absence of conflicts, North African, and middle-income countries are characteristics that predispose certain nations to higher KE. Broad and specific policy implications are discussed in detail.}, keywords = {Africa, Benchmarks, Catch-up, Knowledge economy, Policy syndromes}, pubstate = {published}, tppubtype = {article} } The paper complements the scarce literature on knowledge economy (KE) in Africa by comparing KE dynamics within Africa in order to assess best and worst performers based on fundamental characteristics of the continent’s development. The five dimensions of the World Bank’s Knowledge Economy Index (KEI) are employed, notably education, information and communication technology, innovation, economic incentives, and institutional regime. The empirical evidence is based on a five-step novel approach with data from 53 African countries for the period 1996–2010. Limitations of the beta catch-up approach are complemented with the sigma convergence strategy. Based on the determined fundamental characteristics, computed dynamic benchmarks, policy syndromes, and syndrome-free scenarios, we establish that landlocked, low-income, conflict-affected, Sub-Saharan African, nonoil-exporting, and French civil law countries are generally more predisposed to lower levels of KE, whereas English common law, openness to sea, absence of conflicts, North African, and middle-income countries are characteristics that predispose certain nations to higher KE. Broad and specific policy implications are discussed in detail. |
659. | Asongu, Simplice A Journal of the Knowledge Economy, 2015. Abstract | Links | BibTeX | Tags: Africa, governance, Intellectual property rights, Publications @article{Asongu_640, author = {Simplice A Asongu}, url = {http://link.springer.com/article/10.1007/s13132-015-0268-1}, doi = {10.1007/s13132-015-0268-1}, year = {2015}, date = {2015-07-01}, journal = {Journal of the Knowledge Economy}, abstract = {This paper examines how Africa’s share in the contribution to global scientific knowledge can be boosted with existing intellectual property rights (IPRs) mechanisms. The findings which broadly indicate that tight IPRs are correlated with knowledge contribution can be summarized in two main points. First, the enshrinement of IPRs laws in a country’s constitution is a good condition for knowledge economy. Secondly, while main intellectual property (IP) laws, World Intellectual Property Organization (WIPO) treaties, and bilateral treaties are positively correlated with scientific publications, the IPRs law channels have a negative correlation. Whereas the study remains expositional, it does however offer interesting insights into the need for IPRs in the promotion of knowledge contribution within sampled countries of the continent. Other policy implications are discussed.}, keywords = {Africa, governance, Intellectual property rights, Publications}, pubstate = {published}, tppubtype = {article} } This paper examines how Africa’s share in the contribution to global scientific knowledge can be boosted with existing intellectual property rights (IPRs) mechanisms. The findings which broadly indicate that tight IPRs are correlated with knowledge contribution can be summarized in two main points. First, the enshrinement of IPRs laws in a country’s constitution is a good condition for knowledge economy. Secondly, while main intellectual property (IP) laws, World Intellectual Property Organization (WIPO) treaties, and bilateral treaties are positively correlated with scientific publications, the IPRs law channels have a negative correlation. Whereas the study remains expositional, it does however offer interesting insights into the need for IPRs in the promotion of knowledge contribution within sampled countries of the continent. Other policy implications are discussed. |
660. | Asongu, Simplice A International Journal of Social Economics, 42 (8), pp. 706 - 716, 2015. Abstract | Links | BibTeX | Tags: Africa, Inequality, Mobile phones, Poverty, Shadow economy @article{Asongu_641, author = {Simplice A Asongu}, url = {http://dx.doi.org/10.1108/IJSE-11-2012-0228}, doi = {10.1108/IJSE-11-2012-0228}, year = {2015}, date = {2015-07-01}, journal = {International Journal of Social Economics}, volume = {42}, number = {8}, pages = {706 - 716}, abstract = {Purpose – The purpose of this paper is to complement theoretical and qualitative literature with empirical evidence on the income-redistributive effect of mobile phone penetration in 52 African countries. Design/methodology/approach – Robust ordinary least squares and two stage least squares empirical strategies are employed. Findings – The findings suggest that mobile penetration is pro-poor, as it has a positive income equality effect. Social implications – “Mobile phone”-oriented poverty reduction channels are discussed. Originality/value – It deviates from mainstream country-specific and microeconomic survey-based approaches in the literature and provides the first macroeconomic assessment of the “mobile phone”-inequality nexus.}, keywords = {Africa, Inequality, Mobile phones, Poverty, Shadow economy}, pubstate = {published}, tppubtype = {article} } Purpose – The purpose of this paper is to complement theoretical and qualitative literature with empirical evidence on the income-redistributive effect of mobile phone penetration in 52 African countries. Design/methodology/approach – Robust ordinary least squares and two stage least squares empirical strategies are employed. Findings – The findings suggest that mobile penetration is pro-poor, as it has a positive income equality effect. Social implications – “Mobile phone”-oriented poverty reduction channels are discussed. Originality/value – It deviates from mainstream country-specific and microeconomic survey-based approaches in the literature and provides the first macroeconomic assessment of the “mobile phone”-inequality nexus. |