Current literature reveals that tests of the random walk hypothesis (RWH) on financial prices have focused on major world financial markets. This paper presents results of variance ratio tests of random walks in foreign exchange rates of six African countries. For most currencies analyzed, the...

This paper assesses the effect of selected economic variables on the debt situation of African countries. The data for the study were obtained from World Bank and International Monetary Fund (IMF) sources covering the period 1960-89. The data were analyzed by multiple regression analysis using...

My purpose is to address broadly the role of finance in economic development and make some recommendations in the context of Africa. As a financial economist, I have devoted my entire career to helping promote knowledge in the field of finance, but with no particular regional emphasis. My...

This paper summarizes some of the results of a longitudinal and comparative study of the size, cost, and administrative reform of the civil services of ten African countries. Using a participative approach, and drawing on the local experiences from each participating country, the results show...

This study of successful business in operation in Sub-Saharan countries identifies factors contributing to their success. The research examined directly 20 successful companies in 7 different countries.

A common concern in reform programs is the potential inflationary effects of the combination of devaluation, trade liberalization, subsidy reduction, and price decontrol This issue is critical in Africa, where inflation has accelerated in several countries, particularly those undergoing...

This article examines empirically the impact of economic and experiential variables on industrial disputes and strike frequency in Nigeria. Using Data for the 1976-88 period, the study describes how the economic variables combine with previous strike experiences within the economy to influence...

A debt-service constraint and co-financing requirement for outside equity financing are incorporated into a financing hierarchy framework in which firms behave as if they prefer inside to outside financing and debt to equity when they use outside financing. The constraints place both a floor and...

This paper examines the demand for money in Sierra Leone. Alternative hypotheses about the short-term adjustment process were tested, and the empirical evidence was inconclusive. In terms of the magnitude and level of significance of the estimated coefficients, the evidence seems to support the...