African Review of Economics and Finance (AREF)
    • Fintech disruption and bank dynamics: Competition, funding, and risk in SSA economics

      Author: Tafirei Mashamba, Kumbirai Mabwe, Kalsoom Jaffar and Tough Chinoda

      Source: African Review of Economics and Finance, pp 22-45 (Volume 17 Issue 1, June 2025)

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      The emergence of Financial Technology in Sub-Saharan Africa has ignited a revolution, promising greater financial inclusion and efficiency. However, concerns remain about its potential impact on bank competition and risk. This study investigates how Fintech influences bank competition, fundi... Read More

    • Threshold effects of macroeconomic uncertainty on monetary policy in G7 countries

      Author: Frederica Simaanya, Goodness C. Aye, and Marthinus C. Breitenbach

      Source: African Review of Economics and Finance, pp 46-81 (Volume 17 Issue 1, June 2025)

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      Macroeconomic uncertainty poses significant challenges for policymakers, especially in the context of designing effective monetary policy. Despite extensive research on the effects of macroeconomic uncertainty on economic outcomes, the specific thresholds at which macroeconomic uncertainty i... Read More

    • Digital transformation, knowledge economy, and development in Sub-Saharan Africa: A systematic review of nexus and challenges

      Author: Amilcar Edjang-Nguema and Joan Torrent-Sellens

      Source: African Review of Economics and Finance, pp 82-106 (Volume 17 Issue 1, June 2025)

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      This study examines the convergence of digital transformation and the knowledge economy in Sub Saharan Africa (SSA), revealing how these forces are increasingly shaping economic development in the region. Drawing on a bibliometric analysis of 204 peer-reviewed articles published between 2005 ... Read More

    • The impact of liquidity gluts on credit markets in SSA and their transmission mechanism to asset prices and returns

      Author: Mbongeni W. Shongwe and Imhotep Paul Alagidede

      Source: African Review of Economics and Finance, pp 106-125 (Volume 17 Issue 1, June 2025)

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      This paper explores the intricate relationships among liquidity, subsidies and savings in Sub-Saharan Africa (SSA), underscoring their crucial roles in fostering economic stability and enhancing market performance. Employing a Panel VAR model, the findings reveal that bank liquidity signific... Read More

    • Exchange rate pass-through, inflation and monetary policy: Morocco, Tunisia and Jordan

      Author: Athar Elnagger and Hebatallah Ghoneim

      Source: African Review of Economics and Finance, pp 126-152 (Volume 17 Issue 1, June 2025)

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      Exchange rate regimes have witnessed increasing attention over the past century due to their crucial role in maintaining macroeconomic stability, controlling inflation, and stabilizing exchange rates. This paper seeks to address an empirical gap in understanding exchange rate pass-through (ER... Read More

    • Is there an inverted-U relationship between public debt and private sector financing in Tanzania? Evidence from the ARDL approach

      Author: Cornel Joseph

      Source: African Review of Economics and Finance, pp 153-170 (Volume 17 Issue 1, June 2025)

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      Understanding how public debt affects private sector financing is important because it can either limit or boost private investment. This relationship is key for sustainable economic growth, helping policymakers balance public spending and private sector involvement. This study therefore, ex... Read More

    • Effects of financial inclusion on money velocity stability in the WAEMU

      Author: Djakaria Tou and Mahamadou Diarra

      Source: African Review of Economics and Finance, pp 171-188 (Volume 17 Issue 1, June 2025)

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      The aim of this paper is to examine the effects of financial inclusion (FI) on money velocity stability in WAEMU. To do so, we used data from the eight (8) WAEMU countries covering the period 2007-2020. The results of our estimations using the Pooled Mean Group (PMG), two-stage least squares... Read More

    • Central bank communication and future interest rate paths in South Africa

      Author: Arnold Segawa, Magdalene Kasyoka Wilson, and Eric Schaling

      Source: African Review of Economics and Finance, pp 1-20 (Volume 17 Issue 1, June 2025)

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      With the migration to inflation targeting, many central banks embarked on a path of communication, in addition to setting an explicit inflation target. This paper relies on the South Africa Reserve Bank’s (SARB) communication instruments and the key monetary policy (repo) rate to establish a re... Read More

    • Central bank communication and future interest rate paths in South Africa

      Author: Arnold Segawa, Magdalene Kasyoka Wilson, and Eric Schaling

      Source: African Review of Economics and Finance, pp 1-20 (Volume 17 Issue 1, June 2025)

      Read More

      With the migration to inflation targeting, many central banks embarked on a path of communication, in addition to setting an explicit inflation target. This paper relies on the South Africa Reserve Bank’s (SARB) communication instruments and the key monetary policy (repo) rate to establish a re... Read More

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