Browsing by Author "Adjasi, Charles Komla"

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    Asset inequalities among households in Ghana: Can microfinance services bridge the gap?
    (2013) Akotey, Joseph Oscar; Adjasi, Charles Komla
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    Domestic banking sector development and cross border mergers and acquisitions in Africa
    (2012) Agbloyor, E. K.; Abor, J.; Adjasi, Charles Komla; Yawson, A.
    Recently, economists have started taking a closer look at cross border mergers and acquisitions (M&As) due to its phenomenal rise in the past two decades. This study investigates the relation between banking sector development and cross M&As in Africa. Our sample consists of 11 African countries with data covering the period, 1993-2008. We use a Baltagi panel instrumental variable Error Component Two Stage Least Squares (EC2SLS) estimator with the Baltagi-Chang estimators of the variance components to deal with endogeneity. The results of the study indicate that banking sector development promotes cross border M&A activity in Africa. We also document evidence suggesting that cross border M&A activity drives banking sector development in Africa. Overall, our evidence suggests a two-way causation between banking sector development and cross border M&As. © 2012 Production and hosting by Elsevier B.V.
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    FDI and economic activity in Africa: The role of local financial markets
    (2012) Adjasi, Charles Komla; Abor, J.; Osei, K. A.; Nyavor-Foli, E. E.
    This article examines the role local financial markets play in the link between foreign direct investment (FDI) and economic activity. The article uses panel data methods on 32 African countries over the period 1997 to 2008. Our results show that FDI only has a significant effect on economic activity when interacted with financial market variables, namely, private-sector credit and savings. The results of this study imply that FDI is more productive in the presence of well-functioning local financial markets. African governments must therefore pay particular attention to developing further local financial markets to ensure full economic benefits of FDI inflows. © 2012 Wiley Periodicals, Inc.
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    Financing Africa's growth: the role of development finance
    (2014-10) Adjasi, Charles Komla
    ENGLISH ABSTRACT: What financial tools do African countries have at their disposal to finance, say, infrastructure projects, small business expansion or household assets? Prof Charles Adjasi, associate professor and head: Development Finance Programmes at the University of Stellenbosch Business School, explores the role of development finance in supporting Africa’s growth.
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    Links between stock market development and key economic growth variables : the case of selected African countries
    (Stellenbosch : Stellenbosch University, 2007-03) Adjasi, Charles Komla; Biekpe, Nicholas; Stellenbosch University. Faculty of Economic and Management Sciences. Dept. of Business Management.
    ENGLISH ABSTRACT: This thesis is a collection of eight essays on links between stock market development and economic growth in selected African countries. In the first essay an overall index of stock market development shows that South Africa, Mauritius, Zimbabwe, Morocco and the BRVM in Cote d’Ivoire have the most developed stock markets in terms of market size, liquidity and transactions cost indicators. However, Nigeria and Egypt also emerge when institutional development is considered. Ghana, Malawi and Namibia have the least developed stock markets. Results from the second essay on stock markets and growth show a positive relationship between stock market development and economic growth. This positive influence is significant for countries classified as upper-middleincome economies. On the basis of market capitalization groupings, stock market developments play a significant role in growth only for moderately capitalized markets. Form the third essay exchange rate depreciation in the long-run leads to increases in stock market returns in Tunisia. Exchange rate movement leads to stock market returns in Egypt, while stock market returns lead to exchange rate movement in Kenya and Mauritius. Shocks induced by either stock market returns or exchange rate changes are more protracted in Ghana, Kenya, Mauritius and Nigeria than in South Africa and Egypt. Cointegration analysis in the fourth essay reveals a negative relationship between inflation and stock market prices for three out of seven countries: Egypt, Mauritius and South Africa. Short-run models for these countries show a negative response of stock returns to instantaneous change in inflation. In Ghana, Kenya, Nigeria and Tunisia, where cointegration is absent, there is unidirectional causality from inflation to stock returns for Ghana, bidirectional causality between inflation and stock returns for Kenya, and no significant results for Nigeria and Tunisia. Results from the fifth essay show that investment in the selected countries grows significantly with an increase in stock market returns. Even without the inclusion of South Africa in the panel, stock market returns in the other relatively less developed African economies impact positively on investment growth. Cointegration tests from the sixth essay indicate a long-run relationship between interest rate and stock prices for Kenya and South Africa. In the short-run there is unidirectional causality from stock returns to interest rate in Kenya and bidirectional causality in South Africa. Responses to shocks have long-lasting effects in Egypt, Ghana, Nigeria and Tunisia and are short-lived in Mauritius. The seventh essay shows that countries with more developed stock markets (Cote d’Ivoire, South Africa, Mauritius, Tunisia and Morocco), have the most developed financial intermediation system. There is evidence from correlation analysis of complementarity between stock market development and bank developments in the selected countries. Finally from the eighth essay two long-run stable cointegration relations are found, one hinging on a larger market (South Africa) and the other on a smaller market (Ghana). The short-run error correction framework shows significant feedback and causal effects both ways from smaller to larger markets.
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    Uxhaso mali lokuhluma kweafrika: indima yophuhliso lwemali
    (2014-10) Adjasi, Charles Komla
    Zeziphi izixhobo zoqoqosho uMzantsi Afrika onazo kwezemali,ukutsho, amaziko enza iiprojekthi, ukwanda kwamashishini amancinci okanye izinto ezinokuthi zithengiswe zamakhaya? Njing. Charles Adjasi, injingalwazi emanyeneyo neyintoko: Inkqubo yoPhuhliso lweZemali kwi Yunivesithi yase Stellenbosch Business School, ihlola indima yophuhliso lwemali ukuxhasa ukuhluma kweAfrika.