African Review of Economics and Finance - Latest issues
    • More elections, more burden? On the relationship between elections and public debt in Africa

      Author: Nimonka Bayale, Abdou-Fataou Tchagnao and Hopestone Kayiska Chavula

      Source: African Review of Economics and Finance, pp 3-28 (Volume 13 Issue 1, June 2021)

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      The political determinants of public indebtedness in developing countries is still generating a lot of interest among academics and policy makers. This paper investigates whether elections influence the public debt dynamics relying on data from 51 African countries spanning 1990 to 2015. Th... Read More

    • On fiscal dominance in Malawi

      Author: Ronald Mangani

      Source: African Review of Economics and Finance, pp 29-53 (Volume 13 Issue 1, June 2021)

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      Keynesian economics postulates that increased government spending can stimulate growth and national economic transformation under conditions of deficient aggregate demand. This theoretical position is contrary to the orthodox neoclassical view which prioritises austerity. By this mainstream... Read More

    • Capital Account Liberalization, Capital Flows and Exchange Rates in Sub-Saharan Africa

      Author: Tamara Esther Mughogo and Imhotep Paul Alagidede

      Source: African Review of Economics and Finance, pp 54-82 (Volume 13 Issue 1, June 2021)

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      Capital account liberalization (CAL) is the removal of restrictions on capital accounts to allow for the free movement of capital across countries. It has been suggested that CAL can lead to exchange rate appreciation by promoting an influx of capital flows. Evidence of this remains wanting... Read More

    • Credit risk and private sector loan growth under interest rate controls in Kenya

      Author: Roseline Nyakerario Misati, Anne Kamau, Samuel Tiriongo and Maureen Were

      Source: African Review of Economics and Finance, pp 83-112 (Volume 13 Issue 1, June 2021)

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      The study examined the effect of credit risk on loan growth in the banking system in Kenya using panel data constituting 40 commercial banks over the period 2009 to 2018. The study employed a dynamic panel data approach to analyze both aggregated banking sector and bank-tier level models be... Read More

    • Estimating the trade-environmental quality relationship in SADC with a dynamic heterogeneous panel model

      Author: Maxwell Chukwudi Udeagha and Marthinus Christoffel Breitenbach

      Source: African Review of Economics and Finance, pp 113-165 (Volume 13 Issue 1, June 2021)

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      The paper revisits the dynamic relationship between trade openness and carbon dioxide (CO2 ) emissions for member countries of the Southern African Development Community (SADC) over the period 1960-2014. Our approach for SADC is uniquely different from others. For the SADC region, we find ... Read More

    • Individual’s risk attitudes in sub-Saharan Africa: Determinants and reliability of self-reported risk in Burkina Faso

      Author: Mohammad H. Sepahvanda and Roujman Shahbazian

      Source: African Review of Economics and Finance, pp 167-192 (Volume 13 Issue 1, June 2021)

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      Understanding individual risk taking is an important topic in Africa, as access to financial institutions and social security is scarce, and where markets and government policies largely fail to understand investment decisions of poor households. Data on risk attitudes in Africa is limited ... Read More

    • Investing in cocoa-gold sector and the crude oil priceexchange rate uncertainty in Ghana: Volatility transmission and hedging approach

      Author: Osman Tahidu Damba, Abdulbaki Bilgic, Joseph Amikuzuno and Muazu Ibrahim

      Source: African Review of Economics and Finance, pp 193-213 (Volume 13 Issue 1, June 2021)

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      Cocoa and gold are the major drivers of Ghana’s economic growth and hence these two sectors have been identified by potential investors as the best options for portfolio allocation. This paper assessed the best investments options between the cocoa and gold sectors with in a fluctuating wor... Read More

    • Interest rates and FDI in some selected African countries: The mediating roles of exchange rate and unemployment

      Author: Annette Serwaa Agyeman, Benedict Arthur and Bismark Addai

      Source: African Review of Economics and Finance, pp 214-238 (Volume 13 Issue 1, June 2021)

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      Capital chases higher returns, and African countries continuously strive to implement effective policies to attract more Foreign Direct Investments (FDI). Against this backdrop, we explore the relationship between interest rates and FDI inflows in Africa and how exchange rates and unemploym... Read More

    • Entrepreneurial self efficacy and performance of women-owned SMEs

      Author: Jabulile Msimango-Galawe and Nomusa Mazonde

      Source: African Review of Economics and Finance, pp 239-263 (Volume 13 Issue 1, June 2021)

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      Women-owned SMEs (WO-SMEs) have become an integral part of economic growth in emerging markets. However, extant literature suggests that they are not performing as best as their male counterparts; thus, the need for researchers to give them special attention. Multiple factors are cited as ... Read More

    • An empirical insight into the international tourism – foreign direct investment nexus in Africa

      Author: Olufemi Adewale Aluko

      Source: African Review of Economics and Finance, pp 264-278 (Volume 13 Issue 1, June 2021)

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      This study examines the international tourism-foreign direct investment (FDI) nexus in Africa. To do this, it investigates the causal relationship between international tourism and FDI in a panel dataset of 43 African countries for the period 1995-2016. Using the Dumitrescu and Hurlin (2012... Read More

    • Economic consequences of death and disability in Nigeria

      Author: Idowu Daniel Onisanwa and Olanrewaju Olaniyan

      Source: African Review of Economics and Finance, pp 279-297 (Volume 13 Issue 1, June 2021)

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      Death and disability are two forms of health shocks that have been underexplored in the literature, despite having a devastating effect on human wellbeing. This paper examines the economic consequences of death and disability on household wellbeing in Nigeria. This investigation employs a ... Read More

    • The impact of formal financial services uptake on asset holdings in Kenya: Causal evidence from a propensity score-matching approach

      Author: Baraka Msulwa, Richard Chamboko, Celina Lee, Jaco Weideman and Krista Nordin

      Source: African Review of Economics and Finance, pp 298-320 (Volume 13 Issue 1, June 2021)

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      Literature on the impact of financial services on economic wellbeing has largely relied on findings from randomised control trials. Given the scarcity of such trials, this has led to gaps in the sector’s understanding of financial inclusion as a development tool, hence a lack of consensus o... Read More

    • Bank competition or concentration: Which is more important for access to finance in Africa?

      Author: Joseph Olorunfemi Akande, Ntokozo Nzimande, Joseph Chisasa and Tafirenyika Sunde

      Source: African Review of Economics and Finance, pp 321-347 (Volume 13 Issue 1, June 2021)

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      Utilising data covering the period 2001-2016 from 45 African countries, this study investigated the impact of bank competition/or concentration on access to finance. The two-step system, Generalised Methods of Moment (GMM) analysis, found that low competition, as proxied by the Lerner Index... Read More

    • The Everyday Life of the Poor in Cameroon: The Role of Social Networks in Meeting Needs by Nathanael Ojong.

      Author: Nathanael Ojong

      Source: African Review of Economics and Finance, pp 348-352 (Volume 13 Issue 1, June 2021)

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      As an American Peace Corps Volunteer, I went straight out of college to work with rural credit unions in Cameroon in the mid-1980s. The experience changed my life, giving me both insights into life and further questions to pursue. Cameroon turned me into an anthropologist. Read More

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