Journal of
Economics and International Finance

  • Abbreviation: J. Econ. Int. Finance
  • Language: English
  • ISSN: 2006-9812
  • DOI: 10.5897/JEIF
  • Start Year: 2009
  • Published Articles: 344

JEIF Articles

Regime Detection in Sub-Saharan Africa Equity Markets – A Hidden Markov Model Approach

November 2021

Complaints of heightened risks in the sub-Saharan African equities markets are rife in the practitioner literature. Investors need an understanding of the volatility dynamics in these frontier markets. This paper uses the Hidden Markov Models to detect the points of regime changes in the volatility in the markets of Ghana, Kenya, Nigeria and Botswana. The daily closing indices of the exchanges and modeled 2- and...

Author(s): Carl Hope Korkpoe and Nathaniel Howard

Impact of cocoa price shock on the bank profitability in Ghana

November 2021

Cocoa unrelentingly is a valuable crop and key foreign exchange earner in Ghana regarding other agricultural commodity exports. The focal drive of this study was to examine the impact of macroeconomic variables including cocoa price and bank specific characteristics on bank profitability during the period of 2010 to 2020. The study extends the analysis of cointegration, Vector Error Correction Model (VECM) with that of...

Author(s): Ebenezer Okyere and Alice Constance Mensah

Determinants of commercial banks’ performance in Malawi: An autoregressive distributed lag (ARDL) approach

October 2021

There has been a monotonic increase in research investigating the performance of commercial banks across the globe. This is a recognition that the banking industry has a significant contribution to the service sector and national output. This paper examined the existence of the structure-conduct performance (SCP) and efficient market hypotheses by employing an autoregressive distributed lag (ARDL) approach for a period...

Author(s): Lloyd George Banda

Transparency/accountability and human capital development as software in Nigeria’s quest for economic development 2004 - 2020

October 2021

Nigeria is endowed with rich human and material resources yet continues to struggle in the quagmire of underdevelopment. This paper explored the place of human capital development and transparency/accountability in economic development. Correlation and regression analyses were used on the secondary data collected, tested for unit root and autocorrelation, over a period of 13 years.  ...

Author(s): N. D. Gado

An econometric analysis: Is there an optimal external debt threshold for Guinea?

July 2021

This study aimed to determine the threshold level of public external debt-to-GDP ratio for Guinea and compared it with the current evolution of public debt. The authors used an autoregressive distributed lag (ARDL) approach to test the hypothesis of long-term relationship among the variables of interest and the data used ranged from 1990 to 2018. The results revealed that External debt-to-GDP ratio and per capita GDP...

Author(s): Abdoul Aziz Diallo and Felix Fofana NZue,

Impact of globalization on work ethics: A review of existing literature

July 2021

Globalization as a concept surpasses a mere openness to symbiotic economic relationship. Globalization refers to the level of openness and positive attitude towards the products, values and ideologies of other people and cultures. The study reviews existing literature on the impact of globalization on work ethics across the globe and tries to observe possible trends of convergence of work ethics among several countries....

Author(s): Japhet Imhanzenobe

The economic impact of unemployment and inflation on output growth in South Africa

July 2021

Unemployment is not only pertinacious to output growth, but it has other social costs. As economies seek to develop through elimination of inequalities, alleviating poverty and ensuring output growth, inflation and unemployment stand as scarecrows to investors. This research aims to evaluate the economic effects of unemployment and inflation on output growth in South Africa. An ARDL model was employed to estimate...

Author(s): Leward Jeke and Lazarus Zungwe Wanjuu

Stock returns, inflation and interest rate In Nigeria

July 2021

The generalized Fisher effect has attracted a great deal of controversy around the world. This is similar in the Nigerian scenario as study established that there exist no long-run relationship between stock returns and inflation while some studies reported that only a unidirectional causation of returns on stocks with money flow exist as the variation in the flow of money will alter returns on stocks significantly, but...

