PUBLICATIONS

@workingpaper{Asongu2011bl,
title = {Why do French civil-law countries have higher levels of financial efficiency?},
author = {Simplice A Asongu},
editor = {African 2011 Governance and Development Institute WP/11/011},
url = {http://www.afridev.org/RePEc/agd/agd-wpaper/Why-do-french-civil-law-countries-have-higher-levels-of-financial-efficiency.pdf},
year = {2011},
date = {2011-10-01},
abstract = {The dominance of English common-law countries in prospects for financial development
in the legal-origins debate has been debunked by recent findings. Using exchange rate regimes
and economic/monetary integration oriented hypotheses, this paper proposes an “inflation
uncertainty theory” in providing theoretical justification and empirical validity as to why French
civil-law countries have higher levels of financial allocation efficiency. Inflation uncertainty,
typical of floating exchange rate regimes accounts for the allocation inefficiency of financial
intermediary institutions in English common-law countries. As a policy implication, results
support the benefits of fixed exchange rate regimes in financial intermediary allocation
efficiency.},
keywords = {Banking; allocation efficiency; exchange rate; inflation; economic integration},
pubstate = {published},
tppubtype = {workingpaper}
}