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on Africa |
| By: | Marc Raffinot (PSL, Université Paris Dauphine, LEDa, IRD); Marin Ferry (Université Gustave Eiffel, ERUDITE, Associate researcher, LEDa, IRD, PSL Université Paris Dauphine); Gregory Donnat (LEDa,PSL, Université Paris Dauphine) |
| Abstract: | Over the past 12 years, a series of low-income countries have issued Eurobonds. Is this a pattern shift, as these countries aim to change their financing structure and move away from concessional public financing to financial markets? This is a possibility, but the recent repayment problems experienced by some of these countries suggest that this wave of issuances could end gradually. |
| Keywords: | Eurobonds, Debt Reduction, Debt Relief, HIPC, MDRI, Low Income Countries, Debt distress |
| JEL: | F21 F34 F35 F63 H63 O55 |
| Date: | 2020–04 |
| URL: | http://d.repec.org/n?u=RePEc:dia:wpaper:dt2020-03&r=all |
| By: | Ajayi, Patricia; Ogunrinola, Adedeji |
| Abstract: | This study provides empirical insight into the relationship between growth, trade openness, and environmental degradation in Nigeria. The autoregressive distributed lag bounds testing approach was applied on time series data from 1960-2017. Employing the Pollution Haven and Environmental Kuznets Curve hypotheses, empirical findings validate the EKC hypothesis in Nigeria in the long-run. All estimated parameters were found to have the expected signs in the short- and long-run, except population, with the expected sign only in the long-run. The analysis proves that trade openness and population aid environmental degradation in the short-run. It reveals that financial development counters environmental degradation in both the short- and long-run, and real income per capita has a positive and significant effect on environmental degradation in both the short- and long-run. The coefficient of the error correction term suggests that 62.5% of the divergence between actual and equilibrium CO2 emissions is corrected annually. Post-estimation tests employed proves the robustness of the result. The RESET test affirmed the specification of the model and the CUSUM and CUSUM of squares tests confirm the stability of the parameters. Consequently, Nigeria should foster policies that encourage the development and utilization of renewable energy to boost economic development. |
| Keywords: | Growth; trade openness; environmental degradation, pollution haven hypothesis, environmental Kuznets curve, sustainable development |
| JEL: | F1 F18 O4 O44 |
| Date: | 2020–02 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:100713&r=all |
| By: | Abban, Stanley |
| Abstract: | The East African Community (EAC) is in a quest to integrate further to form a currency union. However, empirical evidence has shown that policies initiated as a panacea have failed due to weak institutions. In this background, the study seeks to investigate the role of existing institutions on trade using an augmented gravity model of trade. The Poisson Pseudo Maximum Likelihood (PPML) was used due to its efficiency. Also, the study estimates the impact of infrastructure on trade. Additionally, the study estimates whether Burundi and Rwanda gained from joining EAC in 2009 or rather contributed significantly to trade in EAC. The study showed that institutions are not contributing significantly to trade. Additionally, the study showed that infrastructure had a positive impact on trade. The study also showed that Burundi and Rwanda benefited from joining the EAC by a combined 81%. The study concludes that there is a greater potential to trade therefore an exigency for a new institutional framework and reforms to facilitate trade by reducing trade and non-trade barriers. |
| Keywords: | East African Community (EAC), Currency union, institutions, gravity model of trade, Poisson Pseudo Maximum Likelihood (PPML), infrastructure, trade barriers, non-trade barriers |
| JEL: | F1 F15 F4 O1 O17 |
| Date: | 2020–05–09 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:100654&r=all |
| By: | Evans Macheroochego (kenyatta University); Job Omagwa (kenyatta University); Stephen Muathe (kenyatta University) |
| Abstract: | Firm value is dependent on Corporate governance which leads to increased value. High valued firms attract more investors. Towards firm value protection, minimum capital requirements were raised by the Central Bank of Kenya from 250 million to 1 billion shillings on commercial banks to cushion bank shareholders value. Despite the increased oversight and regulatory efforts on corporate governance to protect and enhance firm value, some commercial banks have recorded low firm value. Hence, this study sought to investigate the effect of corporate governance on firm value of commercial banks in Kenya. |
| Keywords: | Corporate Governance,Firm Value,Commercial Banks in Kenya |
| Date: | 2020–04–04 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-02542954&r=all |
| By: | Amsalu K. Addis (Fuzhou University, Fuzhou, China); Simplice A. Asongu (Yaoundé, Cameroon); Zhu Zuping (Fuzhou University, Fuzhou, China); Hailu Kendie Addis (Bahir Dar, Ethiopia); Eshetu Shifaw (Wollo, Ethiopia) |
| Abstract: | The aim of this article is designed to provide an overview of the historical and contemporary relations between Ethiopia and Eritrea as well as to examine the recent geopolitical situation and the perception of local people in Ethiopia. This paper is mainly based on secondary data analysis of the available secondary information and news reports, online articles, academic literature, interviews and discussions. The war between Ethiopia and Eritrea brought political, economic and social security threats to the Horn of Africa. Although the economy in Ethiopia is at the developing stage, recent protests have shaken the country to its core. Since 2015, anti-government protests have been triggered over freedom of the press, land rights, under-represented seats in the coalition parties, and horizontal inequality in economic, political and social affairs among ethnic groups across the country. In this study, it is established that the unrestrained political circumstance of the current regime has created dissension and violence among the public, and thus led to escalating political, economic and security crises in the country. If this issue is not rectified quickly, the peace in the country may be jeopardised. Another issue is that although Ethiopia-Eritrea rapprochement is appreciated, the agreement between the two leaders and their foreign policy orientation is still unclear. |
| Keywords: | Ethiopia, Eritrea, Protest, Amhara, Oromo, State of emergency, EPRDF |
| Date: | 2020–01 |
| URL: | http://d.repec.org/n?u=RePEc:exs:wpaper:20/036&r=all |
| By: | Desbureaux, Sébastien; Kaota, Audacieux; Lunanga, Elie; Stoop, Nik; Verpoorten, Marijke |
| Abstract: | Eastern Democratic Republic of Congo is currently facing two major infectious disease outbreaks: Covid-19 and Ebola Virus Disease (EVD). We highlight large differences in the socioeconomic impact of these two outbreaks. The data come from a phone survey that we conducted in May 2020 with 456 households and 144 small firms from a megacity and a rural commune in the province of Nord Kivu. While 3,000 EVD cases and 2,000 EVD deaths were confirmed since August 2018, self-reported impacts of EVD on revenues, access to food and behaviour were limited. In contrast, only 43 Covid-19 cases were reported as of May 30th but respondents reported sizable effects on livelihoods, especially in the large urban hub, and in part driven by substantial job losses. Our results show that different infectious disease outbreaks can have very different effects, largely unrelated to case numbers of the disease. Moderately virulent but highly transmissible viruses such as Covid-19 can trigger a steep economic downturn, especially in areas with high economic interconnectedness, reflecting both national and international policies to contain the pandemic. |
| Keywords: | Kivu; covid-19; ebola |
| Date: | 2020–06 |
| URL: | http://d.repec.org/n?u=RePEc:iob:wpaper:2020.03&r=all |