Author(s): Ogbebor, Peter Ifeanyi, Awonuga Adesola, Oyamendan Nathaniel, and Oamen Gregory

The effects of interest rate on economic growth: Further insights from the Gambia

May 2021

The main objective of this paper is to examine the effects of interest rate on economic growth in Gambia over the period 1993 to 2017. The Vector E rror Correction Model (VECM) is used to check the relationships between the dependent variable (Gross Domestic Product) and independent variables (Real Effective Exchange Rate and Real Interest Rate), both in the short-run and long-run. Post estimation tests, including...

Author(s): Matarr Njie and Momodou Badjie

Do disaggregated manufacturing sectors matter in Nigeria’s economic growth: VECM approach?

May 2021

The research used vector autoregressive (VAR) and the vector error correction mechanism (VECM) technique to see whether disaggregated manufacturing sectors had any effect on Nigeria's economic growth over the last 49 years (1970-2018). The productivity of the oil refining subsector is an effective tool for economic growth, according to empirical findings; the coefficient is positive and meaningful in the short run...

Author(s): Uche C.C. Nwogwugwu, Amaka G. Metu and Okezie A. Ihugba

Labor-intensive focused industrial policy in Ethiopia: Potentials, latecomer’s advantage and binding constraints

May 2021

This study deals with industrial policy, an issue that has been hotly debated in economic development. It argues that strategic and proactive industrial policy is a key to unlock the potential and wade through industrialization for low-income countries such as Ethiopia where market failures are pervasive. More specifically, it argues that industrial policy should be tailored to factors endowment structure. In the case...

Author(s): Desta Tesfaw  

Socio-economic factors determining rural households’ access to credit and amount of loan utilization for proposed action: The case of Omo Micro Finance

January 2021

Credit is an important instrument used to improve the welfare of the poor. It could enable the rural households in overcoming liquidity problems, enhancing productive capacity and adopting new technologies. In Ethiopia, the government is promoting microcredit services, but the participation of rural households for credit service is limited. Inappropriate use of loan money also exacerbated the challenges in achieving the...

Author(s): Biruk Jagiso Fonke

Analysing the use of electronic payments in Trinidad and Tobago

January 2021

Trinidad and Tobago is a high-income oil producing Caribbean economy that has been transitioning from the sole reliance on cash for payment, but analysis on the use of electronic payment services remains mostly unanalysed. A slow adoption rate can be a result of voluntary or involuntary financial exclusion if individuals in society choose not to access financial services or are stymied from fully accessing services. The...

Author(s): Michelle Salandy

Gender differences in urbanization willingness: Evidence from Henan, China

January 2021

In this work, Henan is taken as a typical study area to assess the level of gender differences of urbanization willingness in China; Henan population structure is a small representation of the whole country. Using data of Henan migrant workers' citizenization research in 2017, the evaluation index system of Henan migrant workers' urban integration degree was established based on the Maslow's demand theory....

Author(s): Zhiyong Chang and Pingjun Hou

Multidimensional measures of deprivation in Tunisia

January 2021

The multidimensional apprehension of poverty is largely accepted today given the considerable contribution to understanding and acting against the manifestations of this phenomenon. Amartya Sen’s capability approach is the basis of the recent developments on the subject. In this perspective, the present work aims to study the application of multidimensional deprivation measures on Tunisian data. This paper...

Author(s): Oula Ben Hassine and Mohsen Sghairi

Capital structure, credit risk management and financial performance of microfinance institutions in Uganda

January 2021

The paper examines the relationship between capital structure, credit risk management and financial performance of microfinance institutions (MFIs) in Uganda based on agency theory. The study adopted a cross–sectional research design to examine 64 MFIs in Uganda. Correlation and multiple regression analysis were performed to analyze the data. The results reveal that credit risk management significantly contributes...

Author(s): Geresem Orichom and Michael Omeke

Institutional factors of inclusive growth: Evidence from Côte d’ivoire

January 2021

Economic growth is important but not sufficient to generate a sustainable increase in individual welfare. Inclusiveness attributes to growth, the dual virtue of widening the space of economic and social opportunities; while ensuring a better application of distributive equity. In this perspective, Ali and Son suggest that growth is inclusive when combined with high income and equity. This study tries to verify this...

