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Publications (14)
Book Chapter
The aim of this paper is to analyse the effect of institutional reforms on the revival of African economies. We study the impact of positive changes in business environment indicators of the Doing Business project and the Economic Freedom Index of the Heritage Foundation on the private sector...
Working Paper
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– A Comparative Analysis of Domestic and Foreign Banks
Utilizing the stochastic frontier approach, this study conducts a comparative analysis of profit efficiency and cost inefficiency of commercial banks operating in 29 sub-Saharan African (SSA) countries by bank ownership (domestic bank, SSA foreign bank or non-SSA foreign bank), as well as by the...
Working Paper
pdf
The aim of this paper is to analyse the effect of institutional reforms on the revival of African economies. We study the impact of positive changes in business environment indicators of the Doing Business project and the Economic Freedom Index of the Heritage Foundation on the private sector...
Working Paper
pdf
– Evidence from Ghana’s Microfinance Sector
This paper examines the combined effect of interest rates and poverty levels of microfinance clients on loan size. Cross section data on 2,691 clients and non-clients households from Ghana is used to test the hypothesis of loan price inelasticity. Quantile regression and variants of least squares...
Blog
Augustin Fosu and Wim Naudé African economies have been shaken by the global economic downturn which followed the US-centered financial crisis of 2008. Africa’s growth rate for 2009 and 2010 has recently been revised substantially downwards by international financial institutions. For instance the...
Blog
Wim Naudé and James C. MacGee Globally, wealth is very unequally distributed, both within countries and between countries. The UNU-WIDER project on Personal Assets from a Global Perspective has found for instance that the richest 10 percent of adults in the world own 85 percent of global household...
There is great media fascination in the activities and lifestyles of the super-rich. But personal wealth is also important for those of more modest means as a store of potential consumption, as a cushion against emergencies, and as collateral for business and investment loans. This book is the first...
Working Paper
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Housing is the single most important component of personal wealth in most countries. The special characteristics of housing markets are therefore key to understanding personal portfolios, saving, the household distribution of wealth, and the monetary transmission mechanism. This paper discusses how...
Working Paper
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Does the existence of formal title to land and real estate matter for the distribution of wealth? This paper reviews the empirical literature on the economic impact of land and real estate administration systems across countries. This paper argues that a functioning credit market for secured credit...
Working Paper
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– South Africa 1975-2003
Official balance sheet estimates for the household sector are not currently available in South Africa, yet, with the country’s well developed financial sector and deep capital markets, asset market channels are likely to be important determinants of aggregate consumer spending and saving, consumer...
Working Paper
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Systematic information on household financial asset holdings in developing countries is very sparse; we review some available data and current policy debates. Although financial asset holdings by households are highly concentrated, deeper financial systems are correlated with improved income...
Working Paper
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– Is It an IT Story?
This paper examines trends in idiosyncratic risk in different ‘new economy’ and ‘old economy’ industries, and explores whether these developments can be attributed to the use of IT. A CAPM-based decomposition of equity returns is employed to estimate idiosyncratic risk. The results provide evidence...
Working Paper
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We study the determinants of stock market development and the growing migration of capital raising, listing, and trading activity to international exchanges. Economies with higher income per capita, sounder macro policies, more efficient legal systems with better shareholder protection, and more...
Working Paper
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This paper reviews the obstacles for an appropriate financial architecture of new economy firms in developing countries by reviewing the theoretical and some preliminary empirical underpinnings of the importance of legal and institutional barriers. Apart from the more conventional institutional and...
Displaying 14 of 14 results