The widespread creation of stock markets in developing countries is oneof the most conspicuous features of international financial development in thepast three decades. The number of stock markets in Africa increased from onlysix before 1989 to 21 by 2004. The quest for long-term capital for...

Plans are far advanced to form a second monetary union, the West African Monetary Zone (WAMZ), in Africa. While much attention is being placed on convergence criteria and preparedness of the five aspiring member states, less attention is being placed on how the dynamics of inflation in...

Seasonal anomalies (calendar effects) may be loosely referred to as the tendency forfinancial asset returns to display systematic patterns at certain times of the day, week,month or year. Two popular calendar effects are investigated for African stock returns:the month-of-the-year and the...

In this paper, we explore the weak form efficiency of Ghana’s foreign exchange (FX) market and analyse the existence of speculative activity and correlated shocks in the market. We use high and low frequency data covering May 31, 1999 to November 30, 2017. For robustness, four rigorous methods...

Monetary policy involves a dual role as central banks must not only be a heedful observer of outcomes but must also be able to shape the outcomes. In view of this, greater policy transparency has been endorsed to boost credibility, effectiveness and flexibility of monetary policy. With more than...

The Ghanaian economy has been on an upward trajectory over the past three decades, yet a number of challenges bedevil growth, redistribution and sustainability. After 56 years of independence, the need for a formal academic and practitioner forum for engaging minds on the past, present and...

This paper is a contribution to the empirics of climate change and its effect on sustainable economic growth in Sub-Saharan Africa. Using data on two climate variables, temperature and precipitation, and employing panel cointegration techniques, we estimate the short- and long-run effects of...

Purpose The purpose of this paper is to examine the impact of sovereign credit ratings on corporations in South Africa by assessing whether the sovereign rating assigned to South Africa by credit rating agencies acts as a ceiling/constraint for credit ratings assigned to corporations that...

Purpose: The purpose of this paper is to re-examine the weak form efficiency of five African stock markets (South Africa, Nigeria, Egypt, Ghana and Mauritius) using various tests to assess the impact of non-linearity effect and thin trading which are prevalent in African markets on market...