Author(s): Wilfried Catin Botchuin

Financial inclusion: Is it a precursor to agricultural commercialization amongst smallholder farmers in Uganda? A comparative analysis between Lango and Buganda sub-regions

January 2021

This study examines the contributions of financial inclusion in supporting agricultural commercialization amongst smallholder farmers in Uganda in Lango and Buganda sub-regions. The researcher adopted a comparative study and cross-sectional survey design where descriptive, bivariate and multivariate data analysis was used. Chi square procedure was run to test the hypothesis that financial inclusion does not affect...

Author(s): Marus Eton, Fabian Mwosi, Mary Ejang and Sammy Godfrey Poro

The board of directors and the financial performance of the Senegalese public service companies

October 2020

The Board of Directors (BoD) as an internal mechanism of corporate governance is considered to be a very important means of control. Indeed, according to several studies, its effectiveness depends on several factors relating to BoD size, the independence of its members, the presence of an audit committee, gender diversity and BoD meetings. To see the influence of independent variables on the dependent variable financial...

Author(s): Babacar FAYE, Sadibou SOW and Mouhamed El Bachir WADE  

The economic effects of Chinese foreign aid

October 2020

Nowadays there is a general skepticism, uncertainty, and misapprehension regarding China's foreign aid to developing countries, and very few studies have tried to answer the issue of whether China's foreign aid fails to foster economic growth in the recipient countries. Therefore, this study intend to examine the effects of Chinese foreign aid (disaggregated into Project Aid and Development Loan Aid) on gross...

Author(s): Yirgalem Assefa Mengesha

Public agencies in Nigeria’s oil sector: Wealth distribution, economic development and poverty alleviation in the Niger Delta

October 2020

Why are host communities where oil companies are operating in the Niger Delta region of Nigeria undeveloped despite huge contribution of petroleum resources to the economy? This question has led to debates among scholars on the role and operation of multinational oil companies in Nigeria. To address this question, detailed literature search was conducted including reviewing archival documents, company information and...

Author(s): Robert O. Okere and Nobert Osemeke

Macroeconomic volatility of Turkey in comparison with South Africa and developed countries

October 2020

The purpose of this study is to investigate the business cycle volatility of Turkish economy using the quarterly data over the period 1961:Q1 to 2018:Q4 and to determine the smoothing parameter, λ, of HP filter for annual frequency of observations. The macroeconomic variables such as import, investment and export are more volatile followed by government spending; while consumption and real GDP are less volatile....

Author(s): Teshome Berasso Tule  

Okun’s law: An asymmetrical approach for Zimbabwe (1991-2018)

October 2020

The Okun’s law, which explains the inverse relationship between unemployment and output growth, has been observed to have broken down in most developing economies. The failure by researchers to take into account the asymmetric properties of the relationship between unemployment and output has been attributed to the limitations of the Okun’s law in explaining the inverse relationship between unemployment and...

Author(s): Tawanda Farai Keith Pasipanodya  

Human capital and stock market performance of some selected emerging economies

October 2020

This article fills a gap of literature on the relationship between education and the stock market. We adopt the modified Calderon-Rossell model to estimate the effect of quality of human capital on Capital market. Four different techniques were used to check the robustness of the result. Of all the techniques adopted Newey-West to account for different characteristics of emerging economies turnout to be more efficient...

Author(s): Winful Christian Ernest, Sarpong Jnr. David, Hervie Dolores Mensah and Larbi Daniel

Stability of money demand function in emerging Countries: Static and dynamic panel approaches

October 2020

The purpose of this study is to investigate the stability of money demand function in emerging countries using the annual data over the period 1987 to 2018. The panel data was analyzed applying both static and dynamic panel models. With the static panel analysis, the random effect method is found to be an appropriate model to determine the factors that affect money demand in emerging countries. The findings of random...

Author(s): Teshome Berasso Tule  

Corporate governance and its effects on financial performance of banks evidence from selected private commercial banks in Ethiopia

October 2020

Corporate governance is not an abstract goal but exists to serve corporate purposes by providing a structure within which stockholders, directors, and management can pursue most effectively the objectives of the corporation and thereby it maximize the financial performance of the company for its shareholders. This paper investigates and examines the corporate governance and its effects on financial performance from the...

