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1 – 10 of over 17000The purpose of this paper is to evaluate selected West African currencies/US dollar exchange rates for the evidence of volatility spillover. Specifically, the paper examines West…
Abstract
Purpose
The purpose of this paper is to evaluate selected West African currencies/US dollar exchange rates for the evidence of volatility spillover. Specifically, the paper examines West African CFA franc, Gambian dalasi and Nigerian naira exchange rates in relation to the USD, for any evidence of shock and volatility spillover.
Design/methodology/approach
The author employs multivariate GARCH (1,1)–BEKK model which enables the evaluation of the interaction within the volatility of two or more series because of its capability to detect volatility spillover among time series observations, as well as the persistence of volatility within each series.
Findings
The major findings of this study are as follows: there is evidence of volatility clustering in West African CFA franc, Gambian dalasi and Nigerian naira exchange rates in relation to the USD. There is evidence of bi-directional shock and volatility spillover between the Nigerian naira and West African CFA franc/USD exchange rates, and uni-directional shock spillover from the Gambian dalasi to the West African CFA franc/USD exchange rates. There is, however, no evidence of exchange rate shock and volatility spillover between Nigerian naira and Gambian dalasi.
Originality/value
Although considerable literature exists on the volatility of exchange rate in West Africa and comparative analysis of exchange rates volatility in few countries of West Africa, there is absence of empirical studies on exchange rate volatility spillover among countries in the region. Since containing exchange rate volatility is one of the major objectives of monetary policy, understanding the nature and direction of exchange rate volatility spillover would propel formulation exchange rate policies that would minimise exchange rate uncertainty and entrench sustainable development. In addition, the nature of exchange rate volatility spillover between West African countries would provide basis for international traders and foreign portfolio investors to develop effective strategies for hedging against exchange rate shocks that are propagated across countries by designing appropriate risk management techniques.
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Nizar Souiden and Riadh Ladhari
The objectives of this study are: to gain a better understanding of the modes of acculturation of West African immigrants in Canada; to relate these modes of acculturation to…
Abstract
Purpose
The objectives of this study are: to gain a better understanding of the modes of acculturation of West African immigrants in Canada; to relate these modes of acculturation to consumers' perceived likelihood of successful complaint and complaining behavior; and to compare consumers' complaint attitudes and behavior in their home countries (i.e. original countries) and the host country (Canada).
Design/methodology/approach
An empirical study is conducted among a sample of 218 immigrants from several West African countries now living in Canada. ANOVA and paired samples t‐tests were used to test the research hypotheses.
Findings
The results show that the majority of the surveyed West African immigrants fall into one of two acculturation groups: integrated or separated. Although there are no significant differences between these two groups in terms of their perception that a consumer complaint is more likely to be successful in Canada than in their home countries, there are significant differences in their complaining behaviors in Canada and at home.
Research limitations/implications
Marketers should be aware that not all immigrants are the same and that market segmentation based on the degree of immigrants' acculturation might lead to a sound marketing strategy.
Practical implications
Caution should be exercised in generalizing the research results to the entire population of West African immigrants in Canada.
Originality/value
Most previous studies of the consumption behavior of immigrants have examined their perceptions and behavior mainly in the context of the host country, while overlooking their perceptions and behavior in their home countries. The present study has addressed this gap in the literature by investigating the perceptions and behavior of West African immigrants to Canada in both contexts.
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Engages in debate regarding immigrants and ethnicity in the USA. Research, based on second‐generation West Indian immigrants, shows ethnicity has very real implications for…
Abstract
Engages in debate regarding immigrants and ethnicity in the USA. Research, based on second‐generation West Indian immigrants, shows ethnicity has very real implications for immigrants’ life experience. Suggests that black immigrants complicate the slight understanding of blackness in general, but also the understanding of identity development.
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Leandre Banon and Maria-Goretti Ane
As in other parts of the world, the ‘war on drugs’ in West Africa has led to significant focus on criminal justice, compromising public health and human rights without reducing…
Abstract
As in other parts of the world, the ‘war on drugs’ in West Africa has led to significant focus on criminal justice, compromising public health and human rights without reducing the scale of drug trafficking, production and use. West Africa is not only a transit zone, local production and consumption continue to rise unabated. The Economic Community of West African States has described drug issues as the enemy of the state and the rule of law, and has called on members States to fight the ‘scourge’.
The failure of the current policies has been vividly documented by the West Africa Commission on Drugs through its 2014 report titled ‘‘Not Just in Transit: Drugs, the State and Society in West Africa’’.
