Department of Banking and Finance

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    Drivers of income diversification in credit unions: Do size, resource, liquidity, and environment matter?
    (M.D.E., 2021) Bokpin, G.A.; Amoah, B.; Ohene-Asare, K.; et al.
    Abstract This paper investigates income diversification in credit unions in Ghana. We make use of the random effect, Hausman–Taylor, and fractional regression to assess income diversification. We find empirical support that there exist differences between workplace credit union income diversification and other types of credit union. We also find that within nonfinancial income, size, liquidity, loan portfolio, net worth, and economic growth are important. For within liquid financial investment diversification, size, liquidity, resource usage, age, net interest margin, bank concentration, inflation, and economic growth matter. We recommend that with excess reserves, credit unions should pursue liquid financial investment.
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    Financial consumer protection and economic growth
    (International Journal of Emerging Markets, 2019-03-11) Kriese, M.; Abor, J.Y.; Agbloyor, E.
    Purpose – The purpose of this paper is to examine the link between financial consumer protection (FCP) and economic growth. Design/methodology/approach – The authors use cross-country data on 114 countries surveyed in the World Bank Global Survey on FCP and Financial Literacy (2013) and endogenous treatment regressions for the estimation. Findings – The results indicate that FCP enhances economic growth through fair treatment, responsible lending, enforcement and dispute resolution and recourse regulations. The authors find no evidence to suggest that disclosure and compliance monitoring regulations have an effect on economic growth. Practical implications – This study provides rich insight into the important question faced by policy makers, as to which FCP regulatory mechanisms to put in place to enhance economic growth. Originality/value – This study provides current, cross-country empirical evidence on the debate as to whether FCP enhances economic growth
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    External Debts, Institutions and Growth in SSA
    (Journal of African Business, 2018-03) Mensah, L.; Bokpin, G.; Boachie-Yiadom, E.
    The study investigates the impact of institutional quality on the external debt–growth nexus in SSA. Data from 36 SSA economies over the 1996–2013 periods were used. The results from the IV-System GMM imply that institutional quality has robust effects on the external debt–growth nexus. Thus, the impact of external debt on growth is through host nation’s institutional quality. However, the mediating effect of institutional quality on this nexus is up to a point. When a country is on the wrong side of the debt-laffer curve, external debt becomes irrelevant; and institutional quality can no longer help.
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    Financial inclusion and financial sector development in Sub-Saharan Africa: a panel VAR approach
    (International Journal of Managerial Finance, 2019-04) Anarfo, E.B.; Abor, J.Y.; Osei, K.A.; Gyeke-Dako, A.
    Purpose: The purpose of this paper is to investigate the dynamic link between financial inclusion and financial sector development (FSD) in Sub-Saharan Africa. Design/methodology/approach: This paper employs a panel vector autoregressive framework to examine the dynamic link between financial inclusion and FSD in Sub-Saharan Africa. Findings: The findings indicate that there is a reverse causality between FSD and financial inclusion in both the Sub-Saharan Africa countries sample and the full sample. It is evident that financial inclusion is a driver of FSD and vice versa. Practical implications: The practical implication of this study is that financial inclusion should not only be pursued as a policy objective but it could also be an outcome variable of FSD and vice versa. This implies that African economies and governments in their effort to enhance financial inclusion, FSD can serve as a policy tool. This means that policies aimed at promoting financial inclusion will not impede FSD because the two are complementary. This suggests that we can achieve financial inclusion without sacrificing FSD and vice versa. Originality/value: This paper provides first empirical evidence of the link between financial inclusion and FSD from the Sub-Saharan Africa perspective using data sourced from World Development Indicators spanning from 1990 to 2014 for 48 Sub-Saharan African economies and 217 economies in the world for the full sample. © 2019, Emerald Publishing Limited.
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    Insurance-growth nexus in Ghana: An autoregressive distributed lag boundscointegration approach
    (Elsevier - Science Direct (Review of Development Finance), 2014) Alhassan, A.L.; Fiador, V.
    This paper examines the long-run causal relationship between insurance penetration and economic growth in Ghana from 1990 to 2010. Usingthe autoregressive distributed lag (ARDL) bounds approach to cointegration by Pesaran et al. (1996, 2001), the study finds a long-run positiverelationship between insurance penetration and economic growth which implies that funds mobilized from insurance business have a long run impacton economic growth. A unidirectional causality was found to run from aggregate insurance penetration, life and non-life insurance penetration toeconomic growth to support the ‘supply-leading’ hypothesis. The findings have implications for insurance market development in Ghana.