Author(s): Kefiyalew Belachew Bayu and Dagnachew Abera Hunde  

Assessment on the roles of information technology in improving the customer satisfaction and employee performance of commercial banks: The case of Dashen and United Bank Branches in Mizan-Aman, Southwestern Ethiopia

October 2020

The study was conducted with the major objective of assessing the impact of IT on the performance of commercial banks in Ethiopia. In order to accomplish its general objective, the study attempted to evaluate the effects of IT on customer satisfaction, employee performance as well as bank revenue. The three dimensions were used as crucial indicators of the impact of IT on overall bank performance. Two cross-sectional...

Author(s): Tesfaye Woldu and Demelash Belay

Financial sector readiness to support economic activities under COVID-19: The case of African continent

October 2020

Organizational readiness for change is considered a critical precursor to the successful implementation of complex changes. Indeed, some suggest that failure to establish sufficient readiness accounts for one-half of all unsuccessful, large-scale organizational change efforts. The African economy and the world at large are at brink of economic depression as result of devastating effect of COVID-19. However, it is...

Author(s): Winful Christian Ernest, Sarpong Jnr. David and Dondjio Irenee

The effect of monetary policy and inflation on the exchange rate: A case study of Ghana

October 2020

The Ghanaian Cedi has recently experienced persistent depreciation against its major trading partners. This paper investigates the contribution of inflation and monetary policy in this persistent depreciation. The paper makes use of the Autoregressive Distributed Lag (ARDL) and Bounds test of cointegration and the Toda and Yamamoto (1995) Augmented Granger Causality test to determine the long and short-run dynamics of...

Author(s): Precious Wedaga Allor  

Elasticity and buoyancy of tax system in Cote d’Ivoire

July 2020

This paper examines the productivity of revenue from the Ivorian tax system over the period 1984 to 2016. To do this, it estimates the buoyancy and elasticity of tax revenues over this period. It uses the Ordinary Least Squares (OLS) method to estimate the buoyancy and elasticity. The results show a buoyancy and elasticity less than one, reflecting the inelasticity of tax system. Furthermore, they reveal tax reforms...

Author(s): Soro Siongofolo Seydou  

Two qualified models of learning by doing

July 2020

Learning by doing (or learning curves) is a well-known law in economics and psychology, but no consensus has been achieved on the “qualified” models for more than a century. This article explores the expression of learning by doing in a way where the expression is not involved with changing the prime factors of a learning process. If one prime factor changes dramatically during the course of a learning...

Author(s): Samuel Huhui  

Moderating effects of social learning on the usage of formal financial services in Kampala, Uganda

July 2020

The use of formal financial services has been associated with increased financial wellbeing and overall economic growth. Efforts to increase financial inclusion have emphasized financial literacy provided through formal training and education without due recognition that people’s financial behaviors and practices may be motivated by social interactions. The current study examines the moderating effects of social...

Author(s): Colin Agabalinda and Alain Vilard Ndi Isoh  

Macroeconomic effects of improving road transport infrastructure in Ethiopia: A computable general equilibrium model analysis

July 2020

The main objective of this study is to investigate the economy-wide effect of improving road transport infrastructure. The study uses the updated and adjusted version of the 2005/2006 social accounting matrix of Ethiopia. The study applies a single country computable general equilibrium model. The simulation scenario is a reduction of trade and transport margin and an increase in the total factor productivity (TFP) of...

Author(s): Abdulaziz Abdulsemed Mosa, Harald Grethe and Khalid Siddig

Micro-determinants of informal employment in Côte d’Ivoire: The role of socio-demographic factors

July 2020

This paper proposes to identify the micro-determinants of informal employment in Côte d’Ivoire, focusing on socio-demographic factors. Using data from the National Survey on Employment and the Situation of the Informal Sector (ENSESI) and the Logit method, the empirical results indicate that unschooled and less qualified individuals are more likely to be in an informal situation; that the probability of...