In response, civil society organisations and activists have contributed to raising awareness of the harm being caused by the current repressive drug policies in West Africa and engaged their respective national governments in evidence-based drug policy reform.
These engagements culminated in regional consultations that gave birth to the West African Common Position for the 2016 United Nations General Assembly Special Session (UNGASS) with a call for harm reduction and an evidence based drug policy for the region. Unfortunately, the UNGASS outcome was not as revolutionary as expected by the West African progressive voices, who have therefore continued to engage their governments to make the 2019 High Level Ministerial segment a turning point in the global drug debate.
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While the issue of “Blackness” has long pervaded American society, it has rarely been problematized in social science literature and treated as a taken-for-granted. This article…
Abstract
While the issue of “Blackness” has long pervaded American society, it has rarely been problematized in social science literature and treated as a taken-for-granted. This article utilizes in-depth interviews with second generation West Indian adults in New York City to examine the ways in which they conceive of their Blackness, both racially and ethnically. New York City is viewed as an important urban context that in many ways facilitates the formation of identity for this population. The assimilation process, or not, of second generation West Indians is also considered in terms of socioeconomic status and gender. The results indicate that second generation West Indians strongly identify with both their racial and ethnic identities, which in turn calls for a reconceptualization of “Blackness”. There is also evidence that points to New York City as a space of cross-cultural integration where identity formation is significantly impacted by the presence of other immigrants (and their children) that leads to a pan-immigrant or pan-ethnic identity among young New Yorkers.
A. A. Obalade, T. Moodley, N. Ncama, N. Mkhize, M. Pillay and T. Singh
The establishment of a currency union is a topical issue in the West African Monetary Zone (WAMZ). The subject of currency union formation needs to be reassessed in light of the…
Abstract
The establishment of a currency union is a topical issue in the West African Monetary Zone (WAMZ). The subject of currency union formation needs to be reassessed in light of the recent efforts towards the economic integration of west African countries. This study employs the Markov Switching Model (MSM) to determine whether a currency union in WAMZ is feasible. The study analyzes the regime switching behavior in WAMZ countries’ foreign exchange markets before and after the formation of the union. The contribution of this study is two-fold. First, the study accounts for the success or otherwise of the latest efforts to integrate the fiscal and monetary strategies in the zone. Secondly, the study contributes to the literature on the currency union literature in WAMZ by using Markov Switching Model (MSM) to generate novel results. The results of the study revealed that prior to the WAMZ formation, the real exchange rates of member states were more divergent. In contrast, a growing but marginal, convergence was observed after the formation of the zone amongst four (Nigeria, Sierra Leone, Gambia, and Liberia) of the six countries. The authors conclude that while WAMZ is on course for establishing a currency union, their monetary authorities must work together, particularly with Ghana and Liberia, to synchronize their policy efforts, and policy makers must implement policies to strengthen harmonious trade interactions.
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The purpose of this paper is to assess West African countries’ approach to address the issue of domestic violence (DV) in order to identify limitations and suggest policy…
Abstract
Purpose
The purpose of this paper is to assess West African countries’ approach to address the issue of domestic violence (DV) in order to identify limitations and suggest policy measures. The paper situates DV in West Africa in the context of international literature and examines the question: what are the limitations of approaches to combating DV in West Africa and what is the way forward? The paper focusses on Ghana as a case example of efforts at addressing DV in West Africa. This is because Ghana is a pioneer among the very few West African countries that have developed a legislative cum policy framework to combat DV. A critical review of Ghana’s approach provides useful lessons for the way forward on policy against DV in the West Africa subregion.
Design/methodology/approach
The methodology adopted consists of a survey of existing literature – theoretical and empirical – on DV in the international and Ghanaian contexts, a critical reflection on Ghana’s DV law, and synthesis of the emerging knowledge combined with familiarity with the context to make policy suggestions. A general review of literature on DV provides background understanding of the phenomenon globally and in the context of West Africa. Then an examination of Ghana’s law against DV helps to identify the limitations of the legislative approach. Finally, the paper makes suggestions on how to combat DV in West Africa at large.
Findings
There is a high prevalence of DV in West Africa, particularly violence against women, although men also experience it. Some countries in the subregion, Ghana being an example, have adopted a legislative approach to deal with the problem. This approach criminalizes DV and requires victims or witnesses to report to the police. Perpetrators may be arrested and arraigned before a court and, if found culpable, fined or imprisoned while victims are promised protection and subsistence. The legislative approach is reactionary and cold, requiring reporting of violence even though this is not culturally expedient. The approach also frustrates victims who are willing to report by being cumbersome and costly. Finally, the approach is not built on any notable theory of DV.
