Tạp chí Kinh tế Phát triển
Duyệt Tạp chí Kinh tế Phát triển theo Tác giả "Angela Ukemenam"
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Ấn phẩmDoes regional trade promote economic growth? Evidence from Economic Community of West African States (ECOWAS)(Kinh Tế Quốc Dân, 2019) Agwu Sunday Okoro; Augustine Ujunwa; Farida Umar; Angela UkemenamPurpose – This paper examines the impact of regional and non-regional trade on economic growth using annual data from Economic Community of West African States (ECOWAS) member countries for the period 2007 to 2017. Design/methodology/approach – Trade data were decomposed into regional (trade among ECOWAS Member States) and non-regional (trade between ECOWAS Member States and the rest of the world). We used the dynamic system GMM to estimate the models and introduced exchange rate, unemployment rate, population growth and gross capital formation as controlled variables. Findings – The results revealed that the estimated coefficient of ECOWAS regional trade is statistically significant and positive in predicting growth, while the non-regional trade coefficient is negative and not statistically significant in predicting growth. Other predictors of growth introduced into the model as controlled variables, such as exchange rate, unemployment rate, population growth and gross capital formation, displayed mixed results. More importantly, population growth, unemployment and exchange rate depreciation hurt economic growth, while gross capital formation promotes economic growth. Practical implications – The findings provide strong support in favour of the Krugman (1991) hypothesis that regional trade agreements (RTAs) are a better alternative to global trade. Originality/value – Our decision to disaggregate ECOWAS trade is unique and influenced largely by the objective of the study, which is to establish the type of ECOWAS trade that is a good predictor of growth. The evidence from our findings support the theory that RTAs are a better catalyst to economic growth.- Ấn phẩmSpillover effects of the US monetar y policy normalization on African stock markets(Kinh Tế Quốc Dân, 2019) Ebere Kalu; Chinwe Okoyeuzu; Angela UkemenamPurpose – We study the contemporaneous effects of US monetary policy normalization on African stock market using panel data from six African countries. Design/methodology/approach – Dai ly data from May 1, 201 3 t o Dec em ber 31 , 20 18 were used in order to accommo date the announcement effects since the US moneatry policy normalization announcement was made in May 2013, while the rate hike was in December 2015. The study used the FE, RE and PMG models. Findings – The results revealed that US 10-year bond yield and Treasury bill rate shocks negatively affect stock prices in Africa. S$P500 shock positively affects African stock prices.The result revealed that the integration of African financial market to the global financial market is a major source of vulnerability. The finding that US Treasury bill rate is a major depressant of the African stock prices reveals the short-termism of foreign polio inflows into African economies. Originality/value – We provide inexorably insight into the interplay of financial systems globally. It can be useful for the purposes of generalization in developing economies in the shape of African countries. More so, this study could be replicated in another economic bloc or region with the aim of further exposing the farreaching spillover effects of the US monetary policy normalization.
