The Comparative African Regional Economics of Globalization in Financial Al...

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英文文献：The Comparative African Regional Economics of Globalization in Financial Allocation Efficiency-非洲区域经济全球化对金融配置效率的影响
英文文献作者：Simplice Asongu,Vanessa Tchamyou
英文文献摘要：
The study assesses the role of globalization-fuelled regionalization policies on financial allocation efficiency in four economic and monetary regions in Africa for the period 1980 to 2008. Banking system and financial system efficiencies are used as dependent variables whereas seven bundled and unbundled globalization variables are employed as independent indicators. The bundling exercise is achieved by means of principal component analysis while the empirical evidence is based on interactive Fixed Effects regressions. The following findings are established. First, financial allocation efficiency is more sensitive to financial openness compared to trade openness and most sensitive to globalization. The relationship between allocation efficiency and globalization-fuelled regionalization policies is: (i) Kuznets or inverted U-shape in the UEMOA and CEMAC zones (evidence of decreasing returns to allocation efficiency from globalization-fuelled regionalization) and (ii) U-shape overwhelmingly in the COMESA and scantily in the EAC (increasing returns to allocation efficiency from globalization-fuelled regionalization). Established shapes are relevant to specific globalization dynamics within regions. ‘Economic and monetary’ regions are more prone to surplus liquidity than purely economic regions. Policy implications and measures of fighting surplus liquidity are discussed.

该研究评估了1980年至2008年期间，全球化推动的区域化政策对非洲四个经济和货币区域财政分配效率的作用。本文以银行系统和金融系统效率作为因变量，而以7个捆绑和非捆绑全球化变量作为独立的指标。捆绑练习是通过主成分分析实现的，而经验证据是基于交互固定效应回归。下面的发现是确定的。首先，与贸易开放相比，金融配置效率对金融开放更为敏感，对全球化最为敏感。配置效率之间的关系和globalization-fuelled区划政策是:(i)库兹涅茨倒u型或UEMOA和CEMAC区(收益递减的证据从globalization-fuelled区域化配置效率)和(2)u形绝大多数COMESA和性感EAC(从globalization-fuelled区域化收益递增分配效率)。既定的形状与区域内特定的全球化动态有关。“经济和货币”地区比纯经济地区更容易出现流动性过剩。讨论了应对过剩流动性的政策含义和措施。

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