Showing papers by "Samuel Kwaku Agyei published in 2020"
TL;DR: In this paper, the authors explored how global economic policy uncertainty (EPU) shocks comove with stock returns (SR) of eight African countries (Botswana, Ghana, Kenya, Morocco, Namibia, Nigeria, South Africa, and Zambia) using wavelet coherence analysis.
Abstract: This study explores how global economic policy uncertainty (EPU) shocks comove with stock returns (SR) of eight African countries—Botswana, Ghana, Kenya, Morocco, Namibia, Nigeria, South Africa, and Zambia. The study employed daily data from December 2010 to December 2019 using wavelet coherence analysis. The results showed that global EPU comoves with most of the SR of African markets and was concentrated in the longer term, especially during the period between 2011 and 2019, although not substantially. The findings indicate that short-term investments in African stocks are less susceptible to global economic policy uncertainty. It is recommended that foreign investors could hedge agaist policy uncertainties by investing in stock listed in African Stock exchanges while appropriate country-level policies are deployed to manage long-term effect of EPU.
39 citations
TL;DR: This article applied tax avoidance theories and hypothesis to financial institutions which have been neglected in the tax avoidance literature in at least two main strands: 1) applying tax avoidance theory and hypothesis on financial institutions and 2)
Abstract: This study built on the tax avoidance literature in at least two main strands: 1) applying the tax avoidance theories and hypothesis to financial institutions which have been neglected in the empir...
18 citations
21 Sep 2020
TL;DR: In this article, the antecedence of the size of private sector credit disbursement in Ghana using symmetric and asymmetric ARDL processes was examined, and it was shown that negative shocks in the average lending rates have a detrimental effect on the credit to the private sector which supports the view that banks use interest rates to ration credit.
Abstract: The paper examines the antecedence of the size of private sector credit disbursement in Ghana using symmetric and asymmetric ARDL processes. We find that the treasury bill rates have both a direct and an indirect impact on the amount of credit channelled to the private sector with positive shocks dominating the stimulating effect of the treasury bill rate. Similarly, negative shocks in the average lending rates have a detrimental effect on the credit to the private sector which supports the view that banks use interest rates to ration credit. Also, the saving rates have a direct and indirect effect on private sector credit but positive shocks in the savings rate have a detrimental effect on the amount of credit to the private sector. Moreover, we found a dominance positive effect of the shocks in foreign currency deposits on private sector credit disbursement. Finally, a rise in crude oil prices induces private sector allocation in Ghana even though the effect of oil prices on credit appears mixed.
4 citations