Journal publications

Publication

Effect of Financial Development on Economic Growth in sub–Saharan Africa: Does Sectoral Growth Matter?

Muazu Ibrahim and Paul Alagidede

This paper examines the overall economic growth effect when the growth in finance and real sector is disproportionate relying on panel data for 29 sub–Saharan African countries over the period 1980–2014. Results from the system generalized method of moments (GMM) reveal that, while financial...

Jul 2018
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Private Schools and Student Learning Achievements in Kenya

Fredrick M. Wamalwa & Justine Burns

This papers examines the effect of private schools on literacy and numeracy skill acquisition among children mainly drawn from lower primary grades in Kenya. We apply a number of estimation approaches that accounts for endogeneity of school choice. We begin with the OLS, as a baseline model. We...

Aug 2018
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Publication

Impact of macroeconomic announcements on foreign exchange volatility: Evidence from South Africa

Tseke Maserumule and Paul Alagidede

This study focuses on scheduled macroeconomic news announcements and evaluates their impact on the volatility of the South African rand (ZAR) and US dollar (USD) exchange rate using high frequency data. The following asymmetries are studied: news items by geographical location, no-news versus...

Jun 2018
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Homelessness, Property Rights, and Institutional Logics

John M. Luiz and James Rycroft

We explore whether there is evidence of property rights amongst the homeless, and if so, how these rights are governed. We show that although the homeless are able to derive some value from assets, and can exclude other members of their community, these rights are precarious and dependent upon...

Jun 2018
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Race to the top: Does competition in the DSL market matter for fibre penetration?

Helanya Fourie & Paul W. J. de Bijl

High speed broadband creates potential productivity gains and has a positive impact on economic growth. Achieving Europe’s broadband access objectives will require large scale investment in next generation broadband networks, and it is imperative that an appropriate investment climate is created to...

Dec 2017
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Publication

Welfare analysis of bank capital requirements with endogenous default

Fernando Garcia-Barragan and Guangling Liu

This paper presents a tractable framework with endogenous default and evaluates the welfare implication of bank capital requirements. We analyze the response of social welfare to a negative technology shock under different capital requirement regimes with and without default. We show that including...

Jun 2017
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Pareto Optimality and Indeterminancy of General Equilibrium under Knightian Uncertainty

Wei Ma

This paper studies general equilibrium theory, for both complete and incomplete markets, under Knightian uncertainty. Noting that the preference represented by Knightian uncertainty induces a set of complete preferences, we set ourselves the task of inquiring the relationship between an equilibrium...

Mar 2016
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Publication

The Demand for Reproductive Health Care

Gauthier Tshiswaka-Kashalala and Steven F. Koch

This research formalizes the interactions between the various determinants of a woman's reproductive health behavior during her reproductive years, and, using nonparametric control functions, examines those determinants. The theoretical model is developed from Grossman's (2000) model of health as a...

Aug 2015
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Publication

Random Expected Utility Theory with a Continuum of Prizes

Wei Ma

This note generalizes Gul and Pesendorfer’s random expected utility theory, a stochastic reformulation of von Neumann-Morgenstern expected utility theory for lotteries over a finite set of prizes, to the circumstances with a continuum of prizes. Let [0,M] denote this continuum of prizes; assume...

Aug 2018
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Fiscal stimulus in a global zero lower bound environment

Fernando Garcia-Barragan and Guangling Liu

This paper investigates the effect of fiscal stimulus from an emerging market economy perspective. The model captures the signicant decline in China's net exports and remarkable quantity of resources that the Chinese government invested into the economy through state-owned enterprises in the...

Aug 2018
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