Author(s): Hugues Kouadio and Lewis Landry Gakpa  

Stimulating farmer access to bank credit in Zimbabwe: The bankers’ perspective

July 2020

Access to finance by farmers is recognized as a tool for poverty eradication in developing countries, where the majority depends on agriculture for survival. This study sought to establish strategies for enhancing farmer access to bank credit as prescribed by the lenders themselves. A structured interview guide collected primary data from a sample of 12 registered commercial banks in Zimbabwe, which were analysed by...

Author(s): Chigunhah Blessing Ropafadzo, Svotwa E., Govere I. and Chikazhe L.  

Impact of foreign direct investment and inflation on economic growth of five randomly selected Countries in Africa

April 2020

Foreign Direct Investment (FDI) has been viewed as a major source of finance for developing countries and it has gained significant momentum since the sweep of globalization in the early 1990. This is because most of the developing countries see FDI as important in their strategy for growth. In this study, the impact of FDI and inflation on economic growth was examined. Five countries in Africa were selected randomly...

Author(s): Adeniyi Foluso Opeyemi  

The determinants of credit demand among farmers in Hurungwe District of Mashonal and West Province in Zimbabwe

April 2020

Bank credit availability in the agricultural sector empowers farmers to adopt modern technologies and inputs that are vital for breaking poverty in developing economies like Zimbabwe. This study sought to establish the determinants of credit demand among farmers in Hurungwe District of Mashonaland West Province in Zimbabwe. A questionnaire survey was conducted on a sample of 354 farmers selected by stratified random...

Author(s): Chigunhah Blessing R., Svotwa E., Munyoro G. and Govere I.  

Unconditional convergence of Chinese provinces (1952-2017): Some statistical analysis results

April 2020

This research tests the economic convergence hypothesis of 31 inland Chinese provinces over the period from 1952 to 2017. Regression and descriptive analysis methods are adopted to study the economic convergence among these Chinese provinces in terms of GDP growth and per-capita GDP growth. The research results show that GDP growth does not exhibit a tendency of convergence, rejecting the absolute convergence hypothesis...

Author(s): Ming-Lu Wu  

Estimating the Marshall-Lerner condition of China

April 2020

The US labeled China a Currency Manipulator in August 2019 because of the massive trade balance surplus of China. The correlation between RMB’s exchange rate and China’s trade balance has been discussed worldwide. The Traditional Marshal-Lerner Condition states if the sum of the absolute value of export and import price elasticity of demand is more than 1, the trade balance will be adjusted through the...

Author(s): Getao Guo  

Causal links between foreign direct investment and import demand in ECOWAS Countries: A view through meta-analysis

February 2020

This study examines the relationship between Foreign Direct Investment (FDI) and import demand for 11 member countries of the Economic Community of West African States (ECOWAS) during the period 1970-2017. We employ a causality test based on Meta-analysis which considers the issues of cross-sectional dependency and slope heterogeneity among countries. The empirical findings indicate that the causal nexus between FDI and...

Author(s): Keho Yaya  

The role of internal auditors to implement IFRS9: Case of Lebanese banks

January 2020

The implementation of IFRS9 as with any structural change to accounting policies requires a strategic development and implementation, and a concerted effort from many departments. This paper investigated the role of internal auditors at Lebanese banks in the implementation of accounting standards. The local banking system is surveyed in a targeted manner to test for significant shortcomings in the ideal strategic...

Author(s): Oussama Chedid and Jamil Chaya  

Market opening and economic growth in Nigeria

January 2020

Market opening positively impacts economic growth due to reduction in the cost of capital and international risk diversification, amongst others in Nigeria. Using a robust set of econometric approach involving unit root test, co-integration, vector error correction model and granger causality, there is evidence that current value of economic growth responds to disequilibrium from past values of real gross domestic...