Research limitations/implications
The findings reported in this paper are based on secondary information. As a result, the analysis and conclusions are limited to what could be drawn from the documents reviewed and the experience of the author.
Practical implications
The paper suggests specific measures for combating DV in West Africa. These include setting up a national taskforce on DV to coordinate actions and activities toward ending violence, using traditional, and religious leadership structures to campaign against DV, designing mentoring groups for men and women who are preparing to get into marriage, using social workers instead of the police to support victims of violence, institutionalizing assessment and care for DV victims at the hospital, and setting up funding for DV research. These measures could go a long way in combating DV in West Africa.
Originality/value
This critical assessment of the legislative approach to combating DV in West Africa is about the first of its kind and therefore makes an original contribution to the literature. Also, the specific measures suggested in the paper are rare in reviews of its kind and therefore offers something of great value to policy makers and professionals in West Africa.
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The development of banking in Africa followed the demand of exchange networks from traditional indigenous economies to colonial exchange with the European world. The establishment…
Abstract
The development of banking in Africa followed the demand of exchange networks from traditional indigenous economies to colonial exchange with the European world. The establishment of European banking institutions reflected the needs of the capitalist economy introduced by colonialism. The banking management of late nineteenth century and early twentieth century European banks adhered to the interests of shareholders. This chapter shows the emergence of well-managed banks in Africa, but after decolonization the political economy of African independence resulted in state capturing of financial institutions in most African countries. The South African banking system developed in close adherence to the British model. State-owned post-independence banks in Africa failed to deliver the development envisaged. The chapter shows the adverse impact of global economic developments on Africa, resulting in high debt levels. Structural adjustment of African economies and new market-oriented policies allowed the development of locally owned private banking institutions. The high-cost structure of the formal banking system from the dominant South African banks incentivised the mobile money innovation, an arena where African entrepreneurs lead global markets. Financial inclusion remains low in Africa.
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The purpose of this chapter is to identify African financial management practices, highlight their origin and explain how they differ from their Western counterparts. The study…
Abstract
The purpose of this chapter is to identify African financial management practices, highlight their origin and explain how they differ from their Western counterparts. The study identified indigenous African financial practices using literature review, archival sources and library research covering the five areas of Africa comprising Northern Africa, Eastern Africa, Central Africa Western Africa and Southern Africa. The study found out that pre-colonial indigenous African financial management features prevalent use of trade finance, trade credit management, investment management and accounting. While there is also evidence of modification of Western financial management practices to suit African contexts, it is on the whole scarce. This is suggestive of the fact that they were in existence in the first instance. The clear conclusion is that many indigenous African financial management practices pre-dated and foreshadowed their Western counterparts. Yet, it is confounding that this has been largely lost sight of, and both scholars and financial management practitioners depict the former as inferior. There is clearly a need to remedy this situation. Educators need to focus on incorporating ethno-finance concepts into the entire curricula chain from basic to higher education. The anchor point for such curricula is Ubuntu philosophy. Financial management practitioners, on their part, need to shed notions that the indigenous practices are inferior and seek to journalise their day-to-day work experiences to build a body of documented practice.
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Richard Osadume and Edih O. University
This study investigated the impact of economic growth on carbon emissions on selected West African countries between 1980 and 2019. Simon-Steinmann's economic growth model…
Abstract
Purpose
This study investigated the impact of economic growth on carbon emissions on selected West African countries between 1980 and 2019. Simon-Steinmann's economic growth model provides the relevant theoretical foundation. The main objective of this study was to ascertain whether economic growth will impact carbon emissions.
Design/methodology/approach
The study selected six-sample countries in West Africa and used secondary data obtained through the World Bank Group online database covering the period 1980–2019, employing panel econometric methods of statistical analysis.
Findings
The outcome indicates that the independent variable showed a positively significant impact on the dependent variable for the pooled samples in the short-run, with significant cointegration.
Research limitations/implications
The study concluded that economic growth significantly impacts the emissions of carbon, and a 1% rise in economic growth will result to 3.11121% unit rise in carbon emissions.
Practical implications
Policy implementation should encourage the use of energy efficient facilities by firms and government and the establishment of carbon trading hubs.
Social implications
Failure by governments to heed the recommendations of this research will result to serious climate change issues on economic activities with attendant consequences on human health within the region and globally.
Originality/value
This is one of the comprehensive works on subject covering the West African region within the continent.
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