Challenges in the Era of Globalization - iaabd

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Proceedings of the 12th Annual Conference © 2011 IAABD European Central Bank(2000). Monetary Policy Transmission in The Euro Area. Monthly Bulletin, July, pp.43-58. Fase,M.M.G.(1995). The Demand for Commercial Bank Loans and the Lending Rate. European Economic Review, 39(1), pp.99-115. Gertler, M. and S. Gilchrist (1993)” The Role of Credit Market Imperfections in the Monetary Transmission Mechanism: Arguments and Evidence. Scandinavian Journal of Economics 95(1), 43-64. Gertler, M. and S. Gilchrist (1994),” Monetary Policy, Business Cycles, and the Behaviour of Manufacturing Firms”, Quarterly Journal of Economics, vol.109, pp. 309-40. Gilchrist, S. G. and E. Zakrajsek(1995),” The importance of Credit for Macroeconomic Activity: Identification through Heterogenity”, In: Peek, J. and Rosengreen, (eds.), Is Bank Lending Hulsewig, O., Winker, P., and Worms, A.(2002). Bank Lending Transmission of Monetary Policy: A VECM Analysis for Germany. Unpublished Manuscript. University of Wurzburg, Wurzburg. Jimborean,R.(2009). The role of Banks in the monetary policy transmission in the new EU member states. Economic Systems 33, pp.360-375 Johansen, S.(1995). Likelihood-Based Inference in Cointegrated Vector Autoregressive Models: Oxford University Press. Kakes, J.(2000). Identifying the mechanism: Is there a bank lending channel of monetary transmission in the Netherlands? Applied Economics, 7, pp. 63-67. Kashyap,A.K., and Stein, J.C.( 1995). The Impact of Monetary Policy on Bank Balance Sheets. Canergie- Rochester Conference Series on Public Policy, 42. pp. 151-195 Kashyap, A.K., and Stein, J.C.(2000). What do a Million Observations on Banks Say about the Transmission of Monetary Policy? The American Economic Review, Vol.90, No.3, pp.407-428. Matousek,R., and Sarantis, N.(2008). The Bank Lending Channel and Monetary Transmission in Central and Eastern European Countries. Journal of Comparative Economics. Oliner, S.D., and Rudebush, G.D.(1995). Is There a Bank Lending Channel for Monetary Policy? Federal Reserve Bank of San Francisco Economic Review, No.2, pp.3-20. Peek, J., Rosengren, E.S., and Tootell, G.M.B.(2003). Identifying The Macroeconomic Effect of Loan Supply Shocks. Journal of Money, Credit, and Banking, 35, pp.931-946 Romer, C., and Romer, D. (1990). New Evidence on the monetary transmission mechanism. Brookings Paper on Economic Activity, 1, pp. 149-198. Footnotes. 1. Contrary to the view expressed by Jimborean(2009), Bernanke and Gertler(1995) rather consider the credit channel as set of factors that amplify and propagate the conventional interest rate effects. Therefore, the credit channel is an enhancement mechanism, not a truly independent or parallel channel. 2.CEMAC is the acronym for Communauté Economique et Monétaire de L’Afrique Centrale. It is formed by six countries including Cameroon, Central African Republic, Chad, the Republic of Congo, Equatorial Guinea and Gabon. 798
Abstract Challenges in the Era of Globalization Edited by Emmanuel Obuah Foreign equity portfolio investment flows and economic growth in Africa Elikplimi Komla Agbloyor, ekagbloyor@accamail.com Department of Finance at the University of Ghana Business School, Ghana Joshua Abor University of Ghana Business School, Ghana. Charles Komla Delali Adjasi University of Ghana Business School, Ghana Alfred Yawson University of Adelaide Business School in Australia In this paper, we explore the role of foreign equity portfolio investment flows in the determination of economic growth in Africa. We use dynamic panel data estimation techniques with our sample covering 12 countries from 1990 -2007. We first investigate whether FPI independently spurs economic growth. We do not find systematic evidence that FPI has promoted economic growth in Africa. Our findings suggest that FPI does not have a statistically significant impact on economic growth. In various empirical estimations, after controlling for several standard determinants of economic growth in the literature, we do not find evidence that FPI has contributed to economic growth on the continent. Next, we interact FPI with financial markets to explore whether good financial markets adequately intermediate FPI flows to spur growth. The results suggest that even after interacting FPI with financial markets, financial markets are not able to transform the insignificant impact of FPI into growth. The results suggest that FPI flows though have been increasing are not sufficient to spur growth and that the linkage between financial markets especially the stock market and the real economy may be weak. This weak linkage may explain why financial markets are not able to transform the insignificant effect of FPI into growth. Introduction Economic growth has been paramount on the development agenda of Africa. Stakeholders in the development of the continent are interested in the level of economic growth. Government policies, the reform programmes that have taken place on the continent, and the assistance provided by international development agencies and Africa’s development partners have all been aimed at spurring economic growth on the continent. The issue of growth has been important to all these stakeholders because growth can lead to the transformation of these countries as well as the reduction of poverty on the continent. Globally, most countries are promoting equity investment flows compared to debt flows. This is because equity investment flows are viewed to be safer. The equity mix of foreign capital is made up of foreign portfolio investments (FPI) and foreign direct investment (FDI). Portfolio investment flows represent investment in equity securities by foreign investors. FPI is usually distinguished from FDI by the fact that whereas FDI usually leads to the foreign investor gaining significant influence or control this is often not the case with FPI. The guideline to measure control is 10% of the voting equity of the receiving company. The 10% guideline is used by international agencies and national governments for recording purposes so that investments less than 10% are classified as FPI whilst those greater than 10% are classified as FDI. It is argued that FPI can provide needed capital to developing countries as well as contribute to the development of domestic stock markets. Empirical evidence also suggests that FPI can be risky because 799
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Table of Contents Challenges in the
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Lennart Bangens, Goteborg, Sweden C
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Local Steering Committee Jacob Musi
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Abstract Challenges in the Era of G
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Abstract Determinants of Bank Lendi
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Empirical Results Challenges in the
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Table 3 Determinants of Competitive
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Abstract: Study on Africa Governmen
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Abstract Challenges of Oil Revenue
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Conclusion Challenges in the Era of
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37. Provision of sound education fo
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Abstract The Changing Requirements
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Abstract Gender, poverty and sustai
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Figure 1.1: Spread of directorships
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Single 18.1 Masters and above 35.3
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Source: Field survey, 2010 Table 3:
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Abstract Exploring Organisational R
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Discussion and Conclusion Challenge
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Abstract What does Globalization me
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Banks in Ghana Challenges in the Er
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References: Challenges in the Era o
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Methodology Challenges in the Era o
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