Author(s): Ogbebor Peter Ifeanyi, Okolie Onyeisi Romanus and Siyanbola Trimisiu Tunji

Temperature-based options for Vietnam: An option pricing and policy insight

January 2020

The purpose of this paper is to test a temperature-based pricing model of Alaton (2002) in main rice-growing cities of Vietnam. The results of the test are then used for loss hedging analysis and policy implications for Vietnamese farmers, investors and related parties. Data are collected from General Statistics Office (GSO) of Vietnam, 2017 and Vietnam Meteorological and Hydrological Administration, with a reference to...

Author(s): TRAN Do Thinh Hoang and OTAKE Toshitsugu

The impact of money laundering in beautiful places: The case of Trinidad and Tobago

January 2020

This paper investigates the relationship between money laundering and economic growth in Trinidad and Tobago. It utilizes annual secondary time series data for the period 1990 to 2017. The proxy of fraud offences and narcotics is used to estimate the volume of money laundering. Cointegration analysis and Error Correction Modelling is employed to test the long-run and short-run relationship between money laundering and...

Author(s): Lester Henry and Shanice Moses

Trend analysis and economic effect of RTA deaths on dependency ratio in Ghana

December 2019

Road traffic accident (RTA) injuries and mortalities are some side effects of using automobile vehicles and Ghana is not deprived of them. This study enlightens some effects of road traffic accident mortalities on the Ghanaian economy and investigates its yearly trend, age range distribution and also reveals its influence on economic activities. 832 secondary data obtained on individuals who died through RTA from the...

Author(s): Ossei P. P. S., Agagli B. M., Ayibor W. G., Niako N. and Asante E.

Comparative migration studies of Burmese, Cambodian and Laotian migrants in Thailand: Multivariate approach

December 2019

The paper outlines main economics factors determining migrant workers to Thailand, and the comparative studies between migrants, that are Myanmar, Cambodia and Laos. This research is quantitative in nature using logistic regression analysis. The results indicate demand on migration of Burmese migrants’ relevance to four factors, two related to personal factors (employment and past income) and two related to...

Author(s): Thitiwan Sricharoen  

Budgeting and budgetary control in the Ghana health service

July 2019

The budget has been and continues to be a tool for effectuating fiscal policy goals of governments worldwide. The case of developing countries in sub-Saharan Africa, including Ghana is no exception. The arguments in support of systematised budgeting and budgetary control regimes in the public sector of economies, both developed and developing are overwhelmingly persuasive. The aforementioned arguments have been...

Author(s): Williams Abayaawien Atuilik, Ramatu Afio Peregrino-Brimah, Hussein Salia and Babonyire Adafula  

Capital inflows, manufacturing exports and economic growth in Nigeria: A threshold regression analysis

June 2019

The study examined the optimal level of capital inflows for manufacturing exports and economic growth in Nigeria. Annual data from 1981-2017 on foreign direct investment (FDI), foreign portfolio investment (FPI), cross border borrowing CBB (components of capital inflows), financial sector development (FSD), real gross domestic product (RGDP) and manufacturing exports (MEX) were sourced from various issues of the Central...

Author(s): Kehinde Elizabeth JOSEPH, Abiodun Sunday OLAYIWOLA and Dauda Olalekan YINUSA  

Sectoral Aid for Trade and sectoral export performance in East Africa

May 2019

The study set out to evaluate the relationship between sectoral Aid for Trade (AfTS) and sectoral exports within East Africa – represented by the East African Community partner states including Burundi, Kenya, Rwanda, Tanzania and Uganda. The Estimation method used was the Seemingly Unrelated Regression Equation (SURE) model. The SURE estimation results show a positive significant relationship between AfTS and...

Author(s): Ronett Atukunda, Vincent Leyaro and Nichodemus Rudaheranwa  

Government education expenditure and primary school enrolment in Nigeria: An impact analysis

April 2019

This study investigated the impact of government education expenditure on primary school enrolment in Nigeria by applying the bounds testing (ARDL) approach to cointegration for the period of 1970 to 2017. The model was constructed to identify the relationship between the two variables while also considering the interaction with control variables; per capita income, remittances, investment and population growth. The...

Author(s): Ihugba, Okezie A., Ukwunna, Joseph C. and Obiukwu Sandralyn  

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