Current and Previous Issues

    • Winners and losers in large-scale land transactions in Ghana - Opportunities for win-win outcomes

      Author: Elias Danyi Kuusaana

      Source: African Review of Economics and Finance 9, pp 62 –95 (2017)

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      Large land acquisition for agro-investment globally is stirring debate about their socio-political, cultural, economic, and ecological implications on smallholders and host communities. Though several works are on going in this area, empirical findings that seek to identify and compare winners... Read More

    • Spatial externalities, openness and financial development in the SADC

      Author: Alex Bara, Gift Mugano and Pierre Le Roux

      Source: African Review of Economics and Finance 9, pp 245 –271 (2017)

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      This study empirically evaluates spatial externalities in financial development in the Southern African Development Community (SADC) in line with spatial proximity theory. The study specifically tests whether financially less developed economies in SADC benefit from their linkages with and pro... Read More

    • Responsible investing in South Africa: past, present and future

      Author: Suzette Viviers and Gideon Els

      Source: African Review of Economics and Finance 9, pp 122 –155 (2017)

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      Despite strong growth in responsible investing (RI) internationally, only a few institutional investors in South Africa have adopted this investment philosophy. This article contributes to the limited body of African RI literature by identifying significant events that shaped the nature of the... Read More

    • Price discovery on the Johannesburg Stock Exchange: Examining the impact of the SATRIX Top 40 Exchange Traded Fund

      Author: Kerry McCullough

      Source: African Review of Economics and Finance 9, pp 190 –212 (2017)

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      Price discovery refers to flows of information, describing how and when information is reflected in market prices. It is not unusual for there to be more than one financial instrument in a given market that is linked to, or derived from, a single specific asset. This results in a complex set o... Read More

    • Patterns of empowerment and disempowerment in the South African mining sector

      Author: Renee Horne

      Source: African Review of Economics and Finance 9, pp 3 –32 (2017)

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      Recent conflicts in the South African mining sector tend to be explained entirely in rational choice theory. This paper utilises grounded theory, where the primary method was the collection of semi-structured and exclusive interviews triangulated with secondary data consisting of existing lite... Read More

    • The role of institutional investors in promoting long-term value creation: A South African perspective

      Author: Michael Harber

      Source: African Review of Economics and Finance 9, pp 245 –271 (2017)

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      “Short-termism” has been identified by many academics and business practitioners as a significant global problem in modern capitalist markets. The excessive focus of corporate decision-makers on short-term profit maximising goals, often at the expense of longer-term objectives, results in insu... Read More

    • On the stability of the CAPM before and after the financial crisis: Panel evidence from the Johannesburg Securities Exchange

      Author: Paul Alagidede, Nikolaos Koutounidis and Theodore Panagiotidis

      Source: African Review of Economics and Finance 9, pp 180 –189 (2017)

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      This study examines the stability of the CAPM before and after the recent global financial crisis in the Johannesburg Securities Exchange (JSE). Firms’ betas are derived from OLS and M-estimation regressions. Fixed and random effects are employed to estimate the linear and the nonlinear versio... Read More

    • Health expenditure and child health outcomes in Sub-Saharan Africa

      Author: Jacob Novignon and Akanni O. Lawanson

      Source: African Review of Economics and Finance 9, pp 96 –121 (2017)

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      This study sought to understand the relationship between child health outcomes and health spending while investigating lagged effects. The study employed panel data from 45 Sub-Saharan African countries between 1995 and 2011 obtained from the World Bank’s World Development Indicators. Fixed an... Read More

    • Exports, capital formation and economic growth in South Africa

      Author: Maura Feddersen, Hugo Nel and Ferdi Botha

      Source: African Review of Economics and Finance 9, pp 213 –244 (2017)

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      In South Africa the export sector is frequently accorded a special role in encouraging faster economic growth. Nonetheless, a question that remains unresolved is whether higher export growth indeed leads to higher economic growth and what particular role exports may play within the overall eco... Read More

    • Equities as a hedge against inflation in South Africa

      Author: Peter Moores-Pitt and Barry Stephen Strydom

      Source: African Review of Economics and Finance 9, pp 156 –179 (2017)

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      Conventional wisdom holds that equity investments should provide an effective hedge against inflation. However, empirical tests of this relationship in South Africa have produced conflicting results. We employ both a Vector Error Correction Model (VECM) and Autoregressive Distributed Lag Model... Read More

    • Determinants of bank credit in Ghana: A bounds-testing cointegration approach

      Author: Gideon Baoko, Isaac Attah Acheampong and Muazu Ibrahim

      Source: African Review of Economics and Finance 9, pp 33 –61 (2017)

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      Using the Autoregressive Distributed Lag (ARDL) framework, this paper examines the relevant factors influencing allocation of bank credit to the private sector in the Ghanaian economy for the period 1970 to 2011. The results show that broad money supply, bank assets, real lending rate, and ban... Read More

  • A potentially publishable paper in AREF should meet the following criteria:

    • The motivation for the paper should be clear and compelling. Typically the motivation will include a clearly specified research question and a statement as to why this question is interesting. However, a paper whose primary motivation is to synthesize or even survey earlier work might also be publishable.
    • The analysis in the paper should be correct and should be appropriately rigorous given the research question.
    • The paper must be sufficiently original to warrant publication. Typically, this originality arises from new theoretical results or new empirical findings, but it may arise from new interpretation or synthesis of known material
    • The paper should be well written. In particular, the logical structure of the paper should be clear, and the paper should be relatively free from errors of grammar and usage.

    AREF distinguishes itself as the number one journal in Africa and leading platform for engaging critically on matters of developmental concern. Authors of submitted papers will normally hear back from AREF within 6 weeks of submission or less. Invitations to revise and resubmit present choices and ideas, not mandates (limited exceptions).

  • Editor-in-Chief: Prof. Paul Alagidede
    Wits Business School, University of the Witwatersrand, 2 St David's Place, P.O. Box 98, Wits 2050, Johannesburg, South Africa.
    Email: or

    Editor: Dr. Franklin Obeng-Odoom
    School of Built Environment, University of Technology Sydney, P.O. Box 123 Broadway NSW 2007, Australia.
    Email: or