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Correcting Inflation with Financial Dynamic Fundamentals: Which Adjustments Matter in Africa?
Journal article, Created By Asongu, Simplice A. and Published By Taylor & Francis Group in English language
This article assesses the adjustment of inflation with financial dynamic fundamentals of money (financial depth), credit (financial activity), and efficiency. Three main findings are established: (a) there are significant long-run relationships between inflation and the fundamentals; (b) the error correction mechanism is stable in all specifications but in case of any disequilibrium, only financial depth is significant in adjusting inflation to the long-run relationship; and (c) in the long-run, short-term adjustments in the ability of banks to transform money into credit do n...
African Stock Market Performance Dynamics: A Multidimensional Convergence Assessment
Journal article, Created By Asongu, Simplice A. and Published By Taylor & Francis in English language
The author dissects, with great acuteness, the issues of convergence in financial performance dynamics in the African continent through the lenses of stock market capitalization, value traded, turnover, and number of listed companies. The empirical evidence is premised on 11 homogeneous panels based on regions (Sub-Saharan and North Africa), income levels (low, middle, lower-middle, and upper-middle), legal origins (English common law and French civil law), and religious dominations (Christianity and Islam). Findings provide partial support for the existence of absolute convergence ...
How has Mobile Phone Penetration Stimulated Financial Development in Africa?
Journal article, Created By Asongu, Simplice A. and Published By Taylor & Francis in English language
In the first macroeconomic empirical assessment of the relationship between mobile phones and finance, the author examines the correlations between mobile phone penetration and financial development using two conflicting definitions of the financial system in the financial development literature. With the traditional International Financial Statistics (IFS) (2008) definition, mobile phone penetration has a negative correlation with traditional financial intermediary dynamics of depth, activity, and size. However, when a previously missing informal-financial sector component is integrated into the defi...
Is Poverty in the African DNA (Gene)?
Journal article, Created By Asongu, Simplice A. and Published By John Wiley & Sons Publishing Company in English language
A 2015 World Bank report on attainment of Millennium Development Goals concludes that the number of extremely poor has dropped substantially in all regions with the exception of Sub-Saharan Africa. We assess if poverty is in the African gene by revisiting the findings of Ashraf and Galor and reformulating the "Out of Africa Hypothesis" into a "Genetic Diversity Hypothesis" for a "Within Africa Analysis." We motivate this reformulation with five shortcomings largely drawn from the 2015 findings of the African Gerome Variation Project, notably:...
Long-term effects of population growth on aggregate investment dynamics: Selected country evidence for Africa
Journal article, Created By Asongu, Simplice A. and Published By Emerald in English language
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.
Challenges of Doing Business in Africa: A Systematic Review
Journal article, Created By Asongu, Simplice A. and Published By Taylor & Francis Group in English language
This paper provides a systematic review of challenges to doing business in Africa. It complements the extant literature by answering two critical questions: what are the linkages between the ease of doing business and economic development; and what are the challenges to doing business in Africa? In providing answers to these questions, the nexus between the ease of doing business and economic development is discussed in six main strands, namely: wealth creation and sharing; opportunities of employment; balanced regional and economic development; Gross Domestic Produc...